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Entire FNB Islamic finance board quits

Posted on 09 July 2012

South Africa’s First National Bank (FNB) appears to have experienced something of a mutiny, after the entirety of its Shari’ah board resigned following concerns that the bank was moving away from its conservative approach
The board reportedly had “differing views” on their role in the operational management of the business. The board members claim to have held discussions with FNB executives regarding their concerns. “Concerns were ironed out and a new pathway chalked out going forward,” BusinessTech quotes Mufti Ebrahim Desai, former Chairman of the Shari’ah Board of FNB Islamic Finance, as saying………………………………………..Full Article: Source

 
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