First Moroccan Islamic Bank To Open In 2016: Official

Rabat - Abdul Latif Aljwahiri, the governor of Bank-Al-Maghrib, Morocco’s central bank, has announced on Tuesday that the country’s first financial institution fully compliant with the principles of the Islamic Sharia (law) will open in 2016. Unlike earlier re...

What Is Riba

The literal translation of the Arabic word riba is increase, addition or growth, though it is usually translated as 'usury'. While English speakers usually understand usury as the charging of an exploitative interest rate, the word 'riba' in Arabic applies to ...

First Islamic Bank In Germany To Open In July

Germany is to get its first fully operational Islamic bank on July 1. Opened by the Turkish finance group Kuveyt Turk it will provide Sharia compliant banking services. “This new achievement will open vast areas of business and investment in Europe’s largest e...