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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.


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The law concerned with Islamic banking was issued in 2004, he said, adding that BDL and Lebanese Ministry of Finance are "seriously" looking into amending some laws and regulations affiliated.
The 16th annual World Islamic Banking Conference (WIBC 2009), to be held from December 6 to 8 at Gulf Hotel, will focus on the 'new strategies for new economic realities,' said the event organisers Middle East Global Advisors (Mega).
The MoU, signed by Abdullah Al-Shahi, Executive Vice President - Human Resources & Emiratization Division at ADIB and Jamal Al-Jassmi, General Manager of EIBFS, aims to develop new Islamic banking programs and prepare a strong UAE national workforce for the Islamic Banking Industry.
 
 
 
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