Support Disruption for Good (SDG) #Challenge will showcase breakthrough models that also have material social impact
Zurich, Switzerland, February 22, 2017 – The RFI Foundation, in partnership with the Swiss Finance + Technology Association, Finocracy and the Responsible Finance & Investment (RFI) Summit partners, launched the Support Disruption for Good (SDG) Challenge to find the most promising ethical, responsible or Islamic FinTech innovation and connect them to the leading institutions in the responsible finance industry.
The SDG Challenge opens today and will remain open until March 17. All applicants will be judged against a transparent set of criteria by an independent judging panel drawn from across the responsible finance and FinTech industry. During the review process judges will evaluate the ability of each entrant to effectively scale, contribute to financial inclusion, contribute to the UN Sustainable Development Goals while being financially sustainable.
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.
The US Securities Exchange Commission has issued recently press release regarding equity crowd funding and its regulation:
"Washington D.C., Oct. 30, 2015 —
The Securities and Exchange Commission today adopted final rules to permit companies to offer and sell securities through crowdfunding. The Commission also voted to propose amendments to existing Securities Act rules to facilitate intrastate and regional securities offerings. The new rules and proposed amendments are designed to assist smaller companies with capital formation and provide investors with additional protections."
Equity funding is discriminated threefold in finanical markets despite most people assume that a market economy would leave choices to market participants. The three key problems are: 1) Risk weighting of equity finance a multiple higher than debt finance, thus making it unattractive for banks to provide equity finance and consequently destabilizing economies with excess debt. 2) Tax deductibility of interest expense. 3) Entry barriers to the securities markets to raise equity.
Kuveyt Türk Participation Bank has been licensed by the Federal Financial Supervisory Authority (BaFin) to offer banking services in Germany. Thus, the first bank based on an interest-free Islamic business model is licensed in Germany.
Kuveyt Türk has obtained its license from the Federal Financial Supervisory Authority (BaFin) to provide fully-fledged banking services in Germany according to the interest-free Islamic banking principles. Kuveyt Türk is the first Islamic bank that has been fully licensed to operate its deposit and debt business in Germany. With this license, Kuveyt Türk is the pioneer that introduces the Islamic banking model in Germany.
KT Bank AG with headquarters in Frankfurt am Main and as a 100 percent subsidiary of Kuveyt Türk Participation Bank, will start to offer its reliable, high-quality, fast and user-friendly services from July 01, 2015 onwards. KT Bank AG will provide its private and commercial clients with products and services according to interest-free Islamic banking principles.
“KT Bank AG is an ethical, innovative and socially responsible bank”
The Halal-industry Expo will be the largest in Russia and Eastern Europe and will take place from 5 – 8 June, 2014. The Russian Muftis Council is organizer of the exhibition. The Expo will probably bring more than 200 companies together from all over the world. With Muslim numbers increasing there is a definite growing demand for Halal products and services. These are not only popular among Muslims. Halal products are well known for their quality. Besides that, sphere of Halal services bases on a mutual respect and honest cooperation. The Moscow International Halal Exhibition is a major event in the industry and a platform for experts and businesses.
The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association, Inc. (ISDA) are pleased to announce the launch of the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard to be used for Islamic hedging purposes.
The Mubadalatul Arbaah (MA) standard follows on from the “ISDA/IIFM Tahawwut (Hedging) Master Agreement” and provides the industry with a framework for Islamic risk mitigation. The launch of the Tahawwut Master Agreement as the template for Shari’ah-compliant risk management was officially announced at a press conference hosted by Central Bank of Bahrain in March 2010.
A NEW BREED OF TECHNOLOGY & DESIGN INVESTMENT HOUSE TO BE LAUNCHED AND SHOWCASED PARIS, JULY 2012
Qatari Aurum will be launching its first large-scale foray into the world of Technology and Design during an annual gathering of other GCC-based investors and private equity houses in Paris during July this year. The newly¨established group, comprising high net-worth venture capitalists from Qatar, is yet to launch formally but has already set about making waves in an industry reserved for Silicon Valley start-ups and traditionally large-scale US private equity houses. It is expected that the Group will announce its inaugural acquisition of equity in a globally established internet start-up at the Capital & Projects Exchange, Paris, France, July 2012.
The focus of the group is toward bringing a wealth of technology know-how in the internet media and software design services to the GCC region. There is a course laid out to use this investor insight in gathering the choicest design and development houses locally within the region and injecting them with world-class expertise, fuelling a technology-drive unsurpassed in recent times.
Report offers comprehensive reference material about Shariah scholars in the Middle East and around the world as Islamic Finance industry assets top US$1 trillion. Failaka Advisors, in partnership with Paris-based Grapes Market Research & Advisory, has released the second edition of The Shariah Report.
