Islamic scholars call for "more attention to morals than law"
Islamic scholars call for ‘more attention to morals than law’
Al Baraka to deploy Misys Equation Islamic Core Banking system
The Bahrain based leading Islamic Banking conglomerate the Albaraka Banking Group B.S.C. (ABG) today announced that it has finalized an Agreement with Misys on behalf of certain ABG Group members. According to this agreement ABG will be deploying Misys Equation Islamic core banking system.
Tapping Indonesia's Islamic potential for Islamic finance
Indonesia is taking steps to ramp up its Islamic banking sector, which some financial analysts believe has the potential of creating the largest sharia finance area in the world.
President Susilo Bambang Yudhoyono said at the recently completed World Islamic Economic Conference in Kuala Lumpur that his government intends to push through the regulatory change necessary to support the industry's development, which
still only accounts for about 2% of total Indonesian banking activity.
Islamic Sharia to dominate Gulf project finance
Islamic finance could soon wrest control of the $50 billion Gulf Arab project finance market, aided by government inducements and investors looking for alternatives to conventional funding, industry officials said.
Conventional financing now dominates the Gulf Arab market which accounted for almost $1 in every $3 raised for project financing last year, according to HSBC Holding.
Complacency warning for banks as Gulf wealth grows
The huge growth in liquidity in the Gulf bodes well for Islamic finance houses, but they need to avoid becoming complacent, financial experts warned yesterday.
Islamic banks will need to work hard to target wealthy individuals in the Gulf, many of whom value quality of service over Sharia compliance, said executives from Ernst & Young at the launch of the company's annual Islamic Funds and Investments Report.
Emirates Islamic Bank launches specialised services for women
Emirates Islamic Bank (EIB), recently launched Al Reem, a specialised banking service designed to cater to the banking and financial needs of women in the region.
This Sharia-compliant service will provide innovative and simple solutions to female customers, the bank said in a statement.
Kuwait's Dar plans Airbus Islamic finance venture
Kuwait's Islamic firm Investment Dar is in advanced talks with European plane maker Airbus to set up a joint venture to finance aircraft purchases, a newspaper said on Saturday.
Kuwait's al-Rai newspaper said the joint venture would have a capital of 100 million dinars ($347.1 million), of which 50 % would be sold in a private placement. It did not disclose the source of the report.
Investment Dar could not be immediately reached for comment. A spokesman for EADS had no immediate comment.
Islamic finance hits liquidity worries
As Islamic finance becomes a major part of the local and regional financial system, the Islamic financial services industry in the region is increasingly seeking more short-term funding sources and liquidity management tools.
Last week Islamic mortgage lender Amlak signed an $800 million 360-day Wakala facility with Emirates Islamic Bank. Wakala is an Islamic financial contract in which an investor places cash with a lender who then uses it to buy qualifying financial assets. The investor gets a commission and a share of the profits generated by the funds.
- Read more about Islamic finance hits liquidity worries
- Log in to post comments
Kampac Oil Middle East enters intoKampac Oil Middle East enters into Contract with Amanah Islamic Bank
The Amanah Islamic Investment Bank of the Philippines concluded its 16th General Stockholders Meeting last Sunday, June 3, 2007 at the Islamic Bank Alkhairi Mosque in Manila. Among other things, the meeting confirmed, approved and ratified the Memorandum of Agreement between Kampac Oil Middle East and the Amanah Islamic Bank.
EIIB discusses future drivers of the Sukuk Sector at Sukuk Summit
European Islamic Investment Bank Plc (EIIB), the first independent, Sharia'a compliant Islamic investment bank to be authorised and regulated by the UK Financial Services Authority, is the main sponsor of the first Sukuk Summit to be hosted in London.