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News |
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Monday, December 06, 2004
Islamic Bank dismisses rumours about stock split
In a letter to the Dubai Financial Market (DFM) yesterday, DIB made it clear that the November 29 meeting of the bank's board did not ....  |
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Monday, December 06, 2004
S&P: Islamic banking could be niche market
Credit raters Standard & Poor's said Monday Islamic banking could boost the financial industry of Arab countries. |
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Sunday, December 05, 2004
Sharjah banks create Islamic entity
The Bank of Sharjah (BOS), National Bank of Sharjah (NBS), United Arab Bank and InvestBank will set up an Islamic financial institution, the Islamic Finance Company (IFC), catering to the country's wholesale .... |
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Sunday, December 05, 2004
Gold up on failing dollar
Gold prices hit a fresh 16-year high of USD456.70 last week as the US dollar dipped to USD1.34 to the euro. |
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Saturday, December 04, 2004
Dollar drops to new low
The euro passed $1.34 for the first time in New York trading on Friday, reaching a record level of $1.3413. |
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Friday, December 03, 2004
UK seeks not to disadvantage Shari'ah compliant savings
“We want to make sure that the tax system is completely even handed as far as Shari’ah compliant products are concerned. |
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Wednesday, December 01, 2004
CPI Financial introduce the Islamic Banking and Finance Yearbook 2005
The Islamic Banking and Finance Yearbook 2005 was introduced at MEFTEC 2004 in Bahrain based on extensive feedback and research from the ..... |
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Events |
Seminar on: " Islamic Banking: Regulatory & Legal Framework & Products-Financial Modes"
August 31 - September 2, 2004
Beirut - Lebanon
For more information:
Union of Arab Banks
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The twenty-ninth Annual Meeting of the Board of Governors of the Islamic Development Bank Group
14th - 15th September 2004
Venue: Tehran, Iran.
For more information:
ISDB.Org
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Islamic Liquidity Management Forum
September 17-18, 2004
Kuala Lumpur, Malaysia
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Asian Islamic Banking & Finance Summit
Developing a Comprehensive Islamic Financial System
September 21-22, 2004
Organized by Euromoney
Mandarin Oriental Kuala Lumpur, Malaysia
For more information:
Zawya.Com
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First Saudi International Takaful Forum
September 21-22, 2004
Intercontinental Hotel, Jeddah, Saudi Arabia
For more information:
Islamic Conferences Guide
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First Islamic Finance Summit
September 23-24, 2004
Frankfurt Marriott Hotel Germany
For more information:
ECMG
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Islamic Banking & Takaful Expo
September 24 -26, 2004
at the Putra World Trade Center (PWTC), Kuala Lumpur.
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Renewal & Reconstruction in Iraq
September 25-27, 2004
Conference & Exhibition
Organized by
Dubai Chamber of Commerce & Industry
JW Marritt Hotel, Dubai, UAE
For more information:
Zawya.Com
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The International Islamic Finance Forum
September 27-29, 2004
Organized by
IIR Middle East
InterContinental Ceylan Istanbul, Turkey
For more information:
IIFF.COM
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Islamic Funds World 2004
October 4-7, 2004
Royal Garden Hotel, London, UK
For more information:
Terrapinn.Com
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Finance for Energy, Resources and Infrastructure Role of Islamic Finance
International Conference
7th-8th October 2004
Venue: The Radisson SAS Portman Hotel, London.
For more information:
Islamic Conferences
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Islamic Retail Finance 2004
October 11 - 12, 2004
Crowne Plaza Hotel, London
Islamic Conferences Group
For more information:
IQPC
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Workshop on Islamic Finance
December 4, 2004
Manama, Bahrain
Organized by the
Bahrain Monetary Agency (BMA)
For more information:
Bahrain Monetary Agency
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Seminar on Comparative Supervision of Islamic and Conventional Finance
International Monetary Fund and The World Bank.
December 7-8, 2004
Beirut, Lebanon
Organized by
Central Bank of Lebanon and IDB
For more information:
Islamic Financial Services Board
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The World Islamic Banking Conference
Gulf International Convention & Exhibition Center Bahrain
Manama, Bahrain
December 11-13, 2004
Organized by:
MegaEvents.Net
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Seminar on Approaches to Regulation of Takaful (Islamic Insurance)
co-organized with the Insurance Commission of Jordan
Dead Sea, Jordan
January 10-11, 2005
For more information:
Islamic Financial Services Board
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First UK Islamic bank opens doors
The Islamic Bank of Britain's first branch is on Edgware Road, conveniently located for London's Arab community.
The venture was given the go-ahead by City regulator the Financial Services Authority in August.
The bank will be run according to Islamic law, or Sharia, which forbids interest payments and stipulates that charges should be agreed in advance.
Expert checks
All banking services will be overseen by a Sharia Supervisory Committee - experts in the interpretation of Islamic law and how it can be applied to personal finance products - the bank said.
The committee will meet on a regular basis to review all contracts and agreements relating to transactions, as well as to advise and sanction any new products or services.
From Wednesday, the bank will offer savings accounts at its Edgware branch and also nationally via postal and telephone banking.
The savings account will not offer interest on savers' funds; instead the bank will trade in Sharia compliant investments and share the profits with savers.
Expansion plans
Current accounts and finance products, such as loans, will be available in November, with mortgages, credit and charge cards and small business banking accounts available in 2005.
The bank plans on setting up other branches around the country, in Birmingham and Leicester in November 2004, with a further eight branches planned in 2005.
Internet banking will be launched in April 2005.
"We are delighted to be opening our first branch," said Michael Hanlon, managing director.
"It marks a new era in Islamic banking in the UK and the beginning of our work to broaden our product offering and branch network."
Source: BBC News
http://news.bbc.co.uk/
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