Mauritius Islamic bank to start operation in Q1

PORT LOUIS (Reuters) - Mauritius's first Islamic bank will be operational by the end of the first quarter of 2011, the central bank governor said on Thursday.The palm-fringed island's growing offshore financial sector pitches itself as a financial platform bridging Africa, the Indian sub-continent and Asia.Mauritius is seeking to tap into the $1 trillion Islamic finance industry, and the central bank also plans to offer sharia-compliant short-term liquidity tools.The Bank of Mauritius granted its first Islamic Banking licence in October 2009 to provide an alternative mode of financial intermediation to bank customers, central bank Governor Rundheersing Bheenick said"We expect the bank to be operational by the end of the first quarter of 2011," Bheenick said in his annual end-of-year...

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Get Amazing Furniture Plans !

Are you a woodworker ? do you want to be an Awesome woodworker ?how does saving money on furniture sounds to you ?  If you are like me and enthusiast , you will appreciate what i am talking about here. Wood working is an amazing craft, it takes skill , dedication and passion to create what is simply a piece of ART. Woodworking traces back to early ages when man needed to create spears to hunt and survive, Well we came a long way since then ! we created weapons , furniture , and utilities Using this amazing Craft . Why not become a wood worker yourself ? or improve your skill if you were one ? check out Instant Access 16,000 Furniture Plans...

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Islamic Forward contracts (Bay Al Salam) Applications

The Concept of Bay al Salam is a part of the Islamic Finance "" it was permitted by the Prophet Mohammed (peace be upon him) in order to enable contracts with delivery cannot take place at once, but in the future in addition it can be also utilized as the Islamic version of Hedging. In this Article we will discuss a simple example on how Hedging and bay al salam works. in this example we have two farmers Mohammed and Abudullah. We will assume three scenarios: Codes will be (M) for Mohammed and (A) for Abdullah: Mohammed decided to go with bay al salam to ensure that he gets a Hedge from Price fluctuation. Abdullah decided not to Hedge. ( he is exposed to Price volatility ) (M) Agreed upon price of Bay al salam is (110) Scenario 1 price Rise 25% price rise to $100 X1.25 = $125 actual...

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Forward contracts and Bay Al Salam

Bay Al salam : is the islamic version of future contracts, that been said ,both of them have their own properties that be similarities or differences. Bay al salam main difference between the Forward contracts and Bay al salam full contract price is agreed upon and payed at purchase time Similarities  delivery in Both take place in the future. Prohibition Gold, silver and gems cannot be applied to those currencies backup with Gold. the Selling should own the item that he intends to sell , and he might mortgage goods to the buyer to guarantee forfilling the contra...

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Burj Khalifa : pinnacle of civilization

Burj Khalifa  pinnacle of civilization Burj Khalifa ( formerly known as Burj Dubai ) has evolved from a vision that has translated into reality. H.H. Shiekh Mohammed bin Rashid Al Maktoum PM , V.P of UAE and ruler of Dubai, has set a definite vision for Dubai to be a world famous destination. With the wise vision of His highness and the hardwork of his country men and women, The dream has evolved from its cradle stage to reality. In 2009 The Burj has claimed Today in 2011 , visitors from all over the globe flock to Dubai to have their life time experience in Burj Khalifa, which in turn offers spectacular views of Dubai in addition...

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Citroen GT on the Streets of London (HD)

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At CES: Peeking into the Future of Tablets

At CES: Peeking into the Future of TabletsOfferings at the Consumer Electronics Show in Las Vegas signal that the tablet is the new PCBy Brad StoneFor the last few years, the International Consumer Electronics Show, held each January in Las Vegas, has been a disappointment. In 2009 tech's most important annual gathering found itself in the icy grip of a global recession, with attendance down by 30,000. Last year the highlights included a new class of 3D televisions that are now on sale for deep discounts. Did you buy one? Apparently no one else did either.That's the setup for this year's show, on Jan. 6-9, which is shaping up to be one of...

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Homeless man w/golden radio voice in Columbus, OH (Update-FINAL)

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Using Twitter To Market Your Business

Check out this SlideShare Presentation: Using Twitter To Market Your BusinessView more presentations from bigMETH...

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Australia sees Islamic finance changes in 2011

from Alarabiya.netSYDNEY (Reuters)Australia will outline laws in the second half of 2011 to equalize the tax treatment of Islamic finance and conventional banking, a government official said on Thursday.The comments from Nick Sherry, Australia's assistant treasurer, mark the first time that the government has indicated a timeline for the change. I think in the second half of next year we will be able to outline specific legislative change  Nick Sherry, Australia\\\\\\\'s assistant treasurerAustralia joins a growing number of non-Muslim countries, which include Hong Kong, looking to develop their Islamic finance sector by changing...

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Al-Shorfa.com : Size of Islamic financial services to reach $4 trillion by 2020

Size of Islamic financial services to reach $4 trillion by 2020By Hamdan Al-Muhairi in DubaiFor Al-Shorfa.com2010-12-04Islamic banks are expected to grow rapidly over the next decade. [REUTERS/Jumana El-Heloueh]Dr. Nasser Saidi, Chief Economist of the Dubai International Financial Centre, predicted in a company report on December 1st that in 8 to 10 years, Islamic banks would handle 40 to 50 % of the total savings of the Muslim population.He pointed out that the size of Islamic financial services would total $4 trillion by 2020, given the population increase in the Muslim world in addition to the strong, continued need and demand to finance infrastructure...

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Businessweek : Islamic Finance Comes of Age

Islamic Finance Comes of AgeAmid rapid growth, Sharia-compliant banks are looking to expand beyond their traditional marketsFrom Standard & Poor's RatingsDirectAfter more than three decades of modern Islamic finance, the industry's build-up continues at a rapid pace. Double-digit growth rates for assets compliant with Sharia—Islamic law based on the Koran—over the past decade, have naturally driven Islamic financiers to look beyond historical boundaries to explore new territories, both within and outside the Arab world.In response to the increasing competitive pressure stemming from the entrance of new players into the market, existing...

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The Islamic Finance Blog

Islamic finance education and newsinteresting post, someone had to come and say it, it is the sad truth that we face everyday in some islamic ba...

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Nakheel plans sukuk sale in 2011 after slump: Islamic finance

By BloombergWednesday, 1 December 2010 6:02 PM from ArabianbusinessNational Commercial Bank, Saudi Arabia’s largest lender and Dubai developer Nakheel are among five borrowers in the Arabian Gulf that may offer Islamic bonds next year after sales dropped 40 percent in 2010.Companies in the region announced this quarter plans to sell as much as $3bn of sukuk, according to data compiled by Bloomberg. Five companies in the Gulf raised $4bn through Islamic bonds this year, down from the $6.7bn raised in 2009 by seven issuers, the data show.“There is a good opportunity to take advantage of the liquidity level among Islamic investors, which has...

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Nakheel plans sukuk sale in 2011 after slump: Islamic finance - Banking & Finance - ArabianBusiness.com

Nakheel plans sukuk sale in 2011 after slump: Islamic finance - Banking & Finance - ArabianBusiness....

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Murabaha

Banking Murabaha : mediate the bank to buy a commodity at the request of his client and then sell them on credit price is equal to the total cost of purchase plus profit knownAgreed between them.Murabaha does not apply to deals that are of an against sharia natureIt can't be applied to gold and silver or debt and ca...

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