“Islamic banks continue to be awash with liquidity. The global supply/demand gap is expected to peak in 2014, amid strong demand for compliant investment products by Islamic investors and a need for quality products to meet regulatory demands. Global Sukuk issuance in 2013 fell 8.9 per cent from the previous year, totalling $119.7 billion. With demand for Shari’ah-compliant instruments so high, it’s the lack of effective liquidity management that’s holding back the growth of the global Islamic market
The International Bank of Azerbaijan -- a major state-owned bank holding at least 40 percent of all bank assets in the country -- has become the first among European banks to introduce the Islamic card on September 25.
IBA Islamic Banking Department head Behnam Gurbanzade said that the Qibla card, which complies with the rules of Islamic banking, will be released into circulation in the near future. The cost of the card is 40 manats.
A Canadian Islamic financial institution is launching Canada's first "halal-approved" credit card this month and will also offer it to US Muslims by year end, its president told AFP on Tuesday. The iFreedom Plus MasterCard meets the requirements of Sharia law, which prohibits usury, by being prepaid and therefore interest-free, said Omar Kalair, president of Toronto-based UM Financial.