ABC Islamic Bank
Encyclopedia
ABC Islamic Bank is a Joint Stock Company that provides investment banking services and asset management services in accordance with Islamic
principles. It is a wholly owned subsidiary of Arab Banking Corporation.
Formerly Known As ABC Investment and Services Company until March 1998 Established on 1987.
In March 1998 ABC Investment & Services Co. (E.C.) was converted into a fully fledged Islamic entity and was consequently renamed ABC Islamic Bank (E.C.), with the express purpose of reassuring customers and counterparties of the continued purity and integrity of its Islamic products and services.
ABC Islamic Bank is supported by the ABC Group’s extensive global network, which includes ABC IB Islamic Asset Management in London in addition to ABC branch offices, subsidiaries and affiliates across the globe.
Islamic banking
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...
principles. It is a wholly owned subsidiary of Arab Banking Corporation.
Formerly Known As ABC Investment and Services Company until March 1998 Established on 1987.
- subsidiary companies:
- ABC Clearing Company
- ABC Islamic Fund
Background
Arab Banking Corporation (ABC) launched its Islamic Banking Division through ABC Investment & Services Co. (E.C.) a wholly owned subsidiary, based in Bahrain in 1987. The objective was to establish a leading Islamic banking unit, which conformed completely to Shari’a principles.In March 1998 ABC Investment & Services Co. (E.C.) was converted into a fully fledged Islamic entity and was consequently renamed ABC Islamic Bank (E.C.), with the express purpose of reassuring customers and counterparties of the continued purity and integrity of its Islamic products and services.
ABC Islamic Bank is supported by the ABC Group’s extensive global network, which includes ABC IB Islamic Asset Management in London in addition to ABC branch offices, subsidiaries and affiliates across the globe.