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#Education #Crowdfunding - A direct and effective way of #Giving with #Givology

Dear Reader,

For some time I did private research on crowdfunding and fintech for the social good. Only recently I found the long existing platform givology.org - it allows to donate specifically for education to individual pupils in poorer countries and getting in touch with them! Personally this one of the causes important to me, because it ensures that the funds are being spent on education, and therewith building a future.

My questions to you are the following:

1. Would you donate for education via an internet platform, then you can conveniently check a profile from Somaliland just here:

https://www.givology.org/~tfscholarship/

2. If you are *not* interested to donate now, could you share what exactly, if anything, would make you donate? This would be exetremely helpful and I will share the information with givology.org to find a way to do just that.

3. If you any other ideas please feel free to share them. You can also directly suggest to volunteer: http://www.givology.org/get-involved/

In case you wish to receive further updates on Givology please register your email here: https://www.givology.org/register/

#Malaysia: #Succession Planning Of Family Businesses From An Islamic Perspective

There is evidence both in the Quran and Hadith that supports wealth succession planning and management. A starting point for a discussion on Islamic wealth management would be the Quranic verses in Surah al-Kahf (Surah no. 18). There are lessons that we may draw from these Quranic verses. These verses indicate that although a person cannot foresee future events, he/she should take measures and have plans to manage their unfavourable effects on life and family welfare. That parents may have a succession plan through which the wealth earned could be transferred to children in the safest possible way.

#Malaysia approaches #fintech with Islamic twist

Malaysia is adapting to fintech revolution by adjusting its financial regulatory guidelines with an Islamic angle. According to Muhammad bin Ibrahim, governor of the Central Bank of Malaysia, the recent Islamic finance initiative could be the next game changer. The Investment Account Platform (IAP) is a platform that connects lenders, banks and enterprises seeking funds, one that could shift the role of Islamic lenders to investment intermediaries. Serving as a central marketplace to finance small and medium-sized enterprises (SMEs), the IAP was launched by six Malaysian Islamic banks: Affin Holdings, Bank Islam Malaysia, Bank Muamalat Malaysia, Maybank Islamic, Bank Kerjasama Rakyat Malaysia and Bank Simpanan Nasional.

Issuance of #Sukuk for NJHP project: PIAF felicitates Wapda-NBP agreement

Pakistan Industrial and Traders Associations Front (PIAF) has felicitated Wapda and National Bank of Pakistan (NBP) for the Rs 100 billion agreement of 16 banks under Shariah compliant facility for Neelum Jehlum Hydro Power (NJHP) project. There was a long delay and the cost of project escalated up to Rs 414 billion from initial estimates Rs 84 billion. PIAF chairman Irfan Iqbal Sheikh said that now a ray of hope appeared for the completion of the project. He said this is the biggest ever funds mobilisation for a public sector entity in which 16 local banks participated. The issuance of Sukuk worth Rs 100 billion for NJHP would go a long way in arranging funds for other hydropower projects.

Gulf African Bank: Why we don't lend to casinos, breweries

In #Kenya the Gulf African Bank has ambitious expansion plans for the local market. The bank, which is so far only represented in five counties, plans to open ten new branches between 2016 and 2017. Follwoing Sharia rules, the bank does not finance casinos, breweries and anything that is hazardous to the human body. Gulf African Bank is stable and prepared to increase core capital which now stands at Sh3.8 billion. At the end of the year the bank's capital will be above Sh4 billion, while by 2017 above Sh5 billion.

The IFSB, World Bank and Turkish Treasury Organise a Joint #Conference on Value Proposition of #Takaful Industry in Istanbul

The Islamic Financial Services Board (IFSB), The World Bank Group (WBG) and the Republic of Turkey have organised a joint conference focusing on the takaful sector. This conference, themed "Realising the Value Proposition of Takaful Industry for a Stable and Inclusive Financial System" was held in Istanbul on May 30-31, 2016. The Keynote Address was delivered by Ramazan Ulger, President of the Turkish Insurance Association and Ozgur Koc from the Association of Participation Insurance. Mr. Ulger highlighted that there are 60 insurance companies and one reinsurance company operating in Turkey. He suggested for the takaful industry to develop a wider range of products to address the needs of individuals. Ozgur Koc reiterated the country's vision to establish Istanbul as an Islamic financial centre.

#1MDB: #Malaysia’s biggest scam?

