Islamic Bank


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Related to Islamic Bank: Islamic Development Bank

Islamic Bank

A bank that only offers products that conform to the sharia, or Islamic law. For example, deposits in Islamic banks 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 products are in fact sharia-compliant.
References in periodicals archive ?
PRESIDENT Duterte has finally signed into law the measure providing for the regulation and organization of Islamic banks in the country.
President Rodrigo Duterte has signed into law a measure creating a sound legal and regulatory framework for Islamic banks in the country.
Most Islamic bank M&A is between Islamic banks or involve a conventional bank acquiring an Islamic bank as a subsidiary.
* Issue shares for the account of institutions and companies assisted by the Islamic bank in meeting subscription calls or augmenting their capital and or fund requirements as may be allowed by law;
In addition, DIB was named Best Islamic Bank, Best Islamic Retail Bank, Best Islamic Corporate Bank, Best Islamic Home Finance, and Best Sukuk Arranger in the region.
The MoU sets out a broad framework for the merger process, wherein Alizz Islamic Bank will continue to operate as an independent Islamic banking institution under the supervision of an independent management team, but operating under the umbrella of the newly merged entity.
KARACHI -- The share of Pakistan-based Islamic banks in global Shariah-compliant banking assets stands at a meagre 1%, according to the State Bank of Pakistan (SBP) on Monday.
Saeed Akbar at el examined the consumer's perception towards Islamic bank products in United Kingdom.
The State Bank of Pakistan issued license for the establishment of the first full-fledged Islamic bank in 2002.
He said Islamic banks should come up with attractive and innovative Sharia-compliant products to meet the needs of SMEs which will help in promoting business activities and strengthening the economy.
In Pakistan, the largest Islamic bank is Meezan Bank, which is fast assuming mainstream prominence.
The CBI approved the opening of two Islamic windows and approved the incorporation of a governmental Islamic Bank. Islamic windows are separate departments within a conventional bank, which operates under strict guidance by an independent Shari'a Advisory Board (comprising Muslims scholars of repute, credibility and due social recognition) to develop and offer Islamic financial products to the clients that demand such products.

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