As banking in line with Islamic law matures, partnerships rather than rivalry feed the industry’s comeback. According to global consultancy Ernst and Young, there are more than 390 Islamic banks and financial institutions based in 75 countries. The emirate of Dubai will soon have a new player in the field of banking in line with Islamic law or Shari’ah.
Earlier this month H. H. Sheikh Maktoum bin Hasher Al Maktoum, executive chairman of the United Arab Emirates’ (UAE) oldest investment bank, Shuaa Capital, said on request by Xinhua that his bank applied for an Islamic banking license. “We plan to launch Islamic banking in the first quarter of 2013,” he said………………………………………..Full Article: Source