Mohamed Ali Elgari

Standard Chartered Bank launches first Islamic Euro Nostro Account

The industry's first Islamic Euro Nostro Account has recently been launched by Standard Chartered Bank. It will allow Islamic banks across the world to earn profits on their account balances, respecting the general rules of Murabaha. Bank Alfalah Limited from Pakistan was the first bank which has signed an agreement with Standard Chartered Bank.

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Goldman faces new controversy over Islamic bond

Goldman Sachs' controversial $2 billion Islamic bond programme faced a fresh challenge as it appeared that at least two scholars named as potential approvers had not even seen the prospectus.
Asim Khan, an adviser to Goldman on the issue which needs approval from sharia scholars to be continued, confirmed media reports that three of the eight scholars listed as potential approvers had not responded to requests to support the issue, but he added that their lack of co-operation had no bearing on its sharia credentials. The three who had not responded are Daud Bakar, Sheikh Abdullah Bin Sulaiman Al Manea and Mohamed Ali Elgari.

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