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