Thursday, April 19, 2007

Malaysia sees first Sharia funds transfer system

From Middle East Times

A Malaysian firm and Saudi Arabia's Rajhi Bank have created the world's first electronic funds transfer system to comply with Islamic financial principles, company officials said Thursday. Rajhi and Kencana, a Malaysian electronic service provider, said that they had collaborated on the system, known as the Islamic Payment Switch (IPS), which will be ready by July. Rajhi said that its first application would see the issuing of a prepaid or debit card to enable customers to transfer funds between Malaysia and Saudi Arabia ... Islamic finance fuses principles of Sharia, or Islamic law, and modern banking.

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