The Islamic House of Britain (IHB) will be the first Islamic bank in Britain to offer consumer banking products, including savings and current accounts, car financing, and in the near future mortgages. All products will be shari`a compliant. IHB has applied to the UK Financial Services Authority for approval on the bank. Norton Rose facilitated the negotiations and is working with other Islamic banks to gain legal approval.
Interview with Salamatullah, the Executive Vice President and Head of Islamic Banking for the National Bank of Pakistan. Islamic and conventional banks fundamentally differ due to Islamic banking arrangements such as mudaraba where profits earned on deposits are shared between investors and banks.
In the United States, minorities (particularly Muslims) are more likely to live in inadequate housing, and typically have the lowest rates of homeownership. Despite attempts at increasing minority homeownership levels, progress has been slow, and assistance programs are needed to promote greater community growth. The SAMAD group offers an
The English High Court recently awarded Shamil Bank of Bahrain (plaintiff) a US$50m judgement in the case against the Beximco Group of Bangladesh and the Rahman Brothers, the controlling shareholders of Beximco Pharmaceuticals. The English court will not judge on shari`a issues or question the decisions made by the religious supervisory boards (RSB) of financial institutions.
Beginning in 2004 Bank Negara Malaysia will issue three Islamic banking licenses to foreign banks that are financially sound, regulated by strong and reputable national authority, and that will contribute to the development of Islamic finance and to overall economic growth in Malaysia. Proposals made by the prospective institutions should include source of capital, management structure, shareholder information, and a review of previous business ventures.
Interview with Ahmed Al-Qattan, Chief Investment Officer and Managing Director for the UK Office of the Gulf Financial House (GFH). In 2004 GFH plans to offer a second Gulf Atlantic Real Estate Fund (GAREC II) in order to strengthen GFH's position in the UK real estate market. In July 2003 GFH launched its Gulf Atlantic France (GAF) Fund, providing better yields than UK but with less attractive leases.
The Turkish Islamic finance sector has recovered from the Turkish banking collapse of 1999 and the fall of the Ihlas Financial house in 2000, as witnessed by the 25% growth during the first nine months of 2003. The Turkish Islamic finance sector is poised to develop into a major market similar to that of Malaysia, and aims to attract global investment. Under Turkish law conventional and Islamic (interest free) banks are equal and covered by the same legal framework.
During the second quarter of 2003 global equity markets yielded significantly higher returns. The perception of a more stable geopolitical environment, including the end of the US-Iraq war, decreased threat of SARS, as well as an anticipated economic stimulus program in the US have all contributed to increased confidence amongst global equity investors. The positive results in Q1 of 2003 in terms of earnings growth were attributed more to re-stocking and cost-cutting as opposed to final demand.
In 2001, Majlis Ugama
A new Islamic banking law in Kuwait will gradually over the course of the next three years change the shape of the Kuwaiti banking market, given that conventional banks will now be allowed to establish Islamic banking subsidiaries. The Kuwait Finance House (KFH) will likely face the most added competition due to this law.