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Sunday, July 31, 2005

Bahrain-Based Bank, Leads the Market for Sharia Financing

You're a pious Muslim with few million in oil dollars to invest. You want to put your money to work—but the Qur'an forbids you to lend money for profit, or to sponsor un-Islamic activities such as gambling, tobacco and pork products. So would the perfect Islamic bank for you be perhaps Citigroup? HSBC? ABN AMRO? Actually, yes.



Giant Western banks—or, rather, their Islamic banking subsidiaries—are leading the market for financing that complies with Qur'anic laws on money-lending. Bahrain-based Citi Islamic, a subsidiary of Citigroup that was first into the market in 1996, now leads the pack with deposits of more than $6 billion. Citi and at least 10 other Western majors dwarf the biggest locally owned rival, the Bahrain-based Al Baraka, worth a little more than half a billion. Read More ....



Source: Newsweek | reBlogged By: News Blog re-Blog
Filed Under: Islamic Banking, Bahrain, Sharia, Western | Permalink



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