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Islamic banking or Islamic finance or sharia-compliant finance is banking or financing activity that complies with sharia and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah, Wadiah (safekeeping), Musharaka, Murabahah (cost-plus), and Ijara (leasing).
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Takaful is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia compliant alternative to conventional insurance, which contains riba (usury) and gharar.
BankIslami Pakistan Limited is a Pakistani Islamic bank based in Karachi, Pakistan. It has 340 branches in 114 cities of Pakistan.
The Dubai Islamic Bank (DIB) is an Islamic bank in Dubai, established in 1975 by Haj Saeed Bin Ahmed Al Lootah. It is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE.
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Humayon Dar is Director General of Cambridge Institute of Islamic Finance, a research institute specialising in the financial sectors of the countries with significant proportion of Islamic banking and finance.
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Banking or banking activity that complies with sharia —known as Islamic banking and finance, or shariah-compliant finance—has its own products, services and contracts that differ from conventional banking. Some of these include Mudharabah, Wadiah (safekeeping), Musharakah, Murabahah, Ijar (leasing), Hawala, Takaful, and Sukuk.
Mawarid Finance is a private joint stock company in Dubai, UAE providing Shari'a-compliant financial services. It was founded in 2006 with a paid-up capital of AED 1 billion. All of its products are based on Islamic financial principles such as Ijarah, Istisnaa, Murabaha, Mudharaba, Musharaka, Kafalah and Wakala and its practices are governed by a full Sharia board.
The Malaysia International Islamic Financial Centre (MIFC) is an initiative of Malaysia’s financial market regulators and relevant government agencies dedicated to developing Malaysia’s Islamic finance market by engaging with industry and government. The initiative was launched in 2006 and is based in Kuala Lumpur, Malaysia.
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Ahli United Bank is a regional bank based in Bahrain. Its head office is situated at Manama and is the largest bank in Bahrain. It is present in 8 countries in the Middle East and United Kingdom. Ahli United bank's ordinary shares are listed on Bahrain Stock Exchange since August 2000 and the Kuwait Stock Exchange since June 2006.
Dr. Shariq Nisar is an Indian finance professional, academic and activist. He received PhD in economics from Aligarh Muslim University, one of the oldest universities in India. He co-founded TASIS, a shariah advisory institution, related to finance, based in Mumbai, that screens stocks for Shariah compliance. His first major work was the launch of India's first Shariah Index in association with the Bombay Stock Exchange. Later on he worked with the National Stock Exchange to launch Shariah index for them. He is advisor to Kerala Government's Islamic Finance venture Cheraman Financial Services Ltd. He also helped Government of India owned General Insurance Corporation of India establish its Retakaful division in 2009. During 2013 and 2014, he served as a Senior Visiting Fellow at Harvard Law School. He was invited to share his views before the Select Committee of Indian Parliament on the Insurance Laws (Amendment) Bill (2015). He served as a non-executive independent director at Octaware Technologies from November, 2015 to December 2018, India's first shariah compliant publicly listed company. Dr. Nisar has also authored various books in the area of Islamic Finance with International as well as Indian perspectives. He has been awarded Bharat Inclusion Research Fellowship 2020.
Investment Corporation of Dubai is a sovereign wealth fund of the Government of Dubai established in 2006, with a mandate to manage the Government of Dubai's portfolio of commercial companies and investments.
References
- ↑ "Dubai Banking Group to consolidate Dubai as Islamic finance hub | Islamic Finance Resource". Islamicfinancenews.wordpress.com. 2008-05-10. Retrieved 2015-04-16.
- ↑ "Gulfnews : Dubai Bank's parent to buy 32% stake in Shuaa Capital".
- ↑ "Dubai Bank PJSC in Dubai, UAE, Masref Dubai". Zawya.com. Retrieved 2015-04-16.
- ↑ "Dubai Group unit acquires 51% stake in Al Fajer Re". GulfNews.com. 2008-02-04. Archived from the original on 2008-06-07. Retrieved 2015-04-16.
- ↑ "World's largest re-takaful firm set upUAE - The Official Web Site - News". Uaeinteract.com. Retrieved 2015-04-16.
- ↑ Khan, Liaquat. "Dubai forms Islamic banking body". ArabianBusiness.com. Retrieved 2015-04-16.
- ↑ Archived January 29, 2006, at the Wayback Machine
