Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Showing posts with label Shariah banking. Show all posts
Showing posts with label Shariah banking. Show all posts
February 23, 2010
REUTERS: LONDON - Sharia-compliant Bank of London and the Middle East (BLME) is targeting the thousands of rich Gulf residents who spend part of the year in London, to boost its private banking arm, its head told Reuters.
Britain's largest stand-alone sharia bank aims for deposits in the wealth management unit -- launched a year ago -- to make up 20-25 percent of its total, from 5-10 percent currently, Chief Executive Humphrey Percy said on Tuesday.
"This is what we are targeting and it will take three to five years to achieve that," he told the Reuters Islamic Banking and Finance Summit in London.
The bank does not disclose how much it holds in client assets. It is targeting clients with a net worth more than 1 million pounds ($1.57 million), who can commit at least 250,000 pounds.
Percy also said the bank is about to launch an Internet banking service aimed at less wealthy clients who can deposit around 50,000 pounds or more, targeting deposits of 50 million pounds within a year.
The bank, which fully complies with Islamic principles, was founded in 2006 with the backing of Kuwaiti investors, including Boubyan Bank (BOUK.KW). >>> Cecilia Valente and Chris Vellacott, additional reporting by Claire Milhench, editing by Rupert Winchester | Tuesday, February 16, 2010
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Shariah banking
April 13, 2009
THE WASHINGTON POST: SINGAPORE | Backers of Shariah-compliant finance see an opportunity for expansion amid the global economic downturn, and some Western banks are welcoming this growing source of new business.
"Islamic bankers should do some missionary work in the Western world to promote the concept of Shariah banking, for which many in the West are more than ready now," Indonesian President Susilo Bambang Yudhoyono said at the World Islamic Economic Forum last month in Jakarta.
Such statements have given rise to fears that Shariah finance is a stalking horse for hidden political or religious aims. Shariah finance is an extension of Islamic law, pushing a faith-based alternative to Western banking.
Key Islamists who advise Shariah financial houses have called for full Shariah law to be adopted in Western countries and, in some cases, have made statements supporting terrorist groups.
Shariah finance means institutions and norms that fit with Islamic law. Fully compliant Islamic financial institutions are prohibited from interest payments and require transactions to be backed by tangible assets.
Speculation and hedge funds are off limits — ditto for anything connected to porn, gambling, alcohol or pork. Shariah finance targets Muslims who want to avoid what are deemed "un-Islamic" Western banks or financial practices, and appeals to clients' faith as well as their bottom line. >>> By Simon Roughneen | Monday, April 13, 2009
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