Islamic Bank

(redirected from Islamic Banks)

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 ?
Duterte signs law to regulate Islamic banking !-- -- Ian Nicolas Cigaral (Philstar.com) - August 30, 2019 - 2:17pm MANILA, Philippines President Rodrigo Duterte inkeda law regulating the operations of Islamic banks in the country in a bid to unlock the full potential of Islamic financing and promote financial inclusion.
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.
Mergers and acquisitions (M&A) among Islamic banks across the GCC region are expected to pick up pace to boost their competitive position in an increasingly overbanked region, according to a recent report from Fitch Ratings
During the period under review, investments (net) of Islamic banks (IBs) reached at Rs.
The measure, which seeks to put in place a sound legal and regulatory framework for the development of Islamic banks in the country, will likewise pave the way for the entry of foreign Islamic banks to operate in the Philippines, said Sen.
They informed that State Bank and Sharia Boards of Islamic Banks were continuously monitoring the Islamic Banking adding that State Bank of Pakistan was providing training regarding Islamic Banking.
Muscat: There are studies and discussions being undertaken to decide whether full-fledged Islamic banks in Oman could be a viable replacement for the Islamic banking windows operating currently.
Breakup of deposits among full-fledged Islamic banks and Islamic banking branches of conventional banks showed that the deposits of former grew by 7.9pc (Rs98bn) while the latter were registered at Rs1,340bn by end Dec 2018.
The growth in assets reflects increased lending by Islamic banks as they count the financed things as assets on their balance sheets.
With consistent record-low non-performing financing rates, asset returns above the industry average, and provisions set-aside covering over 80% of NPF, Qatari Islamic banks' cost-to-income ratio has ranged between 22% and 24% throughout the 2017-18 analysis period, IFSB has said in a report.
Findings demonstrate that Islamic banks are outperforming their conventional peers in customer acquisition--55 per cent of the UAE consumers now have at least one Islamic banking product, compared to 47 per cent when the Index was launched in 2015.

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