Ten executives from six banking organisations in Korea recently participated in a training course on Islamic finance in collaboration with Qatar Central Bank (QCB). It was intended to enhance the understanding of Islamic finance so that it could be app…
Many jurisdictions are interested in Islamic finance and have taken initiatives to develop the industry through reviewing their legal framework to facilitate the introduction of a range of Islamic financial products, including more recently France, Ire…
Korea is hoping to attract funds from oil-rich Middle East countries by setting up a local Islamic bank in the country, but the effort is still facing many challenges.
Al Amir Bank would be based on the principles of Islamic Shariah law, which bans cha…
Bangladesh has seen the importance of the “halal” branding to its local market. Although Islamic finance started off early in the 90s in Bangladesh, the industry suffers from several imperative foundations such as lack of unified Shariah rulings, absence of an Islamic inter-bank money market , absence of courses in universities on Islamic financial products, shortage of skilled personnel who are well-versed in the complexities of this specific sector, and difficulty in identification of Shariah-compliant production and service chains are holding back potential of local financial institutions, local manufacturers, and service providers from signing up on this new economic wave.
Not much success has been achieved over the years when Bangladesh worked with Malaysia’s Halal Development Corporation and other partners of the D-8 (eight developing Islamic countries) despite the fast setting up infrastructure, guidelines and facilitative bodies to cash in on the Islamic branding potential in Japan, Korea, Indonesia, Malaysia, China and even India.
MARKETWATCH Top News