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Malaysia’s RHB Islamic drops controversial contract

Posted on 09 December 2008

Malaysian sharia lender RHB Islamic Bank Bhd will no longer use a contract rejected as un-Islamic by Middle Eastern scholars, in a bid to adopt globally accepted sharia standards.

RHB Islamic, the sharia banking arm of Malaysia’s fourth-largest lender RHB, has dropped the use of the bai bithaman ajil structure, the Malaysian Reserve said, quoting RHB Islamic’s head of sharia division Ahmad Suhaimi Yahya….. Full Article: Source

 
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