Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Islamic finance set to expand in Arab countries  Join our daily free Newsletter

MENAFN - Arab News - 08/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The new agreement signed by the jeddah-based islamic research & training institute (irti) and the alexandria-based arab academy for science and technology will contribute to expanding islamic banking and finance in the arab world said irti director general mohd azmi omar

Speaking to arab news he emphasized the significance of the deal saying it involves translation of books in islamic banking and finance into arabic. 'most books in the industry are now in english" the director general said

Omar said the popularity of islamic banking which is value-based and production-oriented is growing rapidly especially after the global financial crisis. 'islamic banks finance productive projects that can boost real economy and do not engage in speculative and unethical business activities" he said

Asked why many countries are still reluctant to adopt the islamic system omar said there is a lack of knowledge about the system its benefits and how it functions. the idb and irti have been spearheading a campaign to promote the system by organizing international conferences and seminars conducting research and publishing books

According to world islamic banking competitiveness report 2013 of ernst & youngs the global islamic banking assets jumped from 1.3 trillion in 2011 to 1.8 trillion. the islamic banking industry continues to record robust growth with the top 20 islamic banks registering a growth of 16 percent in the last three years the report said



Ismail abdul ghaffar faraj president of the academy and irti chief omar signed the agreement in the presence of ahmed mohamed ali president of islamic development bank group. it was in line with a memorandum of understanding signed by the idb and the academy in july 2012

The two sides will organize joint training courses in islamic economics islamic finance and islamic banking omar said adding that irti would select the trainers for each course in coordination with the academy

In a statement on the occasion faraj said the agreement would strengthen the partnership between his organization and the idb. 'i am happy over the good relations between the two institutions" the academy president said

The idb chief said the agreement would help the bank promote islamic banking and finance in the member countries of arab league which are also members of the idb. an affiliate of the arab league the academy is specialized in maritime transport. it was established in 1972.

 


Arab News




  MENA News Headlines
 May 28 2016 - Pakistan predicts 10 percent hike in exports to UAEpakisMENAFN
(MENAFN) Pakistan is aiming at a 10 percent increase in exports to the UAE, which has touched USD3 billion in its last fiscal year 2014-15.The y-o-y joint trade capacity has climbed 11 percent to ...

 May 28 2016 - UAE crushes regional rivals as top business hubMENAFN
(MENAFN) Emirati growth in financial and business services, trade and logistics, and tourism activity, over the last couple of decades, has played an important role in fueling Dubai's emergence as a ...

 May 28 2016 - Egypt works hard to establish local car manufacturingMENAFN
(MENAFN) Egypt is qualified and well prepared for the establishment of a real automotive industry based on manufacturing, rather than assembly, as explained and stressed by the nation's Minister if ...

 May 28 2016 - Kuwait's index bounces 45.63 pts volume soarsArab Times
(MENAFN - Arab Times) Kuwait stocks swung higher on Wednesday, as sentiment brightened on rising oil prices and positive regional cues The bourse, after a tame start, jumped 45.63 points to 5368.25 ...

 May 28 2016 - KIPCO hosts 'Speed of Trust' seminar by CoveyArab Times
(MENAFN - Arab Times) The Kuwait Projects Company (KIPCO) hosted Stephen M.R. Covey on his first trip to Kuwait. Covey is a renowned keynote speaker and advisor on trust and leadership and the author ...

 May 28 2016 - Kuwait bourse indices post weekly gainArab Times
(MENAFN - Arab Times) The KSE Indices witnessed a positive week as the KSE price index closed with 5,396.67 an increase of 1.36% up 72.62 points compared to the previous week. As the MUDX remained ...

 May 28 2016 - Muslim mob attacks Christian homes in CairoArab Times
(MENAFN - Arab Times) An Egyptian appeals court has overturned five-year prison sentences for 47 people for participating in unauthorised protests, but upheld fines of more than $11,000 each, ...

 May 28 2016 - Dubai police patrol in luxuryArab Times
(MENAFN - Arab Times) Image is everything in Dubai € even when fighting crime. Police in this desert metropolis have built up a high-horsepower arsenal of luxury sports cars and SUVs over the years ...

 May 28 2016 - Coalition pounds DAESH in RaqaArab Times
(MENAFN - Arab Times) Warplanes from the US-led coalition have pounded the Islamic State group with at least 150 strikes to bolster a major offensive on the jihadists' Syrian stronghold of Raqa, a ...

 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help