Islamic banks appeared on the world scene as active players over two decades ago. But "many of the principles upon which Islamic banking is based have been commonly accepted all over the world, for centuries rather than decades".
The basic principle of Islamic banking is the prohibition of Riba- (Usury - or interest):
"While a basic tenant of Islamic banking - the outlawing of riba, a term that encompasses not only the concept of usury, but also that of interest - has seldom been recognised as applicable beyond the Islamic world, many of its guiding principles have. The majority of these principles are based on simple morality and common sense, which form the bases of many religions, including Islam.
"The universal nature of these principles is immediately apparent even at a cursory glance of non-Muslim literature. Usury was prohibited in both the Old and New Testaments of the Bible, while Shakespeare and many other writers, particularly those writing in the 19th century, have attacked the barbarity of the practice. Much of the morality championed by Victorian writers such as Dickens - ranging from the equitable distribution of wealth through to man's fundamental right to work - is clearly present in modern Islamic society.
"Although the western media frequently suggest that Islamic banking in its present form is a recent phenomenon, in fact, the basic practices and principles date back to the early part of the seventh century." (Islamic Finance: A Euromoney Publication, 1997)
It is evident that Islamic finance was practiced predominantly in the Muslim world throughout the Middle Ages, fostering trade and business activities. In Spain and the Mediterranean and Baltic States, Islamic merchants became indispensable middlemen for trading activities. It is claimed that many concepts, techniques, and instruments of Islamic finance were later adopted by European financiers and businessmen.
The revival of Islamic banking coincided with the world-wide celebration of the advent of the 15th Century of Islamic calendar (Hijra) in 1976. At the same time financial resources of Muslims particularly those of the oil producing countries, received a boost due to rationalization of the oil prices, which had hitherto been under the control of foreign oil Corporations. These events led Muslims' to strive to model their lives in accordance with the ethics and philosophy of Islam.
Disenchantment with the value neutral capitalist and socialist financial systems led not only Muslims but also others to look for ethical values in their financial dealings and in the West some financial organisations have opted for ethical operations.
Islam not only prohibits dealing in interest but also in liquor, pork, gambling, pornography and anything else, which the Shariah (Islamic Law) deems Haram (unlawful). Islamic banking is an instrument for the development of an Islamic economic order. Some of the salient features of this order may be summed up as:
-While permitting the individual the right to seek his economic well-being, Islam makes a clear distinction between what is Halal (lawful) and what is haram (forbidden) in pursuit of such economic activity. In broad terms, Islam forbids all forms of economic activity, which are morally or socially injurious.
-While acknowledging the individual's right to ownership of wealth legitimately acquired, Islam makes it obligatory on the individual to spend his wealth judiciously and not to hoard it, keep it idle or to squander it.
-While allowing an individual to retain any surplus wealth, Islam seeks to reduce the margin of the surplus for the well-being of the community as a whole, in particular the destitute and deprived sections of society by participation in the process of Zakat.
-While making allowance for the ways of human nature and yet not yielding to the consequences of its worst propensities, Islam seeks to prevent the accumulation of wealth in a few hands to the detriment of society as a whole, by its laws of inheritance.
Viewed as a whole, the economic system envisaged by Islam aims at social justice without inhibiting individual enterprise beyond the point where it becomes not only collectively injurious but also individually self-destructive.
The Islamic financial system employs the concept of participation in the enterprise, utilizing the funds at risk on a profit-and- loss-sharing basis. This by no means implies that investments with financial institutions are necessarily speculative. This can be excluded by careful investment policy, diversification of risk and prudent management by Islamic financial institutions.
It is possible, that investment in Islamic financial institutions can provide potential profit in proportion to the risk assumed to satisfy the differing demands of participants in the contemporary environment and within the guidelines of the Shariah.
The concept of profit-and-loss sharing, as a basis of financial transactions is a progressive one as it distinguishes good performance from the bad and the mediocre. This concept therefore encourages better resource management.
Islamic banks are structured to retain a clearly differentiated status between shareholders' capital and clients' deposits in order to ensure correct profit-sharing according to Islamic Law.
