Islamic Finance Articles / Downloads

Call for Papers- Sharing Economy of Islam beyond Islamic Finance, SASE 2017, Lyon, France, 29 June-1st July 2017

UPDATE:
Abstract/Paper Submission
Please note that colleagues should send 1,000 words abstract by FEBRUARY 3, 2017, which should provide a short background, aims of the paper, the methodology and method used, and the findings (or expected findings).

***SASE HAS EXTENDED THE DEADLINE TO 17TH FEBRUARY 2017***

https://www.dur.ac.uk/dcief/events/

Acceptance notifications will be sent by March 1, 2017.

Paper submissions and session proposals must be made through our online submission system; for additional information on how to submit, please follow the link:
https://sase.org/events/conference-submission-and-award-guidelines

Sharing Economy of Islam beyond Islamic Finance:
Re-constructing Collaborative and Disruptive Economy from Islamic Moral Economy Perspective

SASE Conference on ‘What's Next? Disruptive/Collaborative Economy or Business as Usual?’
Universite Claude Bernard, Lyon 1, France
29th June – 1st July 2017
https://sase.org/event/2017-lyon/#mini

Call for Papers:

Ziad Aba Al-Khail named ‘#Best #Brokerage #CEO – KSA’ in 2016

The International Finance Magazine (IFM) granted Eng. Ziad Tarek Aba Al-Khail, CEO and Managing Director of Aljazira Capital, the “Best Brokerage CEO – KSA Award” in 2016. Aljazira Capital was also granted the “Fastest Growing Islamic Brokerage House-KSA Award” in 2016.
Ziad Aba Al-Khail was really proud of the IMF’s appreciation of the performance. Such a constant international recognition of his team is a living example of our constant commitment to provide our customers with the best services as well as adopt up-to-date strategies in world trade in order to create new horizons for their customers and give them access to regional and global capital markets.”
Ziad Aba Al-Khail also expressed his gratitude and thanks to Aljazira Capital team whose efforts led to this achievement, and added: “This remarkable achievement is the fruit of our company strategy in rendering and managing an integrated system of Islamic-oriented financial services and investment solutions of unique value and high quality.”

#Zurich: #Responsible #Finance & Investment Summit 3-4 May 2017

Summit will explore intersection of #fintech, #ESG and #Islamicfinance. #RFISummit17

January 24, 2017, Zurich, Switzerland –

Bringing together a diversity of perspectives is critical for continuing the growth occurring within responsible finance. On this premise, the Responsible Finance & Investment Summit 2017 will convene in Zurich, Switzerland from 3-4 May 2017 around the theme “Building Bridges, Expanding Impact”.

Recent estimates from industry stakeholders show continued growth in responsible finance assets in many geographies and sectors. Responsible investment in Europe grew by 42% during the past 2 years, while in the U.S., assets grew by 33%. In Islamic finance, which has a global presence with a significant presence in Europe, the Middle East and Asia, growth in the last 2 years has been 21%. Identifying actionable areas for collaboration will support continued growth towards a more sustainable financial system.

What's the #value of human live - #Islamic #Art Magazine

Maritime art has been drawing on the history and destiny of thousands of men and women since the 16th century. Today, maritime installations tell us something more about what we are prepared to do to survive and of the price of indifference.

ICM Bulleting: Green Financing with Sustainable Growth – How Islamic Capital Market Can Play a Pivotal Role

The Securities Commission Malaysia’s (SC) Capital Market Masterplan 2 (CMP2) identifies the promotion of socially responsible financing and investment as a key thrust. It enables financial innovation to be harnessed to create market-based solutions and mobilises investments for projects that promote sustainable and inclusive development such as alternative energy sources or clean technology. Among the products identified in CMP2 are green bonds, green funds as well asl longer-term opportunities for trading of environmental products such as carbon credits or weather derivatives. These products have led to many potential areas in green financing.

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And further articles of the biannual publication.

Too important to fail—addressing the humanitarian financing gap

UN study paper on the humanitarian financing gap.

Excerpt:
"The world today spends around US$ 25 billion to provide life-saving assistance to 125 million people devastated by wars and natural disasters. While this amount is twelve times greater than fifteen years ago, never before has generosity been so insufficient. Over the last years conflicts and natural disasters have led to fast-growing numbers of people in need and a funding gap for humanitarian action of an estimated US$ 15 billion. This is a lot of money, but not out of reach for a world producing US$ 78 trillion of annual GDP.

