Promoters of Shariah-Compliant Finance claim that it is the solution to the economic and financial crisis. But this report about Bank Islam Malaysia certainly doesn’t seem to support that claim… http://www.bernama.com/bernama/v5/newsbusiness.php?id=429793
The promoters of Shariah-Compliant Finance claim that it is an attractive form of “ethical” investing, yet the world’s oldest “Islamic” bank has been wracked by scandal repeatedly… http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=market+news&month=March2009&file=Business_News200903129113.xml
Islamic markets tumble, Dubai floats conventional bond
On March 10, 2009 · In Abu Dhabi, Bahrain, Dubai, Dubai Islamic Bank, Egypt, Emirates, Islamic Banking, Islamic Finance, Qatar, Sharia Compliant, Shariah Banking, Shariah Finance, UAE
Despite all the sunshine being thrown about by promoters of Shariah-Compliant Finance in the West, the so-called “insulated” Islamic markets are tumbling in the Middle East. Monarchies in the Gulf have had to resort to injecting capital into their banking systems to prevent a crisis. This was done in Abu Dhabi and Dubai appears set […]
Shariah-Compliant Finance is often represented as “ethical” investing. It looks like the ethics were thrown out at Dubai Islamic Bank. It seems that several executives with Dubai Islamic Bank defrauded their employer out of $791 million. Note that the attorney for one of the defendants says that his client “has not violated any applicable laws […]
The Dubai Chronicle was kind enough to post an article with a list of the award-winning players in the field of Shariah-Compliant Finance. These were tabulated through a non-scientific survey of folks in the industry itself. Personally, I would prefer to think of this as more of a “Dirty Dozen” list. But that’s just me… […]
Just when we were glad that some in the media were taking a critical look at Shariah-Compliant Finance, Barron’s comes up with a real stinker–an article which amounts to a celebration and promotion of Shariah. As usual, this occurs without the article actually ever defining Shariah or identifying any of its characteristics. This probably should not […]
The former chief executive of Dubai Islamic BankDubai Islamic Bank has been detained as part of a probe into alleged financial irregularities at the bank’s real estate subsidiary, DeyaarDeyaar. Saad Abdul Razak, who has also left his current post with Investment Corporation of Dubai, was taken into custody two weeks ago as the probe broadens, […]
INTERVIEW-UPDATE 1-Dubai Bank plans global expansion 08.31.08, 10:28 AM ET DUBAI, Aug 31 (Reuters) – Dubai Bank plans to become a major global Islamic lender over the next five years through acquisitions and has set up a $5 billion financing programme to aid expansion, its chief financial officer said on Sunday. The bank, […]
DIB sets up Dar Al Sharia Dubai Islamic Bank has opened a consultancy unit called Dar Al Sharia Legal & Financial Consultancy LLC. The subsidiary will focus on all types of Islamic financing and investment transactions and will serve as one-stop solution centre for all Shariah, legal and financial consultancy at the global level. http://www.ameinfo.com/news/Banking/
Categories
Archives
