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ISLAMABAD: The non-bank financial institutions (NBFI) and Modaraba Association of Pakistan (MAP) Tuesday stressed the need for comprehensive system of Shariah compliance to keep intact the confidence of the stakeholders in the Islamic financial system.

While clinging to its present marginal position in the mainstream of global financial markets, Islamic banking and Islamic finance has a long way to go to transform itself into a major player, mainly through standardization, uniformity, governance, transparency and innovation, in addition to consolidation.

Investment in stocks is permissible in Islam. However, forwards, futures, options, swaps, short selling etc in stock trade cannot be used.

KUALALUMPUR: Malaysia, Islamic personal loans hovered as customers' utilized telephone for their financing. Al Hadj Azahari Pawan Teh- Chief Operating Officer IDOTTV said, "Loans backed by airtime business currently expanded to 1 million ringgit but this business is expected to expand to 100 million ringgit per day in upcoming year."

KUALA LUMPUR: Banks from Japan to Bahrain plan to set up offices in Malaysia to take advantage of the growth in Islamic finance assets in the world's biggest sukuk market.