Islamic finance ready to move into fast lane...
Ethical banks could grab half of regional market within years Islamic banks are set to have the same share of the Middle East’s banking industry as their conventional rivals by the end of the decade, a major international lender has said. Leading executives at global institution Standard Chartered say Sharia-compliant banks are on track to boast around half of the region’s banking assets by 2020 – on the back of surging growth which has seen the industry expand by 30 per cent in the region in just two years. Standard Chartered say Islamic banking now accounts for 25 per cent of the UAE banking industry. “It’s not niche any more – it’s becoming part of regular banking,” Khalid...
Islamic banking grows 10 to 15% annually: IF chairman...
By P.K. ABDUL GHAFOUR | ARAB NEWS STAFF Published: Apr 22, 2012 01:27 Updated: Apr 23, 2012 21:50 JEDDAH: Islamic banking and finance, with total assets of $1.4 trillion and more than 1,000 institutions operating in many countries worldwide is all set for a big take off, says Professor Khurshid Ahmad, chairman of the Islamic Foundation UK and the Institute of Policy Studies in Pakistan and author of several books on the topic. Speaking to Arab News after giving a lecture on “Global economic crisis and the role of Islamic Economics” at the Islamic Development Bank headquarters here, Ahmad said Islamic banking and finance makes an annual growth of 10 to 15 percent when conventional banks make less than one percent....
Airborne prayers problem solved for tech-savvy Muslims...
By Martin Abbugao | AFP – Thu, Apr 5, 2012 As a frequent flier and devout Muslim, businessman Abdalhamid Evans always comes up against the same challenge in the air: when to say his prayers. Muslims are required to pray five times a day at certain hours, but this schedule becomes complicated when crossing various time zones at thousands of metres above sea level. “I usually don’t pray when I am in a plane,” said Evans, the London-based founder of a website that provides information on the global halal, or Islam-compliant, industry. “But lately I have been thinking that it is probably better to do them in the air than make them up on arrival,” he told AFP. The problem may be solved for travellers such as...
Local US Farmers Cater to Muslim Traditions...
September 30, 2010 Jeff Swicord | Mount Airy, Maryland Many Muslim-Americans have often had difficulty finding Halal-certified meat, or meat slaughtered in according to Islamic tradition, in their local grocery stores. Sometimes, they have resorted to buying whole goats or lambs on farms and slaughtering them on-site themselves, in accordance with tradition. But this is illegal in many parts of the United States. Realizing the growing Muslim market in the U.S., some American farmers are opening legal halal-certified slaughterhouses with great success. After 37 years of working with livestock on other people’s farms, Joe Kavanagh decided to open a slaughterhouse on his own farm with a unique clientele in mind. Part of his business is catering to Muslims,...
Halal Cosmetics Founder Hopes to Broaden Appeal...
August 26, 2010 David Byrd | Washington A mother of five from Birmingham, England has launched her own line of halal cosmetics. Samina Akhter started her cosmetic and personal care line because she was disturbed by some of the ingredients in over-the-counter products. Akhter is hoping her line will appeal to non-Muslims as well as serve the needs of her own community. When you open the website,saminapuremakeup.com, a flash movie featuring several beautiful models greets you. All the women have flawless, smooth skin, moist lips, and alluring eyes. Midway through the movie a model appears in a head scarf, but that is one of the few clues that the product line appeals to Muslim women. One of the images...
New British Ads Promote Muslim Professionals in UK...
June 7, 2010 British commuters on Monday are seeing advertisements posted in trains, bus stops and taxis promoting a positive image of Muslims. The new “inspired by Muhammad” ad campaign in London is sponsored bythe Exploring Islam Foundation. It is being launched one month after an online survey of more than 2,000 adults in the United Kingdom found that more than 58 percent of them associate Islam with extremism. The poll also found that nearly 70 percent of those surveyed thought Islam encourages the repression of women. The foundation’s director, Remona Aly, says many Muslims are very concerned about the way their faith is perceived by the British public. Aly says organizers hope the campaign will highlight ways...
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