Dayax Islamic Bank opens Branch In Xamar

[Executive]

They are expanding Mashallah

They have got branches in Bosaso, Galkacyo, LaasCanood, Garowe and now Xamar

http://www.hiiraan.com/news/2009/Jun/wa ... 0-6870.htm

http://www.dayaxislamicbank.net

[shaamboo]

it`s matter of time untill the FBI shuts down. wait and see

[AbdiWahab252]

it`s matter of time untill the FBI shuts down. wait and see

Only invest in Bank of Dhiigshiil

[Voltage]

How do banks make money in Somalia when liquid assets are handled using the Hawala system?

[Executive]

How do banks make money in Somalia when liquid assets are handled using the Hawala system?

Profit sharing Schemes mainly they called it Mudharabah, contracts and financing facilities based on Murabaha(asset financing method), Ijarah(leasing) and so on, they also invest in projects such as real estate...Also safe keeping and joint ventures.

They did open 10,000 accounts in there first year i think so there is a lot of demand for there services.

I have got this book about Islamic banking I read it when I was a novice to the field, I let my father who was Banker have a look at it. He thinks a lot of the concepts used in modern islamic bankings are flaw and the same as conventional banking. Its like Xalal pork but at least its better than fully riba based banks.

[black velvet]

I have got this book about Islamic banking I read it when I was a novice to the field, I let my father who was Banker have a look at it. He thinks a lot of the concepts used in modern islamic bankings are flaw and the same as conventional banking. Its like Xalal pork but at least its better than fully riba based banks.

Some guy I work with was doing research into it - safe to say he was not amused, he thinks Islamic Bank of Britain are a bunch of hypocrites. Do you know how much Sharia advisors earn Hyper should do that

[Executive]

I have got this book about Islamic banking I read it when I was a novice to the field, I let my father who was Banker have a look at it. He thinks a lot of the concepts used in modern islamic bankings are flaw and the same as conventional banking. Its like Xalal pork but at least its better than fully riba based banks.

Some guy I work with was doing research into it - safe to say he was not amused, he thinks Islamic Bank of Britain are a bunch of hypocrites. Do you know how much Sharia advisors earn Hyper should do that

yeah They could earn as much as the Directors. There aren't that many of them so you could see one "Sheikh" being part of the Sharia Supervisory Committee of several banks.

[Ka darag]

U CAN GET ISLAMIC STUDENT ACCOUNTS

[Executive]

U CAN GET ISLAMIC STUDENT ACCOUNTS

But not a islamic student loan, useless

[Voltage]

How do banks make money in Somalia when liquid assets are handled using the Hawala system?

Profit sharing Schemes mainly they called it Mudharabah, contracts and financing facilities based on Murabaha(asset financing method), Ijarah(leasing) and so on, they also invest in projects such as real estate...Also safe keeping and joint ventures.

They did open 10,000 accounts in there first year i think so there is a lot of demand for there services.

I have got this book about Islamic banking I read it when I was a novice to the field, I let my father who was Banker have a look at it. He thinks a lot of the concepts used in modern islamic bankings are flaw and the same as conventional banking. Its like Xalal pork but at least its better than fully riba based banks.

Lol @ Xalal pork. O.K be patient with me banking is not my forte but if these guys do not take or give loans, how did they jumpstart their capital and exactly HOW do you make money from your clients without charging interest?

[black velvet]

Apparently if you want to borrow let's say £1000 from IBB you need to already have £1000...which kind of beats the point

[Executive]

Lol @ Xalal pork. O.K be patient with me banking is not my forte but if these guys do not take or give loans, how did they jumpstart their capital and exactly HOW do you make money from your clients without charging interest?

They have got Malaysian investors.

Its all based on equity instead of interest. They get a share of your profits or charge you fees for providing financial services.

I'm just going to summerise some of the ways they make money.

Ijaaara - A method of financing, by way of Hire-purchase. It is a contract under which the Islamic bank finances equipment, building or other facilities for the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period, the ownership in the asset would be transferred to the lessee. Some islamic mortgages work in this way, you rent the property of the bank until its yours.

Murabah - A form of partnership where one party provides the funds (the Islamic Bank) while the other provides expertise and management. Any profits gained are shared between the two parties on a pre-agreed basis, if a loss accrues the bank will be liable.

Mudharabah - Also a financing technique, it can involve a request by the client to the bank to purchase a certain item for him. The bank does that for a definite profit over the cost which is specified in advance.

Wakhala (Safe Keeping) - They safe keep your assets such as gold or do something on your behalf for a fee.

Joint venture (forgot the arabic name for it) - A fair partnership with 2 or more partners.

Takaful (Type of Insurance that is Sharia compliant) - Just like a normal insurance but it meets the sharia requirements, I don't know the exact requirements.

Deferred payment sale - Say for example you want to buy a car and it costs 20k but you haven't got the money yet. I tell you pay me 25k over 3 years. This is allowed and its not considered to be riba cause the price you are buying is pre-agreed and doesn't increase with time.


Black Valet

There is a famous saying that goes like this, Bank's only lend you money if you prove to them that you don't need it.

[Dhaga Bacayl]

Deferred payment sale - Say for example you want to buy a car and it costs 20k but you haven't got the money yet. I tell you pay me 25k over 3 years. This is allowed and its not considered to be riba cause the price you are buying is pre-agreed and doesn't increase with time.

R U kidding me. How is that different from going to my local bank to gey a morgage knowing that how much my house will cost in 20 yrs with FIX interest rate?


Like you said...this is XALAAL pork.

[Executive]

The difference is if you take out a mortgage, you will pay the principle amount plus the interest. However under the Deferred payment sale you have a pre-agreed price so you will only pay the principle.

If you take out a mortgage with a conventional bank on fixed interest rate, the interest payable will depend on the length of the mortgage. What if you finish paying your morgage off in 15 years? you interest will be less and more if it takes you 25 years.

But with a Islamic bank you only pay the principle. No other charges. Thats what makes the transaction valid. You have agreed to a price that doesn't change.

[military-mind]

Dreams are Dreams