Sth Korea’s Woori makes country’s first financial transaction with an Islamic bank
South Korea's state-owned Woori Bank says its financing worth $10 million to Qatar Islamic Bank on Jan 11 was the East Asian country's first ever Shariah-compliant banking transaction, reported The Korea Times.
The murabahah financing was made through Woori's Bahrain branch.
The financing with QIB is aimed at securing new income sources overseas and cushioning the impact of market volatility on the domestic market as a result of a series of expected U.S. rate hikes, said the report.
Continue reading
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Joined by 12,000+ Islamic economy professionals
Create a free account
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
