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?

Tuesday, November 11, 2008

NatWest launches sharia commercial property service

NatWest Business Banking is entering the Islamic financial services market with the launch a shariah-compliant commercial property mortgage product.

The product, introduced in response to demand, will not charge interest in accordance with Islamic law.

NatWest has over 40 relationship managers specially trained to meet the needs of the Islamic community, as well as a number of specialist diversity banking teams, including one in Birmingham.
The product is the first shariah-compliant facility NatWest Business Banking has launched.

NatWest Business Banking chief executive officer Paul Lynam said: "We are committed to meeting the business needs of all customers. By introducing a shariah-compliant commercial mortgage, we are demonstrating our commitment to this community, and the broadening of our focus on this market."

Head of NatWest's diversity banking team in Birmingham Manjit Kang said: "NatWest formed the diversity banking team to support the growing demand for business advice amongst the Black, Chinese and Asian business community. Now we have the shariah-compliant commercial mortgage we can take this to a new level."

The product, sanctioned by an internationally renowned and independent board of Islamic scholars, is based on the Islamic "Murabaha" structure a widely accepted shariah-compliant financing method.
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