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Calling Islamic financial institutions to become member of the United Nations Finance Initiative

IslamicFinance.de is calling Islamic financial institutions to become member of the UNEP Finance Inititiave to learn and contribute to international best practice in ethical and faith based finance:

"UNEP FI is a global partnership between UNEP and the financial sector. Over 180 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance."

membership information package:
http://www.unepfi.org/fileadmin/forms/MembershipInformationPack.pdf

SFS Cyprus, Kuwait Finance House launch $150million shipping investment fund

Sharelink Financial Services Group (SFS) and Kuwait Finance House Asset Management Sdn Bhd (KFHAM) have launched a shipping venture that aims to raise 150 million dollars of investment for modern vessels.

World Congress of Muslim Philanthropists - Haiti Emergency Cell

PRESS RELEASE

Oak Brook, Illinois, January 13, 2010: The World Congress of Muslim Philanthropists (WCMP) expresses its utmost sorrow on the massive devastation caused by the earthquake in Haiti, a Caribbean nation suffering with utter poverty. To ensure rapid and effective response to this tragedy, we have established an emergency cell that will closely monitor and assess the situation on ground, and will serve as the bridge between the global community of donors and partner humanitarian agencies. WCMP anticipates working closely with the Organization of Islamic Conference, United Nations, Red Crescent Societies, and other reputable agencies present or familiar with the region.

WCMP urges philanthropists, foundations, and corporations in general and of Muslim world in particular to join us in this multi-partner relief effort. Please direct your communications to the following address:

WCMP- Haiti Emergency Cell
Imtiaz Khan, MD
ikhan@thewcmp.org
+1-630-242-2792

With best regards,

WCMP Secretariat

Huge growth potential seen for Takaful market

A leading industry expert has predicted a huge growth potential for Qatar’s Takaful (Islamic insurance) market, estimating its annual growth at 25%.

Fraud is major concern at Mideast banks - survey

An online survey by ReadiMinds has revealed that internal frauds in the banking sector remain a major source of concern in the Middle East region.

Proclamation of Al Baraka Bank Syria and the Election of its First Board of Directors

The Constituent General Meeting of Al Baraka Bank Syria was held in Damascus on 16 December 2009 in the presence of the founding shareholders or their representatives and representatives from the Ministry of Economy and Commerce, Central Bank of Syria, the Commission for Securities and Financial Markets and other representatives of concerned public authorities and bodies.

Takaful International, Hannover Retakaful in Takaful Partnership

Bahrain-listed Takaful International Co. BSC said it has signed an agreement with Hannover Retakaful to increase its family takaful insurance coverage up to US$5 million per individual, aiming to improve its insurance services and portfolio expansions.

Dubai sets up tribunal to settle Dubai World financial disputes

The ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, today announced the setting up of a tribunal to decide the disputes related to the settlement of the financial position of Dubai World and its units reported Bloomberg, citing a statement from his the ruler's press office.

Islamic finance in the Mediterranean gains momentum

A number of Mediterranean basin countries are promoting themselves as Islamic finance hubs in an effort to attract sukuk, trust and investment funds business.

Al Jazeera Finance looks to broaden portfolio

Al Jazeera Islamic Company, which will be known as Al Jazeera Finance now on, plans to broaden its business portfolio and become a sector leader in Qatar.

Reuters Plans Islamic Finance Portal

The international financial services information company Thompson Reuters is planning to launch a news portal covering information about the Islamic financial industry in early 2010.

Beltone Financial Holding, EFG-Hermes act as financial advisors in largest syndication to be covered from local banks worth $1.0

A consortium of four banks namely, National Bank of Egypt, Banque Misr, Arab African International Bank, and Banque du Caire arranged, underwrote and syndicated a facility for the Egyptian Nitrogen Products Company (ENPC). Faisal Islamic Bank was among the co-arrangers.

Zawya Sukuk Report for Free Download

The Zawya Collaborative Sukuk Report covers the following issues:

  • What is the distribution of current and potential investors and what is their appetite?
  • What is the appetite of the Supply side and what drives their need to issue?
  • What are the challenges faced by the industry, what are the associated developments and what needs to be done to resolve them?

