www.tradearabia.com/news/downloadmktrep ... sis176.doc
Here's an excerpt
NBK also notes that Kuwait interbank rates (KIBOR) for all maturities dropped in April, with declines ranging from 9 to 16 bps. Average rates for the 1, 3, 6, and 12-months dropped to 1.58%, 1.83%, 2.06%, and 2.32%, respectively. LIBOR rates rose between 10 bps to 35 bps for different maturities. The spread between KD and USD interbank rates widened to 102 and 91 bps below zero for the 3-month and 6-month placements, respectively. With the exception of one month during the last year, the negative spread on 3-month interbank placements reflects CBK’s active policy aimed at discouraging currency speculators from holding long dinar positions.
Can't imagine why they're interested in LIBOR if they don't charge any interest. They just structure it in such a way where it is not strictly speaking interest.
Oh and for the Islamic Bank of Britain
The Halal Personal Finance Credit Agreement is designed to comply with the rules and principles of Sharia’a. No interest-based transaction (“Riba”) is involved within this agreement, and it is approved by our Sharia’a Supervisory Committee.
The charge sheet I gave you stands.
