EIIB launches Islamic money-market instrument
NEWS
Wakala is a contract where the principal places funds with an agent, for utilisation by the agent in qualifying financial assets. This is in return for a commission and share of profits generated by the funds. Wakala emulates the characteristics of a conventional money-market placement.
The bank said most Islamic banks raise money-market funds using a commodity Murabaha product. According to EIIB, up to 70–80% of the assets of most Islamic banks are estimated to be commodity Murabaha, partly
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@fx-markets.com
More on Islamic Finance
Sharia forex products take off
HSBC and other banks are expanding their offerings of sharia-compliant foreign exchange products.
HSBC offers Islamic FX options in London
LONDON - HSBC is now dealing in sharia-compliant plain vanilla foreign exchange options from London, in response to growing global demand for the product.
Mixed forecast for FX
LONDON - Foreign exchange teams will avoid the worst of the job cuts in the City of London, although market sources warn no-one will be immune from redundancies.