First Global wins consultancy bid for Abu Dhabi Commercial Bank

First Global, a leading Sri Lanka-based Islamic investments and financial solutions provider has won a bid to drive Abu Dhabi Commercial Bank’s (ADCB) venture into Islamic banking. The Bank plans to launch its Islamic Banking Services ‘MEETHAQ’ in the beginning of the 4th quarter of 2008 and First Global has been assigned to train their [...]

From McCulloch v. Maryland

From McCulloch v. Maryland
Marshall, Chief Justice, delivered the opinion of the Court.
In the case now to be determined, the defendant, a sovereign State, denies the obligation of a law enacted by the legislature of the Union, and the plaintiff, on his part, contests the validity of an act which has been [...]

Tenure

Tenure, in the law of real property of feudal England, the manner in which a person held or owned real property. Under feudalism, the king owned all the land, and his vassals, as tenants, were entitled to hold only those portions of the land allotted by him and only under conditions imposed by him. The [...]

Type of Loan

Type of loan
Banks and thrifts make three types of loans: commercial and industrial loans, consumer loans, and mortgage loans. Commercial and industrial loans are loans to businesses or industrial firms. These are primarily short-term working capital loans (loans to finance the purchase of material or labor) or transaction or longer-term loans (loans to purchase machines [...]

The BCCI Scandal

The BCCI Scandal
By David R. Francis
Cartoonists portrayed the Bank of Credit and Commerce International as an evil octopus embracing the globe. Wits nicknamed it the Bank of Crooks and Criminals.
According to Manhattan District Attorney Robert M. Morgenthau, the BCCI scandal that came to light in 1991 was ‘the largest bank fraud in world history.’ Perhaps [...]

Origins Of Banking

Many of today’s banking services were first practiced in ancient Lydia, Phoenicia, China, and Greece, where trade and commerce flourished. The temples in Babylonia made loans from their treasuries as early as 2000 bc. The temples of ancient Greece served as safe-deposit vaults for the valuables of worshipers. The Greeks also coined money and developed [...]

Mortgage

Mortgage, legal instrument that pledges a house or other real estate as security for repayment of a loan. By providing a guarantee that the loan will be paid back, a mortgage enables a person to buy property without having the funds to pay for it outright. If the borrower fails to repay the loan, the [...]

The firstbank in the United States

The first important bank in the United States was the Bank of North America, established in 1781 by the Second Continental Congress. It was the first bank chartered by the U.S. government. Other banks existed in the colonies prior to this, most notably the Bank of Pennsylvania, but these banks were chartered by individual states. [...]

Central Banking

BBC.Governments create central banks to perform a variety of functions. The functions actually performed vary considerably from country to country. Broadly speaking, central banks serve as the government’s banker, as the banker to the banking system, and as the policymaker for monetary and financial matters.
As the government’s banker, the central bank can act as the [...]

Where Your money Gone?

A Phone Call To The Fed
The following is a conversation with Mr. Ron Supinski of the Public Information Department of the San
Francisco Federal Reserve Bank. This is an account of that conversation.
CALLER – Mr. Supinski, does my country own the Federal Reserve System?
MR. SUPINSKI – We are an agency of the government.
CALLER – That’s not [...]