Thursday, March 12, 2009
Thursday, February 26, 2009
Sukuk (Islamic Bonds)
Sukuk is the Arabic name for a financial certificate but can be seen as an Islamic equivalent of bond. However, fixed-income, interest-bearing bonds are not permissible in Islam. Hence, Sukuk are securities that comply with the Islamic law (Shariah) and its investment principles, which prohibit the charging or paying of interest. Financial assets that comply with the Islamic law can be classified in accordance with their tradability and non-tradability in the secondary markets.
Conservative estimates suggest that over US$500 billion of assets are managed according to Islamic investment principles.
Sukuk (Arabic: صكوك, plural of صك Sakk, "legal instrument, deed, check") is the Arabic name for a financial certificate but can be seen as an Islamic equivalent of bond. However, fixed income, interest bearing bonds are not permissible in Islam, hence Sukuk are securities that comply with the Islamic law and its investment principles, which prohibits the charging, or paying of interest. Financial assets that comply with the Islamic law can be classified in accordance with their tradability and non-tradability in the secondary markets.
Conservative estimates by the Ten-Year Framework and Strategies suggest that over $700 billion of assets are managed according to Islamic investment principles. Such principles form part of Shari'ah, which is often understood to be ‘Islamic Law’, but it is actually broader than this in that it also encompasses the general body of spiritual and moral obligations and duties in Islam.
Sharia-compliant assets worldwide are worth an estimated $500 billion and have grown at more than 10 per cent per year over the past decade, placing Islamic finance in a global asset class all of its own. In the Gulf and Asia, Standard & Poor's estimates that 20 per cent of banking customers would now spontaneously choose an Islamic financial product over a conventional one with a similar risk-return profile.
With its Arabic terminology and unusual prohibitions, Sukuk financing can be quite mystifying for the outsider. A good analogy is one of ethical or green investing. Here the universe of investable securities is limited by certain criteria based on moral and ethical considerations. Islamic Finance is also a subset of the global market and there is nothing that prevents the conventional investor from participating in the Islamic market.
Conservative estimates suggest that over US$500 billion of assets are managed according to Islamic investment principles.
Sukuk (Arabic: صكوك, plural of صك Sakk, "legal instrument, deed, check") is the Arabic name for a financial certificate but can be seen as an Islamic equivalent of bond. However, fixed income, interest bearing bonds are not permissible in Islam, hence Sukuk are securities that comply with the Islamic law and its investment principles, which prohibits the charging, or paying of interest. Financial assets that comply with the Islamic law can be classified in accordance with their tradability and non-tradability in the secondary markets.
Conservative estimates by the Ten-Year Framework and Strategies suggest that over $700 billion of assets are managed according to Islamic investment principles. Such principles form part of Shari'ah, which is often understood to be ‘Islamic Law’, but it is actually broader than this in that it also encompasses the general body of spiritual and moral obligations and duties in Islam.
Sharia-compliant assets worldwide are worth an estimated $500 billion and have grown at more than 10 per cent per year over the past decade, placing Islamic finance in a global asset class all of its own. In the Gulf and Asia, Standard & Poor's estimates that 20 per cent of banking customers would now spontaneously choose an Islamic financial product over a conventional one with a similar risk-return profile.
With its Arabic terminology and unusual prohibitions, Sukuk financing can be quite mystifying for the outsider. A good analogy is one of ethical or green investing. Here the universe of investable securities is limited by certain criteria based on moral and ethical considerations. Islamic Finance is also a subset of the global market and there is nothing that prevents the conventional investor from participating in the Islamic market.
Thursday, February 19, 2009
Bahrain Plans to Open Islamic Bank in Russia
On December 2,2008 in Moscow under the patronage of the Chamber of Commerce and Industry of the Russian Federation and with the support of the Russian – Arabic Business Council the Russian – Bahrain Business Forum took place, commemorated to the official visit of the King of Bahrain Hamad Ben Isa Al Halifa to the Russian Federation. Russian and Bahraini businesses took part in the Forum.
In his greeting speech the minister of industry and trade of Bahrain Hasab Ben Abdalla Fahro stated that he put high hopes on the results of the present Forum as he considered that Russian and Bahraini businessmen had vast space for cooperation.
The Chairman of the board of Directors of CCI of Bahrain Isam Abdallah Fahro noted that the financial crisis notwithstanding its negative consequences is the time for actions. Today if the best time for development the bilateral trade relations. The representatives of Bahraini delegation in theirs presentations highlighted many advantages for foreign investors in Bahrain, such as favourable tax regime, equal terms and conditions for native and foreign businesses and law costs of operations.
