Entries categorized as ‘Innovations’
Al Yusr Islamic banking service launches new Car Murabaha
In line with its strategy of developing unique and innovative financing solutions to meet different customer needs, Al Yusr Islamic banking service of IBQ announced today the launch of its latest Sharia-compliant financing product. The new Car Murabaha product aims at providing customers enhanced flexibility and favourable repayment tenure while upholding the highest standards of Sharia compliance.
"The Al Yusr Car Murabaha has been developed to enable our customers to meet their financing requirements while benefitting from enhanced flexibility, competitive rates and a unique personalised service while adhering to the prudent risk management principles prescribed under Sharia," said Hassan Al Mulla, Head of Islamic Banking.
"At Al Yusr, our product development strategy is driven by innovation and a commitment to making the banking experience simpler and more rewarding for our customers, while having a positive impact on the overall economy. We believe Car Murabaha is a valuable addition to our product suite that will prove extremely beneficial to customers looking for Sharia-compliant and flexible financing options."
Al Yusr Car Murabaha enables customers to benefit from rewarding financing terms and flexible repayment tenures, without any requirements for salary transfer or guarantor.
The new product also allows customers to benefit from a fast approval process and an exceptional level of personalised service from Al Yusr’s highly competent and sophisticated customer service professionals.
Al Mulla added, "The growing range of Sharia-compliant financing products from Al Yusr Islamic banking service will not only provide customers with favourable financing options, but also enable them to achieve their short and long-term financing goals, while positively impacting the development of a sophisticated financing infrastructure in the state of Qatar."
IBQ launched its first Al Yusr Islamic banking service retail branch in May this year. The branch, which is located on the C-Ring road in Doha, offers a comprehensive range of banking and finance products to suit all needs.
Categories: Innovations · Murabaha
Tagged: Islamic Banking, Islamic finance
Islamic Banks in Pakistan agree upon mechanism of Islamic inter-bank market
Islamic banks have recently achieved a major milestone towards development of an interbank market for Islamic banks.
Meezan Bank recently hosted a meeting of Shariah advisors and product development experts of all full-fledged Islamic banks to decide upon the mechanism for inter-bank placement amongst Islamic banks and to move towards the development of an Islamic inter-bank market.
After careful deliberation, standardized agreements – namely Interbank Musharaka and Interbank Wakala Agreements – were finalized and it was agreed that henceforth only these standard contracts would be used by the Islamic banking industry.
This achievement is an important milestone towards development of inter-bank market for Islamic banks and will pave the way for the long awaited Islamic benchmark rate as an alternative to KIBOR. The meeting was attended by Shariah advisors / product development heads of Meezan Bank, BankIslami, Dubai Islamic Bank, Emirates Global Islamic Bank and First Dawood Islamic Bank.
Read the report here …
Categories: Innovations · Pakistan
Tagged: Islamic Banking, Islamic finance, Islamic interbank, KIBOR, Meezan Bank
Shariah-compliant water fund set to launch
Bahrain-based Robeco Middle East has announced that it will be launching one of the world’s first Islamic water funds.
The launch will be in association with their boutique SAM, one of the world’s leading asset managers in the field of sustainability investments, and in conjunction with Gatehouse Bank, one of the leading Islamic banks.
It will offer, on a global basis, the first-ever Sharia-compliant investment strategy in the area of water.
This investment strategy offers professional investors with a long-term investment horizon the opportunity to participate in the worldwide growth of forward-looking, sustainability-oriented companies involved in the entire value chain of water, while adhering to Sharia norms.
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Categories: Innovations · Islamic Mutual Funds · Middle East
Tagged: Islamic Banking, Islamic finance, Islamic Funds
Abu Dhabi Islamic Bank introduces innovative Shariah compliant VISA card
Abu Dhabi Islamic Bank, one of the leading banks in the region, has launched today a pioneering new Sharia’a compliant covered card for small to medium-sized enterprises (SMEs). (Covered card is the Shari’a compliant equivalent to credit card)
Offered in Platinum and Gold versions, the VISA card, which is the first of its kind in the UAE, provides SME customers with a line of finance up to AED 250,000. The new card also provides SMEs with an easy and modern payment tool that can help them control their expenditures, improve their accounting management and access their funds more conveniently.
Cardholders can use the new cards, which are accepted for purchases and for cash withdrawals through ATM & Points Of Sales globally, as a substitute for less efficient and more risky cash and cheques. In addition, customers can also utilize the line of credit by an instant transfer of funds to their current account withAbu Dhabi Islamic Bank through Internet banking or phone banking.
There are an estimated 230,000 SMEs registered in the UAE working in various industries including manufacturing sector, retail sector, real estate and business services.
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Categories: Cards · Innovations · United Arab Emirates
Tagged: Islamic Banking, Islamic finance
Three-tier banking model proposed for Islamic banking in Malaysia
A three-tier banking system is needed in Islamic banking to further strengthen the industry, an economist suggested.
"The first tier is to be like the conventional bank, where people put their money in the bank, and where the bank gives money to meet their type of transactions.
"The second tier is like a Mudarabah type of institution or Mudarabah company, where people put their money and combine it and try and develop different things. This model is very much applicable for SME financing, where a person has the idea but does not have the money, (while) and another person has the capital. They can combine using the Islamic principle.
"The third tier is like the venture capital or Musyarakah, where big infrastructure projects financing (is involved)," Professor Dr. M. Kabir Hassan of New Orleans University said.
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Categories: Innovations
Tagged: Islamic Banking, Islamic finance
