Category Archives: Islamic Banks

Abu Dhabi Islamic Bank introduces innovative Shariah compliant VISA card

Abu Dhabi Islamic Bank introduces innovative Shariah compliant VISA card

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Abu Dhabi Islamic Bank, one of the leading banks in the region, has launched today a pioneering new Sharia’a compliant covered card for small to medium-sized enterprises (SMEs). (Covered card is the Shari’a compliant equivalent to credit card)

Offered in Platinum and Gold versions, the VISA card, which is the first of its kind in the UAE, provides SME customers with a line of finance up to AED 250,000. The new card also provides SMEs with an easy and modern payment tool that can help them control their expenditures, improve their accounting management and access their funds more conveniently.

Cardholders can use the new cards, which are accepted for purchases and for cash withdrawals through ATM & Points Of Sales globally, as a substitute for less efficient and more risky cash and cheques. In addition, customers can also utilize the line of credit by an instant transfer of funds to their current account withAbu Dhabi Islamic Bank through Internet banking or phone banking.

There are an estimated 230,000 SMEs registered in the UAE working in various industries including manufacturing sector, retail sector, real estate and business services.

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Islamic banks in Kenya demand regulatory board

Islamic banks in Kenya demand regulatory board

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Local Shariah-compliant banks have proposed the formation of an independent national board to regulate Islamic banks as well as other conventional banks offering Islamic products. This, they said, will ensure that they operate according to the Islamic principles, says Chief Kadhi Sheikh Hammad Kassim.

Licensed mid last year, Islamic banks now command a market share of 1 per cent and this is projected to reach 10 per cent in the next five years, according to the Gulf Africa Bank CEO Najmul Hassan.

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Islamic Bank of Britain launches fixed rate Islamic mortgage product

Islamic Bank of Britain launches fixed rate Islamic mortgage product

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The UK’s first Islamic fixed rate mortgage has been launched with the aim of offering ethical property finance in direct competition with conventional lenders.

The new product from the Islamic Bank of Britain is a direct bid to win a bigger share of the UK’s mainstream mortgage market, the bank confirmed.

‘We are throwing down the gauntlet to conventional banks with this new fixed rate Home Purchase Plan,’ said Sultan Choudhury, Commercial Director at Islamic Bank of Britain.

The bank is offering a rate of 3.99% with an arrangement fee of £299 and claims it is one of the most competitive offers currently available in the UK home finance market.

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Shariah board’s certificate of endorsement

First Islamic bank in Sri Lanka set to launch

First Islamic bank in Sri Lanka set to launch

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The Amana Group was recently given a Letter of Provisional Approval by the Central Bank (CB) to establish a licensed commercial bank named Amana Bank Ltd, and is taking steps to set up the ‘first truly’ Islamic commercial bank in the country, the group said in a press statement.

It said upon achieving certain conditions listed in the Letter of Provisional Approval such as the raising of a minimum capital requirement of Rs. 2.5 billion, Amana Bank expects to receive a banking licence from the CB that will enable it to begin commercial banking operations.

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Islamic Finance: Kuwait’s Noor to hike stake in Meezan Bank

Islamic Finance: Kuwait’s Noor to hike stake in Meezan Bank

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Kuwait’s Noor Financial Investment Co plans to raise its stake in Pakistani Islamic lender Meezan Bank to 42 percent from 35 percent, its managing director said on Monday.

“It’s approximately … $20 million,” Naser al-Marri told Reuters when asked about the cost of the purchase, adding the move would require the approval of Pakistan’s central bank.

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