Whether you are an academic or practionner: If you wish to see your paper published on IslamicFinance.de please send us the relevant document along with a confirmation that you hold the copyrights of it and we can upload the work with your abstract provided.
As simple as that!
Michael Saleh Gassner
Shariah-compliant pension funds are entering the wealth and asset management segment worldwide. One example for a state-backed Shariah-compliant pension fund is the Islamic savings scheme option introduced in Malaysia. Here $25bn of the fund’s entire assets of $160bn have been dedicated to the new Shariah-compliant investment line. According to Moody’s global head of Islamic finance, Khalid Howladar, Shariah-compliant investments now represent 15% of the fund’s entire investment, which makes it the largest standalone Islamic pension fund globally. Another country where Islamic pension funds are in growing demand is Pakistan. A number of banks, financial service providers and fund managers offer private or voluntary state-supported retirement savings schemes whose investments are made strictly in Shariah-compliant instruments. In the Western World, the UK and Australia were the first to offer Islamic pension schemes. In the Gulf Cooperation Council (GCC) countries, Islamic pension funds are yet comparably small, particularly state-backed ones.
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.
CEO Shahril Ridza Ridzuan announced that the Employees Provident Fund aims to open the Shariah-compliant plan in January 2017 and is targeting an initial size of as much as 100 billion ringgit ($26 billion). There’s strong demand and 1.5 million of its 6.7 million members should switch in the first year. EPF has a minimum guaranteed annual payout of 2.5 percent. The Islamic fund won’t have a minimum dividend as they can’t be guaranteed under Koranic rules.
Turkish President Tayyip Erdogan said he expected other state banks to establish Islamic banking units soon after state-run Ziraat launched an Islamic unit on Friday. Erdogan, speaking at the launch ceremony of Ziraat's new business, said he also expected Ziraat to set up an Islamic insurance unit.
Shari’a-compliant launches from UK based managers are growing steadily. The UK is at the forefront of Muslim investment. Even crowdfunding is becoming increasingly acceptable in the Arab world to raise capital for start-ups. But investments of any nature have to be Shari’a-compliant. Hereby Muslim communities from Bangladesh or Indonesia may differ from Arabs or Iranians. Some national governments, like Pakistan, insist on full Shari’a financing whereas others like Dubai or Bahrain have a less stringent approach to this. A lot of Shari’a money is completely untapped and is waiting on bank accounts. Most conventional products are not able to access this money due to non-Shari’a compliance.
On the occasion of the 10th anniversary of IslamicFinance.de please find at the hyperlink below the relaunch of the newsletter.
Any new issues will be announced to our registered users of IslamicFinance.de and to the members of the related LinkedIn Group of IslamicFinance.de.
If you wish to register please go to http://www.islamicfinance.de/?q=newsletter/subscriptions or become member of the LinkedIn Group: http://www.linkedin.com/groups?mostRecent=&gid=147616&trk=my_groups-tile...
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All the best,
Michael Saleh Gassner
Revised Shariah Screening Methodology: 1
Expands ICM’s Global Reach
New Shariah Advisory Council Resolutions 3
Region’s First Structured Covered Sukuk 7
Royal Award for Islamic Finance Calls for Global 9
SC and Autoriti Monetari Brunei to Strengthen 9
Efforts in Greater Cross-border Activities
SC Leads Islamic Finance Taskforce to Publish a 10
Report on Enhancing Infrastructure for ICM
IFSB-IOSCO-SC Collaborate on Disclosure 11
Requirements for ICM Products
SC Revises Equity Guidelines for SPACS 12
Technical Note on the Application of SC’s 13
Guidelines In Relation to Non-Tradable and
Non-Transferable PDS and Sukuk
2013: Another Resilient Year for the Global 14
Islamic Finance Industry
Global Islamic Funds Industry: Achieving 18
Growth Under Challenging Times
Harmonisation of Shariah Rulings 22
in Islamic Finance
News Round-up 29
Malaysian ICM – Facts and Figures 32
Free download below at source:
For many years we see in the media experts believing in inflation and even hyper inflation. However, in the same time we face proponents warning against deflation. So far we all noticed.
Only a about a week ago I read an article by Myret Zaki clarifying that unfortunately inflation and deflation co-exists.
Myret Zaki's thesis is that we face inflation on financial markets, and deflation in the real economy (in French):
In my view there is a general major shift in the price matrix and I still try to figure the magnitude and implications thereof. It is a bit irritating as at University we learned about neutrality of money:
This means any extra supply will increase prices equally, 5 % more money, all prices going up 5 %. Pretty plausible at first hand. However, it seems it does not work in reality any more (or never did).
IslamicFinance.de is still edited by myself, Michael Saleh Gassner. In the same time the website became part of the family's publishing house, Al Kitab.
Myself I moved to Geneva for professional reasons, working as Islamic private banker. IslamicFinance.de remains to be a private passion.
