French Finance Minister Christine Lagarde has promised to make adjustments to the regulatory and legal rules to allow Paris to become a major marketplace in Islamic finance. Lagarde added that Western financiers could learn from Islamic banks and its “new principles for the international financial system, based on transparency, responsibility and…moderation.” London has attracted the…
Likely beginning by June 2009, Islamic banks will be authorized to open in France. Experts expect three banks will be shari’ah compliant – the Qatar Islamic Bank already established in London, the Kuwait Finance House, and the Al-Baraka Islamic Bank from Bahreïn. According to a study undertaken in May 2008, 500,000 Muslims in France are…
The plan to provide retirement funds for millions who do not already have a company pension is likely to include a special option that would not invest in companies deemed sinful under Islam. Ministers are keen to get Muslims saving with the Personal Accounts Delivery Authority, as many who have low-paid jobs or who have…
The Islamic finance industry size is 300 billion USD and expanding at 15 percent a year. It prohibits interest, which is also prohibited in Bible. Islamic financial institutions have been largely sheltered from present crisis, which has resulted in $400 billion losses. USA, France, Germany & India have good potential. The Islamic financial system is…
With the Sharia-compliant market growing by up to 15 per cent a year and estimated to be worth a trillion dollars (Dh3.67tn) by 2010, the number of Islamic investment banks in the UK is predicted to double within five years, said Samer Merhi, the executive director of the Gatehouse Bank, an Islamic finance house based…
