INDONESIA - EVENTS - High level conference - RAJA NAZRIN: Indonesian and Malaysian financial centers can look into products for lower income groups

JAKARTA, July 18 (Bernama) – The Indonesian and Malaysian Islamic financial centres can look into developing productive Syariah-based instruments such as micro-financing tools, incorporating Qardhul Hassan (or benevolent loans), Zakat and Sadaqah to channel financing to and facilitating the economic participation of the lower income groups, said the Raja Muda of Perak, Raja Dr Nazrin Shah. (source)

BANKING - All that glisters for Bank Rayat Syariah

Local press is reporting that Indonesia’s Bank Rayat Indonesia Syariah – the Shari’ah compliant subsidiary of stateowned Bank Rayat Indonesia – has launched a new product that will allow customers to buy gold
as an investment in installments.

BRI Syariah hopes that by offering customers the opportunity to buy the physical commodity in small quantities as an investment that it would be able to attract new people from a broader demographic
into the Islamic banking fold. (source)

FINANCE - PAWNBROKING - From gold to cash the Islamic way

DELEGATES from various financial institutions delivered their deliberations yesterday at the Asean Regional Ar-Rahnu Secretariat Meeting 2010 to share ideas and discuss issues related to Ar Rahnu.

Organised by Bank Islam Brunei Darussalam (BIBD), the meeting was hosted in the Sultanate for the first time since the local Islamic bank became a member of the Malaysia-based Ar-Rahnu Regional Secretariat.

Ar-Rahnu is an Islamic and Syariah-based pawn broking service which provides customers with financing assistance using gold as collateral.