Islamic banking

(redirected from Islamic commercial banking)
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Islamic banking

A form of ethical investments bound by the precepts of Islam, particularly the prohibition of interest payments.
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This was the first ever license to be given for Islamic commercial banking in Pakistan.
The host of the press conference, Khalid Hamad Abdul-Rahman Hamad, executive director of Banking Supervision at the Central Bank of Bahrain, spoke to the audience on the historic nature of WIBC 2015: "WIBC 2015 is set at an opportune time for us to assess what the modern Islamic commercial banking industry has achieved in its 40 years of existence and set the path for the industry going forward.
In May 2002, the State Bank of Pakistan issued us the first ever Islamic Commercial Banking licence, concomitant to which, we acquired the Pakistan operations of Societe Generale and opened Meezan Bank with five branches.
Kenya and Sudan already boast healthy Islamic commercial banking sectors, while South Africa and several West African countries have issued successful Islamic bonds, or Sukuk, in the last two years and North African countries such as Morocco and Egypt are rapidly forming legal frameworks for the sector to grow.
AIB provides conventional and Islamic commercial banking services.
Aside from Islamic commercial banking, cooperative insurance industry evolved considerably in the kingdom during the past 9 years, the report said.
It said that the Chairman of the Board, Sheikh Ebrahim Bin Khalifa Al Khalifa, stated that Meezan Bank will be completing ten years of Islamic commercial banking operations this year.
Titled 'In Search of New Opportunities', the World Islamic Banking Competitiveness Report 2010/11 will examine the overall competitiveness of the sector, including its achievements and the challenges it faces; a new focus on the affluent high-net worth segment of Islamic banking; how to measure "real" performance; the present and future opportunities in the Takaful market; and strategies for Islamic commercial banking suites for SMEs (small to medium-sized businesses).
We intend during the next phase to start opening branches in all major cities in Syria through which the bank will provide different Islamic commercial banking services.
The second business, GFH banking will comprise three business units including Investment Management, Investment Banking and Islamic Commercial Banking.
A compelling concept Kuwait Finance House - Bahrain (KFH-Bahrain) brings to the market a compelling concept in Islamic banking combining both Islamic investment banking and Islamic commercial banking facilities.
This led to the establishment of a second Islamic Commercial Bank (ICB) and, until December 2003, of eight Islamic Commercial Banking Units (ISBU) (out of a total of 138 commercial banks, comprising a total of 299 banking offices), with a continuing upward trend, reaching 3 (ICBs) and 19 (ICBUs) in December 2005.

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