As business activity picks up after the summer, we offer a summary of some of the stories we're following at the Arab Bankers Association.
Eid el-Fitr began in most Muslim countries on Tuesday 4 June and will continue until the end of the week.
Eid el-Fitr marks the end of Ramadan, the month during which Muslims fast during the hours of sunlight.
The next big Muslim holiday will be Eid el-Adha, which marks the end of the annual pilgrimage to Mecca and Medina. Eid el-Adha is expected to begin around 11 August.
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Fitch downgraded the Republic of Lebanon to CCC on 23 August, the same day that S&P affirmed its B- rating and negative outlook. The ABA's Editor, Andrew Cunningham, considers the different views on Lebanon's financial health. The views are his own, not necessarily those of the ABA.
This is an important report, and one of its findings is that those who use Islamic finance say that they have a good experience.
A change in Jersey's tax legislation has clarified that commodity murabaha contracts that are used to strcuture Shari'ah-compliant transactions will not be subject to Jersey tax.
The Directors and staff of the Arab Bankers Association send best wishes to members and their families on the occassion of Eid el-Adha. The holiday was due to begin in most countries on 12 August and will last for four days.