The 2012 version of the report is the world’s first comprehensive report on Shariah scholars, with detailed profiles of more than 120 of the top scholars in the Middle East and from around the globe highlighting Islamic Finance’s global reach.
“Spanning from East to West, The Shariah Report profiles Shariah Scholars from Asia, the Middle East, Africa, Europe & North America, providing insight into the depth and breadth of the industry”, added Anne-Sophie Gintzburger, Founding Director at Grapes. Each scholarly profile comprises country of birth, academic qualifications, a cross-referenced list of institution where each scholar serves as a Shariah Board member, and a list of their important works on Islamic finance.
The National Treasury invited on 6th December banking institutions to submit proposals for the provision
of advisory services for the structuring and issuance of a government Islamic bond (“Sukuk”) in
the local and international markets.
The invitation is in line with the National Treasury’s intention to diversify its funding and
“There is a great interest in the SUKUK market and this is the first step towards meeting the
growing appetite for government backed Shariah compliant investments” said Lungisa Fuzile,
Director General of the National Treasury.
Interested service providers are expected to submit proposals by close of business (RSA time)
on or before 21st December 2011. Shortlisted bidders will be informed by 20th January 2012.
Request for Proposal (RFP):
Global leaders point way to economic recovery at UN summit
Gordon Brown, Mary Robinson and global CEOs call for sustainable financial sector reform
Washington D.C., 20 October 2011 – With economic recovery topping the United States and global political agenda, a group of CEOs, major investors and bankers together with former United Kingdom Prime Minister Gordon Brown and President of Ireland Mary Robinson called for a far-reaching reform of the global financial system at a summit which ended in Washington D.C. today.
Amid a growing wave of protests highlighting economic concerns in countries from the US to the UK, Japan and Greece, more than 500 senior finance executives and policy-makers from around the world met at the United Nations Environment Programme Finance Initiative Global Roundtable (UNEP FI) summit to find sustainable solutions to tackle the drivers of market volatility and address the deepening rift between the rich and the poor.
Despite the existence of Shariah advisory councils, Islamic banks and financial institutions in Malaysia may be failing to carry out their duties. An article in this month’s JSSH investigates transactions on purchasing houses specifically on transactions involving houses pending completion using the current practice of ‘sale by deferred payment’ also known as Bay’ Bithaman al-Ajil (BBA).
Islamic banking gained foothold in Malaysia, with the establishment of Bank Islam Malaysia Berhad in 1983 and facilities have since expanded. Products include Wadiah - where the bank acts as the safe-keeper of deposits but may provide returns to the depositors as a gift; Murabahah, or partnership and equity financing; Ijarah – leasing; Musharakah – partnership and Bay’ Bithaman al-Ajil – sale by deferred payment. Nuarrual Hilal Md. Dahlan and Sharifah Zubaidah Syed Abdul Kader Aljunid looked at sale and purchase and loan agreement to see if they comply with the requirements of the Islamic Law in protecting stakeholders and to provide practical suggestions to improve the existing practice.
In its new publication, Islamic Banking and Finance in North Africa, the African Development Bank assesses the state of Islamic banking in the region and explains why its use has been limited. The report considers the future potential of Islamic finance, including its possible alignment with North Africa’s development goals, particularly its ability to increase the diversification of funding sources.
The report takes into consideration the effect of Islamic banking’s focus on the equitable distribution of risk and returns between suppliers and users of funds. Islamic Banking and Finance in North Africa goes further by exploring whether Islamic-style finance contracts could contribute to the development objectives of North African countries.
full report for free download: http://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operati...
The 1st Quarter 2011 issue of the Malaysian ICM quarterly bulletin published by the Securities Commission Malaysia (SC) is now available online.
Submission deadline 15 September 2011
Palgrave Macmillan is pleased to announce a call for papers for the Journal of Derivatives & Hedge Funds
For Islamic banking to grow further and develop there are many challenges relating to financing instruments, market structure and market regulation. The aim of the special issue is to provide a central platform and communication channel for researchers, academics, business leaders and industry practitioners relating to Islamic Banking. The key contextual challenges in the Islamic finance industry today include the innovations and developments at the leading edge of the field, and the long-term impact, scope and authenticity of these ideas in the context of an Islamic community and way of life. View full details at:
Topics of interest include, but are not limited to:
- The Shari'ah requirements in Islamic banking and risk identification.
- Current practices of asset management and portfolio management in Islamic banking
- Need of financial innovation in Islamic banking.
