Category: Islamic Banking
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Now Interest – free banking to ensure Sakba Saath Sabka Vikas
By Syed Zahid Ahmad Alig, Various communities (with different religion, caste and languages) living together for more than thousands of years made India a great nation. Call for ‘Sabka Saath – Sabka Vikas’ reflects inclusive growth opportunities for all Indian workers. We cannot segregate our economy on the base of region, religion, caste or language.…
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IDB extends financing worth of over $60 billion to SMEs
Geneva, (IINA) : The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, announced that the IDB had financed more than $60 billion of trade transactions to support small and medium enterprises (SMEs), Saudi Gazette reported Tuesday. The announcement was made by the CEO of ITFC, Engineer Hani Sonbol,…
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OIC chief congratulates Ahmad Ali on assigning ‘AAA’ rating for IDB
Jeddah (IINA) : Secretary General of the Organization of Islamic Cooperation (OIC) Iyad Ameen Madani congratulated President of the Islamic Development Bank (IDB) Dr. Ahmad Mohamed Ali on the IDB’s obtaining of “AAA” rating from the international credit rating agency Moody’s, which is the highest long-term credit rating and Prime-1, the highest short-term rating, with…
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India’s central bank opens door to Islamic finance
Mumbai, (SM/IINA) : India’s central bank has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world. The Reserve Bank of India (RBI) made the proposal in its annual report last week, as departing Central Bank…
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Islamic Development Bank opens Nigeria office
Abuja, (IINA) : The Islamic Development Bank (IDB) opened its Nigeria Country Gateway Office in Abuja earlier this week, with a mission to focus its services on health, agriculture, infrastructure, small and medium-scale enterprise, and regional integration, Premium Times reported. The group said it was also considering the education sector, particularly bilingual education, among its…
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Islamic finance ideal for agricultural, rural financing
Kigali, Rwanda (IINA) : Islamic Finance provides an ideal mechanism to facilitate agricultural, irrigation, livestock, micro & rural financing products and boost the green economy, said Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Center of Islamic Banking and Economics (CIBE), Reuters reported Wednesday. During his speech at the Best Practices in Rural &…
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Dr Shariq Nisar makes again Indian Muslims proud
Mumbai: (Maeeshat News Network) Dr Shariq Nisar Former fellow Harvard University, USA is ready to glitter once again by nominated in honorary awards in Islamic finance domain from Islamic Finance Forum of South Asia. He is the first person to receive such awards from India. Dr Shariq Nisar earned his PhD in Economics specializing in…
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Sharjah Islamic Bank wins ‘Award’ from AECB
Sharjah, (IINA) – The Sharjah Islamic Bank (SIB) voted the “Best Islamic Bank in the UAE” at the World Finance Awards 2016, on Sunday. More honours have been bestowed as it has received the “First Successful Data Submission Award” from Al Etihad Credit Bureau, or AECB, Khaleej Time news reported. AECB provides world-class services on…
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Dr. Ahmed Ali: Architect of Islamic financing
Jeddah (IINA) – Dr. Ahmed Muhammad Ali is stepping down as president of the Jeddah-based Islamic Development Bank (IDB) Group after serving at the helm of the Islamic world’s biggest financial institution for several decades. He is set to hand over the presidency to Bandar Hajjar, former minister of Haj, at the 41st annual session…
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IDB signs SR200m rural health plan for India
By SIRAJ WAHAB JEDDAH: The Jeddah-based Islamic Development Bank (IDB) has signed a SR200 million agreement with an Indian non-governmental organization (NGO) to provide medical care for poor rural people. The money is part of a SR1 billion donation which was given by a Saudi benefactor to be utilized for the benefit of poor people…