BRT aims to complete the conversion by mid-2015.
“This will open the door to numerous other operators iden- tifying the opportunities inherent in the sharia compli- ant financial system,” Khaled Al-Aboodi, head of the Islamic Corporation for the Development of the Private Sector was quoted as saying. Islamic Corporation for the Development of the Private Sector is the unit within the Islamic Development Bank which helps banks convert to Islamic banking rules.
Reuters reported that Islamic banking has grown more popular across the world but has been slower in taking off in Muslim dominated countries that are officially secular. The popularity of finance raised through a sukuk, an instrument that adheres to Islamic banking rules, has also grown in popularity in the region. Earlier this year, the part state-owned International Bank of Azerbaijan said it wanted to issue a sukuk worth $200m to $300m.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 232, published on May 20 2015)