SBP Islamic Banking Bulletin, July-Sep 2007

The bahraini minister of finance shaikh ahmed bin mo

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The Bahraini Minister of Finance Shaikh Ahmed bin Mo- hammed Al Khalifa, in his opening remarks at the ninth annual AAOIFI-World Bank Conference on Islamic Banking and Finance, said that the enormous growth also poses serious challenges to the industry players. Islamic banking deal a first for Japan http://www.bobsguide.com/guide/news/2007/ Nov /26/Islamic_banking_deal_a_first_for_Japan.html The Boubyan Bank of Kuwait is the first Islamic bank to launch a Shariah-compliant real estate financing struc- ture in Japan, the Kuwait News Agency (Kuna) reports. Three Tokyo offices have been bought by Kuwait's sec- ond-largest Islamic lender for $39.4 million. Speaking to Kuna, Abdulla Al-Mulaifi, Boubyan Bank's executive manager for international real estate, said: "As the world's second-largest property market, we have consid- ered Japan a target investment for a long time with great potential." He said that the bank had spent nearly two years structuring the transaction. "Despite of the absence of Shariah compliant financing in Japan, through our commitment to innovation-driven products and determi- nation to penetrate the Japanese market, we have achieved this breakthrough," Mr Al-Mulaifi added. He said the bank expects to expand its Islamic services in Japan if this investment sees success. Shariah-compliant finance prohibits charging interest, favouring partner- ships in trade of services, investment and renting. Shariah scholar appointed by Deloitte http://www.financialdirector.co.uk/accountancyage/ news/2204377/deloitte-appoints-shariah Deloitte has become the first Big Four firm to appoint a Shariah scholar, in an attempt move in on the burgeon- ing Islamic finance market. Mufti Hassam Kaleem will be responsible for signing off Deloitte Islamic finance products and confirming that they comply with Shariah law, the FT reports. Islamic finance accounts for 2% of the global finance market and bankers are predicting double-digit growth in Islamic finance products. Page 17 International News Disclaimer The news section of Islamic Banking Bulletin is based on information obtained from local and international print and electronic media.
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