Islamic banking to make India debut in PM Modi's

Source: Hindustan Times

The Jeddah-based Islamic Development Bank (IDB) is in the final stages of setting up shop in Prime Minister Narendra Modi’s home state, a move that will usher Islamic finance for homegrown startups and fund Indian exports to many African and central Asian Muslim nations. The developments follow an agreement between India’s state-owned Exim Bank and the Islamic Corporation for the Development...

Situation of Islamic banking in Iran

Source: Press TV

Around 14 hundred years ago, Islam found its way into the land of Persians and it now constitutes some 98% of the Iranian population’s faith. Interestingly enough, Islam taught people how to have rules and regulations for each and every minor aspect of social life, all that which is now referred to as the Islamic Jurisprudence or Sharia law. In 1983, Iranian Parliament following extensive researches by Islamic Jurists...

First China-UAE Conference on Islamic Banking & Finance concludes

Source: CPI Financial

Organized by Hamdan Bin Mohammed Smart University’s (HBMSU) Dubai Centre for Islamic Banking and Finance and Dubai Islamic Economy Development Centre (DIEDC) in cooperation with China Islamic Finance Club and ZhiShang Intercultural Communication and in partnership with Thomson Reuters, the event gathered senior decision makers, experts, leaders, and researchers specializing in Islamic banking and finance from the UAE and China to discuss...

New Islamic Bank to open in the Palestinian territories

Source: Reuters

A new Islamic bank will open in the Palestinian territories later this year, and it began selling shares to the public on Wednesday, a member of its founding committee said. Al Safa Bank Co., founded locally, will be based in Ramallah, the seat of the Palestinian government in the Israeli-occupied West Bank. It will be capitalised at $75 million. "Taking this step reflects confidence in the Palestinian...

Raghuram Rajan Toying With A Deceptive Idea Like Islamic Banking

Source: Swarajya Mag

The Reserve Bank of India (RBI) seems to be close to accepting the idea of interest-free banking, often mislabelled as Islamic banking. A report by the RBI panel on “Medium-Term Path for Financial Inclusion” by Deepak Mohanty suggested some time ago that regular banks should be allowed to open “interest-free windows” with “simple products like demand deposits, agency and participation certificates on the liability side and cost-plus financing and...

Nigeria's First Islamic Bank

Source: Naija 247

The first Islamic bank in Nigeria, Jaiz Bank plc, has declared N794.2 million as profit before tax for the financial year 2015. The profit represented 526 % growth when compared with the preceding year’s figure of N126.8m. Speaking, yesterday, at the Bank’s Annual General Meeting in Abuja, Alhaji Umaru Mutallab, the chairman of the bank, said that the finance income showed an expansion in financing business...

Islamic banking to debut in Gujarat

Source: Times of India

eddah-based Islamic Development Bank (IDB) is set to start its India operations from Gujarat. The international financial institution from Saudi Arabia has chosen Gujarat to set up its first branch in India. The state will also get 30 medical vans as part of IDB's social sector initiatives. IDB's main objective is to foster the economic development and social progress of member countries as well as the Muslim community in accordance...

Meezan Bank crowned country's best Islamic bank

Source: Daily Times

Meezan Bank has also been awarded as the 'Best Bank for Digital Innovation' and the 'Best Digital Banking Product for Meezan UPaisa' across Asia. The bank has been acknowledged for its creative strategy in expanding the reach of Islamic banking to the unbanked population of Pakistan through its initiative of Meezan Upaisa - the world's first Islamic branchless banking product....

Lack of Rules Affects Investors in Islamic Banking

Source: All Africa

Tanzania lacks an Islamic banking regulatory framework and the situation affects investors in the field, an executive has said. "Such a framework is vital for managing Islamic banks and identifying elements that are different from conventional banks. We lack Treasury instruments for speeding up investments and governing our banks," Amana Bank Limited managing director Muhsin Salim Masoud told BusinessWeek recently....

Bahrain's GFH to launch Islamic bank in Abu Dhabi

Source: Gulf News

Abu Dhabi Financial Group (ADFG) and Bahrain’s GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi’s new financial free zone with initial capital of $100 million, ADFG’s chief executive told Reuters on Monday.Privately-owned investment management firm ADFG and GFH have received preliminary approval to launch the bank at Abu Dhabi Global Market (ADGM), the second financial free zone in the United Arab Emirates after the Dubai....

