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Major foreign banks also moving toward Islamic Banking

Reader comment on item: Islamic Economics: What Does It Mean?

Submitted by Aamir Ali Ansari (Pakistan), Sep 28, 2007 at 03:47

Islamic Economics can be considered as alternative or choice. take it as competitor not opponent..

After reading your article I would simply say that there is another front seems ready for the west to wage war against Islam and muslims...For centuries the muslim countries and people had no other choice to meet their financial and economic needs were trapped under western rule of business. They were forced without wish or will to follow trends and theories incompatible with islamic teachings.

Now when West see a real competitor breaking the iceberg and attracting a huge number of fresh and untapped customer base..they are now finding ways to abolish or attack it. I would suggest that healthy competition is required not negative moves. These banks work under strict rules and regulations like other banks working under state monitoring.

Unfortunately most of the foreign banks are also opening Islamic Segments in order to avoid losing their muslim customers. If they are against it then they should strictly stick to their method ...why changing their business style?

One very important point is that there was no concept of banks in early days of Islam but Quran had numerous verses poiting out exactly how to do trade and business and deal with money matters..so the muslim scholars joined to workout new concepts which donot contradict with Islamic Sharia...The results are amazing and profits of these banks are seems surpassing the estimates because they follow Sharia which promises profits of unimaginable extent....Few of the foriegn banks also decided to open islamic segments. See what they say about it

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ABN AMRO Islamic Banking http://www.abnamro.com.pk/Pakistan/islamicbnk/aboutus.htm
The emergence of Islamic banking has made banking easy for all those people are looking increasingly for financial products which are in harmony with their religious beliefs. ABN AMRO understands the needs of our local communities, and the ABN AMRO Islamic Banking brand responds to the needs desire of customers for a diversified range of Shariah complaint solutions.

Standard Chartered http://www.standardchartered.com.my/ib/ibhome.html
Standard Chartered Saadiq ("Saadiq" which means "truthful") offers a wide suite of Islamic solutions to meet your financial needs without compromising your beliefs and values. And it is also available for all our individual customer regardless their religion and race.

Our Islamic banking division comprises a team of qualified professionals who design and structure our Standard Chartered Saadiq products/services and ensure that they are in line with Syariah principles governing Islamic banking and finance.

Citigroup http://www.financeasia.com/article.aspx?CIaNID=35547&CID=10
Citigroup has appointed Rafe Haneef as head of Islamic banking for Citigroup Asia. The newly created role will be based in Kuala Lumpur.

Haneef will be instrumental in heading a team to develop and grow Citigroup's Islamic banking business across the region.

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Being an educated muslim I strongly deny any claim that Islamic Sharia contradict with nature..its 100% applicable and the only solution to the number of financial needs. This will bring revolution in Banking and consumers will realize that this is what they were waiting for..Islam is not a failure nor its financial system..its here to stay and grow..

...From Aamir Ali Ansari

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