Steps towards Islamic banking
Research into the implications inherent in the regulation of banking activities based on Islamic principles, as well as the accounting of such activities, is still ongoing, Finance Minister Tonio Fenech told Parliament in reply to a question by Labour MP Leo Brincat. Such research involved close examination of various banking aspects in the context of current legislation, regulations and legal principles at local, European and international levels.
Mr Fenech said one should appreciate that this was a long-term project, and anybody would be wrong to think that it was an easy project or that it should be quickly finalised.
The Malta Financial Services Authority had finalised and published a Guidance Note on Sharia Funds in March. The guidance note explained how Islamic investment funds could be set up and managed within the Maltese legal framework.
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C.A.Magdi
May 26th 2010, 18:31
For those who are interested to know more, this site gives a vast information about the Islamic banking, Shariah Law.
http://www.islamic-banking.com/what_is_ibanking.aspx
Miguel Micallef
May 26th 2010, 11:54
From MFSA's own site (http://www.mfsa.com.mt/files/announcements/consultation%20papers/files/Sharia_FEEDBACK_STATEMENTfinal.pdf) :
The conclusion reads:
"The ultimate goal of this Expert Group will be to ensure that Malta has a regulatory and
legislative system that appreciates and recognises the specific needs of Sharia Institutions
such that MALTA BECOMES A DOMICILE OF CHOICE FOR THE SETTING UP OF SHARIA INSTITUTIONS."
Which other Sharia Institutions will be set up?
I call on the president of Malta to apologize for his MISTAKE during the 'pope welcoming speech' , and to declare Malta's wish to move away from a THEOCRATIC state before it's too late! As I've been saying for far too long, catholics in Malta need to realize that they will not always be the majority, are they ready to accept muslim law in the next few years? If not, I really suggest to you to embrace the secular way of life to ENSURE YOUR OWN FREEDOM IN THE FUTURE. Remember, secularism means freedom for all religion. Theocracy means freedom for what is perceived to be the current religion, but persecution against all else. I know which one I'd prefer any time, any day, no matter my religion.
Miguel Micallef
May 26th 2010, 11:27
Anyone cares to elaborate? What is this all about? What changes will be made, and to the benefit of whom? How will this affect the normal people in the street?
Dave Alan Caruana
May 27th 2010, 10:05
It will effect Islamic people by giving them access to equivalent financial services to what everyone else gets within the limitations of Sharia. C.A.Magdi has posted an interesting link on the subject.
Please choose the reason of your report below: