Islamic banking, 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).
HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with unique historical and business links to East Asia and a highly multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).
The Islamic Development Bank is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.
Talat M. Othman is a Palestinian-American businessman and investor. He is the president of Grove Financial, Inc. and the founding president of the Arab-American Business and Professional Association. In 1973, he founded the Midwest Chapter of the Forex Association of North America. He serves as senior advisor of McKinley Reserve. On July 31, 2000, he opened the Republican National Convention session with a dua'a – or Muslim benediction – marking the first time a Muslim had addressed a major US political gathering. Illinois governor Jim Edgar proclaimed Nov 1, 1997 Haj Talat M. Othman day in Illinois. On April 4, 2002, Othman joined Islamic Institute head Khaled Saffuri in a meeting with Treasury Secretary Paul O'Neill as representatives of the Muslim-American community, to voice complaints about the March 20 raid on the International Institute of Islamic Thought and 19 related entities.
The Hongkong and Shanghai Banking Corporation Limited, commonly known as HSBC, is the Hong Kong-based Asia-Pacific subsidiary of the HSBC banking group, for which it was the parent entity until 1991. The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
Sukuk is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds. Sukuk are defined by the AAOIFI as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988.
Prince Mohammad bin Abdulaziz International Airport or Medina Airport is a regional airport in Medina, Saudi Arabia. Opened in 1950, it handles domestic flights, while it has scheduled international services to regional destinations such as Cairo, Dubai, Istanbul and Kuwait City. Medina Airport also handles charter international flights during the Hajj and Umrah seasons. The Pilgrims for Hajj and Umrah can enter Saudi Arabia through this airport or through Jeddah Airport only. It is the fourth busiest airport in Saudi Arabia, handling 8,144,790 passengers in 2018.
Naina Lal Kidwai is an Indian banker, chartered accountant and business executive. She was formerly a Group General Manager and the Country Head of HSBC India. She is also a former President of the Federation of Indian Chambers of Commerce and Industry (FICCI).
Saudi Awwal Bank is a Riyadh-based Saudi joint stock company in which global banking group HSBC owns a minority stake. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, Saudi Arab British Bank (SABB) was created in 1978 to manage HSBC branches and assets in the country.
The Al Rajhi Bank is a Saudi Arabian bank and the world's largest Islamic bank by capital based on 2015 data.
Kuwait Finance House (KFH) was established in the State of Kuwait, in 1977, as the first bank operating in accordance with the Islamic Shari'a rulings. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of $8.2 billion as of May 2016. Assets total $55.52 billion and deposits amount to $34.97 billion
Khalid Abdullah Almolhem is a Saudi Arabian businessman.
A Sharia Board certifies Islamic financial products as being Sharia-compliant. Because compliance with Sharia law is the underlying reason for the existence of Islamic finance, Islamic banks should establish a Sharia Supervisory Board (SSB) to advise them on whether their products comply, and to ensure that their operations and activities comply with Sharia principles. There are also national Sharia boards in many Muslim majority countries that regulate Islamic financial institutions nationwide.
HSBC Saudi Arabia Limited is a joint venture between The Saudi British Bank (SABB) and HSBC Holdings plc, established in 2005, as a limited liability company headquartered in Riyadh, Saudi Arabia with a share capital of SAR 50 million.
Gulf International Bank (GIB) was established in 1976 during the first oil boom and is incorporated in the Kingdom of Bahrain as a conventional wholesale bank. It is licensed by the Central Bank of Bahrain and is headquartered in Manama in Bahrain.
Sultan Ahmed Choudhury OBE is an English banker, chartered accountant and was the chief executive officer of Al Rayan Bank.
Fajr Capital is a sovereign-backed private equity firm, with a focus on strategic high-growth sectors in key Organisation of Islamic Cooperation (OIC) markets. Headquartered in the Dubai International Financial Centre, Fajr Capital has a diverse portfolio consisting of businesses operating in over 10 key MENA and ASEAN markets, including: Brunei Darussalam, Egypt, Malaysia, Oman, Saudi Arabia, Turkmenistan and United Arab Emirates.
Fahad Almubarak is a Minister of State and Member of the Saudi Arabian Council of Ministers and the Saudi Arabia's G20 Sherpa since 2018. He has also been a Royal Court Advisor since 2015 and the Secretary-General of G20 Saudi Secretariat as well as Member of the SABIC Board of Directors’ Investment Committee since 2017.
Profit and Loss Sharing refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Muslims subscribe to. Mudarabah (مضاربة) refers to "trustee finance" or passive partnership contract, while Musharakah refers to equity participation contract. Other sources include sukuk and direct equity investment as types of PLS.
