The capitalization requirements of an Islamic bank
shall also be equal to that prescribed by the Bangko Sentral for a universal bank.
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.'
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
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
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.