Pakistan Observer

New Islamic financial products

Al Baraka Islamic Bank announced the introduction of new Islamic financial products. Furthermore, it will open several new branches in Pakistan with the purpose to facilitate the consumers of Islamic products. According to Adnan Ahmad Yousaf - president and CEO of Al Baraka Islamic Bank - Islamic banking is a modern alternative way of banking today and continuously attracts funds. Its aim is to generate economic activity and to spread money throughout society.

BoK Raast Islamic Banking starts operations in Topi

According to the Managing Director if Bank of Khyber (BoK) - Bilal Mustafa - the bank is committed to cater the banking requirements of all segments of society. He further added that, for the purpose of encouraging the economic developmental activities in the region, the bank is providing Islamic as well as conventional banking & financial requirements. Bilal Mustafa made a statement at the formal inauguration of BoK Raast Islamic Banking branch at Main Bazzar Topi District Swabi. Other notable people in the areas of Islamic banking and the business community attended the inauguration ceremony. Some of the bank's plans revealed at the event are increasing branch net-work by establishing more branches by December 2012 as well as further enhancement next year.

Islamic Bank of Asia aims to localise Tawarruq transactions

The Islamic Bank of Asia, (IBA) a venture of Singapore’s DBS Group Holdings Ltd., aims to stop using London Metal Exchange transactions.The bank is in talks with Olam International Ltd. to use its trading in commodities such as rice, coffee, cotton and cocoa as the basis for financing.

Vincent Cook is CEO.

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