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
 Jul 2 2016 - Jordan to cut 77 percent of GDP by 2021MENAFN
(MENAFN) Jordan aims to introduce a program of far-reaching structural reforms in order to face economic challenges.Accordingly, the new financial measures would target boosting the GDP and enhance ...

 Jul 2 2016 - Saudi, France discuss Vision 2030MENAFN
(MENAFN) Saudi Arabia's Vision 2030 is a catalyst and accelerator for development, which aims to enhance non-oil revenues.Additionally, there is a focus on growing regional content in industry and ...

 Jul 2 2016 - Dubai to invest USD1bn in road projectsMENAFN
(MENAFN) Dubai is doubling down on its bet that investments in transportation will spur the emirate's economy as lower crude prices strain budgets.Moreover, Dubai predicts to seek bids among 8 months ...

 Jul 2 2016 - Perplex Launches First Hershey-Area Escape RoomMENAFN Press
(MENAFN Press) Immersive puzzling experience opens just 10 minutes from Hershey, PA What kind of business celebrates its grand opening by locking its doors? As the first escape room in ...

 Jul 1 2016 - Global Military Radars Market Receives Impetus from Development of Advanced TechnologiesMENAFN Press
(MENAFN Press) Albany, New York, July 1, 2016 The global military radar market is projected to expand at a considerable pace over the coming years owing to the urgent need for improved security ...

 Jul 1 2016 - Explanation of Vote at the Adoption of UN Security Council Resolution 2296 on the Situation in DarfurMENAFN Press
(MENAFN Press) Explanation of Vote at the Adoption of UN Security Council Resolution 2296 on the Situation in Darfur WASHINGTON D.C., United States of America, July 1, 2016/APO/ -- Ambassador David ...

 Jul 1 2016 - Mediterranean Migrant Arrivals in 2016: 225,095 Deaths: 2,889MENAFN Press
(MENAFN Press) Mediterranean Migrant Arrivals in 2016: 225,095; Deaths: 2,889 GENEVA, Switzerland, July 1, 2016/APO/ -- IOM reports an estimated 225,095 migrants and refugees entered Europe by sea ...

 Jul 1 2016 - Rising Student Competition and Reducing Passing Rate in Competitive Exams to Drive the Future Growth in Enrollment for Test Preparation Tutoring in India: Ken ResearchMENAFN Press
(MENAFN Press) Increasing number of internet users and Career Advancement Preferences is increasing the demand for online as well as offline test preparation market in India. The number of ...

 Jul 1 2016 - WFP and Sudanese NGO to promote food security and nutrition in SudanMENAFN Press
(MENAFN Press) WFP and Sudanese NGO to promote food security and nutrition in Sudan NEW YORK, United States of America, June 30, 2016/APO/ -- The United Nations World Food Programme (WFP) and ...

 Jul 1 2016 - United Nations Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, Stephen O'Brien Statement on the appointment of Yacoub El HilloMENAFN Press
(MENAFN Press) United Nations Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, Stephen O''Brien Statement on the appointment of Yacoub El Hillo GENEVA, ...

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