Posted on 16 October 2012 by Laxman | Email|Print
India may be closer to allowing Islamic banking than ever before with the central bank and the finance ministry discussing ways in which rules need to be changed to allow the interest-free practice that’s compatible with Shariah law.
Demands by Muslim groups over the past few decades to allow the method have thus far been stalled because of concerns over incompatibility and fears that it could be used as a conduit for terror funding………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
A new breed of designers is seeking to blend Islamic modesty with cutting-edge style to turn Indonesia into a global center of Islamic fashion. The idea may seem like a bad fit for some fashion mavens, who when thinking of Islamic fashion usually picture drab black or white cloths used to cloak female beauty rather than celebrate it.
But the Islamic-fashion industry has taken off in recent years as designers look for ways to incorporate the bold colors and rich textile traditions prevalent in some Islamic societies while still maintaining sufficient modesty to adhere to Muslim mores………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
Malaysia’s excellent achievement in Islamic finance needs sustained effort to ensure the sector continues to grow and is competitive.
Deputy Finance Minister Datuk Dr Awang Adek Hussin said the Islamic finance industry had expanded to become a competitive component in the Malaysian financial system and a driver of the country’s growth and economic progress……………………………………….Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
The first day of the 4th Annual World Islamic Retail Banking Conference that opened Saturday in Dubai focused on customer centricity and cross selling which provided insights on how banks can maintain competitive advantage through developing targeted offerings based on customer value, how technology can help banks to sell more products and increased engagement through social media.
Customer centricity was presented by Yusuf Jehangir, Group Head Marketing at Al Rajhi Bank, while cross selling at every opportunity was presented by Ghiath Halabi, Engagement Director at VeriPark………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
The World Bank and Islamic Development Bank have signed a Memorandum of Understanding (MoU) to set out a framework for collaboration between the two parties and lend support to global, regional and country efforts in the development of Islamic Finance.
World Bank Managing Director Dr. Mahmoud Mohieldin and Islamic Development Bank Group President Dr. Ahmad Mohamed Ali signed the memorandum on behalf of their institutions with the common objectives of fostering, encouraging, and studying the expansion of Islamic finance globally……………………………………….Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
Bank in Your Hand app will give customers access to all Noor Islamic Bank (Noor)’s retail banking services and products on smartphones and tablets.
Noor has announced its new augmented reality ‘Bank In Your Hand’ smartphone and tablet app, the first of its kind in the Middle East. Noor made the announcement at GITEX Technology Week, taking place in Dubai, where it is showcasing its vision of the Bank of the Future………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
The Mumbai Economic Development Zone (MEDZ) has been granted access rights to the Mumbai-Pune highway. Energy City Navi Mumbai and Mumbai IT and Telecom City projects are together named the MEDZ.
It is a joint development project between Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, and the Wadhwa Group, a leading real estate developer in India. The project is GFH’s flagship development project in India………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
A compass pointing the way to Mecca is embedded in a new MasterCard aimed at Muslims. Al Hillal bank in the United Arab Emirates has rolled out the new bank card which complies with Islamic laws banning charging interest on loans in a bid to appeal to the world’s 1.6 billion Muslims.
Islamic law or Shariah forbids “riba”, the charging of interest on loans, because it enables the rich to exploit the poor, creates social and economic tension and encourages risk, according to scholars………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
MNRB Holdings Bhd plans to set up a Sukuk Mudharabah programme of up to RM150mil while it has also secured a RM200mil revolving credit-i facility from Standard Chartered Saadiq Bhd.
The reinsurer said on Monday of the RM150mil Sukuk, it would use RM120mil to refinance its short-term revolving credit facility of up to RM120mil which matures on Dec 10, 2012. The remaining RM30mil would be used for the group’s general working capital………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
There is potential for innovations in the area of contracts or new transactions under Islamic financing, says an expert in syariah. Dr Engku Rabiah Adawiah, an Associate Professor from International Islamic University, said innovations in this area would be line with the continuous efforts towards innovations and flexibility in Islamic finance but added that these innovations must clearly be in line with syariah principles.
Engku Rabiah was one of the panellists at a discussion held here among Islamic finance syariah advisors in conjunction with the Kuala Lumpur Islamic Finance Forum (KLIFF 2012) which will take off here Tuesday………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
The Middle East North Africa (MENA) regional insurance and takaful market is expected to rise just under 5 percent this year, despite tough economic conditions across the region, ratings agency A.M. Best in a report.
The insurance, reinsurance, takaful and cooperative markets within the Middle East and North Africa (MENA) continue to offer opportunity for growth, although the global slowdown of financial markets and political instability in the region threaten to dampen prospects for some companies, ratings agency A.M. Best said in its October “Market Review”………………………………………..Full Article: Source
Posted on 16 October 2012 by Laxman | Email|Print
The emirate of Sharjah has chosen four key sectors to fuel its economic growth over the next four years, according to a recent study released by the Sharjah Investment and Development Authority (Shurooq).
The key sectors are travel and tourism, transport and logistics, healthcare, and environment, in addition to other sectors which are projected to offer the most significant investment potential based on Sharjah’s competitive advantages and unique characteristics………………………………………..Full Article: Source
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