Islamic Finance
INDIA: Islamic banking ideal for economic growth: Expert
The interest-free Islamic banking system will provide the ideal thrust to India's economic development, an expert said. Islamic banking, which propagates zero-interest lending, can solve not only farmers' crisis but will also fill the gap between the financially-excluded and financially-included classes in India, said Irfan Shahid, an economist and expert on Islamic banking. The programme was organised by the Muslim Educational Social and Cultural Organisation and the Arabic Language and English Education Foundation.
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U.A.E: Dubai Islamic Bank's first quarter profit surges 11 per cent
Dubai Islamic Bank (DIB) reported a net profit of Dh222 million in the first quarter of 2011, an increase of 11 per cent compared to Dh200 million in the corresponding period of 2010. The bank's total assets as of March 31 stood at Dh100.4 billion, an increase of 11 per cent compared to Dh90.1 billion at the end of the fourth quarter of 2010. As of March 31, customer deposits at the bank stood at Dh72.9 billion, up 15 per cent compared to Dh63.4 billion in the previous quarter.
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INDIA: Finance Ministry briefed on prospects of Islamic banking in India
As part of their continued, tireless efforts to convince concerned Indian authorities and institutions for allowing Islamic banking and finance system in the country, a high-level delegation of Indian Centre for Islamic Finance (ICIF), New Delhi called on Mr Shashi Kant Sharma, Secretary (Financial Services) under whom the banking sector of the country is operated to discuss the need and relevance of Islamic Finance in India.
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PAKISTAN: Islamic banking is a fast-growing trend in Pakistan
When it comes to money, Pakistan has a troubled image. Its business establishment is known for chronic tax evasion and loan defaults, and many of its politicians have been implicated in corruption scandals that exposed their cosy relations with bankers and bureaucrats.
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MALAYSIA: Islamic Finance Industry Has More Room to Advance in Corporate Governance
Malaysia's Islamic finance industry has more room to advance in corporate governance practices and to be in the global platform as its prudent regulatory framework is seen as a global benchmark. Malaysia has a comprehensive regulatory and governance framework that catered to the unique characteristics of Islamic finance with stronger standards, said Deloitte's Global Islamic Finance Leader Daud Vicary Abdullah.
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KENYA: Takaful Launches Shariah-Compliant Insurance Service in Mombasa
Coast is the region with the highest number of Muslims in the country, and there was a major step towards securing their future with an insurance product that is in line with their faith. Al-Wataniya Insurance became the first Shariah-compliant insurance agency to launch its operations in the region.
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MALAYSIA: CIMB completes sukuk issue
CIMB Group Holdings Bhd’s Islamic banking unit, CIMB Islamic Bank Bhd, completed the issuance of RM250mil Tier 2 junior sukuk on April 21, which was priced at 4.2% per annum.
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MALAYSIA: Amana, Bank Islam sign agreement
Amana Bank signed a Technical Advisory Service Agreement with strategic partner Bank Islam Malaysia Berhad, in Malaysia recently. Bank Islam was also presented with its Share Certificate confirming its 20% stake in Amana Bank. Under the Technical Advisory Service Agreement, Bank Islam will play a significant role in transferring Islamic banking expertise to Amana Bank. Having been involved with the Amana group since 1999 as a Strategic Partner, Bank Islam will render its valuable technical know-how and service to the new bank.
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BAHRAIN: BisB wins Best Islamic Bank in Bahrain award
Bahrain Islamic Bank (BisB) has been named the Best Islamic Bank in Bahrain by Global Finance in its 2011 awards. The bank's selection for this prestigious award has been the result of a special survey by the international banking and finance magazine, whose members include a number of prominent experts and specialists in Islamic banking and finance from around the world.
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PAKISTAN: Islamic Banking Industry fetching rapid growth in the country
Islamic banking industry has sustained growth momentum despite tenuous economic conditions prevailing in the country which were further exacerbated due to the recent floods in most parts of the country. The relatively lower growth in financing and investments is indicative of the difficulties being faced by IBIs in exploring new financing and investment avenues to deploy the growing deposits. The Islamic banking assets, deposits and financing continued exhibiting strong growth during the quarter ended on September 2010 with total assets increasing to Rs 424 billion in Sept 2010 from Rs. 411 billion as at the beginning of the quarter; the year on Year (YoY) growth in the assets was 31 per cent.
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