Al Yusr Islamic Banking Service strengthens offering with Ijara home finance

In line its commitment to develop innovative and modern banking solutions that fully serve the needs of its customers, Al Yusr Islamic Banking Service of IBQ , announced the launch of its Al Yusr Ijara home finance solutions. Developed under the Ijara “Muntahia Bittamleek” structure, Al Yusr Ijara home finance provides customers with highly rewarding benefits and features, including competitive profit rates, simple and easy approval process, and a high level of personalised service from the bank’s specialised team of professionals.

The launch of Al Yusr Ijara home finance marks the fourth new product offering from the banking service within four months, following the recent successful launch of its Car Murabaha, personal Finance solution and Super Savings Account. Al Yusr Ijara home finance also marks the first of a wide range of innovative Islamic finance solutions planned for launch in 2010. The financing solution is available to all nationals looking to purchase property throughout Qatar.

“As the latest addition to our line of innovative banking solutions, the Al Yusr Ijara home finance product completes our Islamic banking suite, which now includes savings, investment and financing products,” said Hassan Al Mullah, Head of Islamic banking. “We committed ourselves to consolidating our Islamic product offering last year, and I am glad to note that all our products have met with an exceptionally encouraging response. That the bank’s customer base grew by nearly 45 per cent in the last quarter of 2009 is a testament to our continued success in developing the right solutions that truly meet the needs of our current and prospective customers.

“Our range of Islamic solutions is not only dynamic in structure, but also offers maximum security in that it is monitored by a Sharia board at every stage. In 2010, we plan to continue this momentum by developing more innovative and contemporary banking solutions that deliver optimal value, while maintaining the highest standards of Sharia compliance,” said Al Mullah.

Al Yusr Islamic Banking Service’s first retail panch was launched in May 2009 and offers a comprehensive range of banking and finance products to suit all needs.

Source : Kuwaitobserver

AAOIFI’s Standards in Russian Language

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI ), the international standard-setting organisation for Islamic finance, is cooperating with the Mufties Council of Russia to translate AAOIFI ‘s international Islamic finance standards into Russian language.

The translated standards are expected to help regulatory authorities and financial institutions in developing Islamic finance in jurisdictions that use Russian language as their official language. project for the translation is already under way with the first group of standards to be translated by end of Fepuary 2010.