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Latest News

07.02.2017

GCC VAT a test for Islamic Finance- Fitch


30.01.2017

Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


31.03.2016

Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


28.03.2016

"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


19.02.2016

Azerbaijan looks to new Islamic bank as sector rules progress


15.01.2016

Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


14.12.2015

The 2nd International winter school of Islamic law and economics has started in Kazan


09.12.2015

Russian financial experts are exploring options to launch Islamic Banking


IBFD Fund

Recent Comments

22.06.2016

Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.

25.11.2015

Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.

14.09.2015

Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Norwegian banks are interested in Islamic financial instruments

16.08.2010

Few Norwegian banks are considering a possibility of customer financing in compliance with Sharia, prohibiting borrowing rate. Consequently banks would like to lure growing number of clients.
Norwegian banks are interested in Islamic financial instruments
Few Norwegian banks are considering a possibility of customer financing in compliance with Sharia, prohibiting borrowing rate. Consequently banks would like to lure growing number of clients.

Norwegian Muslims will be able to take out a mortgage, without breaking Islamic orders. Norwegian banks: DnB NOR, Nordea and Sparebank 1, confirmed examination the possibility to apply “Sharia credit”.

“After a while Sharia credit can be used in Norway” – expects analyst of DnB Nor Tomas Miteide. It is widely held that according to Islam it is forbidden to receive interest as one can not grow rich for free. Therefore some banks in Europe practice another technology allowing skirting the ban on getting borrowing cost. Bank buys property unit, which client requires, and client in his turn buy property on the hire-purchase system, informs VG nett.

“We have never already done business with such credit due to poor demand, however now there is evidence that Sharia credit will be on the agenda” – says Tomas Sevang director of public relations.

According to CEO of Islamic Convocation of Norway Shoaib Sultan, a lot of Muslims are deficient in this kind of credit which is expected to enjoy a large demand.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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