Thursday, October 19, 2006

CIMB Islamic, Mudarabah Investment Product, Australian Islamic banking

"CIMB Islamic wins global Bank of the Year award", The Edge Daily, October 19, 2006

The magazine The Banker named CIMB as the Bank of the Year for Islamic investment banking. The bank was involved in the issue of the World Bank's first Islamic bond, a Bai' Bithaman Ajil (deferred payment sale), the first exhchangeable sukuk for Khazanah Nasional.

"ADCB offers Islamic investment product", Khaleej Times (UAE), October 19, 2006

The Abu Dhabi Commercial Bank (ADCB) has begun offering a new Islamic investment product called the Meethaq Mudarabah Investment Program (MMI). The program makes investment in Shari'ah-compliant assets. The investments are made for 3, 6 or 12 months and the minimum investment of US$10,000.

"NAB eyes 'untapped' Islamic finance market", The Australian, October 19, 2006

The National Bank of Australia will begin to offer Islamic finance to take advantage of the large potential market that is currently not being served. The Muslim population is around 300,000 or 1.5% of the total population

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