Malaysia has been rocked for more than a year by a financial scandal involving Prime Minister Najib Razak, a state investment firm, and an alleged frenzy of embezzlement. Authorities in a half-dozen countries have launched investigations into suspicions that several billion dollars was looted from complicated financial transactions involving 1MDB and parked around the world. Over the past year, Najib has purged 1MDB critics from his cabinet, curbed domestic investigations, and moved to prevent further discussion of the scandal. Najib has dramatically strengthened his control of the country. A state-level election and two parliamentary by-elections were won handily by Najib's ruling coalition, further bolstering his position.

Chellam Plantations’ RM300 million #sukuk gets Danajamin guarantee

In #Malaysia Danajamin Nasional is guaranteeing a 17-year sukuk murabahah programme amounting to RM300 million for Chellam Plantations. The first tranche of the programme amounting to RM150 million with a tenure of up to 17 years, was issued and subscribed last Friday. Funds from the sukuk issuance will support Chellam Plantations’ new planting in Kalimantan and expansion in Indonesia. Proceeds from the sukuk will also be used to refinance its outstanding borrowings and finance its capital expenditures. Joint lead arrangers of the transaction are RHB Investment Bank and OCBC Al-Amin Bank.

Finance Islamique: déjà 500 familles devenues propriétaires en #France avec 570easi!

Il y a 6 ans, la société 570easi réalisait en France la toute première opération de financement immobilier conforme à l’éthique musulmane. C’est le cas pour plus de 500 familles qui sont devenues propriétaires via un financement immobilier Murabaha. Le grand public a la possibilité à ce jour de solliciter une durée de financement allant jusqu’à 20 ans.

#Malaysia’s Sarawak Hidro Said to Plan $1.3 Billion #Sukuk Sale

Sarawak Hidro, the state-owned developer of Malaysia’s biggest hydropower project, plans to offer 5.5 billion ringgit ($1.3 billion) of sukuk without a government guarantee. The electricity generator is weaning off government guarantees to ease the nation’s fiscal burden. Sarawak Hidro’s plant on Borneo island is part of Prime Minister Najib Razak’s $444 billion development plan to become a developed economy by 2020. Malaysia aims to cut its ratio of debt to gross domestic product to 45% by 2020, from 54.5% at the end of last year.

Eskan Bank: Making #HomeOwnership a Reality for #Bahrain’s Citizens

Bahrain’s Eskan Bank has enjoyed a very fruitful 2015. The bank recorded positive growth in its mortgage-loan portfolio and also made great strides in several of its social and affordable housing initiatives. Total net income grew by 8% during the year, while the bank’s capital-adequacy ratio continued to improve to 151.72%. Although the Ministry of Housing (MOH) is responsible for the allocation of social-housing financing to Bahraini citizens, Eskan Bank provides pivotal support through the processing of approved social-housing financing applications.

Jaiz Bank: Non-interest banking services not for Muslims only

The Central Bank of Nigeria recently issued a national licence to Jaiz Bank. The bank commenced the first phase of its rollout with branches in Lagos, Port Harcourt, Ibadan and Ilorin and shortly will be present in all the states of the Federation. Jaiz Bank has recently concluded a Rights Issue, which raised its capital to N15 bn and the issue was oversubscribed by about 3%. According to Deputy Managing Director Mahe Abubakar the target is to raise the capital base of N25 bn before the end of the year. This will position the bank to compete efficiently in this highly competitive sub-sector of the economy. There are some people that misunderstand the concept of non-interest banking, but Jaiz Bank is open to all Nigerians, irrespective of their religions.

Shahjalal Islami Bank's AGM and EGM held

The 15th Annual General Meeting (AGM) and 12th Extraordinary General Meeting (EGM) of Shahjalal Islami Bank was held on the 26th of June 2016 in Dhaka. The meeting approved 13% cash dividend for the shareholders for the year 2015. The chairman of the bank, A. K. Azad said the entire index of the bank, including deposit, investment and profit are in a stable position even prevailing severe competition in the banking sector. The program was conducted by Md. Abul Bashar, VP and company secretary of the bank.

Dubai Islamic Bank rights issue is credit positive, says Moody's

Dubai Islamic Bank (DIB) closed an approximately AED 3.2 bn ($860 mn) rights issue, thereby increasing the bank’s share capital to AED 4.9 bn from AED 3.9 bn as of March 2016. According to Moody's this capital increase is credit positive for DIB because it replenishes reserves and enhances loss-absorption. Moody’s estimates that DIB’s consolidated tangible common equity to risk-weighed-assets ratio will improve to around 12.3% from 9.8% as of March 2016. The new capital will also increase the bank’s reported Tier 1 capital ratio to 18.1% from 15.6%. The additional capital will support the bank’s solvency in the context of continued balance sheet expansion.

