Islamic Finance

Loy Heong, a Chinese Malaysian businessman, has announced plans to offer Islamic banking packages. The leading Islamic bank in Malaysia, Bank

The article discusses the Islamic legal codes specific to Saudi Arabia dealing with banking disputes and commercial matters and procedural rules related to land, sea, civil matters, and fees. The role aof the Banking Disputes Committee, a newly formed body, and its mission to make settlements which take into account the practical and social circumstances of the disputing parties is defined.

Turkey is seeking to surpass Bahrain as the major offshore banking center and become a regional economic power. Turkey expects U.S., Japanese, Western European, and pro-Western Arabian investment and loans because of its pro-U.S. stand during the Gulf War. Turkey has liberalized regulations and plans to establish free-trade zones to attract offshore banks from the Gulf and foreign investment.

This article discusses the banking climate in Iran. Its focus is internal. Domestic banking is viewed from an Islamic perspective, starting from 1979, and the 1983 Law for Usury-Free Banking is explored as the central pillar. The central Bank has abolished subsidies in the financial sector and bank rates are now established through money and credit councils. Deposits have increased because the 5-year rate is now pegged at 13%. The introduction of market-oriented lending rates of 19% are key changes that resulted in new activity.

Economy, government, technology, competition, culture, and demography are listed as the situational factors in this analysis that affect the banking industry in Saudi Arabia. Using questionnaire data obtained from 103 bankers who are members of six Saudi commercial banks, results reveal that culture and technology are viewed as less important than the economy and government regulation. Oil export is the one commodity the Saudi economy is most dependent on and the one most often characterized by continuous fluctuations.

The article looks at Indonesian Muslim efforts to make Islamic economic institutions major players in the nation's economy.

A need currently exists to elaborate a cohesive and broad economic policy for the forty nations of the Organization of Islamic Conference. High rates of expansion are essential for self-sustaining growth. Various strategies that OIC nations are exploring to facilitate such growth include investment in processing industries, import substitution, and investment in capital goods. Many countries are also looking at projects to increase energy production and conservation.

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Islamic banking, within the larger context of Malaysia's economic and financial development, is partly the result of a favorable political atmosphere and a widespread acceptance of interest-free banking. To ensure its continued success as new Islamic financial institutions enter the scene, Bank