The London-based ABC International Bank’s Islamic Asset Management (IAM) entity, both of which are subsidiaries of the Bahrain-based consortium bank Arab Banking Cooperation, has launched the first retail Shariah-compliant capital-protected equity product in the UK under its ‘Alburaq’ brand. The savings product, which has a minimum subscription of just _500 and is a Shariah-compliant alternative…
The Carnegie Corporation announced an initial $10 million investment to enrich the quality of America’s public dialogue on Muslim societies and Islam. The corporation’s comprehensive strategy focuses in increasing public knowledge about cultures and history of Islam and Muslim communities – both in the US and abroad, and public knowledge about diverse ways of thinking….
Since the end of 2007, several Fortis bank branches are enabling Muslims to create investment funds that are based on Islamic sharia law. Companies that are linked to tobacco, pork, alcohol, weapons, and entertainment are excluded. Citing the importance of its Muslim clientele, Fortis spokesperson Hilde Junius insisted that it was important to offer Islamically…
THE HAGUE – One was a Somali refugee, the other an Argentine investment banker. Both are now high-profile Dutch women challenging this country to rethink its national identity. Princess Maxima, the Argentine-born wife of Crown Prince Willem Alexander, triggered a round of national soul-searching with a speech last month about what exactly it means to…
Non-Muslims both in England and in Islamic countries are increasingly opening Islamic bank accounts, which operate in compliance with Sharia law. Under Sharia Islamic law, making money from money, such as charging interest, is usury and therefore not permitted. Wealth should be generated only through legitimate trade and investment in assets. Sharia also forbids investing…
