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Britain's First Ever Shariah Compliant Insurance Company Salaam Halal Insurance Started in UK

Britain's first Shariah-compliant insurance company offers Shariah car insurance to all customers looking for an "ethical" alternative.

Pakistan Daily
July 28, 2008
London, England

Britain's first sharia-compliant insurance company started Monday, offering car insurance in line with the Islamic legal code.

Salaam Halal insurance uses Takaful principles, where risk is spread between all policy holders. In contrast, conventional insurance policies shift risk from the policy holder to the insurance firm.


Citibank Launches Sharia-Compliant Working Capital Products

Citibank unveils suite of Shariah-compliant banking products "to meet needs of UAE-based corporate clients." The UAE is a driving force of demand for Shariah-compliant investments. In addition, the UAE is the primary exporter of goods to Iran.

Islamic Finance Blog
May 13, 2008
New York, NY

As part of its Middle East strategy and to meet an outstanding client requirement, Citi today unveiled a suite of Shari’a-compliant banking products designed to meet the working capital needs of UAE-based corporate clients.

Offered by Citi Global Transaction Services, these solutions include Shari’a compliant Cash Management Products (Current Account/Savings Account/Term Investment), and Trade Products (Import Finance/Guarantees/Trade Services).


BMB Islamic Joins AAOIFI

Read about the newest member of the AAOIFI Shariah Advisory Regulatory board, BMB Islamic on their website: They state: "We also believe that as the Sharia upholds high ethical and moral values, we need to embody them constantly in our professional dealings. We seek to internalize and esteem the Sharia in all we do, and it is our endeavour to adhere to the values of the Sharia in delivering our services… We value discretion highly and maintain the strictest levels of confidentiality for our clients, based on a well-structured set of processes." Shariah Law is the law of the Taliban, al Qaeda, the Sudan, Saudi Arabia and all radical Islamic militant groups.

CPI Financial
April 6, 2008
Manama, Bahrain

BMB Islamic was recently appointed as members of Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Secretary General of AAOIFI, Dr Mohammed Nedal Al Chaar stated, “We welcome BMB Islamic as an associate member of AAOIFI and appreciate their commitment to expand the frontiers of the Islamic finance industry through a continuous process of innovation built on sound and agreed upon Shari'ah principles. In addition, we look forward to cooperating closely with BMB Islamic in our endeavours on formulation of Islamic finance standards and development of the industry."

The BMB Islamic team is led by the eminent Dr Humayon Dar, a leading Shari'ah technician and Islamic finance expert who has championed the cause of Islamic banking and finance in academia, the banking and finance industry, and different faith-based groups. He commented, “AAOIFI’s services to the Islamic finance industry are numerous and growing. As an organisation combining financial and technological sophistication with Shari'ah authenticity through innovation, BMB Islamic has always wanted to work with AAOIFI. Our formal association with AAOIFI is bound to contribute to the good work being done by AAOIFI to standardise Islamic banking and finance practices.”


UAE set to centralise Zakat management

The UAE is making zakat contributions for banks and businesses obligatory. Zakat includes training and feeding of Jihad soldiers under UAE’s Zakat Fund.

By Salim Salama
March 30, 2008
Abu Dhabi, United Arab Emirates

The UAE's Zakat Fund, which collects zakat (alms) from Muslims as a percentage of their wealth, has said local Islamic banks and companies will have to pay 2.5 per cent of their net operating capital to the fund from the beginning of next year.

Abdullah Bin Aqeeda Al Muhairi, secretary general of the fund, said eight Islamic banks and 13 Islamic finance and insurance companies are among those that will have to make their zakat payments.


Islamic bond market to hit $200bn

2007 Islamic Bond issue driven by Bahrain, UAE, & Saudi Arabia. Nearly 100B issued in total by Feb 2008.

Arabian Business
February 27, 2008
By Amy Glass

The Islamic bond market will hit $200 billion by 2010, and is predicted to grow by up to 35% this year, ratings agency Moody’s Investor Service said in a report on Tuesday.

Moody's said growth in the market was being driven by the Gulf’s oil wealth and sovereign debt sales, reported UAE daily Emirates Business 24-7.

Faisal Hijazi, author of the report, said the Islamic finance market has experienced annual growth of 15% for the past three years, with Islamic bonds, or sukuk, the fastest growing market segment.

“This year, overall sukuk issuance should continue to increase by approximately 30% to 35% per annum. Sovereign sukuk is likely to gain popularity, with new issuance of sukuk out of Japan, Thailand and the UK,” Hijazi said.

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