- The impact of the Basel Accords on Islamic banking
- Islamic banking and corporate governance
Pre-summit event at 8th Annual IFSB Summit to discuss developments in liquidity management for the Islamic financial services industry
Kuala Lumpur, 15 April 2011 – The Islamic Financial Services Board (IFSB) is organising its 8th Summit "Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance" on 10-13 May 2011 in Luxembourg. Banque centrale du Luxembourg is hosting the Summit. Three pre-Summit events will be held on 10 - 11 May 2011 at the Chambre de Comemrce Luxembourg. These are:
1. Workshop on Islamic Finance and the IFSB Standards for Institutions offering Islamic Financial Services and Islamic Capital Markets;
2. Country Showcases by Malaysia and Luxembourg; and
3. Special Session on Liquidity Management in the Islamic Financial Services Industry.
Workshop on Islamic Finance and the IFSB Standards for Institutions offering Islamic Financial Services and Islamic Capital Markets, 10 May 2011
Dubai, United Arab Emirates, March 23, 2011 – The Muslim Philanthropy Award winners were announced at the 4th annual banquet of the World Congress of Muslim Philanthropists in Dubai, UAE.
Every year, the Muslim Philanthropy Award honors an individual, a grantmaking institution and a corporation for their distinguished contribution to the field of philanthropy.
The Muslim Philanthropy Awards for 2011 were awarded to H.R.H. Prince Talal bin Abdul Aziz Al Saud (Personality) for demonstrating outstanding civic and charitable responsibility; Islamic Development Bank, Saudi Arabia (Grantmaker) for showing long-standing commitment to economic empowerment, human dignity, and institutional building; and Abraaj Capital, UAE (Corporation) for demonstrating longstanding leadership in advancing strategic philanthropy, creativity in responding to societal problems, and having significant positive impact on corporate giving in MENA region.
The key challenges and opportunities addressed in the Islamic Wealth Management Report are:
•Managing the Islamic wealth cycle through the entire process of wealth acquisition, preservation and distribution and achieving the required balance between spiritual and worldly obligations.
•Understanding the primary issues facing Waqf donors despite the strong growth drivers in this market: poor performance is due in part to the shortage of professionals leading to low quality asset management and lack of transparency.
•Considering the suitability of the Swiss private banking family office structure as a wealth management tool to ensure effective Islamic governance.
•Addressing the challenges facing Islamic mutual funds to achieve growth and performance.
•Recommending standardisation, education and diversification of Sukuk in order to increase the supply of products and the liquidity of the market.
•Analysing Islamic equity and indices performance over the last year to illustrate that diversification remains key for investment without compromising Islamic principles.
The Central Bank of Indonesia has an aim: to create a strong sharia banking industry by 2015. This development strategy, as well as a broader sharia religious revival in the country that is helping to increase the popularity of sharia banking products, will lead to continuous strong growth in this sector during the forecast period.
The assets of sharia banks in Indonesia are anticipated to reach around Rp 399.6 Trillion in 2013 over Rp 107.1 Trillion in 2010.
Editorial Note: The news is linked to an outdated report: "Publish Date: Feb, 2009"
CALL FOR SUBMISSIONS
Deadline: 20 December 2010
The annual convening of the World Congress of Muslim Philanthropists is widely recognized as the premier forum on Muslim Philanthropy worldwide. The event welcomes philanthropists, social investors, grant-makers, government and business leaders, visionaries, social entrepreneurs and civil society executives to a solicitation-free collaborative environment.
The 4th World Congress will lead a dialogue around the potential roadmap for Muslim Philanthropy in the next decade. This discussion will be enriched by the collective wisdom and experience of leading philanthropists and intellectuals from around the world.
While high-level plenary and panel discussions take place on day-1, interactive roundtables will be organized on day-2 around four major themes: global hunger, gender equality, social entrepreneurship, and science, technology & innovation (STI). For social investors, the conference will also showcase innovative philanthropic models selected by jury.
Proposals are invited in the following categories:
• Podium Presentations (12 minutes) regarding the conference theme
On November 19, 2010 Halal Industrial Park Baltach (HIP "Baltach") was
officialy launched in Tatarstan. This is the first project in Russia, aimed
at developing of small and medium-sized businesses in the Halal industry.
The aim of the project is deep processing of agricultural products grown by
private holdings, farmers, and creation of conditions and opportunities for
small and medium-sized businesses for production of agricultural products -
and as a result increase in added value and provision of budgetary tax
The main advantage of Halal Industrial Park "Baltach" is to optimize the
costs for small and medium-sized businesses on the maintenance of a common
infrastructure. Halal Industrial Park "Baltach" provides its residents with
an outsourcing services: distribution of finished products, consultations
on all matters, housekeeping services, engineering, logistics, transport
maintenance, accounting, legal services as well as 24 security services for
the producers - residents of the park, to concentrate on their businesses
growth. Thus, on the costs of the common scales of the project