Deputy Minister of economic development of the Russian Federation S. Voskresenskiy in his speech informed the foreign guests of the possibilities of making business in Russia. He also noted that Russia has a most liberal currency regime. And in future a special attention on the part of the state will be made to the private – public partnerships.
Special attention was raised by the presentation of the chairman of the Board of Directors of the bank “Ismar” Mr. Haled Djanahi. In his speech he proclaimed the intention to open an Islamic bank in Russia with a branch of it in Bahrain .
In the Forum Russia Mufties Council was represented by the authorized on Halal standard Jafar Azizbaev and head of Economic programmes department Madina Kalimullina.
In his greeting speech the minister of industry and trade of Bahrain Hasab Ben Abdalla Fahro stated that he put high hopes on the results of the present Forum as he considered that Russian and Bahraini businessmen had vast space for cooperation.
The Chairman of the board of Directors of CCI of Bahrain Isam Abdallah Fahro noted that the financial crisis notwithstanding its negative consequences is the time for actions. Today if the best time for development the bilateral trade relations. The representatives of Bahraini delegation in theirs presentations highlighted many advantages for foreign investors in Bahrain, such as favourable tax regime, equal terms and conditions for native and foreign businesses and law costs of operations.
Deputy Minister of economic development of the Russian Federation S. Voskresenskiy in his speech informed the foreign guests of the possibilities of making business in Russia. He also noted that Russia has a most liberal currency regime. And in future a special attention on the part of the state will be made to the private – public partnerships.
Special attention was raised by the presentation of the chairman of the Board of Directors of the bank “Ismar” Mr. Haled Djanahi. In his speech he proclaimed the intention to open an Islamic bank in Russia with a branch of it in Bahrain .
In the Forum Russia Mufties Council was represented by the authorized on Halal standard Jafar Azizbaev and head of Economic programmes department Madina Kalimullina.
Excellent Career
Bank Negara Malaysia as the Central Bank, has the envious task of leading and molding the growth and development of the nation’s financial system. We are committed to excellence in promoting monetary and financial system stability and fostering a sound and progressive financial sector to achieve sustained economic growth for the benefit of the nation. Over the years our roles and responsibilities have evolved and part of the growth includes our ability to attract the most intelligent and talented group of people in the nation. Be a true asset and rise to the challenge by applying to the job below.
Senior Executive - Islamic Banking & Takaful (Shariah)
(Kuala Lumpur - Head Office)Responsibilities:-->
Key Responsibilities
To assist Manager to develop a comprehensive Shariah compliance framework, provide Shariah advisory services to relevant stakeholders, conduct applied Shariah research and undertake effective measures in ensuring all Islamic financial products and operations are compatible with Shariah;
Undertake the administrative works as the Secretariat for Shariah Advisory Council of Bank Negara Malaysia;
Assist Manager to conduct research in the emerging Shariah issues pertaining to the assigned area of applied Shariah contracts in Islamic finance;
Assist Manager to draft and produce impactful Shariah resolutions endorsed by the Shariah Advisory Council;
Assist Manager to provide Shariah advisory services relating to product proposals to ensure Shariah compliance;
Assist Manager to provide sound Shariah inputs for policy formulation in Islamic finance;
Assist Manager to undertake projects and ad-hoc assignments, as and when required, such as drafting speeches, answering parlimentary questions and responding to public queries on Shariah matters in Islamic banking and takaful; and
Assist Manager to coordinate Shariah harmonisation programs at regional and international levels.
Requirements:-->Our Requirements
Possess a recognized Bachelor’s Degree in Shariah / Law / Islamic Banking / Business Administration with at least a 2nd Class Upper or CGPA of 3.00 and above;
Credit in Bahasa Malaysia in SPM / SPMV or equivalent;
Good command of both written and spoken English and Arabic;
Knowledge in Muamalat is an added advantage;
Resourceful, hardworking, self-motivated, committed, and highly organized;
Good interpersonal skills and able to interact with people at all levels; and
A Malaysian citizen aged 35 and below.Applicants should be Malaysian citizens or hold relevant residence status.
Bank Negara Malaysia is committed to the continuous career growth of our talents. The rewards we offer include:
A challenging and rewarding career;
A competitive basic salary to commensurate with skills and experience;
Comprehensive medical coverage, insurance and other benefits that are amongst the best;
Continuous learning opportunity locally and abroad through full scholarship or training program.
