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, November 5, 2008

OSK to offer Islamic banking

Malaysia's OSK Indochina Bank, the newest entrant into Cambodia's banking sector, hopes to tap into the Kingdom's Muslim community by offering the Kingdom's first Islamic banking services within a year, its chief operating officer and country head, Lim Loong Seng, said Wednesday. 

"We are definitely looking into this market and hope to introduce [Islamic banking] services in one year," said Lim.
Islamic banking is a banking system that conforms with the principle of Shariah law, including a prohibition on interest-based loans, and has seen growing interest in Islamic countries.

Othsman Hassan, secretary of state at the Ministry of Labour and Vocational Training, said OSK's plans would offers Muslims in Cambodia an opportunity to obtain loans and to capitalise on the Kingdom's rapid economic growth.
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