Islamic interbank lending is now starting to move away from Murabaha contracts to Wakala, which is seen as a stronger Sharia-compliant process, said report.
The International Islamic Financial Market (IIFM), the global standardisa
Recently opened Islamic bank in Kuwait, Warba Bank, has launched its ‘Murabaha’ service to finance customers’ needs with entire flexibility via basic monthly installments.
The new service, which is compliant with
BBK along with BMI Bank, through its Islamic banking division, has signed an agreement to provide a syndicated Murabaha BD18 million ($47.8 million) financing facility for Bahrain-based Arabian Sugar Company.
As part of the agreement, BBK
Saudi Arabia’s Al Kifah Holding Company has signed a SR600 million ($160 million) syndicated Islamic Murabaha facility agreement with a group of GCC banks.
The mandated lead arrangers for the six-year Murabaha facility are Gulf Internation
Saudi Arabia's water and power project developer Acwa Power has signed an increase to its debut corporate facility, taking the final amount to the $300 million target, a statement from the company said on Sunday.
JPMorgan Chase and Malayan
Bahrain-based Albaraka Banking Group (ABG) said its Turkish unit Albaraka Türk Katılım Bankas has successfully closed a $350 million dual-currency syndicated murabaha financing facility.
Several major banks including ABC Islamic,
Al Baraka Banking Group has signed a Murabaha facility of $20 million to finance foreign trade with the International Islamic Trade Finance.
The facility will be implemented through Al Baraka Islamic Bank - Bahrain.
Zain Saudi Arabia, the country's third mobile operator, signed a two-year refinancing agreement worth 2.25 billion riyals ($600 million) to help its capital projects and meet previous obligations.
The firm signed the Isl
Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, has appointed Kuwait Investment Company (KIC) to assist the bank with its recapitalization programme.
The programme includes raising up to $500 million through a converti
Kuwait Finance House (KFH), the country's biggest Islamic lender, said on Wednesday it made an early payment of $250 million that was due in March 2011.
"KFH paid an early instalment worth $250 million that was due next March, as part of a