Islamic Banking


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Islamic Banking

A system of banking that only offers products that conform to the sharia, or Islamic law. For example, in Islamic banking, checking and savings deposits 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 Islamic banking products are in fact sharia-compliant.
References in periodicals archive ?
The meeting was attended by the board members and Sulaiman al Harthy, deputy chief executive officer - Islamic banking at Bank Muscat.
Muscat: Oman Chamber of Commerce and Industry (OCCI), represented by the Financial, Banking and Insurance Committee, will organise a seminar on Islamic banking at Sheraton Hotel Oman on Tuesday.
Outstanding Contribution to CSR in Islamic Banking - Adnan Ahmed Yousif, President and Chief Executive, Al Baraka Banking Group
The results of the 2017 survey show that over half (52 per cent) the population of the UAE currently have an Islamic banking product, an increase of five percentage points on the inaugural 2015 survey.
During FY17, the Islamic Banking Industry (IBI) continued its growth momentum, recording improvement in all key performance indicators,' the report said.
com) Banking rules which are governed through Shariah are known as Islamic Banking principles.
Islamic banks will also have to submit details of Mudaraba, Musharka and Wakalah-based products for de-linking with Kibor benchmark to SBP's Islamic banking department.
Addressing the World Islamic Finance Forum here on Monday, he said Prime Minister is taking keen interest in promotion of Islamic Banking and future strategy is required to be devised for Islamic banking.
Islamic banking has rebounded with great success in many countries, and for the benefit of the Islamic banking in Iraq, Islamic banking laws are necessary to enable banks to exercise commercial activities and to help develop the economy of the country," says Ayoob Shaikh Ali AlAraibi, managing executive at Elaf Islamic Bank.
Summary: IN AN EXCLUSIVE INTERVIEW, GHULAM MUHAMMAD ABBASI, DIRECTOR, ISLAMIC BANKING, STATE BANK OF PAKISTAN, TELLS IB&F THAT ISLAMIC BANKING IN PAKISTAN IS SET TO REACH ITS PROJECTED MARKET SHARE OF 15 PER CENT BY 2018
This paper investigates the perceptions of employees in Islamic banks and Islamic branches of conventional banks regarding practices and growth of Islamic banking in Pakistan.

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