Senior Executive - Islamic Banking & Takaful (Shariah)
(Kuala Lumpur - Head Office)Responsibilities:-->
Key Responsibilities
To assist Manager to develop a comprehensive Shariah compliance framework, provide Shariah advisory services to relevant stakeholders, conduct applied Shariah research and undertake effective measures in ensuring all Islamic financial products and operations are compatible with Shariah;
Undertake the administrative works as the Secretariat for Shariah Advisory Council of Bank Negara Malaysia;
Assist Manager to conduct research in the emerging Shariah issues pertaining to the assigned area of applied Shariah contracts in Islamic finance;
Assist Manager to draft and produce impactful Shariah resolutions endorsed by the Shariah Advisory Council;
Assist Manager to provide Shariah advisory services relating to product proposals to ensure Shariah compliance;
Assist Manager to provide sound Shariah inputs for policy formulation in Islamic finance;
Assist Manager to undertake projects and ad-hoc assignments, as and when required, such as drafting speeches, answering parlimentary questions and responding to public queries on Shariah matters in Islamic banking and takaful; and
Assist Manager to coordinate Shariah harmonisation programs at regional and international levels.
Requirements:-->Our Requirements
Possess a recognized Bachelor’s Degree in Shariah / Law / Islamic Banking / Business Administration with at least a 2nd Class Upper or CGPA of 3.00 and above;
Credit in Bahasa Malaysia in SPM / SPMV or equivalent;
Good command of both written and spoken English and Arabic;
Knowledge in Muamalat is an added advantage;
Resourceful, hardworking, self-motivated, committed, and highly organized;
Good interpersonal skills and able to interact with people at all levels; and
A Malaysian citizen aged 35 and below.Applicants should be Malaysian citizens or hold relevant residence status.
Bank Negara Malaysia is committed to the continuous career growth of our talents. The rewards we offer include:
A challenging and rewarding career;
A competitive basic salary to commensurate with skills and experience;
Comprehensive medical coverage, insurance and other benefits that are amongst the best;
Continuous learning opportunity locally and abroad through full scholarship or training program.
Thursday, January 15, 2009
IDB maintains top credit rating from Standard & Poor's for 7th Consecutive Year
Monday, 05 January 2009
The Standard & Poor’s credit rating agency, for the 7th consecutive year, rated the future outlook of the Islamic Development Bank Group as “stable” in its annual report on international finance institutions issued during December 2008. The Standard & Poor’s credit rating agency, for the 7th consecutive year, rated the future outlook of the Islamic Development Bank Group as “stable” in its annual report on international finance institutions issued during December 2008.
The agency awarded IDB Group with its highest credit rating of (AAA) for the long term and (A-1+) for the short term, reporting that IDB’s “capital position is extremely strong and its liquidity ample.” According to the report released by Standard & Poor’s, the ratings on IDB were based on IDB’s strong capitalization, strong liquidity, a development-related asset portfolio that has performed well in relation to its large pool of borrowers, and an expected continued preferred creditor treatment.
Currently, IDB has successfully received the highest credit ratings from all three leading rating agencies in the world – Moody’s, Fitch, and now, for its seventh consecutive year, Standard & Poor’s. The strong ratings allow IDB to mobilize resources from international financial markets at low costs. President of IDB Group Dr. Ahmad Mohamed Ali reiterated that the high ratings of IDB for its seventh consecutive year is due mainly to the robust financial position of the Bank as well as the strong support of its member countries. The European Parliament and the Basel Committee on Banking Supervision have also confirmed IDB’s place in the list of zero-risk development institutions.
The top rating by Standard & Poor’s has had an enormous effect in consolidating confidence in IDB and its role in promoting the development process in member countries. The Standard & Poor’s report stated that IDB’s net income jumped by 32% during 1428H to SR 164 million from SR 123 million one year earlier, “mainly due to increased income from operation assets.”
The Standard & Poor’s credit rating agency, for the 7th consecutive year, rated the future outlook of the Islamic Development Bank Group as “stable” in its annual report on international finance institutions issued during December 2008. The Standard & Poor’s credit rating agency, for the 7th consecutive year, rated the future outlook of the Islamic Development Bank Group as “stable” in its annual report on international finance institutions issued during December 2008.
