Islamic banking

(redirected from Islamic bank)
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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.
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The top Award for Best Islamic Bank went to Dubai Islamic Bank (DIB), based on analysis of the bank's audited financial statements as published in the annual Islamic Business & Finance supplement Leaders in Islamic Finance, which was released in conjunction with the Awards.
We expect both Bank Nizwa (BKNZ) and 14 per cent Alizz Islamic Bank (BKIZ) to curtail any upward pressure on their costs in a tight operating environment, especially now that their initial investments in infrastructure an human resource development appear to be over," said Hettish Karmani, Head of Research of U Capital.
In the last 24 months, Moody's has changed the rating outlook of two Islamic banks (Dubai Islamic Bank and Boubyan Bank) to positive from stable, upgraded the ratings of Qatar International Islamic Bank and Masraf Al Rayan; and affirmed the ratings of the largest Islamic bank in the world, Saudi Arabia-based Al Rajhi Bank, at a time when most bank ratings in the country were downgraded because economic headwinds were pressuring their standalone risk profiles.
Now playing a vital role in the development of economy (How to run an islamic bank, 2011).
Now that the Iraqi government makes moves to pass obligatory Islamic banking regulations and also approved the development of the first government-owned Islamic bank under the supervision of the central bank, the currently around ten Islamic lenders (versus 36 conventional banks) including foreign banks such as Abu Dhabi Islamic Bank and the largest Shariah-compliant commercial bank, Iraqi Islamic Bank For Investment & Development, see light at the end of the tunnel.
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.
The CBI approved the opening of two Islamic windows and approved the incorporation of a governmental Islamic Bank.
The first government Islamic bank in Egypt was established in 1971 and was called the Nasser Social Bank (NSB).
Bank Nizwa, Oman's first Islamic bank, continues to facilitate the development of the domestic Islamic interbank through the execution of Wakala agreements, a press release said.
The Islamic bank can be defined as a financial institute that that deals with money investment and saving according to the Islamic Shariah rules in order to achieve the Islamic takaful and wealth distribution justice additional to the commitment to avoid dealing with the forbidden interests (Riba) and other actions those opposites the Islamic Shariah rules.

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