:London :Dubai :Kuala Lumpur :New York
Sign in   |   Register


image Introduction to Risk Management in Islamic Banking – Basel II Compliance.
Event date: - 2012-12-07
image 12th Annual Islamic Finance Summit
Event date: - 2013-02-26
image The 3rd PPP MENA Conference
Event date: - 2013-03-17
image Islamic Finance Forum Europe
Event date: - 2013-05-28
  More Events    Add Event


Enter your keyword  

Follow Us

News by Topics

It had been reported that studies have shown that projects play a key role in reducing the problems and minimising the risk of failure.

As it seems, the Islamic banking legislation expected within the amendments added to the Banking Act comes in this context and they have taken a bountiful share of studies and discussions as a new experience in the Sultanate.

We all followed the progress in these legislation while moving between the relevant authorities for review and discussion in transparency and clarity. This made everyone interact with the issue, banks and the public alike, in addition to allowing the establishment of two banks working in accordance with Islamic law which are Nizwa Bank and Al Izz Bank. It was allowed also to commercial banks to open ports operating accordingly.

However, what is surprising is to allow banks to move forward before the issuance of the amendments on the law that could govern the Islamic banking.

How it was allowed to Nizwa Bank, the first bank operates according to Islamic law to raise its shares for public subscription and collecting money and proceeding to complete the operational legal and procedures and other steps before the issuance of regulation that govern the dealings, because the capital cannot be moved or invested without a law that preserves investors' money.

This bank, which was officially set to start its business in the third quarter of this year, is until today left like ink on papers without any real activity.

It is true that the bank benefited in the last period to set all papers ready to start activation of the bank, but the current situation which resulted in the delay in the issuance of amendments to the Banking Act entail many consequences and according to the opinion of religious scholars that the inclusion of shares of a company that doesn’t exist at the first place is something that does not comply with the provisions of Islamic rules.

Given that the Bank Nizwa commercial enterprise like any other institutions that seek to make a profit and capital operation in the aspects allowed for this type of transaction, there is other effects resulting from the survival of the bank without the work so far, including the stock did not rise to the value expected in the stock market, and therefore reflected in the shareholders, especially small investors.

Given that the Nizwa Bank is a commercial enterprise like any other institutions that seek to make a profit and operate capital in the aspects allowed for this type of transaction, there are other effects resulting from leaving the bank not activated until today. The stock did not rise to the value expected in the stock market, and therefore this is reflected in the shareholders, especially small investors.

Because subscription in Nizwa Bank was allowed for Omanis and other investors, these problems reflect negatively on attracting foreign investment to the Sultanate as the foreign investor who subscribed to shares of Nizwa Bank, for example, is not bind to hold off and wait long months before he could evaluate his investment in the bank and get a return on this investment.

There are many local banks that have sought to allocate large investments to open ports operating according to rights on preference shares subscription and decisions remained without activation waiting for amendments, while some of them exercised this kind of banking without having this legislation which is problematic issue that requires clarification by the Central Bank.


Share |


starting your own business with B&F Switching to B and f services


image How credit risk is associated with key macroeconom ...
Recently published article by Hamid A.H. Al-Wesabi & Nor Hayati Ahmad from University Utara Malaysia is answering the qu ...
image London can lead world as an Islamic Finance hub ...
Financial Time published the following article from George Osborne (UK chancellor of the exchequer) regarding this week ...
image The world bank will open its first centre on Islam ...
The world bank will open its first centre on Islamic Finance at Borsa Istanbul premises, the exchange market said Monda ...
image Busy November for Islamic Finance ...
Islamic Finance Calendar for November 2013: 1. The 9th World Islamic Economic Forum held in:London Date: MONDAY, NOV 4 ...
image Family Farming: The Key to Alleviating Hunger and ...
After decades of failed attempts to eradicate hunger, development agencies, internation ...

Share |

Company Recomendation of the week
Hyde Park Executive Meetings   
Hyde Park Executive is situated in the West End of London, the area is home to major corporate headquarters, real estate businesses, hedge funds, wealth managers and embassy offices in the neighbourhood of Mayfair, Oxford Street, Park Lane, and Knightsbridge. Our meeting rooms are based on 12th floor and all benefit from having natural daylight – after all nobody wants to be stuck in a windowless box all day.Our service is all about flexibility and this extends to our booking options. It could be a one-hour catch-up in a meeting zone, half-day, 24-hours or an entirely bespoke package. For an informal meeting, you’re welcome to catch-up with a coffee in reception or over lunch in our stunning Dubai room. www.hydeparkexecutive.com

Current issue

''The principle of Islamic Finance is about transparency, ethics and fairness, as well as promotin ...
main cover islamic


Subscribe Digital

  Current Issue     Trial Version     Digital     Archive  

Click to launch the full edition in a new window
Online Publishing from YUDU

Latest Books

image Islamic Branding and Marketing: Creating a Global Islamic Business
Author/Publisher: - Dr. Paul Temporal
image Understanding Islamic Banking: The Value Proposition That Transcends Cultures
Author/Publisher: - Joseph A. DiVanna
image Critical Issues on Islamic Banking and Financial Markets: Islamic Economics, Banking and Finance, Investments, Takaful and Financial Planning
Author/Publisher: - Saiful Azhar Rosly
image Product Development in Islamic Banks (Edinburgh Guides to Islamic Finance)
Author/Publisher: - Habib Ahmed
image Frequently Asked Questions in Islamic Finance (The Wiley Finance Series)
Author/Publisher: - Brian Kettell
  Buy Now      More Books  

QUOTE of the week

 Islamic finance is becoming an integral part of the global finance industry and has taken its roots in almost all of the Muslim countries but has also been under discussion and penetration in selective Western and Far Eastern jurisdictions

Moinuddin Malim, CEO, Mashreq Al Islami

GCB    Business Media Group - the Publisher    B&F Services Ltd.