The agency awarded IDB Group with its highest credit rating of (AAA) for the long term and (A-1+) for the short term, reporting that IDB’s “capital position is extremely strong and its liquidity ample.” According to the report released by Standard & Poor’s, the ratings on IDB were based on IDB’s strong capitalization, strong liquidity, a development-related asset portfolio that has performed well in relation to its large pool of borrowers, and an expected continued preferred creditor treatment.
Currently, IDB has successfully received the highest credit ratings from all three leading rating agencies in the world – Moody’s, Fitch, and now, for its seventh consecutive year, Standard & Poor’s. The strong ratings allow IDB to mobilize resources from international financial markets at low costs. President of IDB Group Dr. Ahmad Mohamed Ali reiterated that the high ratings of IDB for its seventh consecutive year is due mainly to the robust financial position of the Bank as well as the strong support of its member countries. The European Parliament and the Basel Committee on Banking Supervision have also confirmed IDB’s place in the list of zero-risk development institutions.
The top rating by Standard & Poor’s has had an enormous effect in consolidating confidence in IDB and its role in promoting the development process in member countries. The Standard & Poor’s report stated that IDB’s net income jumped by 32% during 1428H to SR 164 million from SR 123 million one year earlier, “mainly due to increased income from operation assets.”
BNI Syariah: To Launch Credit Card
Kamis, 15 Januari 2009
Jakarta (15/1) The shariah division head of BNI Ismi Kushartanto stated that BNI syariah will launch its new product, shariah credit card, there is other shariah credit card it called Dirham Card from Bank Danamon syariah.
“we are trying to improve our product and praise to Allah that in 2009 we will be able to launch our shariah credit card,” said Ismi Kushartato to pkesinteraktif.com. Aside from the sophisticated Technology, the credit card of BNI syariah comes with health and life insurance for the card holder. In line with BNI syariah business expansion, in 2009, Ismi Kushartanto set target to attract 10.000 BNI syariah credit card holders, which focus on middle and high class segments.
“There are three types of BNI syariah credit card, platinum, gold and regular, depend on the needs of each customer,” said Ismi. It is expected that with BNI syariah credit card, the community could fulfill their basic needs by using the benefit of shariah credit card.
(Agus Y/ Nibra www.pkesinteraktif.com)
Jakarta (15/1) The shariah division head of BNI Ismi Kushartanto stated that BNI syariah will launch its new product, shariah credit card, there is other shariah credit card it called Dirham Card from Bank Danamon syariah.
“we are trying to improve our product and praise to Allah that in 2009 we will be able to launch our shariah credit card,” said Ismi Kushartato to pkesinteraktif.com. Aside from the sophisticated Technology, the credit card of BNI syariah comes with health and life insurance for the card holder. In line with BNI syariah business expansion, in 2009, Ismi Kushartanto set target to attract 10.000 BNI syariah credit card holders, which focus on middle and high class segments.
“There are three types of BNI syariah credit card, platinum, gold and regular, depend on the needs of each customer,” said Ismi. It is expected that with BNI syariah credit card, the community could fulfill their basic needs by using the benefit of shariah credit card.
(Agus Y/ Nibra www.pkesinteraktif.com)
Wednesday, December 3, 2008
DEFINITION
Ijara
Ijara is a form of leasing. It involves a contract where the bank buys and then leases an item – perhaps a consumer durable, for example – to a customer for a specified rental over a specific period. The duration of the lease, as well as the basis for rental, are set and agreed in advance. Islamic Bank of Britain retains ownership of the item throughout the arrangement and takes back the item at the end.
Ijara-wa-iktana
Ijara-wa-iktana is similar to Ijara, except that included in the contract is a promise from the customer to buy the equipment at the end of the lease period, at a pre-agreed price. Rentals paid during the period of the lease constitute part of the purchase price. Often, as a result, the final sale will be for a token sum.
Ijara with diminishing Musharaka
The principle of Ijara with diminishing Musharaka can be used for home-buying services. Diminishing Musharaka means that we reduce our equity in an asset with any additional capital payment you make, over and above your rental payments. Your ownership in the asset increases and ours decreases by a similar amount each time you make an additional capital payment. Ultimately, we transfer ownership of the asset entirely over to you.