Global institutions call for strong Islamic banking regulations and supervision

Source: Gulf News

“Islamic banking and financial services are playing a growing role in the Middle East economies. Thus it is in the interest of all stakeholders to strengthen these institutions in terms of regulations, institutional framework and supervision,” said Abdul Rahman Al Hamidy, Director General and Chairman of the Board of the Arab Monetary Fund....

Bank Nizwa reflects on innovation in islamic finance

Source: Al Bawaba

Asad Batla, Assistant General Manager Retail at Bank Nizwa, joined leaders and experts from the banking industry as chairman, moderator and presenter at the GCC New Age Summit. Organized under the auspices of H.H. Sayyid Taimur bin Asaad, the event discussed innovation in the digital landscape and its role in supporting growth of the banking and financial sector in Oman and the region...

Russian Banks Prepare to Incorporate Islamic Banking

Source: English Awsaat

In a Noteworthy transformation, two of the largest Russian banks, one of which is Sberbank, will soon incorporate Islamic banking rules into their line of work, in a quick response to the invitation sent out by President of Tatarstan, a federal subject of Russia, Rustam Minnikhanov. Minnikhanov’s invitation revolved on how Islam-based banking had been normalized in his republic...

Islamic banking presents new prospects for the banking industry

Source: New Vision

The last couple of years have seen Africa undergo numerous changes in the banking sector; a rapid expansion of pan-African banking groups, a move in lending from the dominant wholesale and public sector to a growing retail, mobile banking replacing the traditional brick and mortar bank, to name but a few. The changes the banking industry give me confidence that Uganda is in a favorable position to embrace Islamic banking which thrives on the principle of risk sharing...

Islamic banking in India amid controversy

Source: The National

The IDB, an international investment organisation based in Jeddah, was established to channel funds into infrastructure in the Islamic world, as well as social and educational development. Though India is not typically seen as being part of the “Islamic world", its 180 million-strong Muslim population makes it an attractive place for the IDB to set up shop...

Islamic banking convention concludes

Source: New Vision

According to Jafar Abdulkadir, head of Islamic banking at KCB Group, there is still need to amend the taxation, Central Bank, as well as the stamp duty acts to conform to the Sharia financing requirements in Uganda. “These are essential enabling regulations, without which Islamic financing in Uganda may have to wait a little longer to take shape. Since our product is premised on risk sharing...

Bankers hope Islamic banking will increase deposits

Source: News TV

The Islamic Bankers Association says that it is counting on the introduction of Islamic banking to increase deposits and widen banks' clientele in the face of a slowing economy . This comes as the Bank of Uganda reveals that from June it will commence receiving applications from banks that are interested in offering the Islamic banking products...

Suriname seeks to expand Islamic banking and finance

Source: Carri bean News

The Surinamese delegation headed by minister of finance, Gillmore Hoefdraad, who just attended the 41st annual meeting of the Islamic Development Bank (IsDB) in Jakarta, Indonesia, last week, had a fruitful and robust engagement at the meeting, including the development of Islamic banking and finance in Suriname. Hoff dread and his delegation discussed the US$1.78 billion that the IsDB group has agreed to lend Suriname that will finance various projects...

Major Russian banks to pilot Islamic banking principles

Source: Zawya

In a noteworthy transformation, two of the largest Russian banks, one of which is Sberbank, will soon incorporate Islamic banking rules into their line of work, in a quick response to the invitation sent out by President of Tatarstan, a federal subject of Russia, Rustam Minnikhanov. Minnikhanov’s invitation revolved on how Islam-based banking had been normalized in his republic....

Arabian Gulf Islamic banks to weather the storm

Source: The National

The profitability of Islamic banks in the Arabian Gulf is likely to deteriorate this year and the next as the fallout from the price of oil continues to make it more difficult for businesses to service debt, according to the latest report from Standard & Poor’s Global Ratings. The 70 per cent drop in oil over the past two years has put pressure on growth prospects and widened deficits across the region, making it difficult for nations to navigate through....

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