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Islamic Bank

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Islamic Bank
A bank that only offers products that conform to the sharia, or Islamic law. For example, deposits in Islamic banks do not accrue interest. They either lie dormant until withdrawal or are invested. Because this involves higher risk than conventional banking services, various highly technical products have been developed to mitigate risk and generally imitate "regular" banks as much as possible while still complying with Islamic law. Considerable debate exists as to whether these products are in fact sharia-compliant.


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Banks that are based on Islamic teachings of Shareia, though newly established, they covered a wide-range of customers and were licensed by the Central Bank of Lebanon (BDL), Director General of the Islamic bank Al-Baraka Mutasim Mihmisani told KUNA.
Tirad Mahmoud, the chief executive officer of Abu Dhabi Islamic Bank (ADIB) was bullish about the long-terms prospects for the Islamic banking industry.
Summary: * Inline with ADIB plan to open 10 new branches in 2009 to strengthen its presence in the UAE market * The new branch in Sharjah to be a part of the bank's network of 50 branches in the UAE Abu Dhabi Islamic Bank (ADIB), one of the region's leading Islamic banks, has announced the opening of its Al-Ta'awoun Mall branch in Sharjah.
 
 
 
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