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In Brief

In Brief

Islamic banking and finance
Islamic banking and finance, which respects sharia laws banning usury, is growing fast and will continue to do so, international credit ratings agency Moody's Investors Service said on Tuesday.
It said the Islamic finance market had grown 15 percent in each of the past three years, with global volumes at US$65.74 billion dollars by the end of 2007.
The market has shown no sign of slowing down, reflecting in part the huge revenues the Middle East states are generating from their oil and gas exports, it added.
Islamic banking fuses principles of sharia or Islamic law and modern banking but Islamic funds are banned from investing in companies associated with tobacco, alcohol or gambling considered taboo by Muslims.
Pakistani stocks
Pakistan's stock market closed at a record high yesterday, breaking through the 15,000 point barrier amid hopes for political stability after last week's elections, dealers said. They said the bourse had risen sharply since the February 18 election, which saw Pakistani President Pervez Musharraf's allies suffer a crushing defeat.
The benchmark Karachi Stock Exchange index of 100 shares rose 0.76 percent or 108 points to close at 15,056 points, a new all-time high. The market has seen an overall gain of 4.7 percent or 703 points since it resumed operations a day after the crucial vote.
UK casino plans
The British government is set to formally lay out plans on yesterday for 16 large casinos across the country, including a requirement that the gambling industry make a multi-million pound charity payment, political and industry sources said.
Sports minister Gerry Sutcliffe will tell the gambling industry it needs to ensure 4 million British pounds (US$7.9 million) a year is paid to RIGT, The Responsibility in Gambling Trust, or the government will look to introduce some form of mandatory payment, a source said.
Currently, only about 10 percent of Britain's 3,800 licensed gambling operators, including bookmakers, bingo halls and online gaming companies, pay money to RIGT, an independent trust given voluntary funding by the gambling industry to research problem gambling.


Updated : 2021-06-12 19:51 GMT+08:00