Bahrain's Islamic finesse

Bahrain was for decades regarded as the financial centre of the Middle East, but it was hard hit during the recession and is arguably still picking up the pieces.
The Gulf state expects to run a budget deficit of more than $3.8bn this year and has proposed a string of policy reforms, including axing millions of dollars of food, fuel and other subsidies, to help it rebalance the books.
Despite this, its leaders claim Bahrain has “passed the stress test” of the past years’ fiscal woes and is bouncing back as a financial hub.
The number of finance institutions in Bahrain has grown steadily over the years to around 400 (from 190 in 1991) and work has recommenced on the $1.3bn Bahrain Financial Harbour scheme, which houses the country’s stock exchange and high-profile tenants such as Gulf Finance House and BNP Paribas.

ITS ETHIX makes islamic finance compliance easier

Nasr Albikawi, CEO of International Turnkey Systems, introduces us to its ETHIX Islamic finance compliance product
Islamic finance is a burgeoning industry. And with more people looking towards more ethical financial solutions, it’s becoming a part of the mainstream market and offering. Nasr Albikawi, CEO of International Turnkey Systems, discusses the international growth of Islamic finance, and how ITS ETHIX can reduce the costs of Sharia compliance

Roadmap to boost Islamic financing

Recognizing the huge economic opportunities of Islamic financing, the Peace and Equity Foundation (PEF) in partnership with Al Qalam Institute, Cordaid and World Bank (WB) Philippines, is gearing up for drafting of the 21-year roadmap to attain compliance to Sharia'h-based financing industry.
Islamic Financing is touted as a growing "$2 trillion" global industry,
The roadmap will be patterned from the Southeast Asian countries like Indonesia, one of the leading countries in adopting Islamic Finance in the global scale. It will be divided into three stages with seven years each of realization.
Ricardo Torres, PEF's Partnerships and Program manager, in a press conference Wednesday, told reporters this 21-year journey will commence next year.
Torres was in Davao City for the three-day Sharia'h conference dubbed as “Islamic Financing in the Philippines: A Step towards the First Seven years,” at the Ritz Hotel and Garden Oases, "The first seven years will be the first step and we intend to implement it starting 2016. After this Sahria’ah conference which will be attended by some 200 stakeholders we intend to craft fully the whole roadmap,” Torres said.

Risk management, SME financing top Islamic banks agendas-survey

Islamic banks around the globe view risk management, equity financing and deepening their client base as the most pressing issues facing the sector in coming years, a survey released on Friday showed.
The survey drew input from the heads of 83 Islamic finance institutions, the first comprehensive attempt to measure business sentiment in a growing-yet-diverse industry which holds around $2 trillion in assets globally.
The General Council for Islamic Banks and Financial Institutions (CIBAFI), a non-profit organisation headquartered in Manama, conducted the survey between April and June. Two-thirds of the respondents were full-fledged Islamic banks.
Commercial financing remains the top revenue driver, but financing to small and medium sized enterprises (SMEs) ranked second-highest, the survey showed.
SMEs are seen as leading revenue for Islamic banks in Asia, with trade finance ranking highest in sub-Saharan Africa.
In the Gulf region SMEs are also in focus, partly due to concerns about over concentration of business from large firms.

Intellectual capital most important in Islamic banks

The main challenge faced by the Islamic banking in the Sultanate today is building up solid knowledge and experience among bankers about Islamic finance while keeping pace with the demand in the market. "Recruiting potential front-runners in this area and providing the right knowledge dosage at the right time is key success element. Retention is always a challenge in the banking sector and it is rather more intense towards persons who already started working within Sharia-compliant products and practiced Islamic banking", said Mohammed al Balushi, Chief Human Resources Officer at alizz Islamic bank.

Linar Yakupov is on the list of the most influential figures in Islamic finance

Linar Yakupov is marked out in ISLAMICA 500, the unique project of ISFIN, the largest consulting organization for the Islamic financial markets.
In ISLAMICA 500, data on leading experts in area of Islamic economy and the "halal" industry from around the world are published. The peculiar guide contains curriculum vitae about each of experts, whose efforts and achievements formed the basis of development of the Islamic economy on a global scale. The encyclopedia contains information on pioneers of the Islamic finance world, Muslims and non-Muslims, men and women who represents a range economy sectors: finance, science, business, politics, the international relations, the law, mass media and the capital markets – all the areas that exert influence on Islamic economy.

Islamic Finance: A new role for Islamic banks?

Baiza Bain had the opportunity to attend the recent World Islamic Economic Forum.
“It was a surreal experience as I had the opportunity to interact with a number of international delegates on areas that are outside my realm of Islamic finance. The various conversations I had certainly allowed me to have a different perspective on my area of practice. It made me realise that there are many ways in which Islamic finance could evolve to keep up with the rapidly changing times.
So, in what way has Islamic finance tried to keep up with the times? I remember having a conversation with an old friend who highlighted a unique initiative that is currently being worked on. This initiative was actually announced under Budget 2015. Called the Investment Account Platform (IAP), its aim is to diversify the roles that are currently being played by the Islamic financial institutions by way of adding on the responsibility of being an investment intermediary.

