Islamic banking

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Related to Islamic bank: Islamic Development Bank

Islamic banking

A form of ethical investments bound by the precepts of Islam, particularly the prohibition of interest payments.
Dictionary of Unfamiliar Words by Diagram Group Copyright © 2008 by Diagram Visual Information Limited
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The capitalization requirements of an Islamic bank shall also be equal to that prescribed by the Bangko Sentral for a universal bank.
Islamic banks are required to constitute a Shari'ah advisory council which will 'render advice and review applications of Shari'ah principles, but it shall not involve itself directly in the operations of the Islamic bank or engage in any activity which may give rise to conflict of interest.'
"Islamic bank mergers and acquisitions in the GCC region are likely to increase as many Islamic banks still lack the market position needed to compete with large established peers, particularly in overbanked markets such as the UAE," Fitch Ratings said.
* Handle storage operations for goods or commodity financing secured by warehouse receipts presented to the Islamic bank;
Main motive of this expansion is to provide Shariah compliant banking services to preferably those areas of country where no other Islamic Bank is operating.
The top Award, for Best Islamic Bank, once again went to Dubai Islamic Bank (DIB), based on analysis of the bank's audited financial statements and DIB's unique contributions to the Islamic economy.
Oman Arab Bank (OAB) and Alizz Islamic Bank have signed a memorandum of understanding (MoU) to continue the dialogue concerning the intended merger between the two parties.
'This addition was mainly due to the demerger of 90 branches of MCB Bank Limited and their merger into MCB Islamic Bank Limited,' it said.
Now playing a vital role in the development of economy (How to run an islamic bank, 2011).
The progress of Islamic banking in Pakistan continued but faced different difficulties for establishing a full-fledged Islamic bank in the country.
Mustafa Rabbani, Retail Head, Islamic Banking of Bank Al-Falah in his vote of thanks said that Bank Al-Falah had started Islamic banking by establishing one branch and now a network of 158 Islamic bank branches were working in Al-Falah and offering full range of products to meet the financing needs of customers.
For the third consecutive year, Al Baraka Bank Egypt won the award as the Best Islamic Bank in Egypt, Al Baraka Bank Lebanon won the award as the Best Islamic Bank in Lebanon, Al Baraka Bank Sudan won the award as the Best Islamic Bank in Sudan, Jordan Islamic Bank won the award as the Best Islamic Bank in Jordan and Al Baraka Bank South Africa won the award as the Best Islamic Bank in South Africa.

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