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?

Saturday, May 24, 2008

Dubai Holding creates global Shariah-compliant investment company

(MENAFN - Khaleej Times) Dubai Holding announced yesterday that it has consolidated its investments in Dubai Islamic Investment Group and Dubai Bank under Dubai Banking Group, to form a global Shariah-compliant investment company.

This consolidation is in line with Vision 2015, which highlights the development of the financial services sector in Dubai as a catalyst for future growth and economic diversification of the Emirate's resources.

Mohammed Al Gergawi, Chairman of Dubai Holding said: "The UAE's financial services sector is one of the fastest growing sectors in our economy. This is a tremendous opportunity for our group and we are confident that this strategic step will enhance growth and value creation in the industry and solidify Dubai's position as a leading global financial centre."

Mohammed Al Shaibani, Chairman of Dubai Bank said: "Dubai Bank has made significant progress on all fronts and across various business initiatives within retail, corporate and investment banking. I am confident that through Dubai Banking Group, we will be able to capitalise on the opportunities presented and also expand its banking and investment portfolio on a global scale."
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