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 ?
It said that the Chairman of the Board, Sheikh Ebrahim Bin Khalifa Al Khalifa, stated that Meezan Bank will be completing ten years of Islamic commercial banking operations this year.
Aside from Islamic commercial banking, cooperative insurance industry evolved considerably in the kingdom during the past 9 years, the report said.
The second business, GFH banking will comprise three business units including Investment Management, Investment Banking and Islamic Commercial Banking.
We intend during the next phase to start opening branches in all major cities in Syria through which the bank will provide different Islamic commercial banking services.
Titled 'In Search of New Opportunities', the World Islamic Banking Competitiveness Report 2010/11 will examine the overall competitiveness of the sector, including its achievements and the challenges it faces; a new focus on the affluent high-net worth segment of Islamic banking; how to measure "real" performance; the present and future opportunities in the Takaful market; and strategies for Islamic commercial banking suites for SMEs (small to medium-sized businesses).
AIB provides conventional and Islamic commercial banking services.
The host of the press conference, Khalid Hamad Abdul-Rahman Hamad, executive director of Banking Supervision at the Central Bank of Bahrain, spoke to the audience on the historic nature of WIBC 2015: "WIBC 2015 is set at an opportune time for us to assess what the modern Islamic commercial banking industry has achieved in its 40 years of existence and set the path for the industry going forward.
In May 2002, the State Bank of Pakistan issued us the first ever Islamic Commercial Banking licence, concomitant to which, we acquired the Pakistan operations of Societe Generale and opened Meezan Bank with five branches.
UCB provides Islamic commercial banking services including deposits, loans, and investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial public offering and underwriting; asset management services; brokerage services on the Khartoum Stock exchange; direct investment in various sectors, all in accordance with Islamic principles.

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