Mg at 08:33, 23 February 2010

2010-02-23T08:33:08Z

New page

Islamic Window is called a department of a conventional bank offering Islamic financial services.

Conditions for the validity of such an offering are:

1. Complete Segregation of Funds

2. Sharia Supervisory Board ([[Sharia Board]])

3. Management Fully Convinced of Islamic Concepts

4. Safeguarding Muslim Investors’ Funds Against Negligence,Trespass and Fraud:

5. Compliance with the Standards of the Accounting and Auditing
Organization for Islamic Financial Institutions ([[AAOIFI]])

==Critics==

Full Islamic banks are more trustworthy for Muslim clients if products are the same.

==Regulation==

Depending on the jurisdiction, offering of Islamic financial products might be regulated in different ways.

==References==

Motaleb, Muna. [http://www.pbpress.com/controlPanel/download.php?id=220 ‘Islamic windows’ – Segregation of business lines], June 2008.

Yaquby, Sheikh Nizam. [http://www.failaka.com/downloads/Requirements%20for%20Conventional%20Banks.pdf "Sharia Views: Requirements to be Fulfilled When Conventional Banks Set Up Islamic Banks, 'Windows' or 'Islamic Funds'."] August 31, 2000.

Zubair, A. and Alaro, A. A. [https://www.unilorin.edu.ng/unilorin/publications/Legal%20and%20Operational%20Frameworks%20of%20Islamic%20Windows.pdf Legal and Operational Frameworks of Islamic Windows in Conventional Financial Institutions: Nigeria as a Case Study"], October 6-8, 2009.

Islamic Window - Revision history

Mg at 08:33, 23 February 2010