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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


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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.

UAE hopes to rejoin Gulf single currency

13.12.2010

The United Arab Emirates hopes it and Oman will rejoin a planned Gulf single currency project one day, UAE economy minister was quoted as saying by a Saudi newspaper on Sunday, ahead of a Gulf rulers summit this week.
UAE hopes to rejoin Gulf single currency
The United Arab Emirates hopes it and Oman will rejoin a planned Gulf single currency project one day, UAE economy minister was quoted as saying by a Saudi newspaper on Sunday, ahead of a Gulf rulers summit this week.

Rulers from Gulf countries will meet in UAE capital Abu Dhabi on December 6 and 7 to discuss political, security and financial issues affecting the world's top oil exporting region.

'The Emirates still hopes that there will be a single currency for the countries of the (Gulf Cooperation) Council one day,' Sultan bin Saeed Al-Mansouri told Saudi newspaper Al-Eqtisadiah.

The second largest Arab economy withdrew from the project last year in protest against placing the joint monetary council in rival Saudi Arabia. UAE policymakers had said rejoining was not on the table unless it is profitable.

Neighbouring non-Opec Oman pulled out in 2006 and ruled out any comeback.

Only four countries from the six-nation GCC -- Saudi Arabia, Kuwait, Qatar and Bahrain -- remained committed to form the long-delayed monetary union but the project made little progress this year with the euro zone debt crisis limiting its appeal.

Al-Mansouri said the goal was to reach an agreement among all Gulf Cooperation Council (GCC) members, adding Gulf policymakers would discuss the union during the forthcoming summit.

'We in the Emirates believe our destiny is in the common Gulf region, whether economically, politically or socially,' he said.

The GCC secretary general said in May the single currency was unlikely to be launched by 2015 after missing the initial 2010 deadline.

Analysts have said Saudi Arabia, the world's top oil exporter and the main driving force behind the monetary union, faces a challenge to keep the project rolling as the economic power of fellow crude exporters rises.

Source: Reuters

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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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