Islamic Banking and Finance

06/02/2023

https://gulfnews.com/amp/business/banking/sharjah-islamic-banks-net-profit-rings-in-dh6509m-for-2022-up-266-1.93617416

Assets at Sharjah bank grew a solid 7.6% to Dh59.1b

31/12/2020

Old news, but worth reading!

Islamic finance, including its interest-free and equity-based banking system, can complement the existing Indian banking and finance system, said Hazik, who has spent the last decade researching financial systems.

05/04/2020

Donate generously and share as much as you can

18/02/2020

https://www.youtube.com/watch?v=a3I9VvdEG1I

The global financial system is a double-edged sword. While it has brought about notable good, it has also triggered many of our commonly-shared global challe...

19/05/2019

https://www.euronews.com/2019/04/16/capitalism-is-failing-us-all-could-islamic-economics-be-the-answer-view

Once we strip away the Arabic terminology, concepts like zakat can return our economies to the common sense-based, transparent and equitable set up that the architects of modern capitalism envisaged.

03/05/2019

03/05/2019

From the archive

25/05/2018

Uzbekistan mulls introducing Islamic banking

Experts are confident that the Islamic financial services will be in high demand.

Thoughts in Uzbekistan have turned to introducing Islamic banking services — a notion unthinkable only a few years ago.

A decree detailing the proposal was posted on a government website on May 16 and has already generated considerable, largely positive, response.

In June 2017, the Central Bank refinancing rate was set at 14 percent. The rates offered by banks to business and retail customers in turn vary at annual rates from 14 percent to 30 percent, depending on the type of loan.

The draft legislative bill envisions the creation of a commission to develop the ground rules for Islamic banking, which in its essence does away with the concept of interest rates in favor of a system whereby the lender shares in profits and losses of any given project being financed. The commission will also be tasked with outlining regulations on insuring, leasing and other financial services.

Financial analyst Navruz Melibayev said this heretofore unorthodox form of banking will find a receptive market in Uzbekistan.

“Considering that the vast majority of Uzbekistan practices Islam, I would presume that Islamic banking services will be in high demand,” Melibayev told Eurasianet.

The comments section under the draft bill appear to reflect that view so far.

“Reading this draft bill, I practically shed tears. I wanted to take out a mortgage on a house. But the interest rate is so big and I was going to write a letter to the president about it. Glory be to Allah that you will now be able to buy a house on credit without interest,” one commenter, Nurmuhammad Sotvoldiev, wrote on the government website.