Tagged: Central Bank

Morocco central bank plans central sharia board

Morocco central bank plans central sharia board

Morocco’s central bank has started talks with a body of Islamic scholars on establishing a central sharia board to oversee the country’s fledgling Islamic finance industry. The board, composed of scholars and financial experts, would rule on whether in…

DIB told to reduce dividend by a third

DIB told to reduce dividend by a third

Dubai Islamic Bank cut its dividend by a third – to 10 % – after the Central Bank denied approval for its payout to shareholders. But according to Kashif Moosa, the bank’s head of investor relations, the regulator gave no reason why it had advised Duba…

Islamic banks object to new lending law

Islamic banks object to new lending law

Islamic banks operating in the UAE have objected to new lending rules enforced by the Central Bank early this year and requested amendments for their own business, motivating that some of the new rules violate Shariah banking.
The new lending law prese…

Qatar – New regulations for Islamic banking

Qatar – New regulations for Islamic banking

The conventional way in which banks offer Shariah-compliant services and likely boost the performance of banks that focus solely on such services will be changed by the new rules for Islamic banking in Qatar released by the Central Bank in late August….

Central Bank begins issuing Islamic CDs

Central Bank begins issuing Islamic CDs

The UAE Central Bank started issuing the country’s first Islamic certificates of deposits (ICDs) as part of a plan to create a new investment tool for Shariah-compliant banks in the country.
The new ICDs would be issued in dirham, US dollar and euro an…

Qatar – New regulations for Islamic banking

Qatar – New regulations for Islamic banking

New rules for Islamic banking in Qatar released by the Central Bank in late August will change the way conventional banks offer sharia-compliant services and likely boost the performance of banks that focus solely on such services, reports Global Arab …

UAE working on mortgage law

UAE working on mortgage law

The UAE is working on a mortgage law which will make it easier for people to buy residential units, UAE Central Bank Governor said.
Speaking at the seminar, the Central Bank governor said the government has also set up a committee to look into the Amla…