The download is free after providing contact details to Zawya:

Funds at Work analysed the Social Responsible Landscape

Funds at Work, the strategy consultants analysed the Social Responsible Investment industry with their network analysis. Previously the firm did analyse the Sharia Scholars and their board positions. The report regarding the sister industry of Islamic finance can be downloaded for free.

3rd World Congress of Muslim Philanthropists: Call for Submissions

“BUILDING A BETTER WORLD”

New Horizons - Sound Strategies

The Ritz Carlton – Doha, Qatar

March 21-22, 2010

CALL FOR SUBMISSIONS

Deadline: November 30, 2009

The annual conference of World Conference of Muslim Philanthropists, now recognized as the most prestigious forum on Muslim philanthropy worldwide, invites papers as well as proposals for sessions and workshops showcasing innovative, cutting-edge and experimental work.

THEME AND TOPICS

The conference will focus on how the integrated efforts of philanthropic, public and private sectors can effectively respond to the worsening global issues of hunger, poverty, disease, climate change and conflict. The forum will also host interactive roundtable discussions on Aid-effectiveness and Impediments to Building Capacity for Transformational Change. To further elucidate the theme “Building A Better World: New Horizons-Sound Strategies,” the conference will feature a special session on emerging markets philanthropy and global trends in giving.

WCMP Launches Multi-Donor Giving Circle to Combat Hunger and Poverty

PRESS RELEASE

Washington, DC, October 16, 2009

The World Congress of Muslim Philanthropists (WCMP) is launching its first multi-donor giving circle—the “Hasanah Fund”—to develop and implement new, sustainable programs to combat world hunger and poverty.

The Fund will secure $100 million from philanthropists, foundations, and corporations in the next five years to fund long-term hunger eradication and poverty alleviation in 20 countries facing the ongoing food crisis. Funded projects will address not just the aggregate quantity of food that must be produced and distributed, but also how food is produced and by whom.

Hasanah Fund will complement the exemplary work of the Kingdom of Saudi Arabia, the Organization of Islamic Conference and the Islamic Development Bank towards hunger, which is affecting over one billion people worldwide. “This initiative clearly demonstrates the enduring commitment of Muslim philanthropists to the social and economic upliftment of the poorest people,” says Dr. Tariq Cheema, CEO of WCMP.

Free Report: Islamic Investment Banking

Yasaar Media published a report about Islamic Investment Banking for free download, with the co-publishers Unicorn Investment Bank, Doha Islamic covering data and principles regarding Private Equity, Venture Capital, syndicated lending, real estate, asset management, fund manageement, liquidity management, treasury, trade finance and capital markets in an Islamic context.

Special Issue - Call for Papers on Financial Crisis

The International Journal of Islamic & Middle Eastern Finance and Management has decided to publish a special issue of the journal, focusing on the latest financial crisis, and how this has related to Islamic financial institutions.

Other relevant points include:

  • Proposed title of the special issue: Islamic Financial Institutions and the Global Financial Crisis 2008/09.
  • Deadline for receiving papers: Friday, February 12th, 2010
  • Date of publication: fourth issue of Volume 3 (2010).
  • Papers will be reviewed in the normal fashion.
  • Technical notes will also be acceptable, and they will be assessed in the usual manner.
  • We are likely to have a total of five articles in the issue.
  • Books relevant to this major event can also be reviewed for the issue.
  • All branches of the Islamic financial services sector can be covered in materials within this issue, including banking, insurance (i.e. takaful), fund management, investment portfolios, business management etc.

Research Study: Food security in an environment of increasing scarcity

The research think tank of Deutsche Bank published recently a research study with the title:

"The global food equation"

stating the challenge for future food security. DB Research believes that still believes that the growing population can be fed, provided the recommended actions are taken, requiring innovation, and a change in the system of production and distribution along with sustained productivity growth in an environmental and socially sustainable manner.

The report can be downloaded for free.

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