There are five full fledged Islamic Banks in Pakistan, while 17 conventional banks are operating their Islamic windows in the country.
Sharia Board is the committee which approves product/services according to sharia compliance. Every Islamic bank have their own sharia board and select sharia chairman within the board.
Here is the list of chairman of Sharia Boards of Islamic Banks in Pakistan:
Meezan Bank – Mufti Taqi Usmani
Bank Islami – Irshad Ahmad Ijaz
Dubai Islamic Bank – Dr. Hussein Hameed
Al-Baraka Bank – Justice Khalil ur Rehman
Burj Bank – Mufti Munib ur Rehman
This inspirational video insist you to keep away from the evil of riba. ALLAH warn us many times in Quran about this riba(Interest).
Dr. Zakir Naik, sharing his views on Riba (Interest) which is one of the heinous sin in Islam.
Falling oil prices shaken the oil dominant economies. It put adverse impacts on Gulf economies who have large share on oil exports. Saudi Arab is among one of them and already indulged in war with Houthi’s rebel to counter their expansion in Yemen. While United Nations uplift the sanctions on Saudi Arab old rivalry Iran which also emerged as a big threat to KSA. These kinds of crisis around the kingdom, threatening Al-Saud regime.
Saudi Aramco is world largest company holding a market capitalization of more than $1 Trillion. Through this move, KSA can only save their endanger economy. Saudi Arab is facing Deficit budget from last two years and expecting $87 Billion deficit budget in 2016.
This IPO will definitely put prolific impact on Global Islamic Finance and also strengthen the economy of kingdom and hikes KSA share in Global Islamic finance.
Islamic finance is fastest emerging industry in the sector of finance. Islam is second most dominant religion in the world, around 1.6 billion called Muslims themselves.
Islamic finance emerged as an alternative of traditional finance and growing with fast pace in MENA and South East Asia.
Assets of Islamic finance industry reached at $ 2.1 Trillion and it estimated to grow to $3.0 Trillion till end of 2018.
Currently falling oil prices shaken the economies of Gulf, which could be somehow a threat to Islamic Finance industry where the large portion of market share occupied by oil-rich countries. But recent announcement of privatization of world largest company “Saudi Aramco” will definitely put a positive impact on the industry.