Government assigned the Islamic Supreme Council to issue a fatwa to the banks in the file of Islamic services and financing, which are expected to be adopted soon, after the issuance of the special legal regulation of Algeria Bank within days, at the time 4 banks, including 3 public and private 18 deposited applications that are placed at the table of Algeria Bank’s governor, Mohammed Loukal, to inaugurate this new method of financing in Algeria.

On"...

Business leaders from Muslim nations will gather in the Tunisian capital on Sunday to review last year's performance by the Islamic Development Bank (IDB), and discuss and approve its development agenda for the year ahead.

Representatives of 57 member states, senior government officials and ministers of finance, economy, planning and international development will attend the 43rd annual meeting"...

The Islamic Corporation for the Development of the Private sector (ICD) and Jaiz Bank, SunTrust Bank and Wema Bank have signed a Line of financing agreements for a $20 million, $10 million and $20 million respectively.

The $50 million line of financing facility will be extended by the above Nigerian Banks to the SMEs covering various sectors such as industrial, communication, technology, health,"...

The first modern-day Islamic bank was founded in 1963 in the dusty aluminium town of Mit Ghamr, 80 kilometres north of Cairo. The Mit Ghamr Savings Bank offered the usual loan and deposit facilities for local farmers and businessmen, but via a profit-and-loss-sharing model rather than charging or paying interest, forbidden under Sharia law. It also specialised in micro-finance and community projects, until it folded four years later.

Since"...

The Badr will offer short-term seasonal and other long-term Islamic credits for agricultural investment.

Forms of bank financing and money deposits based on Islamic principles ready to be offered to citizens in the coming weeks by a number of public banks. This is the case of the Bank of Agriculture and Rural Development (Badr) which will know about the month of April, launch these products. According"...