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Sunday, 15 July 2012

Oman Development bank (ODB) plans to boost Islamic banking

Muscat: In its efforts to provide customers with banking products and services that are in line with the Islamic banking, Oman Development bank (ODB) has decided to set up a team tostudy the products and services the bank offers and analyse the possibility of adding new services that are in conformity with Islamic law.

According to the decision, the team will submit its report within three weeks.

It may be mentioned here that the Sultanate has decided to establish Islamic banking and opening new outlets for Islamic banking products and services at the banks.
The Oman Development Bank aims to cater to the rising demand for Islamic banking services and products in the country, the management said. 

(Times Of Oman / 15 July 2012)
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Banks plan Shariah assets for Asian millionaires

Kuala Lumpur/Hong Kong: Standard Chartered Plc will start Islamic private banking services in Asia and CIMB Group Holdings Bhd. plans to roll out new products for the wealthy as they target rich Muslims who have limited investment options.
The UK’s second-largest lender by market value will offer Shariah-compliant products tailored to meet the needs of people who have at least $2 million (Dh7.35 million), Wasim Saifi, the Kuala Lumpur-based global head for Islamic consumer banking, said in a July 6 interview.
Malaysia’s CIMB will market more instruments in the fourth quarter for clients with a minimum of 1 million ringgit (Dh1.15 million), Badlisyah Abdul Gani, chief executive officer of CIMB Islamic Bank Bhd., said in a July 10 interview.
CIMB says Islamic private banking has been slow to take off due to the challenge of creating enough investments that comply with Shariah law, while Standard Chartered estimates that seven out of eight Muslims globally bank according to non-Islamic principles.
(Gulf / 15 July 2012)

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New Zealand: Tapping into the halal economy

The Muslim slaughtermen turns the sheep to face Mecca, offering a prayer to Allah as he slits its throat and leaves the sheep to bleed out.
This bloody image is the face of halal in New Zealand, but business leaders will have to move past it if they want a piece of the largely untapped $2.3 trillion halal economy globally.
"Halal is not about ritual slaughtering of animals," said Jamil Bidin, chief executive of Malaysia's Halal Industry Development Corporation.
"If you go beyond that, halal is not only in food products, but non-food."
Halal, which simply means "permissible" in Arabic, relates to the Islamic beliefs around what can and cannot be consumed. A cosmetic containing animal products or alcohol, for example, might not be considered halal.
Bidin is part of a visiting delegation who spoke at the University of Auckland Business School's Asia Dialogue conference today.
The delegation leaders, which also included Malaysian billionaire Tan Sri Halim Saad, want Kiwis to realise that the true scope of the halal economy extends beyond just meat.
Cosmetics, pharmaceuticals, financial services and furniture are just a few of the opportunities they identify, with no shortage of demand and virtually no supply.
"If you look at the requirements of the Islam religion, if there is a halal product available you must consume or use halal product," said Bidin.
"With just one logo on your product, you will have an additional 1.8 billion Muslim customers around the world."
Certification has been one of the main barriers to uptake of halal practices, with a range of licensees here adhering to varying standards and intepretations of Islamic law.
One representative spoke out at the conference to say he was surprised that others did not consider the process simple or transparent.
"It looks like we have not done a good enough job in communicating that to the industry."
Bidin and Halim Saad said that New Zealand would need support - from Government or elsewhere - to continue to raise awareness and dispel misconceptions.
"There needs to be a body to provide some kind of advice or guidance to the industry players," said Bidin.
In Australia, he said, the halal economy was already on the government agenda because of the sizeable economic contribution it provided.
Most New Zealand abattoirs already perform halal killing, but Halim Saad said he was looking for an end-to-end process "from farm to fork".
That would extends the practice to every single link in the supply and logistics chain, raising the possibility of creating international halal networks.
(Stuff.Coz.Nz / 13 July 2012)

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Call to introduce dirham, dinar to end usury


Renowned Spanish scholar Sheikh Umar Ibrahim Vadillo has called for introducing the system of Islamic dirham and dinar in order to get liberty from usury.

Addressing a seminar – titled “Effects of usury on economy and economic situation of Muslim countries adopting interest system” organized by Punjab University’s Academic Staff Association (PU-ASA) – Vadillo said a group of the richest families of the world had introduced the system of usury in order to control the economy and states of the world.

He said the original model was Muamalat and the full implementation of Muamalat meant the establishment of an Islamic trading bloc, based on our model of trade and our currency, the Islamic Dinar and Dirham. He said an Islamic Trading Bloc was not just for trade among Muslims but it was also for non-Muslims.

Regarding the validity of gold, he said that its greatest strength was the fact that it had been the best international money in history. He said the people of America had become slave of the Wall Street and they wanted freedom from it.

Vadillo said our banking system was not so strong and we needed to expunge it from usury and planning was underway for the purpose. He said imperialistic powers should understand that now the age of stupidity had ended and now we understood their conspiracies. To achieve this goal, he said, knowledge was the only option through which we could defeat them.

Citing the example of China, he said that we should adopt the system of gold and silver which would automatically devalue dollar. He urged the government of Pakistan to implement the system of Dirham and Dinar in Pakistan. In his inaugural address, PU Vice Chancellor Dr Mujahid Kamran said all the problems facing the mankind were because of the present system of economy. He said that nine million houses had been foreclosed in the US for not paying interest.

He said that these banking families had imposed wars on mankind and now they were imposing third World War. He urged the Muslims to follow the teachings of Quran as over 700 Aya’hs of the holy book focused on solving the mysteries of universe.

(The International News / 13 July 2012)

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