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, February 3, 2009

Biggest Islamic bank in Bahrain next June

Manama, Bahrain: The biggest Islamic bank in the world will establish in Bahrain by the Islamic bank for development and other investors next June with a prepaid capital of 11 billion dollars in order to enhance development in the Islamic nations, said the general council of Islamic financial firms. 
Head of union of Arab banks and chief executive of Al Baraka banking group Adnan Yousif told Bahraini daily '' Al Watan'' that the bank aimed at financing development projects that serve the society. Yousif expected that Bahrain's share in the bank would be 10 or 15 percent and other shares of Arab and Islamic countries would be decided at the foundation meeting of the bank.
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