IFSB to develop standards for Islamic capital markets, insurance

The Kuala Lumpur-based Islamic Financial Services Board (IFSB) plans to develop guiding principles for capital markets and insurance, seeking to encourage regulatory consistency across new and established markets, its secretary general said.
The new guidelines from the 188-member IFSB, one of the main standard-setting bodies for Islamic finance, will complement existing ones which cover commercial banking.
A wider set of standards could assist the International Monetary Fund which plans to include Islamic finance in its surveillance work, known as the Financial Sector Assessment Program (FSAP).
"Before the FSAP there has to be a set of core principles and that really is the instrument that we feel is going to point the way and facilitate consistency across borders," IFSB secretary-general Jaseem Ahmed told Reuters.
The standards on capital markets and Islamic insurance (takaful) would complement regulatory guidance from the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS).

PIA closes over-subscribed structured syndicated Islamic facility

Pakistan International Airlines Corporation (PIA) recently announced the successful closure of its US$ 120,000,000 Secured Syndicated Islamic Facility.
Citibank and Mashreq Bank PSC acted as joint initial mandated lead arrangers, bookrunners and coordinators for the facility. The transaction received an overwhelming response from the market and was over-subscribed.
The syndicate comprised of a diverse set of banks spread across GCC and South Asia. The participating banks included Askari Bank Limited, National Bank of Pakistan, Noor Bank PJSC, United Bank Limited and Warba Bank KSCP as mandated lead arrangers and bookrunners, Bank Islam Brunei Darussalam Berhad as lead arranger and Bank Alfalah Limited as arranger. This transaction once again reiterates the multitude of synergies developing between the Middle East and Pakistan.
The facility carries a tenor of three years and will be utilized to support the Company’s ongoing strategic growth plans and general corporate purposes.

Bumpy road for S'pore Islamic finance

SINGAPORE's nascent Islamic finance industry is finding it tough going amid volatile financial markets and depressed oil revenues.
So far this year, there has been only one sukuk, or Islamic bond, deal in a fairly brisk fixed-income market which saw 136 bond deals worth S$17.7 billion sold in the first nine months of 2015 - Malaysia's mortgage lender Cagamas Bhd sold a S$163 million sukuk in September. The lack of a natural pool of Islamic funds in secular Singapore is a major barrier to sukuk launches, according to Clifford Lee, DBS Bank head of fixed income.
"And so you try to sell in other markets which need education (leading to) higher costs; if you're a strong issuer, the conventional bond market is more than ready to meet your needs," explained Mr Lee.
Islamic finance bans interest, products with excessive uncertainty, gambling, short sales and the financing of prohibited activities considered harmful to society. The strongest indicator that it's not smooth sailing for Islamic finance players here came in September when DBS Group Holdings said it will be winding down its Islamic banking unit, which it said has been unable to achieve the necessary economies of scale.

Emerging markets must enable Islamic finance: World Bank

Emerging markets must create the valid legal conditions and a “level playing field” to gain access to Islamic finance at the international level, Zamir Iqbal, the head of the World Bank Global Islamic Finance Development Center, has told Anadolu Agency.

“Islamic finance uses the techniques of securitization. This means that a good enabling environment for structured finance is needed”, Iqbal said, while speaking at a G-20 forum on Islamic finance in Istanbul.

Securitization, or structured finance, is the process of taking assets that produce income and using them to create security. In Islamic finance, all securities are linked to income-producing assets.

Malaysia's stimulus plans hampered as Islamic yield curve steepens

Prime Minister Najib Razak’s plan to revive Malaysia’s faltering economy is getting no help from the country’s Islamic bond market.
Yields on government 10-year sukuk, used by companies to gauge the cost of Shariah-compliant financing, are at their highest level in 18 months relative to two-year securities, according to data compiled by Bloomberg. And with the slide in Brent crude prices sapping Malaysia’s oil-export revenue against a backdrop of looming U.S. interest-rate increases, investors say longer-term borrowing won’t be getting cheaper anytime soon.
“With the U.S. expected to raise interest rates soon, Malaysia’s yield curve will remain steep next year,” said Elsie Tham, a senior fund manager at Kuala Lumpur-based Manulife Asset Management Services Bhd who oversees more than US$1 billion. “Companies will find it challenging to raise funds because of slower economic growth.”

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