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Many international transactions require exchange of foreign currencies. The transactions could be related to travelers’ checks, cash, drafts, drafts, fund transfers, remittances, investments, or trade. In […]

Letters of Credit (L/C) are commonly used documents in international trade. L/C is a form for guarantee by the bank to the exporter or seller that […]

LIBOR as a bench-mark Since Islamic banking is centered on the avoidance of riba or interest based transactions, any mention or reference to interest raises doubts. […]

Credit cards are an essential element of modern life and Islamic banks have to provide this service in order to stay competitive. Most credit cards allow […]

Mudarabah or profit and loss sharing account is a common feature of Islamic banking. The customer provides the capital and the bank acts as the Mudarib […]

Islamic banks provide current accounts for customers to safeguard their cash and to pay for their day to day life expenses. This cash is a trust […]

Although Islamic banks cannot provide interest based accounts with fixed incomes, there are products available which provide fixed or quasi-fixed incomes without compromising Shari’ah principles. Islam […]

Commercial banks are important pillars of the modern economy. They serve as the intermediaries for the financial system. The banks are “for profit” organizations and generate […]

The central banks manage the fiscal policy of a state or group of states. They control the money supply and supervise the activities of member banks. […]