REUTERS: UPDATE 1-Group launches first Islamic interbank benchmark

    UPDATE 1-Group launches first Islamic interbank benchmark * Provides sharia-compliant alternative to LIBOR * May be used to price range of Islamic instruments * Rates contributed by 16 institutions * Tenors range from overnight to 1 year * Faces obstacles to widespread use By By Shaheen Pasha MANAMA, Nov 22 (Reuters) - A consortium of Islamic banks and financial industry associations launched the industry's first international Islamic interbank rate on Tuesday, offering a sharia-compliant alternative to traditional interest-based benchmarks. The Islamic Interbank Benchmark Rate (IIBR), based on rates contributed by 16 Islamic banks and Islamic sections of conventional banks, is the average expected return on sharia-compliant, short-term interbank funding. ...
More..
Posted Date: 03 December 2011

IBN LIVE : Kerala plans low-cost airline, Islamic banking

New Delhi: Kerala has not given up on a proposal to start an airline of its own, particularly to provide low-cost options to its vast diaspora in the Gulf, and will soon pursue this with the central government, Chief Minister Oomen Chandy has said. "We are at the moment concentrating on our fourth international airport at Kannur. Once that is done, we will pursue the airline option. We have not given up on the idea of a low-cost carrier," Chandy said at an interaction with IANS journalists during a visit to the agency's head office here Monday evening. "We have also brought down the minimum level of investment in the Kannur airport project to Rs.50,000 from Rs.200,100 for individual investors," Chandy, who assumed office for the second time on May 18 said, addin...
More..
Posted Date: 03 December 2011

Businessline : ‘ Islamic banking has emerged a viable source of financing'

VINSON KURIAN Notwithstanding India's seemingly linear growth as reflected in the GDP year after year, the number of the poor living below poverty line has only increased. Household income has declined while corporate income has consistently headed North. The fruits of growth, in this manner, seem to have favoured the corporate sector more than vast sections of the population. A system that can help in justifiable redistribution of wealth in the society has become the need of the hour, says Mr R. Seetharaman, Chief Executive Officer, Doha Bank. Islamic banking and finance may prove to be a better alternative, he told Business Line in an interview. The core principle of Islamic banking is sharing in profit and loss. Excerpts: How can emerging market economies benefit from Sharia-...
More..
Posted Date: 21 September 2011

Recommendations emerged from Reaching Banking and Financial Services for Minorities conclave

(From L to R: Anjani Sinha, Managing Director & CEO, National Spot Exchange Ltd ; Smita Premchander, Secretary, Sampark ;Shashi Singh, Chairperson, Consortium of Women Entrepreneurs of India ; Wajahat Habibullah, Chairman, National Commission for Minorities ; Mohd Ilyas Rizvi, Vice Chairman and Managing Director, A P State Minorities Finance Corporation Ltd) Reaching Banking and Financial Services for Minorities conclave was organised in June 2011 at Mumbai. The conclave discussed whether Banking and Financial Services should be customized to target minorities better and to mainstream them and push for financial inclusion. Following are the recommendations that emerged from the conclave: Recommendations: 1. Introduce Islamic banking, which is not based on interest, speculati...
More..
Posted Date: 21 September 2011

Kashmirdispatch.com: Introduce Islamic Banking: Mirwaiz tells JK Bank

FRIDAY, 12 AUGUST 2011 21:52 SRINAGAR: KDNN   Calling for abolition of ‘interest-based’ banking, Hurriyat Conference (M) chairman Mirwaiz Umar Farooq Friday pitched for introduction of Islamic banking in Kashmir, appealing people to switch to non-interest beating accounts for the time being. He also asked the state-owned JK Bank to take steps in this regard. Addressing a Friday gathering at Jamia Masjid today, Mirwaiz said there was no place for ‘interest-based banking’ in Jammu and Kashmir, a Muslim majority state, and the Jammu and Kashmir Bank should play its role in introducing Islamic banking here. “Since interest-based banking has been declared as haram( prohibited) in Islam, Muslims should opt for current accounts until Islamic banking system...
More..
Posted Date: 21 September 2011

