Islamic Banks, Stuffed With Cash, Explore Partnerships in West

December 25, 2013 By Nathaniel Popper   A noted Muslim law scholar, Yusuf DeLorenzo, recently pored through the books of Continental Rail, a business that runs freight trains up and down the East Coast. Along with examining the company’s financial health, Mr. DeLorenzo sought to make sure that the rail cars didn’t transport pork, tobacco…

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Could principles of Islamic finance feed into a sustainable economic system?

October 18, 2013   Islamic finance has been a significant global force for the past few decades, but in recent years sharia-compliant saving and investing have become more common. For example, in June, Goldman Sachs provided a loan to Arcapita Bank, an Islamic investment company, that in compliance with sharia law did not charge interest….

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Muslim Center’s Developer to Use Islamic Loan Plan

Sharif el-Gamal, the developer, of the planned Muslim community center and mosque near ground zero envisions raising $140 million project by utilizing instruments developed to allow many Muslim investors to comply with religious prohibitions on interest. Most of the financing, Mr. Gamal said on Wednesday, would come through religiously sanctioned bondlike investments known as sukuk,…

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Accounting Standards for Islamic Financial Institutions will appear in Russian

Shari’a Standards for Islamic Financial products issued by the Accounting Association of Islamic Financial Institutions (AAOIFI) will soon be presented in Russian. An agreement was reached during the visit of the Delegation of Council of Muftis of Russia to Bahrain last December. The first product standards will be published in February 2010 and will include…

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Bercy Seeks to Enable the Development of Islamic Financing in France

Christine Lagarde, Minister of the Economy and Finance, wants to facilitate the development of Islamic finances in France, stating she wants follow the model already in place in London. Known as “sukuks”, this kind of loan meets the rules of shari’ah law which prohibits claiming interest and investing in certain sectors like those related to…

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