Friday, October 27, 2006

Islamic finance internationalized, mega Islamic bank, Waqf Fund

"Islamic Finance Comes of Age", Business Week, October 27, 2006

The Islamic financial industry is growing rapidly, but needs to mature and become more diviersified in order to avoid 'ghettoization'. This is the main thesis of the Business Week article. The industry, according to the writers, a pair of analysts at Standard & Poor's, has become internationalized, but due to regional differences has not become a cohesive globalized industry.

"Mega Islamic bank emerging?", The Star (Malaysia), October 27, 2006

Experts in Malaysia believe that a mega Islamic bank should be established in the country and the largest bank in the country, Bank Islam Malaysia Bhd was "one of the banks interested [in being] a founding member" according to the General Council for Islamic Banks and Financial Institutions (CIBAFI), Sheikh Saleh Abdullah Kamel.

"BIBF named manager of Waqf Fund", Gulf Daily News, October 27, 2006

The Bahrain Institute of Banking & Finance (BIBF) has been named the manager of the Waqf Fund, a US$4.6 million special fund to support research and education in Islamic finance

"Bank Muamalat on track to hit RM100m net profit target", Business Times (Malaysia), October 27, 2006

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