Word: kanafani
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Dates: during 2000-2009
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...eager to capitalize on this lucrative market. While Bahrain's Noriba is operating exclusively under Shari'a principles, several others - HSBC, Citibank, Commerzbank and BNP Paribas - provide Shari'a-compliant services along with conventional ones. UBS won't disclose its projected future profits in Bahrain. But Noriba ceo Toufic Kanafani says, "If we didn't see the potential for Islamic banking, we wouldn't have opened this bank. The demand for competent Shari'a products and services is growing continually." Until the 1970s, banking in the Islamic world was largely confined to the informal hawala system, under which money...