Tenets of Islamic banking that make it stand out

As the global economy experiences its first green shoots, one cannot forget the economic trauma precipitated by the global financial crisis of 2007-2008, one of the worst in living memory. Following the crisis, many economists revisited the question of whether the seeds of the recurrent crises lie in systemic flaws in the financial system. A […]

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Afghanistan approves first full-fledged Islamic bank

(Reuters) – Afghanistan’s central bank has granted a license to the Islamic Bank of Afghanistan (IBA), the first lender in the country to apply the interest-free principles of Islamic finance in all its operations, a senior bank official told Reuters. The IBA was previously known as Bakhtar Bank and operated under a conventional banking license […]

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Millennials to drive the future of Islamic finance

The Islamic banking and finance industry has been growing at a rapid rate over the last decade – around twice the pace of its conventional counterpart – with the number and geographic reach of these institutions increasing exponentially. The industry’s assets stood at $2trn in 2015 and are expected to top $3.5trn by 2021 according […]

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Cryptocurrency traders use old gold in drive to draw Islamic investors

DUBAI/SYDNEY (Reuters) – In Dubai’s decades-old Gold Souk, customers from around the world haggle over bangles and necklaces. Elsewhere in the emirate, the region’s top center for gold trade, bullion is playing a new role in financial engineering A local start-up company founded last year, OneGram, is issuing a gold-backed cryptocurrency — part of efforts […]

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