'All Arabs will prefer Islamic banking’

Here is the beginning of my post. And here is the rest of it.Hussein Hamid Hassan is considered as the father of Islamic finance. He received his PhD from the faculty of Sharia at the Al Azhar University in Cairo in 1965 and holds two degrees in law from the International Institute of Comparative Law, University of New York. He chairs the Sharia Supervisory Committee of many Islamic banks in the Middle East, and has advised several governments. An expert in Law, he had been the attorney general for the government of Egypt between 1969 and 1970. He has advised several governments in the Middle East and CIS countries on establishment of Islamic Finance Institutions. According to Mr Hassan, Islamic financing is the most equitable form of financing since it enables the creation of wealth without fuelling inflation or stoking a financial crisis.

Banks refuse dollar loans to exporters

Here is the beginning of my post. And here is the rest of it.Suddenly, foreign currency loans have become a scarce commodity. Indian banks draw foreign currency credit lines from international banks to lend to local exporters. These credit lines have now dried up with the subprime fiasco severely impacting the global money market. Under the rules stipulated by the Reserve Bank, banks can charge a maximum of Libor (London inter-bank offered rate) plus one percentage point for such loans, commonly called packing credit in foreign currency (PCFC). Libor is the international benchmark rate for bulk money. “Liquidity has become so tight that we would be losing money if we give PCFC loans to exporters,” said the head of trade finance of a private bank.

Bank staff to strike work today

Here is the beginning of my post. And here is the rest of it.Over 45,000 employees, under the banner of State Sector Bank Employees Association and 2,500 officers under the banner of All India Bank Officers Association (AIBOA) in the subsidiary banks of SBI, are observing strike on Monday to oppose the attempts of SBI to merge its associate banks with itself. On December 4, over 24,000 officers, under the banner of Associate Banks Officers Association, in all these banks are also observing the strike for the same reason.