Couple of days ago, I was shocked to know that the International Bank of Azerbaijan (IBA), the Central Asian country`s largest and the only state-owned bank, had closed its Islamic banking department. What a great misread on its part! Though, the bank did not cite any specific reasons to close the Islamic finance window, it …
Islamic Banking
What Distinguishes Islamic Banking From Conventional Banking
Islamic banking is now a widely used term and has emerged as one of the most important trends in the financial world. Demand for financial products and services that follow the shariah or Islamic law had always been there. With growth of opportunities, Islamic Banking is now one of the fastest growing sectors in the …
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The IDB Approves US $718 Million For New Projects For Member Countries
Jeddah,KSA, The 303rd meeting of the Board of Executive Directors of the Islamic Development Bank (IDB) which ended today approved US $718 million of financing for development projects in member countries in such important sectors as roads, power generation, water supply and sanitation, agriculture, and rural development in Turkey, Uganda, Sultanate of Oman, Benin, Uzbekistan, Cote …
The IDB Approves US $718 Million For New Projects For Member CountriesRead More
General Assembly of Sharjah Islamic Bank Sanctions Distribution Cash Shares Of Dh 242.6 Million
Bank gained net profits of Dh 377.2 million by December of 2014 Sharjah: United Arab Emirates, Sharjah Islamic Bank’s board of directors approved a cash dividend worth Dh242.6 million, at a 10% of the nominal share value, with the approval of the UAE Central Bank. This action was announced during the general assembly meeting of …
The Gulf Bank Has Joined Hands With National Fund’s SME Debt Program.
Developed by the Kuwait National Fund for SMEs Development and established under law to encourage centralized business activities in Kuwait through providing different forms of support to small-and medium-sized enterprises (SMEs). Dr. Mohammad M. Al-Zuhair, Executive Chairman of the Board at the National Fund for SMEs Development, said: “While the Fund conceives supporting the small- …
The Gulf Bank Has Joined Hands With National Fund’s SME Debt Program.Read More
Islamic Banking Loopholes Shown By IMF Study Lessen Growth
Islamic banks have yet to make strategies for attracting large groups of the global Muslim population, limiting the industry’s prospects, according to IMF researchers. Growth of Islamic finance has done little to boost inclusion for individuals and businesses without bank accounts, a research paper from IMF staff said this month. Banks should emphasize on small- …
Islamic Banking Loopholes Shown By IMF Study Lessen GrowthRead More
Dubai Islamic Bank To Test Debt Markets Amid Oil Slump
A successful offering would not just bolster reserves at DIB, the largest Islamic bank in the UAE, but also pave the way for others who may have been waiting to see the fallout from oil prices before coming to the market. Dubai Islamic Bank will reopen the Gulf bond market next week with a capital-boosting …
Dubai Islamic Bank To Test Debt Markets Amid Oil SlumpRead More
Islamic Financial Services: SBP To Launch 3rd FICF Round On January 9
State Bank of Pakistan will launch the 3rd Financial Innovation Challenge Fund (FICF) round on 9th January 2015, in Islamabad. Finance Minister Ishaq Dar will preside over the launching ceremony. The FICF is a component of the larger Financial Inclusion Program (FIP) being implemented by State Bank of Pakistan under the funding assistance of the …
Islamic Financial Services: SBP To Launch 3rd FICF Round On January 9Read More
IDB, AfDB, Others Partner For Islamic Banking Workshop
The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank Group and the African Development Bank (AfDB) are to jointly organize a workshop on the development of Islamic Banking in Africa to be held in Ilorin, Nigeria. The event, which is scheduled for January 6 – 8, 2015, is being organized in collaboration …
IDB, AfDB, Others Partner For Islamic Banking WorkshopRead More
Islamic Banking Poised To Boom In Canada
After emerging largely unscathed from the financial crisis that hammered North American and European financial institutions, Islamic banking has momentum. Worth $1 trillion in assets, Islamic banking is being lauded by British Prime Minister David Cameron and supported by Canada’s Conservative government, major banks and credit unions, leading business schools and influential Muslims across the …
Bahrain’s Banks Maintain Growth Momentum, Says Bahrain Association Of Banks
Bahrain hosts 404 financial institutions of which 116 are banks. Of these 29 are retail banks and 76 in the wholesale sector. In total, 34 are considered to be domestic banks. This compares with the 42 at the beginning of 2013 and reflects the efforts of the Central Bank of Bahrain (CBB) to encourage banks …
Bahrain’s Banks Maintain Growth Momentum, Says Bahrain Association Of BanksRead More
2014 A Banner Year For Islamic Finance Industry
The year 2014 proved to be a banner year for Islamic banking and finance industry across the world. Islamic financial assets crossed the $2 trillion mark the first time ever. Apart from a rapid increase in the Islamic financial assets, Islamic Banking & Finance industry reached new destinations previously unknown to Islamic Finance. Countries as …
