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Absa of South Africa to offer mortgages after new tax law: Islamic finance

Posted on 02 November 2010

From Bloomberg: Absa Islamic Banking, a unit of South Africa’s third-largest bank, plans to offer Islamic mortgages after the government introduces new tax rules next year.The Treasury department said in August it will forgo charging tax on three Islamic structures to allow home loans.

The government may sell Islamic bonds after deciding whether to make tax amendments in the middle of 2011, said Absa Islamic Managing Director Amman Muhammad, who is also a participant in the Treasury’s discussions on Islamic finance. Absa Islamic is a unit of Absa Group Ltd., which is controlled by Barclays Plc…………………………………….Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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