Next week’s influential World Islamic Banking Conference in Bahrain will see a lot of interesting and highly relevant keynotes, debates and panels, but also a premiere that highlights a phenomenon not yet clearly studied in the industry: The role of women in Islamic finance and the opportunities that arise for them.
Simply Sharia Human Capital, a London-based recruitment and training center solely dedicated to Islamic finance, at the conference will unveil a report called “Women in Islamic Finance & Islamic Economy: Unlocking Talent,” one of the rare studies that actually look into roles, careers and achievements of women in the Islamic finance industry, and the job opportunities it holds for female career seekers from an educational perspective.
Malaysian central bank Governor Zeti Akhtar Aziz prepares to leave in April after three decades at the central bank. Whoever is chosen as her successor will have very big shoes to fill, said Wellian Wiranto, an economist at Oversea- Chinese Banking Corp. in Singapore. This is especially so since the global environment remains uncertain and Malaysia is deemed relatively vulnerable to swings in global investor sentiment -- in part due to domestic political rumblings. Zeti served as a deputy governor before she took the top job in 2000. The central bank declined to comment on whether any of the three current deputies are in the running this time.
Islamic finance seen as a real point of convergence between the East and the West. Hasan AlJabri, CEO of SEDCO Capital participated in the Global Ethical Finance Forum which was hosted by the Scottish Government and in cooperation with the UK Islamic Finance Council.
The forum which took place in Edinburgh, Scotland, brought together thought leaders and executives from the ethical finance industry to ‘discuss untapped opportunities and spur convergence and collaboration’. The forum was officially opened by Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and HRH Emir Muhammad Sanusi II, Emir of Kano.
Under the title “Growing the global ethical finance industry through collaboration and convergence”, AlJabri pointed that although there are many different forms of responsible investments, Environmental, Social and Governance (ESG), Socially Responsible Investing (SRI), and Islamic Finance, they all emerge from concern about the social and environmental consequences of investment practices, and a desire to ensure that investors make a positive contribution to the societies in which they operate to create sustainable economic development.
Malaysian's central bank governor has claimd that Islamic finance will contribute to the global agenda of developing sustainable growth. Providing financial services that add value to the real economy is the focal point of Islamic finance and tenets.
Malaysian central bank's governor confirmed that the new legislation for Islamic banking and takaful products is in the final stages. The new legislation should give a stronger legal basis to financial institutions. However, there was no time frame set for launch of the legal framework.
On 27 November 2012, the International Shariah Research Academy will host its 2nd colloquium, which is part of initiative to provide a venue for young scholars in Islamic finance. The main topic of the colloquium shall be: Moving Forward reflects the challenges to be addressed as well as tasks to be accomplished by Islamic finance in the next stage of its development. Among the participants will be the Honorable Governor of Bank Negara Malaysia.
According to CIMB Group Holdings Bhd and RHB Capital Bhd, the rally in ringgit-denominated Islamic bonds that pushed yields to an eight-month low will stop after the central bank ruled out a cut in interest rates.
After the interview with Bank Negara Malaysia Governor Zeti Akhtar Aziz, yields may rise.The governor noted that the benchmark policy rate of 3 percent is supportive of economic growth ahead of a March 9 review.
Overseas funds reduced holdings of local-currency government Islamic bonds by 11 percent in January to RM490 million (US$163 million), the least in a year.
International finance structures must be drastically overhauled in the face of the current global economic crisis, a panel of experts convened by the United Nations General Assembly chaired by Joseph Stiglitz, winner of the 2001 Nobel Prize for Economics said.
The expert panel made a number of suggestions to support developing nations and creating an international infrastruture for the global markets led by the United Nations.
The panel included Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia.