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Islamic Banking

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Qatar slaps conventional banks with Islamic units ban

By Shaheen Pasha & Regan Doherty Doha: Qatar’s central bank asked conventional lenders to close down their Islamic operations amid worries of overlap between the two, banking sources said on 6 February, in a surprise move seen prompting other regions to follow suit. The central bank issued a circular over …

Islamic banking poses no threat

Given the times we live in, it is not surprising that an effort to establish a financial institution run on Sharia or Islamic principles should arouse anxiety, not curiosity. Thus, a decision of the Kerala government to give sanction to the Kerala State Industrial Development Corporation to start a non-banking …

Amanah Raya to help set up Islamic bank in Kazakhstan

By Mushtak Parker Malaysian trustee company Amanah Raya Berhad is joining forces with Fattah Finance, a local Kazakh brokerage company, and the state-owned Development Bank of Kazakhstan to conduct a feasibility study to establish the second Islamic bank in the CIS country. The aim is to submit an application for …

Islamic bank is set up as per secular rules: Kerala Govt

IMO News Service Headlines hit in the national media almost an year back when the Keral government announced the launch of an usual investment venture of under aegis of Al Barakah Financial Services Limited, a joint dream of the state government and a few leading Gulf-based NRIs for a Shariah-based …

Can India afford to ignore Islamic Banking?

By Raza Elahi The recent statement of MS Swaminathan, the father of green revolution in India, that Islamic banking can be a solution for farmers’ suicide in Vidarbha is apt reply to those opposing it tooth and nail by terming this banking system as anti-economic growth. It is truth, nothing …

Separate law needed for Islamic banking in India: RBI

Islamic banking in India is not possible now with the current banking principles based on interest payment, but it can be done though a separate legislation, said Reserve Bank of India Governor D. Subbarao at Thiruvananthapuram on May 20, 2010. “With the present set of Banking Regulation Act, Islamic banking …