Words of Wisdom - the Editor
Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.
UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?
HSBC and Deutsche Bank given Malaysian green light
by Richard Kilner HSBC Malaysia and Deutsche Bank have both been given the green light by the Malaysian authorities to set up dedicated Islamic banking subsidiaries. The two banks have been optimistic in their views of the potential for expansion in south-east Asia for their Islamic banking branches. Deutsche Bank has appointed Mohammed Safri, a big hitter in Malaysian banking, to lead its Malaysian operations. To begin with Safri will be stationed in Dubai, but will later head for Kuala Lumpur to take control of the bank's activities there. HSBC believes that Malaysia will become a strong launchpad for its Islamic banking in the region, with a view to expanding into India, Pakistan, Hong Kong, China and Indonesia.
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