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 ?
According to survey findings, given the supplydemand gaps, there is huge potential for further development of Islamic banking in Pakistan.
The UAE is emerging as a serious player in Islamic finance as total Islamic banking assets jumped more than 14 per cent to about $95 billion in 2013 compared to $83 billion in 2012.
Islamic banking is different from conventional banking in that it does not use specific interest or fees for loans, or fixed or floating payments.
According to estimates by Ernst & Young's Global Islamic Banking Center, Qatar was the fastest growing market where Islamic banking assets are expected to have grown by more than 23 percent during 2012.
Summary: AlHuda Centre of Islamic Banking and Economics is privileged to organize five
Islamic banking in Syria has expanded rapidly, witnessing increasing demand since it was first introduced to the Syrian banking sector, the pan-Arab daily ASHARQ AL AWSAT reported Tuesday.
The Islamic Banking Index was unveiled by Emirates Islamic CEO, Jamal Bin Ghalaita at the 2015 Global Islamic Economy Summit (GIES) who commented, "The creation of the Islamic Banking Index by Emirates Islamic marks a new chapter in how we measure the development and growth of Shari'ah compliant banking in the UAE.
In his inaugural speech, the Deputy Governor congratulated all the stakeholders on successful completion of the 1st phase of media campaign which primarily focused on developing awareness and improving visibility of Islamic banking in the country.
The projected size of the Islamic banking sector in the UAE is expected to account for almost 15 per cent of the world's six core Islamic markets estimated to hit $1.
Widening its network across the Sultanate, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, opened a state-of-the-art branch in Saham.
Islamic banking, which grew out of a religious prohibition on usury and the desire for banking without interest rates, first emerged in Egypt through savings funds operated without interest.
Summary: Wissam Khoury, Managing Director, Middle East and Africa at SunGard discusses the prospects for the growth and competition of Islamic banking versus conventional banking while harnessing technology for banking and financial institutions' better risk management

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