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I don't know if you mean Islamic banking models in Africa or whether there are Islamic banks in Africa?
If the latter, i can tell you that Kenya has licensed two fully fledged Islamic banks (fully shari'ah compliant) but about five conventional banks have Islamic windows (offer products that are shari'ah compliant).
One of the two banks started operations in Jan 2008 and has three operating branches. Its vision is to be regional by next year (in East Africa) and eventually the whole of Africa. The other bank is expected to start operations any time now.
You can find out more through info@gulfafricanbank.com
Regards
Wiki User
∙ 11y ago
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Is the Islamic banking is really Islamic and how?
Islamic banking is, in a sense, like regular banking with focus of no fixed interest rate. The interest in Islam is called "Riba" (Usury). Riba or Usury is strictly forbidden in Islam because it is unfair. Islamic banking dealing focuses on buy and sell for a profit that does not guarantee a profit rate neither for the bank nor the customer.
Why is it necessary to introduce islamic banking system to a country like nigeria?
Any country that has a significant Islamic population would need Islamic banking systems to help the Islamic community avail banking services. Per the Islamic laws, giving or taking interest is considered haram or illegal. Islamic banks operate per the laws laid down by Islamic Religion and thus more and more Islamic people can use their banking services. They may not be willing to open an account with a regular bank as it is forbidden per their religion.
Is Hawala a part of Islamic Banking?
Yes hawala can be considered part of the Islamic banking with one difference 0% interest rate since it is forbidden by their Quran --> Allah. It is considered like "Allah's Banking" because it is banking (money transaction between users in different countries) and also no interest because of their religious belief's.
Islamic bank available in India or not?
Due to current government policies and banking act, it is not possible to run any Islamic bank in India. The government asked RBI (reserve bank of India) to make a feasibilty study for Islamic banking in India and RBI. Reserve Bank of India (RBI) constituted a committee in 2007 to examine the issue but viewed that Islamic banking cannot be offered by banks in India as well as the overseas branches of local banks under the present legal framework. Except a basic offering like current account, almost no other banking product in India can be modified to meet the conditions of Islamic banking. Most of the Islamic financial institutions are registered as Non-Banking Financial Company (NBFC) in India. You may find many such NBFC's running on Islamic principles in India in several states.
Are black people pakis?
Well Pakistanis do have about 18% of African ancestry. Same thing in other Islamic nations like Egypt Lebanon Iran Saudi Arabia. And many more Islamic nations.
What is consumer banking?
consumer banking is same like retail banking.
What is the relationship between vote banking political parties like Congress and Islamic Terrorist outfits like Al Qaeda in soft target countries like India?
The Congress Party in India vehemently opposes Al Qaeda and other Islamic terrorist organizations in the region. No matter which political party is in power, all of them are against domestic and international terrorism.
Does the Israeli Banking System use Islamic Banking?
No! Israel Banking System is not Islamic, because Islam is the post-Jewish religion. The Jewish tradition has its taboo in economic matters different from that of Islamic. Jewish has a plain explanation and definition of riba while in Islam there is none. Jewish does not force non-Jews to comply with their system of economy while lslamic set death sentence to those who devour riba coercively.
Who is an Islamic spirit?
haha Islamic is kinda like a Arabian word.
Where do you find Muslims?
in mosque or Islamic centers or in Islamic countries like Iran
What services are provided by FCBanking?
FC Banking is the First Commonwealth Bank. It provides banking services like any other bank, including online banking, mobile banking and personal banking in specific locations.
Why do youchoose banking?
People choose banking for different reasons. Some people like to invest their money in saving accounts as banks. People who like handling money may choose banking as a career.
