SBP Islamic Banking Bulletin, July-Sep 2007

Through this relationship individual family takaful

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Through this relationship Individual Family Takaful products will be available across the counter at a large, and expanding, number of branches throughout Paki- stan. Customers will be able to complete all formalities and get their response during their single visit to the bank branch. All claims and other requests will be han- dled in a prompt, courteous and professional manner. On top of all this the products are completely halal and so no one will have to compromise on their faith in order to take advantage of the best of what is available for financial protection. This synergy will bring the greatest benefits to the people of Pakistan who will now be able to avail the best in Shariah compliant fi- nancial products. The FWU Group is a Munich based organization which specializes in international bancata- kaful, Shariah compliant investments and web based point of sale and administration systems. It is working across the globe with many banks and Takaful product partners to bring value added Takaful products within easy reach to a much larger number of consumers. It was also the 2007 winner of the Euromoney Islamic Finance Award for Best Takaful Provider. Page 15 International News Hang Seng Bank launches Hong Kong's 1st Islamic fund - 23&ID=208798 Hang Seng Bank, a unit of global lender HSBC Group, launched Thursday Hong Kongs first Islamic fund, in a move that provides Islamic investors with an opportunity to gain exposure to the Chinese and Hong Kong markets while meeting Islamic law . "Islamic finance is one of the fastest growing sectors in the global financial industry," William Leung, Hang Sengs General Manager of Personal Financial Services and Wealth Management, said in a statement. "Global Islamic financial assets are currently worth about USD 1 trillion and this figure is expected to grow by 15 percent per year," said Leung. The new fund, called Hang Seng Islamic China Index Fund, is the only Islamic equity fund in the world that focuses on the mainland China and Hong Kong markets . KFH launches Sharia-compliant credit card with Visa ? Article=201195&Sn=BUSI&IssueID=30252 (KFH-Bahrain) announced the launch of the first Is- lamic EMV compliant credit card with Visa. EMV is an internationally recognised standard. The credit card is a Sharia-compliant offering that has been developed by KFH-Bahrain to provide greater conven- ience and advantages to its customers. Holders of the new credit cards can enjoy a revolving credit facility without incurring any interest costs, just a low transparent service charge. "The Sharia-compliant credit card will offer all the advantages of today's credit cards, while remaining true to the values of Sharia and the principles of Riba- free Islamic banking that KFH-Bahrain proudly repre- sents," KFH-Bahrain consumer banking head Khalid Rafie said. "It is the first Islamic EMV-compliant credit card, providing ultimate security to our customers.
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