Children to be taught Islamic finance in school

The National

Schoolchildren in Abu Dhabi and Al Ain are to receive a new lesson in life: Islamic finance.
Al Hilal Bank has teamed up with Emirates National Schools to offer special Islamic banking and economics courses on the school curriculum, as part of a push by the Ministry of Presidential Affairsto promote financial literacy.

The bank hopes fostering awareness of Islamic finance among young children will help it participate in Abu Dhabi 2030 Economic Vision development plan, said Mohammed Berro, the bank’s chief executive.

“We have a role to play as a bank, as an Islamic bank that makes sure that the new generation of 2030 is well versed financially, in Islamic banking, and will take Abu Dhabi – inshallah – to more successes after 2030,” he said

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Libya Hoping to Implement New Islamic Banking Plans by End of Year

tripolipost.com

The Libyan central bank governor Saddek Omar Elkaber said Monday, that Libya hopes to start implementing its new Islamic banking law by the end of the year and expects strong demand among the public for sharia-compliant financial services.

The country has been working to amend its legislation about an Islamic banking law to attract foreign investment and stimulate its private sector following last year’s war that ousted Muammar Gaddafi since last May when it approved the Islamic banking law.

Elkaber is reported by Reuters telling journalists on the sidelines of an Arab central bankers’ conference in Kuwait, that the demand is so high in Libya, as such, it has decided to set up a higher committee for Islamic finance…”Now they are working to set up a road map for Islamic finance in Libya,” he added.

Asked when Libya might be able to start implementing the rules, he said: “Hopefully very soon. Hopefully this year.”

He went on to say that the Libyan authorities envisaged several options for Islamic banking services. One would be to allow conventional banks to open branches or windows for Islamic finance, while another would be permitting conventional banks to become Islamic. Libya is also looking at introducing a special licence for Islamic banking, he said.

But, he added, the licensing option is still under discussion because authorities have yet to agree on capital requirements.

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