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While a number of scholars (Manzur Ahmad, Hossein Askari, Zamir Iqbal and Abbas Mirakhor) have cast doubt on the shariah compliance of any kind of credit card – or at least cards that "can offer the same service as the conventional credit card" [390] [391] [392] – there are credit cards claiming to be shariah-compliant (particularly in ...
It was created as a joint effort by the Karachi Stock Exchange (now known as Pakistan Stock Exchange) and Al-Meezan Investment Bank (now known as Meezan Bank Limited). [2] The index is calculated using free float market capitalization. At any point in time, the level of the index reflects the free float market value of selected Shariah ...
An earlier 2008 study of 126 microfinance institutions in 14 Muslim countries [272] found similarly weak outreach—only 380,000 members [Note 18] out of an estimated total population of 77 million there were "22 million active borrowers" of non-sharia-compliant microfinance institutions ("Grameen Bank, BRAC, and ASA") as of 2011 in Bangladesh ...
[2] [4] Some countries with Muslim minorities use Sharia-based laws to regulate banking, economics, inheritance, marriage and other governmental and personal affairs of their Muslim population. The use of Sharia in non-Muslim countries and on non-Muslims is debated.
Bank Name [4] [5] Bank name (in Arabic) Head Office (in UAE) Headquarters Stock code (if applicable) [2] [3] National Bank of Bahrain: بنك البحرين الوطني Abu Dhabi Manama, Bahrain: BSB: NBB: Rafidain Bank: مصرف الرافدين Abu Dhabi Baghdad, Iraq: Arab Bank: البنك العربي Abu Dhabi Amman, Jordan: ASE: ARBK ...
The following is a list of banks in the Arab World. The modern system of Arab banks was created in Egypt in the late 19th century, with the campaign of modernizing the country. Today Arab banks are among the most pioneering in Developing countries , and some are competitors to major international banks.
Meezan Bank was founded as an Islamic investment bank in 1997 by Noor Financial, Pak Kuwait Investment Company, and Islamic Development Bank. [5] It was then known as Al-Meezan Investment Bank. [6] In 2000, Meezan Bank was listed on the Karachi Stock Exchange. [7] In 2002, Meezan Bank acquired Pakistan operations of Société Générale. [8]
The central bank of Pakistan ("State Bank of Pakistan") has an "Islamic Banking Department" that as of 2016 describes itself as "enabling legal, regulatory and Shariah compliance framework" for that country's Islamic banking industry (along with other tasks such as promoting Islamic finance). [21]