Posted on 02/20/2010 4:58:41 AM PST by TigerLikesRooster
Islamic megabank to launch in 6-12 months
Thu, Feb 18 2010
MANAMA (Reuters) - The creation of a planned Islamic investment megabank is in "fairly advanced stages" and it will likely be launched in the next six to 12 months, an executive at a firm advising on the project said on Thursday.
A plan to form the world's largest sharia-compliant lender -- which is being promoted by the chairman of Al Baraka Banking Group Sheikh Saleh Abdulla Kamel -- has been in the works for some years.
Sheikh Saleh said last April the global financial crisis had delayed the project, but that they hoped to launch it by the fourth quarter of 2009.
"The key shareholders I would say are on board and we are looking for an imminent launch, within six months to a year," Sameer Abdi, head of Islamic finance at Ernst & Young, told the Reuters Islamic Banking and Finance Summit in Bahrain.
Sheikh Saleh said in April the new institution so far had about 10 shareholders, including the Islamic Development Bank , Saudi Investment bank <1030.SE> and the Kuwait Real Estate Bank.
Bigger Islamic banks are seen crucial for the industry to realize its growth potential and to compete with Islamic windows or subsidiaries of Western conventional banks that have large market shares in wholesale banking services.
(Excerpt) Read more at reuters.com ...
P!
I thought money lending/borrowing was against one of their religious ‘laws?’ What’s up? Current means not meeting their end-goal of killing us all?
Look for the US Taxpayer to be bailing out the Enemy in another two years. *SPIT*
Usury is against Sharia, not lending.
Wanna bet this administration will smile favorably on this bank-to-be? Regardless of the fact that terrorist groups will be financially legitimized, I expect they will receive preferential treatment - for pc reasons.
Bank or missile?
From what I understand a normal loan with interest is forbidden. They get around this by making the loan a type fo equity investment and the “interest” compenent is called rent or lease payments.
I can’t wait till the Al Aqsa Bank opens its United States Operations, is taken in by purchasing worthless Goldman Sachs Credit Default Swaps, and subsequently receives the ENTIRE 700 billion dollar TARP fund from the Obama Administration.
This is what is called a distinction without a difference. It boils down to game - playing semantics, IMHO.
CC
Is CalPERS providing investment advice?
How long before the account names are hacked and posted on the internet?
CC
CC
Wonder if non muslims can use that bank? Are there not laws against that?
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