Emirates Islamic Bank, a leading Islamic financial institution in the UAE, has launched a four-year Wakala investment option for customers, with an expected profit rate of 2.57 per cent per annum.
Available on investment amounts r
Primary dealers of the International Islamic Liquidity Management Corp (IILM) said after enjoying healthy demand for its debut Islamic bond last week, efforts were shifting to expand the distribution network of buyers.
The $490 mi
Oman’s first Islamic bank, Bank Nizwa and Al Hilal Islamic Banking Services from Ahli Bank have entered into an agreement which will facilitate interbank placements between the two enterprises.
The Wakala agreement is an imp
Islamic interbank lending is now starting to move away from Murabaha contracts to Wakala, which is seen as a stronger Sharia-compliant process, said report.
The International Islamic Financial Market (IIFM), the global standardisa
Gulf Finance House (GFH), a Bahrain-based Islamic investment bank, said it is in discussions with Liquidity Management Centre (LMC) syndicate regarding the tenor of its $100m Wakala facilities - due in 2010 ($50 million) and 2011 ($50 mi
Dubai Islamic Bank has signed an agreement with the UAE's ministry of finance, which grants the lender capital to provide sharia-compliant products.
The finance ministry has granted to Dubai Islamic Bank "the wakala capital for the purpose