IIFF Europe to be held in Switzerland
The International Islamic Finance Forum (IIFF) Europe will held in Switzerland from November 12-15, 2007. There are two cities, Geneva and Zurich, in one of which the IIFF will be held. The conference will focus on Shari'ah-compliant wealth management and private banking. The conference will be added to the IHI conference listings.
Funds transfer system begins between Saudi Arabia and Malaysia
Saudi-based Al Rajhi Bank which also operates in Malaysia has developed a funds transfer system between Malaysia and Saudi Arabia where a card would be purchased in Malaysia allowing withdrawals from Al Rajhi banks in Saudi Arabia. The system will be rolled out to other countries although Malaysia will remain as a hub.
Derivative technology is now being used with contracts like mudaraba and arboun to replicate swaps and options.
Maybank issues $300 million sukuk.