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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

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UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Islamic banking tipped to grow in GCC

Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
  • Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
  • The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits

Islamic banking refers to financial activities that adhere to Shariah, or Islamic law.

As a result, it is also referred to as Islamic finance or Shariah-compliant finance. It has two fundamental principles.

One of them is the sharing of profit and loss. The other is that Islamic banks are prohibited from the collection and payment of interest by lenders and investors.

This raises the question: How do they make a profit, or even stay in business?

The answer is that Islamic banks make money through equity participation.

This requires a borrower to give the bank a share of their profits, although they pay no interest.

Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council (GCC).

For example, the Saudi Central Bank or SAMA last year launched two programs to augment Islamic banking through research and translation.

They were the Islamic Finance Research Support Program and the Islamic Finance Research Translation Program.

Not two weeks later, the Abu Dhabi Islamic Bank unveiled what it said was the first Islamic digital bank targeting youngsters.

Here’s where the Islamic banking sector is poised in the GCC right now: