Ithmaar Bank Case Study
In 2003, Shamil Bank purchased all the assets and liabilities of FIBEC. Shamil Bank then sold the entire share capital of FIBEC to DMI and the name was changed to Ithmaar Bank.
In 2006, Ithmaar Bank acquired a 60% shareholding in Shamil Bank of Bahrain, an Islamic commercial and investment bank.
In 2008, Ithmaar Bank announced its purchase of 19.1% of the issued and outstanding share …show more content…
Automatic renewal option.
Account key benefits:
Free monthly eStatement of account.
Monthly profit payments.
Enhanced Premier debit card and Platinum credit card
All Ithmaar Premier members are provided with enhanced credit and debit card services.
Personal Relationship Manager
At Ithmaar Bank, Premier service means personal service. As a Premier client, your preferred status ensures the utmost attention and expertise from your specially appointed Premier Banking Relationship Manager.
All Ithmaar Premier members will be automatically enrolled in the MasterCard Moments Program which includes numerous benefits, privileges, and discounts from prestigious brands all around the world.
It assists in financial inclusion
The conventional banking system is based on paying interest at a pre-determined rate on deposits of money.
Reducing the impact of harmful products and practices
Shariah principles forbid any investment that would support industries or activities that are considered harmful to the people and the society in general.
It promotes the principle of financial …show more content…
Companies whose financial practices and operations are too risky are usually kept away by Islamic financing companies
Accelerating economic development
Islamic finance companies certainly have profit creation and growth as their objectives. For which, they choose to invest in businesses based on their potential for growth and success.
Trusteeship: humans are accountable to God for the uses they make of these resources.
Care for others: it goes naturally with trusteeship, since in caring for other, one also serves God.
Application of the Shari’ah ruling to business: remove the causes of social tension or litigation and promote a climate of peace and goodwill.
Protection of consumers: protects from all the prohibited services such as interest.
1) Adequate allocation of resources for infrastructure development :
So as with meet those expanding requests of a advanced Furthermore complex market, fiscal foundations must continually put resources into the supporting foundation that pushes innovative work for upgrading those limit to advancement. Consideration also necessities will be given of the connected methodology to islamic fund Also its advanced act.
2) Issuance of Shariah