Sources say British lender is refocusing on core business, stepping away from Sharia products
Capital's head of Islamic products left the company in January, as the British
bank refocuses its attention to core businesses, two sources familiar with the
matter said on Monday.
Irfan, who joined the company in July 2009, headed global Islamic finance
operations for Barclays Capital, Barclays Wealth and Barclays corporate
focus of the organization has changed back to its core operations and Islamic
finance wasn't seen as part of its core business," said one source
familiar with the matter.
will carry on providing the Islamic finance services but in a different way
without a global figurehead with expertise in Islamic finance."
spokesman for Barclays declined to confirm Irfan's departure or comment on the
matter. Irfan also declined to comment, referring the matter to the company.
role of Islamic finance in conventional banking has increasingly come under
scrutiny in recent days.
central bank stunned the industry last week when it asked conventional lenders
to close down their Islamic operations amid worries that mixing Islamic and
conventional banking could lead to difficulties in financial reporting.
This is fine. It makes no difference to anything anyway. The practice of so-called Islamic Banking by conventional banks is driven only by the cynicism of the bankers coupled with scholars who do not understand the essence of the financial system.
"Islamic Banking" in the current form, whether practiced by a conventional bank as an opportunistic sideline, or by banks which put the word "Islamic" in their title, is an idiotic oxymoron.
completely agree - a costly inefficiency for markets that has little to do with the true principles of Shari'ah