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SHARIAUMEX launches innovative ‘UMEX TRADER’
UMEX Trader is set to become the first trading pla... more
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MAKING NEWS HEADLINES |
Kuwait Central bank gets more time to study Dar debt plan
KUWAIT, July 28 (Reuters) - A Kuwaiti court has given the country's central bank four more months to submit a report on the debt restructuring plan of Islamic firm Investment Dar (TIDK.KW), the company said on Wednesday.
Investment Dar, which owns half of British carmaker Aston Martin, said in a statement to the bourse that the court approved a request by the central bank to extend a deadline for providing it with the report by four months starting July 10.
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Islamic Bank of Britain set for £20 million capital boost
Islamic Bank of Britain (IBB or the “Bank”, www.islamic-bank.com) has secured a £20million capital injection from founding shareholder Qatar International Islamic Bank (QIIB, www.qiib.com.qa) which will take QIIB’s stake in the bank to over 80%. The investment is subject to shareholder and regulatory approvals.
The additional capital will allow IBB to leverage its established retail brand in the Islamic finance sector to increase sales of key products, such as the recently launched Islamic alternative to mortgages the IBB Home Purchase Plan.
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SHARIA UMEX HAS BEEN TIMELY SAYS SHEIKH HUSSAIN HAMID HASSAN – CHAIRMAN OF DUBAI ISLAMIC BANK
“Having been through its early days, it is now time for the Islamic banking and finance sector to strengthen and expand industry infrastructure to ensure sustainable global operations," said Sheikh Hussain Hamid Hassan, a prominent Sharia scholar and chairman of Sharia Supervisory Board of Halal Industries Group.
"Sustained growth results only from a stable and level playing business environment. Restricted access to capital markets, for the SME sector in particular, means inefficient and less sustainable economic backstay – the recent global crisis is testimony to that. UMEX is indeed a much needed and timely initiative.Such a platform would provide easy access to SMEs as well as encourage businesses to operate in an ethics-driven manner (making them inherently Islamic, as justice and ethics are among the ultimate objectives propagated by Sharia),” Sheikh Hussain continued.... more
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Sharia (meaning "way" or "path") provides guidelines as to the requirement by which Islamic life should be conducted; this includes standards for food, family life, and business as well as daily financial dealings and transactions. The restrictions of Sharia such as the prohibition of investing in companies involved in alcohol, tobacco and gambling mean that there is a very close association between Sharia investment and ethical investment.
Additionally Sharia finance prohibits Riba - (Usury - or interest), whereas the sharing of risk and rewards in financial transactions is encouraged.
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| Islamic Glossary |
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