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2022-11-13 Africa Subsaharan

Appetite for Islamic banking takes shape in East Africa

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Posted by trailing wife 2022-11-13 00:00|| || Front Page|| [11 views ] Top
File under: Devout Moslems

#1 Middle East Economic News Report - No. 13
Dec 2, 2001. Special Focus: The Banking tor, Dr. Nimrod Raphaeli "The Future of Islamic Banks" --
A number of professors of economics at Al-Azhar University in Egypt recently discussed the problems and the future of Islamic banks. They were asked if they thought that the war in Afghanistan was a precursor to striking at the Islamic banks by freezing their assets because the amounts earmarked for "zakat" (Islamic charity) were actually diverted to finance terrorism. The following is a summary...Dr. Muhammad Abdul-Halim Omar, Professor of Islamic Economics, said Islamic banks are "firmly rooted, strong and solid." The first Islamic bank, Dubai Islamic Bank, was launched in 1975 and Islamic banks have increased to 200 across the Muslim and Arab countries, transacting business at $400 billion annually. The growth in numbers and size is proof of their success. In addition, they provide a measure of security equal to that provided by any other bank. Islamic banks are part of the banking systems in the countries in which they operate and are subject to the same rules and regulation. "No evidence has been uncovered," insists Omar, that these banks have been engaged in terrorist financing or in money laundering.--"
Unfortunately, Islamic banks in Saudi were known to support Al Qaeda, and Islamic banks supported Islamist terrorist movements in Somalia. Where banks have fought terrorism the private sector hawala system thrived.

Posted by Slavising Unineting5672 2022-11-13 08:51|| 2022-11-13 08:51|| Front Page Top

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