Western Banks Rush to Fill the Demand for Islamic Banking and Finance

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

This Video Shows How Islamic Economics Is in Direct Competition with Capitalism. It Will Eventually Bring the System Down!

The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)

A Muslim's Viewpoint: Bilal Philips - Interest and Islamic Banking

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

Islamic Banking Heads West
ARABIAN BUSINESS.COM: A.T. Kearney report reveals Islamic finance doubled in the past year.

A new report from A.T Kearney, a global strategic management consulting firm, revealed that Islamic banks are making their mark on the financial markets of non-Islamic countries. While shaira-compliant [sic] banking has traditionally focused on the GCC and Malaysia, there has recently been a dramatic increase in the number of Islamic banks outside the core markets: most remarkably in the UK, where the number of Islamic banks has more than doubled over the past 12 months.



At the same time, they're products remain popular in their core markets, where Islamic banks consistently outgrow their conventional competitors. Assets in the Islamic banking sector grew to over $250 billion globally in 2006, according to the U.K Treasury. In the GCC, this segment expanded to 15 per cent of the total system and is expected to reach 50 per cent within the next few years.



The success at home enables these banks to export their business abroad, as Islamic banks from the GCC are the major shareholders behind all of the newly set-up Islamic banks in the UK. However, the strategic approach they take on differs between there and their home countries. Islamic Banking Heads West >>> | May 5, 2008

A T Kearney >>>

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

UK

Research Affirms Value of Islamic Economics
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KHALEEJ BUSINESS TIMES: JEDDAH — Islamic economics was in focus at the seventh Islamic Economic Conference, which opened at the King Abdul Aziz University (KAAU) in Jeddah on Tuesday.

"We received 200 research papers from leading experts to present at the conference, out of which we selected 30. These papers are being distributed among delegates in book form, " explained Dr. Abdullah Turkistani, director of the Islamic Economic Research Centre at KAAU, the main organizer of the three-day event.

According to delegates attending the conference, research over the past 30 years has shown that Islamic economics is the panacea for many problems facing humanity and those Muslim governments should take the lead in introducing it in their countries.

"We are here to review what we have achieved so far in promoting Islamic economics and to discuss ways of tackling future challenges, "explained Prof. Khurshid Ahmad, chairman of the Institute of Policy Studies in Pakistan and winner of the King Faisal International Prize for Islamic Studies.

He said that Islamic economics has been accepted as a discipline in its own right. What is needed is to apply it on a massive scale to solve the problems of Muslim societies as well as humanity at large." Research affirms value of Islamic economics >>> | April 5, 2008

The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)

Islamic Banking Is Going Mainstream
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EMIRATES BUSINESS 24/7: Vince Cook, the CEO of The Islamic Bank of Asia (IB Asia) of Singapore, sees a strong Islamic finance industry in the region and works on bridging the gap between South East Asia and the GCC. For him, a key priority is to develop cross-border transactions within Asia and the Gulf with a view to securing a range of business, he told Emirates Business. 



What got you started in the Islamic financial services industry?

My first 24 years in banking were with Barclays, so I was basically associated with the British banking scene, so to say. Then they asked me if I was interested in looking at the overseas part of the business, and in 1987, I took my first Islamic banking project. That was my first exposure to the industry. 

At that time, the nature of the market was very different from what it is today. Since then, there has always been an element of Islamic banking with me. It was not a conscious decision but today it has become a very familiar field to me.

The elements of Islamic banking have always appealed to me. The social side of it, the business concern that underlines the use of money and the idea it is used for productive means are very important. Islamic finance has a close involvement with the community, which is remarkable. I strongly believe in all these things and enjoy them very much.



How would you describe the Islamic banking industry today, its atmosphere and current trends?

It's in the very early stages of development. A lot of players still question as to how we develop the business and how do we expand, as opposed to competing with each other head-on for market share. The game is about making the market bigger rather than fighting with each other for small percentages. 

In our case, based in Singapore, we are surrounded by huge potential markets with large Muslim populations. Investors are looking at different ways to structure the business. Islamic banks are a serious option for the very first time and if we look 20 years ahead and compare ourselves, we are very small today. Islamic Banking Is Going Mainstream >>> By Shuchita Kapur | April 29. 2008

The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)