KUALA LUMPUR: China is the next big Islamic finance market, as demand grows for ethical funds, but Asia’s fastest growing economy must first sort out tax issues, a unit of British insurer Prudential said yesterday.
A large Muslim population and growing wealth provide a ready retail Islamic banking market in China, a senior executive of Prudential’s Kuala Lumpur-based fund management unit said.
The US$1 trillion Islamic finance industry is targeting rapidly growing Asian economies such as China and India and new markets like Kazakhstan and Sri Lanka to offset slowing growth in its traditional base of Gulf Arab states.
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Maldives News
Over 68,000 people have paid Zakat
The ministry of Islamic affairs has said more than 68,000 people have paid Zakat as of Sunday, reports Haveeru.
Ahmadullah Jameel, assistant director general, said a total of Rf1,673,486 (US$130,200) has been received so far, including those who paiF via SMS and those who deposited the money at ward offices.
Over Rf10,000 (US$778) has paid Zakat from the SMS service introduced by Dhiraagu, he said. After Wataniya offered a similar service, over 600 customers have paid Zakat via SMS.
Source :Minivannews.com/
By : Reuters
Abu Dhabi’s government-owned Al Hilal Bank plans to open Kazakhstan’s first Islamic bank in December, starting with two branches, and wants to expand to other former Soviet Union states, its CEO said.
The lender is on track to break even by end 2009 and will be profitable in 2010, said Mohamed Berro.
Al Hilal will headquarter the new bank called Al Hilal Islamic Bank in Almaty, with an initial capital of about Dh100 million ($27m).
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Categories: Asia, Banking, Emirates, Finance, Kazakhstan
Tags: al hilal bank, CEO, Finance, funds, government-owned, invest, islamic bank, Kazakhstan, loan, UAE
KUALA LUMPUR: China is the next big Islamic finance market, as demand grows for ethical funds, but Asia’s fastest growing economy must first sort out tax issues, a unit of British insurer Prudential said yesterday.
