By John Lee. Al Sanam Islamic Bank, a newly-established Islamic bank in Iraq, has selected ICS BANKS Islamic Banking software solution from ICS Financial Systems (ICSFS). The signing ceremony took place at ICSFS' centre of excellence, Amman, Jordan. According to a press release, Al Sanam Islamic Bank will provide comprehensive, Shari'a-compliant financing products and services […]
Dubai Chamber of Commerce and Industry has urged Iraqi banks and financial companies to expand their networks within the Islamic economy through Dubai which is working hard towards becoming the capital of Islamic Economy in the World during a roundtable discussion on “Islamic Finance” held in Divan Hotel, Erbil, Kurdistan. The meeting, which identified the […]
By Mark DeWeaver. I recently had occasion to bone up on Islamic finance while preparing for a meeting with Kurdistan International Bank (BKUI), Iraq’s largest Islamic bank. In the process, I noticed an interesting parallel between a form of financing known as mudarabah and a game theory concept I hadn’t thought about since my graduate […]
Iraq's Cabinet has approved the establishment of a first state-owned Islamic bank in the country, said Mudher Saleh, deputy governor of the Central Bank of Iraq. This will bring to 12 the number of Islamic banks in Iraq. Two of the country's six state-owned banks, Rafidain Bank and Rasheed Bank, opened Islamic banking units earlier […]
Iraq's Ministry of Finance and Central Bank announced on Tuesday that Iraq will provide Islamic banking services in major banks owned by the state, under a plan worth $42 million which will be implemented this month. The Finance Ministry said on its website that Islamic transactions will be facilitated in the Rafidain and Al-Rasheed banks […]
