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SBP Islamic Banking Bulletin, July-Sep 2007

Order to efficiently utilize the existing branch

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order to efficiently utilize the existing branch network provided they comply with conditions mentioned therein. Moreover there is now a growing trend among banks to open Islamic banking windows. In order to strengthen the regulatory framework and maintain in- formation about window operations, all the conven- tional banks having IBBs are hereby advised to submit to this department all relevant information before the start of each Islamic banking window operations. Islamic finance can alleviate poverty in Muslim world http://www.thenews.com.pk/print1.asp?id=79419 Chairman National Commission for Government Re- forms, Dr Ishrat Hussain has underlined that Islamic finance could be used as a powerful tool for inclusive growth and amelioration of conditions of poor in the Muslim world. He expressed these views while address- ing the 3rd World Asia Islamic Capital Conference,. He also stressed upon the need of exploring unique feature of Islamic finance for the larger good of society, par- ticularly in the context of economic growth and pov- erty alleviation. “Most of the attention on Islamic fi- nance has so far been focused on the regulatory frame- work, products and services offered comparability with conventional finance, risk management characteristics, Shariah compliance beside of expansion and penetra- tion issues while very little work has been done to ex- plore the unique features of Islamic finance,” he said. “Economic growth can either be broad based in which the benefits are shared widely and particularly by bot- tom quintile of the population or highly skewed where the benefits accrue disproportionately to a small elite group of society. The capitalism was the predominant economic model which relies on private property rights of the day that has made impressive strides in improv- ing the living standards of the nations across the world,” he remarked. “But capitalist model fails in equi- table distribution of income or benefits from growth,” Dr Hussain underscored. Page 14 Local News
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July-September 2007 FWU Group and Pak-Qatar Family Takaful sign agreement to jointly provide Takaful products over bank counters in Pakistan http://www.ameinfo.com/139166.html The agreement was signed by Mr. Izzat Rasheed who is the vice chairman of the board of Pak-Qatar Family Takaful and FWU's CEO Dr. Manfred J. Dirrheimer. This agreement will bring together the strengths of both of these professional and client focused organiza- tions. FWU will be providing its technology solution, product expertise and global experience in distribution of Takaful products via banking channels. Pak-Qatar will be putting forward its financial strength, its excel- lent network of relationships, a highly experienced and professional team and immaculate levels of service.
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