Wednesday, July 18, 2007

Awqaf, Islamic financing of a Chinese energy city, conference on Islamic development finance

The Dubai International Financial Centre (DIFC) and the Dubai Islamic Bank (DIB) are working together to provide Shari'ah-compliant trusts (awqaf).

Gulf Finance House is building a $5 billion residential & industrial city in China. Similar projects are underway in Qatar and India.

A Malaysian government minister encourages Japanese firms to gain exposure to Islamic banking through Malaysian banks.

A conference is planned by the Central Bank of Bahrain (CBB) and the UN Economic & Social Commission for Western Asia (UN-ESCWA) focusing on the role Islamic financial institutions can play in development finance.

2 comments:

Humairah Irfan said...

I'm a regular reader of your blog.
What attracted China to allow GFH to make such a huge investment there? In the sense, what benefit does China specifically see in Islamic financing?

Blake Goud, IHI Executive Director said...

I do not know why China needed (or encouraged) specifically Islamic finance, particularly due to the harsh treatment of the Uighurs by the Chinese government. The one possibility is that the need for the funds overruled the source.