Businessline:Kerala launches equivalent of Sharia-based deposit scheme

VINSON KURIAN /THIRUVANANTHAPURAM, JULY 22:  The interest-free deposit scheme mooted by the Kerala Government is an extension of the Sharia-based banking principles, according to a top State Government official. “The principles are the very same,” Mr T. Balakrishnan, Additional Chief Secretary and Secretary-Industries, Kerala, told Business Line here. EMINENTLY ADVISABLE “It is merely that we have desisted from use of the word Sharia for fear of ruffling feathers in some circles which have expressed reservations about the State Government identifying itself with a particular religion or ideology in this manner.” Interest-free treasury deposit scheme is eminently advisable for a State Government, which stands to immediately benefit from the be...
More..
Posted Date: 21 September 2011

The Hindu : Chandy backs new banking model

Chandy backs new banking model TODAY'S PAPER » NATIONAL » KERALA ,THIRUVANANTHAPURAM, July 5, 2011 SPECIAL CORRESPONDENT   The United Democratic Front (UDF) government will extend all support to set up an interest-free institutional mechanism for banking and finance in the State, an idea mooted and pursued some distance by the previous Left Democratic Front (LDF) government, Chief Minister Oommen Chandy has said. Inaugurating a national seminar on the prospects and possibilities of such a mechanism, functioning under Islamic banking principles, Mr. Chandy said here on Monday that it was not the policy of his government to find faults with whatever the previous government had done. “All good initiatives [of the previous government] would be continued,&rdqu...
More..
Posted Date: 07 July 2011

Two circles.net : Kerala Govt offers full support to interest-free Islamic banking

Kerala Govt offers full support to interest-free Islamic banking   Submitted by admin4 on 4 July 2011 - 5:38pm By TCN News, Thiruvananthapuram: The Kerala government will extend full support and cooperation to the interest-free banking system so that it may be used for the development of the state, said Chief Minister Oommen Chandy. The state will try to attain the central government’s approval for it. He was inaugurating the national seminar ‘Interest-free Institutional Mechanism for Banking, Finance and Insurance’ held in Thiruvananthapuram today. The CM said that Islamic banking was not a dangerous suggestion. The government would clarify doubts and go forward. The services of the ‘Al Baraka Financial Services’ (the interest-free insti...
More..
Posted Date: 07 July 2011

The Economic Times : Gulf Finance House BSC in pact with Wadhwa Group to develop MEDZ project

Gulf Finance House BSC in pact with Wadhwa Group to develop MEDZ project PTI Jun 15, 2011, 11.19am IST DUBAI: Gulf Finance House BSC (GFH), a Bahrain-based Islamic investment bank, has signed a partnership agreement with Wadhwa Group, an eminent real estate developer in India.The agreement will see GFH and Wadhwa develop core infrastructure under the bank's Energy City Navi Mumbai (ECNM) and Mumbai IT & Telecom City (MITTIC) projects (together termed as the Mumbai Economic Development Zone) and also secure a successful exit for investors. Following the infrastructure development, GFH and Wadhwa will together develop integrated homes, affordable housing, hotels and malls on the two sites, which hold a strategic location on the outskirts of Mumbai, a statement released here ...
More..
Posted Date: 07 July 2011

Business Line : Gulf Finance House to invest $10 b in Mumbai economic development zone

Gulf Finance House to invest $10 b in Mumbai economic development zone   The zone, which is located about 12 km away from Navi Mumbai, will have an energy, entertainment and IT district. Spread over 1,700 acres, it is expected to generate 2.5 lakh jobs. Our Bureau,Mumbai, March 7 Bahrain-based Islamic bank Gulf Finance House will invest $10 billion over the next seven years for setting up an integrated economic development zone near Mumbai. Spread over 1,700 acres, the zone is expected to generate employment for 2.5 lakh people. It will be one of the largest foreign direct investments in the country. Land acquired The land for the project has already been acquired by the bank from local land holders. The ground breaking ceremony was performed by the Chief Minister of Maharash...
More..
Posted Date: 07 July 2011