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, December 10, 2008

Al Salam, Nordbank in Islamic finance JV

30 Nov 2008     

Dubai-based Al Salam Investment and HSH Nordbank plan to launch an Islamic finance house in 2009, as the German bank looks to tap the Islamic finance sector in the Gulf Arab region.

"We see opportunity and change in this region and this partnership will ensure we have the financial muscle and expertise to be at the forefront of the turnaround," said Pegman Haghshenas, chief executive of Al Salam Investment, in a statement on Sunday.

No details on the value of the joint venture were given.

The company will likely register on the Dubai International Financial Centre, Haghshenas said.
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