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 ?
Chilwan has once again made moves that set a path for both Dubai Islamic Bank and the industry.
Bank Nizwa along with Alizz Islamic Bank and Islamic windows of six conventional bank are the players in Oman's emerging Islamic banking sector with a footprint of 60 branches across the Sultanate as of the end of 2016.
Summary: According to Nitish Bhojnagarwala, Assistant Vice President -- Analyst at Moody's, Islamic banks will continue the trend they started in 2016 in outpacing net profits of conventional banks
Saeed Akbar at el examined the consumer's perception towards Islamic bank products in United Kingdom.
Among them are Elaf Islamic Bank, a 14-year-old Baghdad-based Islamic bank, which managed to increase its profit by a third last year, and competitors such as Cihan Bank and National Islamic Bank also saw positive business trajectories.
The State Bank of Pakistan issued license for the establishment of the first full-fledged Islamic bank in 2002.
He said efforts were being made to convert Bank Al-Falah as a full-fledged Islamic bank.
Under said Article, an Islamic Bank is "any legal entity certified or authorized hereunder to conduct Islamic banking business in accordance with Sharia, and does not deal with given or taken interest".
Egypt's then-People's Assembly passed Law 1977/48 to establish the Faisal Islamic Bank of Egypt (FIB) which took the form of a joint Sharia-compliant stock company.
The use of an OIFI compliant Wakala agreement enables Omani banks to engage with ease, international Islamic banks for their interbank liquidA[degrees] ity management.
That being said, Islamic bank has to contain three essential components:
This paper is an attempt to compare the efficiency between pure Islamic banks and Islamic bank windows of conventional banks.

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