Transferring money from one currency to another Question What is the ruling on money which is transferred from one currency to another? For example, I am paid in Saudi riyals, and I transfer it to Sudanese riyals. One Saudi riyal is equal to three Sudanese riyals. Is this riba? Answer Praise be to Allaah. It is permissible to change notes of one currency into notes of another currency, even if the... »

Is it permissible to buy things through the Internet, knowing that I have a credit card for paying Question Is it permissible to buy things through the Internet, knowing that I have a credit card for paying through the Internet from one of the banks in Jordan. I put the money I want on the card, and the bank takes one dinar only each time I put money on the card, without any other payments. Answer... »

Buying with Debit Cards Question I hope that you will be able to advise us about using Debit cards. These cards are used in the following manner: when the amount of the purchase has been added up, for example 150 riyals, the card is given to the vendor and he passes (“swipes”) it through a machine that he has in his store. The value of the purchase is then taken instantly, by transferring the amou... »

An IMF discussion paper titled “Regulation and Supervision of Islamic Banks”, questions the conventional post financial crisis thinking of Islamic banks being more stable than conventional banks. The paper concludes Islamic banks are just as exposed to risks as conventional banks and due to Sharia’h compliance face specific risks unique to their sector. The report details the com... »

Haris Irfan presents an excellent overview of the Islamic Finance market, covering its history to modern day transactions. Harris Irfan, Managing Director of European Islamic Investment Bank and Partner at Cordoba Capital, ‘Inside the hidden world of Islamic finance’. Novak Druce Centre, Saïd Business School, University of Oxford, 18 November 2014. »

What role does Islamic finance play in the economies of states belonging to the Gulf Cooperation? Apparently, quite a substantial one. Research has demonstrated that Islamic finance has had a significant effect on economic growth and development in Bahrain, Qatar, Kuwait, Saudi Arabia, and the United Arab Emirates, the five countries of the GCC. About half of worldwide Islamic finance and assets a... »

The Wajaha Private Banking account from Dubai Islamic Bank (DIB) offers a comprehensive range of features and benefits for those looking for an Islamic Banking account with Private Banking services. »

IMF Working Paper – Published December 2014 Monetary and Capital Markets Department Regulation and Supervision of Islamic Banks Prepared by Alejandro López Mejía, Suliman Aljabrin, Rachid Awad, Mohamed Norat, and Inwon Song  Download: IMF – Regulation and Supervision of Islamic Banks Most computers will open PDF documents automatically, but you may need Adobe Reader   »

Indonesia’s Islamic bond market is the second largest in emerging East Asia in terms of size. However, the pace of growth of its sukuk market pales in comparison to the robust growth of its conventional bond market. The Indonesian sukuk market is still in a nascent stage of development and accounts for only 7.4% of the total bond market. The outstanding stock of Indonesia’s sukuk market reached US... »

Islamic Finance has only made substantial advances within the last decade. The Islamic banking industry, in particular, has been growing at a sustained rate, despite being at a nascent stage. Total Islamic banking assets are expected to increase to USD1.7tln in end-2014, having recorded a Compounded Annual Growth Rate (CAGR) of 14.1% between 2009 and 2014. The largest Islamic banking markets are i... »