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bank regulations

Why Riba declared Haram?

Source : Hazariba / 11 Mar 2014

It is worth to present an example to start with the subject, a factual example from existing interest based banking methodology that is valid and current, which can be well understood by a common person. One should consider the following facts before going through the example.


Islamic finance faces growth challenges

By Jennifer Pak | BBC News | KL | 08 Dec 2012

A steady flow of women wearing hijabs, or Muslim head veils, enter HSBC's Amanah branch in the Malaysian capital of Kuala Lumpur during lunch hour.

It's brisk business for the UK lender, which was one of the first global banks to offer Islamic finance - a field that is slowly starting to rival conventional banking in predominantly Muslim countries such as this one.

Islamic finance is based on gaining profits in a socially responsible manner.


Review details how Afghan execs looted Kabul Bank

By Deb Riechmann | AP | 28 Nov 2012

Hundreds of millions of dollars from Kabul Bank were spirited out of Afghanistan — some smuggled in airline food trays — to bank accounts in more than two dozen countries, according to an independent review released on Wednesday about massive fraud that led to the collapse of the nation’s largest financial institution.


Islamic banking influencing North American institutions

By Abdul Hannan Tago | 15 Nov 2012

While Shariah-compliant banking is not widespread in the United States, Islamic financial institutions are making headway in gaining a foothold in North American banks to bring services to customers.



By Dr. Mahathir bin Mohamad | Kuala Lumpur | 24 Jan 2012

1. Ever since the Europeans and this includes the Americans, lost to the Eastern countries in the manufactured goods markets, they have switched to the financial market. Through the many products they created in this market they seem to be able to grow and maintain their wealth and prosperity as shown by such indices as the GDP and Per Capita income.


Sharia Banking Goes Bankrupt

By : Tarek Fatah : Huffington Post | 17 Oct 2011

The leading promoter of Sharia banking in Canada, UM Financial Inc. has gone into receivership without much fanfare. None of the nation's newspapers have bothered to report the development, despite the fact it could possibly affect hundreds of homeowners. Had it not been for a tweet by an affected Muslim homeowner looking for a lawyer, the story of UM Financial going broke would have escaped even the scant attention the news received on social media.


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