First Islamic stock broking service launched

The firstUK stock broking service complying with Islamic law has been launched.

Britain's 1.8 million Muslims will be able to enjoy a tailored stock broking service which will be equipped to advise on whether an investment complies with Sharia law.

Under the law Muslims are forbidden from investing in any companies involved with alcohol, arms, tobacco, pork and gambling.

They are also forbidden from investing in big banks, as these make profits from charging interest on loans.

There has been growing awareness of the need to supply financial services toBritain's Muslim community.Last month, in a move welcomed by the Muslim Council of Great Britain, HSBC became the first big bank to offer a mortgage that complies with Islamic law.

This followed a report from market analyst Data monitor, estimating that demand for Islamic mortgages in the UK was so strong that gross advances could reach £4.5bn ($7bn) in 2006.

Taken From: http://news.bbc.co.uk/1/hi/business/3102299.stm

IDB asked to co-finance privatization

ISLAMABAD,

The finance ministry has recently asked the Islamic Development Bank (IDB) to invest inPakistan’s stock markets and co-finance privatization projects, an official at the ministry said Monday.

“We have asked the IDB in writing that it should invest money in Pakistan’s stock markets and also co-finance some privatization projects to earn a handsome profit,” the official said. “We have told them we don’t need loans at expensive mark-up rates, and instead these funds should be invested to earn quick profit through our stock markets and profitable privatization projects.”

The official said that some companies from the Islamic countries are keen to take part in thePakistan’s privatization program and the Islamic Development Bank should provide funds to them.

“We have indicated to IDB some financial institutions, telecom, oil, gas and power projects where the bank can co-finance,” he said.

The Karachi stock market is in the throes of a rally. The quantum of its capitalization has crossed Rs 740 billion and index also moving towards 4,000 points, the highest in the history, he said. “Several multinational companies and financial institutions have gained from the rising stocks inPakistan and the IDB too should join them to earn profit,” he added.

Taken From: http://www.dailytimes.com.pk/default.asp?page=story_29-7-2003_pg5_9

Germany: Annual Symposium to be held in August

Achen,

The Annual Symposium that is being held by the Islamic Cultural Center here will this year be held in August, and the theme this time will be “Islam and the West: Whither?”

The symposium is expected to tackle a number of topics relevant to the situation of Islam as it exists, the role of strategic studies centers in influencing decisions in the West, the attitude of European decision-makers towards Muslims, the attitude of the Islamic movements toward the European societies, international developments and their influence on Islamic Thought, Palestine and the developments in the world, and several other topics.

Participating in the symposium would be a number of intellectuals from Syria, Jordan, Egypt and several other countries, and its organization is the result of efforts by the Achen Islamic Cultural Center and the European Federation of Muslim Students, and the Federation of European Muslim Workers.

Taken From: http://www.islamicnews.org/english/en_daily.html