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Monday, 3 September 2007

Council To Name Islamic Banks That Fail To Follow Rules

KUALA LUMPUR -- The General Council for Islamic Banks and Financial Institutions will name the Islamic banks that fail to adhere to proper rules, its president Datuk Seri Sheikh Saleh A. Kamel said today.Worldwide, there are 350 Islamic banks in 75 countries, out of which 121 Islamic banks are members of the council, he said, adding that both members and non-members will come under the council's scrutiny."We are not happy with (some of the tools) being used by some of the Islamic banks," he told reporters on the sidelines of the "International Forum on The Makkah Declaration: Implementing the Economic Agenda of the Muslim World".However, he declined to elaborate on the tools, saying that the matter will be deliberated at the General Assembly of Islamic Banks in Jeddah, Saudi Arabia, soon.After the deliberations, the banks will be given a one-year timeframe to rectify the situation and if they fail to do so, their names will be made public, he added.On another development, Saleh said he hoped that an international organisation for zakat will be established in Malaysia before year-end.As for the Makkah Declaration, he said that it will change the economic face of Islamic nations within the next 10 years.The Makkah Declaration, among others, aims to revitalise ethical values in trade transactions and alleviate poverty in the Organisation of Islamic Conference (OIC) countries. - (Bernama 3 Sep 07)
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