#Islamicbanking market in #Turkey to get major boost

According to Standard & Poors recent government initiatives will spur momentum for Turkey’s fast-growing Islamic banking market. Islamic banks in the country have doubled their share of overall banking assets over the past decade to roughly 5% or $42.2 billion at year-end 2015. The annual volume of sukuk issuance in the country increased nearly 20-fold over the same period, growing from $100 million in 2010 to almost $2bn by year-end 2015. Credit analyst Mohamed Damak said Turkish Islamic banks’ market share is expected to double to more than 10% by year-end 2025.

ASSAFAA BANK recrute des Directeurs d’Agences Finance Participative

Dar Assafaa se prépare à devenir ASSAFAA BANK, une banque participative qui exercera conformément aux dispositions de la nouvelle loi bancaire. Dans ce cadre, Dar Assafaa recrute des Directeurs d’Agences sur les villes de Tétouan, Rabat, Laâyoune, Dakhla, Tanger et Casablanca. Dar Assafaa est la première institution financière marocaine mettant à la disposition du public des formules de financement basées exclusivement sur les produits alternatifs.

Finance islamique: le #Sénégal lance un deuxième #sukuk de 150 milliards de F CFA

Le Sénégal a lancé cette semaine son deuxième emprunt obligataire sous la forme de sukuk. L’opération consiste en la levée de 150 milliards de F CFA (228,6 millions d’euros), à travers l’émission de 15 millions de parts d’une valeur nominale de 10 000 F CFA, sur le marché financier de l’Union économique et monétaire ouest-africaine (UEMOA). La période de souscription de cette levée de fonds s’étend sur un mois (du 20 au 19 juillet). Elle offre une marge annuelle de profit de 6 % avec une maturité de 10 ans.

#Merger with bank islami: Sale of KASB Bank challenged

The controversial sale of the Kasb Bank to Bank Islami has been challenged before the Islamabad High Court. The petition was filed by Mohammad Khalid Randhawa, a shareholder of the Kasb bank, who claims that Kasb Bank was sold to the Bank Islami for only Rs1,000. He was praying before the court to declare the sale illegal. Judge Aamer Farooq made documents related to the inquiry of the deal as part of judicial record and adjourned the case.

Michael Hudson: Socrates on #Debt and Ibn Khaldun on the Cyclical Rise and Fall of Societies

In Book I of Plato’s Republic, Socrates discusses the morality of repaying debts. Cephalus, a businessman living in the commercial Piraeus district, states the typical ethic that it is fair and just to pay back what one has borrowed or received. Socrates replies that it would not be just to return weapons to a man who has turned into a lunatic. Because of the consequences, paying back the debt would be the wrong thing to do. At issue is not the micro-economic morality of paying a debt, but how this act affects society. The morality of paying back all debts is not necessarily justice. It should not be surprising that modern financial elites are fighting back against democratic moves. It has all happened before – and so have revolts by debtors and other exploited victims of such 'economism'.

Neelum Jhelum project: banks provide Rs 100 billion #Shariah-compliant #financing

Neelum Jhelum Hydropower Company (Pvt) Limited has entered into a financing agreement amounting to Rs 100 bn with a consortium of 16 banks led by National Bank of Pakistan for raising funds through one of the largest Shariah-compliant facility. The financing is based on Diminishing Musharika structured by NBP Aitemaad. The Sukuk is structured with a tenor of 10 years and is backed by the sovereign guarantee from Government of Pakistan.

NJHPC mandated National Bank of Pakistan to act as Mandated Lead Arranger for arrangement of up to Rs 100 billion through issuance of rated, secured and privately placed Sukuks to partially finance the construction of strategically important 969 MW hydel power project located in District Muzaffarabad, Azad Jammu & Kashmir. For this financing, a signing ceremony was held on Wednesday here and attended by President & CEO NBP Syed Iqbal Ashraf, Chairman Wapda Zafar Mahmood, member finance Wapda Anwaar ul Haq, CEO NJHPCL Lieutenant General Muhammad Zubair and other presidents and senior officials of all the 16 participating financial institutions.

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