IslamicFinance.de

UBS recently closed the bank account of Islamic Relief. Because of nervousness about counter-terrorist regulations, the charity organisation is under constant scrutiny by other banks. Incoming as well as outgoing transactions are stopped on a daily basis. It is yet not known whether this is a temporary measure or a permanent one. Since 9/11, Islamic Relief and other similar charities have been object of high scrutiny and had to explain themselves at every juncture.

Several banks in the Gulf region are considering launching Islamic bond, or sukuk, funds, some likely in the first half of the year, a top fund manager said on Wednesday.

Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced Tuesday that it has bought back US$ 9 million of its sukuk during the 4th quarter of the year.