Since inter-bank transactions
involve Riba (interest), which is Islamically prohibited, therefore, such transactions are not Shari'ah compliant.
'FirstBank is currently responsible for over 15 percent of inter-bank transactions
and 21 percent of airtime vending.
On the other hand, a decrease of 3 paisas was witnessed in the dollar price for the inter-bank transactions
or inter-bank market, closing its value at Rs.
The National Bank of Cambodia, in cooperation with Acleda Bank, Sathapana Bank and Prasak Microfinance Institution, has announced the launch of 'Cambodian Shared Switch' in beta version, which is a one-stop platform for customers to access inter-bank transactions
at ATMs and POS machines of the member institutions with more convenience and speed.
As its core services, Namclear provides local clearing of domestic inter-bank transactions
such as electronic fund transfer (EFT), Cards transactions (ATM & POS) and cheque payments, including settle ment, " said Tait.
A standard contract template for Islamic inter-bank transactions
was launched on Monday as the industry works to diversify the range of liquidity management solutions available.
FATCA will affect almost all financial institutions and other entities in Bahrain with exposure to US taxpayers and other financial inter-bank transactions
During the last two months, six participating banks have settled around 100,000 inter-bank transactions
worth Rs 6.2 billion.
In the first phase banks will be able to use PRISM (RTGS) to transfer and settle inter-bank transactions
, This would enable banks to transfer inter-bank transactions
into beneficiaries' accounts on the same day.
In a statement, the central bank said that all purchases of foreign exchange 'shall be for the use of customers and shall not be used for inter-bank transactions
Rolf Schneebeli, former vice president of Citibank Switzerland and currently the economic adviser to ARY, said it would be prudent for governments in the GCC to guarantee inter-bank transactions
to at least get the financial markets running and kickstart the flow of credit to finance major projects and help financially battered individuals and private companies.