Mudaraba
Mudaraba refers to an investment on your behalf by a more skilled person. It takes the form of a contract between two parties, one who provides the funds and the other who provides the expertise and who agree to the division of any profits made in advance. In other words, Islamic Bank of Britain would make Sharia’a compliant investments and share the profits with the customer, in effect charging for the time and effort. If no profit is made, the loss is borne by the customer and Islamic Bank of Britain takes no fee.
Mudarib
In a Mudaraba contract, the expert who manages the investment is known as a Mudarib.
MurabahaMurabaha is a contract for purchase and resale and allows the customer to make purchases without having to take out a loan and pay interest. Islamic Bank of Britain purchases the goods for the customer, and re-sells them to the customer on a deferred basis, adding an agreed profit margin. The customer then pays the sale price for the goods over instalments, effectively obtaining credit without paying interest.
Musharaka
Musharaka means partnership. It involves you placing your capital with another person and both sharing the risk and reward. The difference between Musharaka arrangements and normal banking is that you can set any kind of profit sharing ratio, but losses must be proportionate to the amount invested.
Qard
A Qard is a loan, free of profit. We use this arrangement for our Current Accounts. In essence, it means that your Current Account is a loan to the bank, which is used by the bank for investment and other purposes. Obviously it has to be paid back to you, in full, on demand.
RibaRiba means interest, which is prohibited in Islamic law. Any risk-free or guaranteed interest on a loan is considered to be usury.
Wakala
Wakala is an agency contract, which usually includes in its terms a fee for the expertise of the agent. We may use it for our large Deposit accounts: you own the capital invested, you appoint us as your agent and pay a fee for our expertise.
www.islamic-bank.com
Ijara is a form of leasing. It involves a contract where the bank buys and then leases an item – perhaps a consumer durable, for example – to a customer for a specified rental over a specific period. The duration of the lease, as well as the basis for rental, are set and agreed in advance. Islamic Bank of Britain retains ownership of the item throughout the arrangement and takes back the item at the end.
Ijara-wa-iktana
Ijara-wa-iktana is similar to Ijara, except that included in the contract is a promise from the customer to buy the equipment at the end of the lease period, at a pre-agreed price. Rentals paid during the period of the lease constitute part of the purchase price. Often, as a result, the final sale will be for a token sum.
Ijara with diminishing Musharaka
The principle of Ijara with diminishing Musharaka can be used for home-buying services. Diminishing Musharaka means that we reduce our equity in an asset with any additional capital payment you make, over and above your rental payments. Your ownership in the asset increases and ours decreases by a similar amount each time you make an additional capital payment. Ultimately, we transfer ownership of the asset entirely over to you.
Mudaraba
Mudaraba refers to an investment on your behalf by a more skilled person. It takes the form of a contract between two parties, one who provides the funds and the other who provides the expertise and who agree to the division of any profits made in advance. In other words, Islamic Bank of Britain would make Sharia’a compliant investments and share the profits with the customer, in effect charging for the time and effort. If no profit is made, the loss is borne by the customer and Islamic Bank of Britain takes no fee.
Mudarib
In a Mudaraba contract, the expert who manages the investment is known as a Mudarib.
MurabahaMurabaha is a contract for purchase and resale and allows the customer to make purchases without having to take out a loan and pay interest. Islamic Bank of Britain purchases the goods for the customer, and re-sells them to the customer on a deferred basis, adding an agreed profit margin. The customer then pays the sale price for the goods over instalments, effectively obtaining credit without paying interest.
Musharaka
Musharaka means partnership. It involves you placing your capital with another person and both sharing the risk and reward. The difference between Musharaka arrangements and normal banking is that you can set any kind of profit sharing ratio, but losses must be proportionate to the amount invested.
Qard
A Qard is a loan, free of profit. We use this arrangement for our Current Accounts. In essence, it means that your Current Account is a loan to the bank, which is used by the bank for investment and other purposes. Obviously it has to be paid back to you, in full, on demand.
RibaRiba means interest, which is prohibited in Islamic law. Any risk-free or guaranteed interest on a loan is considered to be usury.
Wakala
Wakala is an agency contract, which usually includes in its terms a fee for the expertise of the agent. We may use it for our large Deposit accounts: you own the capital invested, you appoint us as your agent and pay a fee for our expertise.
www.islamic-bank.com
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