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?

Sunday, February 1, 2009

Muslim scholars discuss Islamic banking

Leading Muslim scholars held a seminar on Friday to discuss emerging issues in Islamic Banking in view of new developments in the sector.

The conference held at the Nomad Hotel in Garissa, was organised by Barclays Bank of Kenya Ltd. under its Islamic Banking Division, La Riba.

Led by the Chief Kadhi, Sheikh Hammad Kassim, the scholars deliberated on Islamic banking issues. Sheikh Kassim, who sits on the Barclays Shariah Advisory Board, said the bank strives to be 100 percent Shariah-compliant in its Islamic banking products.

"In the annual reviews conducted by the board, I would like to confirm that the Barclays Islamic Banking Division is in line with the requirements of the Muslim faith,'' noted the Chief Kadhi.

Barclays Head of Islamic Banking, Omar Sheikh, gave an overview on one of the fastest-growing financial product in the market, noting that Barclays set the pace in Kenya when it pioneered the country's first Shariah-compliant financial product in 2006.

Barclays Bank Regional Managing Director, Adan Mohamed, said the bank launched La Riba in response to the needs of the bank's growing Muslim customer base.
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