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?

Wednesday, May 28, 2008

Hong Kong firms may sell Islamic bonds in Q4

HONG KONG - Hong Kong borrowers may issue sukuk, or Islamic bonds, in the fourth quarter of this year if credit market conditions improve, a newspaper said on Monday, quoting the head of a local capital market body. Frank Kwong See-wah, chairman of the Hong Kong Capital Market Association, said many companies in the territory were considering selling sukuk to tap a new pool of investors, the South China Morning Post reported.
Sukuk are financial instruments which adhere to the Islamic sharia principals under which interest payment is banned and the financing of certain business activities is prohibited. They are typically based on physical assets that pay rent. Kwong did not name any potential issuers.
Several countries in the region are keen to develop an Islamic finance market to attract investors from the booming Gulf economies.
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