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 3, 2008

NBK Plans to Open Islamic Private Bank in Switzerland, FT Says

March 31 (Bloomberg) -- National Bank of Kuwait SAK, one of the Middle East's largest lenders, is planning to open an Islamic private bank in Switzerland, the Financial Times reported, citing the bank's Chief Executive Ibrahim Dabdoub.

Dabdoub said the bank has applied for regulatory approval in partnership with an undisclosed Saudi financial institution, according to the newspaper.

National Bank would target wealthy individuals looking for bank products compliant with Islam, the FT said. Islamic finance is one of the fastest growing areas of banking in the Arab world, the newspaper reported.

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