The Islamic banking industry may have expanded swiftly in recent years, but the avenues of Shariah-compliant investments available to it remain limited.
While conventional banks can invest in an array of governmentbacked securities, ranging from long-term Pakistan Investment Bonds (PIBs) to short-term treasury bills (T-bills), Islamic banks and banks with Islamic window operations still lack a Shariah-compliant alternative of T-bills.
However, sources in the Islamic banking industry say significant progress has been made in creating a Shariahcompliant investment instrument that will help Islamic banks park their liquidity in the short term.
Most Popular Stories
- GE Healthcare Bringing Jobs to Massachusetts
- Apple Stock Bounces Back Big Time
- Faith Groups Divest From Fossil Fuels
- Spiders Get Bigger, Reproduce Faster in Cities
- James Foley Beheading Video Is Real Thing: White House
- Entrepreneur Contest Announced in Idaho
- Why BofA Won't Pay $17 Billion After All
- Notes From the July FOMC Meeting
- James Foley Killer Could Be ID'd Via Social Media, Voice Recognition
- Obama Weighs Move on Legal Immigration