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?

Monday, July 7, 2008

Bahrain's Albaraka opens office in Indonesia

MANAMA - Bahrain-based Islamic lender Albaraka Banking Group BARKA.BH (ABG) has opened an office in Indonesia, the world's most populous Muslim nation, and plans to expand in Southeast Asia, the company said on Thursday.
The firm has more than 250 branches across 12 countries, which it says gives it the widest geographical reach of any Islamic lender.
"Indonesia ... is the home of 220 million people, and its commercial and economic links with the Arab and Islamic world are growing," Albaraka Chairman Sheikh Saleh Kamel said in a statement.
The group told Reuters last year it planned to open 74 branches in the next five years, all but two of them abroad, as it seeks to stay ahead of rivals in tapping the growing global appeal of Islamic banking.
Along with the Gulf, Malaysia is one of the world's two biggest Islamic banking hubs, and Albaraka has said it may expand there. The lender said it was also looking at China and India, and that it prefers to grow by branch expansion rather than acquisitions.
Differences in Islamic jurisprudence and a lack of qualified staff have hampered attempts for more cross-regional Islamic banking between the Gulf and Asia, bankers say.
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