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Tunisia launches its first Islamic Bank

5/29/2010

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The son-in-law of Tunisia's president launched the country's first Islamic bank on Friday to tap into growing demand for alternative finance and investment products in the secular-leaning country.

North Africa has begun to embrace Islamic finance after years watching from the sidelines, partly to channel more Arab Gulf petrodollars into the region.

Sharia-compliant finance bans the receipt of interest and investments in companies dealing in alcohol and gambling. The global industry is estimated to be worth around $1 trillion, according to sector analysts.

Azzitouna Bank, set up with capital of $30 million, will develop Islamic loan and saving products for businesses and individuals, said Sakher Materi, who is married to the daughter of 73-year-old President Zine al-Abidine Ben Ali.

"Azzitouna Bank will develop a comprehensive and innovative range of banking products and services ... in accordance with the principles of Islamic finance," Materi said.

Materi leads Princesse Holding, which contributed 51 percent of the capital with the rest shared by local partners. Capital is expected to grow to $71 million in 2011, he said.

The bank is starting with nine branches and managers want to grow to 20 next year.

State news agency TAP said Azzitouna would have a mission to promote commerce across the Maghreb. North Africa has one of the weakest levels of cross-border trade in the world
.

Tunisia has one of the most open economies in the region and attracts substantial investment from the European Union, something that is expected to accelerate after 2014, when the government has said it will make the currency fully convertible.

Tunisia and Morocco authorised Islamic finance in 2007, partly to channel more investment into their fast-growing tourism and real estate industries.

Several Moroccan banks now offer Islamic finance products but they have been slow to catch on, with some consumers complaining of uncompetitive commercial terms. Islamists have blamed the government for deliberately hindering their growth.

Source : Reuters
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  • Home
  • News
  • The Islamic law
    • Socio-economic Justice
    • The ownership of wealth
    • Prohibition of Riba, Maysir and Gharar
    • Zakah
  • Islamic Economics
    • Shareholding in Islam
    • Loans and debts in the Sharia'h
    • The Islamic Development Bank
  • Islamic Finance
    • Financial intermediation
    • Islamic accounting
    • Financial statements analysis
    • Regulation and Supervision
      • Shari’ah Boards
      • Operations within the conventional system
    • Islamic Commercial contracts
      • Relationship with central banks
      • Valid transactions
      • Mudarabah
      • Musharakah
      • Diminishing Musharakah
      • Murabahah
      • Salam
      • Istisna'a
      • Ijarah
      • Wakalah
      • Other contracts
  • Islamic Banking Operations
    • Starting an Islamic Bank
    • Commercial transactions
    • Deposits
    • Islamic credit cards
    • Fee-based services
    • Letter of Credit
    • Bank Guarantee
    • Modes of financing and investment
      • Ijarah financing
      • Musharakah and Mudarabah certificates
      • Diminishing Musharakah
      • Replacing interest-based lending
    • Capital Market Operations
      • Islamic Unit Trusts
      • Islamic Fund Structures
      • Investment screening
      • Islamic Market Indexes
      • Islamic ETF
      • Venture Capital
      • Foreign exchange
  • Sukuk
    • Sukuk structures
    • Controversy
    • Indexation of financial obligations
    • Risks underlying Sukuk
  • Takaful
    • Takaful Agreements
    • Takaful models
    • Areas of Takaful
    • General insurance
    • Life insurance
    • Reinsurance
    • Corporate Governance
  • Video Zone
  • Events Agenda 2016
    • Events Agenda 2015
    • Events Agenda 2014
    • Events Agenda 2013
    • Events Agenda 2012
    • Events Agenda 2011
    • Events Agenda 2010
  • Glossary
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  • 404