Islamic money market group meets in Bahrain<\/p>\n
Board members of a planned International Islamic Financial Market
\nheld their first meeting on Tuesday in Bahrain to discuss steps
\nto set up the market in the Gulf's financial and banking hub.<\/p>\n
Regulators said monetary authorities from Bahrain, Sudan,
\nIndonesia, Malaysia and Saudi-based Islamic Development Bank
\n(IDB) would discuss ways of issuing Islamic instruments to meet
\nliquidity requirements of Islamic banks and finance houses.<\/p>\n
"There is a need to mobilize more resources," IDB President
\nAhmed Mohammed Ali said.<\/p>\n
"It is the duty of all financial institutions to initiate
\ninstruments to facilitate mobilization of resources."<\/p>\n
The small but growing Islamic finance industry constitutes
\naround 200 institutions managing an estimated US$170 billion in
\nfunds.<\/p>\n
Bankers say one of the main problems for Islamic banks is a
\nlack of means to manage their day-to-day liquidity requirements.<\/p>\n
Islamic banks ban payment and receipt of interest as it is
\nconsidered usury by many Muslims. Instead, they generate profits
\nfrom approved trading and investments. -- Reuters<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/islamic-money-market-group-meets-in-bahrain-1447899208",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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