An online Muslim photo & wallpapers. Islamic wallpapers, latest news & updates.
Islamic Wallpapers
Allah Wallpaper
Allah Wallpaper
Filed under: Latest News — admin     5:16 pm April 5, 2011

(Reuters) – A Muslim body backed by the Philippines government wants Middle East investors to take a stake in the country’s sole sharia lender to help kickstart its Islamic banking industry.

Gulf investors can provide the needed capital to Al-Amanah Islamic Bank, which aims to accelerate the socio-economic development of the Autonomous Region of Muslim Mindanao, said Datu Tahir Lidasan Jr, a director with the National Commission for Muslim Filipinos.

Al-Amanah Islamic Bank, which is owned by the Development Bank of the Philippines, recorded operational losses from 1990 to 2007. It had a deficit of 562.89 million Philippine pesos ($13 million) as at Oct 31 2007, according to the latest figures available from its website.

Lidasan said Kuwaiti investors had earlier been in discussions to acquire a stake in Al-Amanah Islamic Bank but talks fell through.

“Maybe we can again invite investors from the Middle East to purchase some shares in Al Amanah Islamic Bank,” he said on the sidelines of a halal forum in the Malaysian capital.

Foreign shareholding in Philippines’ banks is capped at 40 percent, he said.

Just over a tenth of the Philippines’ population is Muslim. The country’s largest Muslim separatist rebel group has been involved in a long-running insurgency that has killed 120,000 and displaced 2 million. (Click on [ID:nISLAMIC] for more Islamic finance stories and for a speed guide) ($1 = 43.310 Philippine Pesos) (Reporting by Liau Y-Sing; Editing by Kim Coghill)

Source : Reuters

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment

Islamic Wallpapers
We are Hiring
Join Community, Make Friends
Latest News
Urdu News
Hindi News
Kalima Shahada mentioned in Quran
Stories of Sahabah
Popular Quran Quotes
Random 40 Hadith
Modern Muslim Women & Challenges
Marriage & family in Islam
Muslim Women World
Health, Beauty and Islam
Latest Posts
Muslim Women Rights In Islam
Random Photo
  • Girl from Orissa, India
Bookmark and Share
Sponsored Links
  1. Surat Web Design
  2. Web Desgin Company
  3. Hindu Blog
Most Popular Video
Facebook Like
Recent Comment
About Muslim Wallpapers
Islamic Blog provides information about latest Islamic News and updates. The website also contains large number of Islamic wallpapers and photos. You can also get here Islamic knowledge. We have also collected information about latest and relevant Islamic subjects. Apart from this you can find glittering stories off Sahabah.
Copyright © 2022 All Rights Reserved.