According to a study by the National Bonds GCC Savings Index, about 90% of the people in a number of GCC countries feel they are not saving enough for their future. The percentage of people, who do not put away any money for future saving, is 71% of residents in Bahrain, Kuwait, Qatar and Oman, 74% in Saudi Arabia and 65% in the UAE. The study further shows that in Saudi Arabia 92% felt they were not saving enough. The percentages in the other countries involved in the study are 91% in Kuwait, 88% in Bahrain, 87% in the UAE, 85% in Oman, and 84% in Qatar.
Islamic finance had another great year. Many of its market segments progressed, like for example the Sukuk market gaining more maturity. Despite the ongoing debt crisis a good sign of hope and happiness.
Nevertheless we are - as an industry - still not satisfied with the achievements. Islamic finance shall grow stronger in terms of social impact and in terms of substance:
Hence, please allow me to re-iterate my call for participating in international initiatives beyond just our own industry to learn and spread knowledge and experience:
Calling Islamic financial institutions to become member of the United Nations Finance Initiative
Inshallah we see more Islamic financial institutions taking a lead in SRI, Social Impact Investing and other approaches while contributing with Islamic finance knowdledge to the conventional industry. The time is now; and there are signs that Malaysia aims for a lead:
The German language book on Islamic finance by the Editor of IslamicFinance.de and Dr Wackerbeck from Booz Consultants is now translated to Chinese.
Please find the biographical information below:
Authors: Michael Gassner / Philipp Wackerbeck
Title: Islamic Finance – Islam-gerechte Finanzanlagen und
ISBN number: 978-7-5139-0217-5
PUBLISHER: Beijing - Democracy and Construction Press
Pre-Publication Date: 2012.7
Full biographical details: http://db.lib.bua.edu.cn/asord/asorditem.php?asord_marc_no=0001344540
Book review about the German language original: http://www.rpi-virtuell.net/workspace/24686AD5-936C-476D-9EA0-65E2968590...
IslamicFinance.de offers an overview about new job openings of October 2012 herewith - firms aiming to be included please send a job profile/hyperlink to email@example.com - the full details of the advert has to be accessed by the hyperlink below the brief description:
Product Manager, Islamic Banking
Standard Chartered Bank - United Arab Emirates-SCB (United Arab Emirates)
?Development of Islamic wealth products across CBMS, insurance and investment streams to create customer value proposition.
?Ensure successful implementation of the Islamic banking strategy across high value segment.
?Concentrated responsibility to work with the Priority/Wealth/Private/SME product/frontline teams and support functions to build on the current Islamic banking capabilities and to create seamless customer experience
?Act as a product specialist for RMs on client meetings to introduce and explain the Saadiq solutions to meet their needs
?Financial budgeting and business forecast. Evaluation of financial performance.
SmartyPig, a conventional concept to promote savings, which was founded in 2008, has used a combination of social networking and banking to reach its mission: The company encourages people to save for specific goals and, so far, it has helped people reach almost $3 billion in savings goals. In an online account a goal for a specific purchase is set. The money transfer to this account can be completed automatically. After that, through social media such as Facebook and Twitter, friends and family members have the opportunity to make their contribution to the goal. After reaching the amount dedicated retailers offering discounts for those doing savings.
IslamicFinance.de is privately funded for many years. Now, for the first time, you have the possibility to make a contribution, from one Dollar upwards!
The technical details, and the money transfer via paypal is organised by Kapipal a new online fundraising tool:
On the blog I gave some more thoughts about Islamic finance media for those interested: http://www.islamicfinance.de/?q=node/3454
Please also note: The fundraising action has a deadline, so act today, not tomorrow and tell your friends about it!
All donors who will leave a message will be listed in the article, which follows after closure of the fundraising period.
I am happy to meet you in person either on 19th March in Milano (http://www.islamicfinance.de/?q=node/3396) or on 10th May in Frankfurt (http://www.islamicfinance.de/?q=BAFINII) at the respective Islamic finance conference.
Wa at Taufiq min Allah, all the best,
Michael Saleh Gassner
Islamic finance media are a tricky service. This is true for various reasons: The Internet eats up the revenues, because everything ought to be free. Islamic banks are still a niche phenomena, and international banks like UBS or Deutsche are almost as large as the entire global Islamic finance industry. Consequently the marketing budgets are much lower, too.
Last not least, who should advertise? The banks among themselves or to the clients? Advertising from bank to bank, does usually not make much sense, but real client oriented formats are hard to find, too. May be this is a niche. Others, who could finance Islamic finance media are basically the service providers to the banks, but due to the limited number of Islamic financial insitutions, direct marketing, e.g. face to face meetings will be preferred.
This in short is the background why Islamic finance media are not so well established in terms of journalism and research, but mostly reflecting the press release as criticised by the makers of the Islamic Globe. See: http://www.theislamicglobe.com/index.php?option=com_content&view=article...
The 2nd Quarter 2011 issue of the Malaysian ICM quarterly bulletin published by the Securities Commission Malaysia (SC) is now available online at:
Steuerliche Würdigung im nationalen und internationalen Kontext
Der Markt Islamic Finance wächst rasant und umfasst bereits heute ein erhebliches Anlagevolumen. Demgegenüber besteht ein großer Kapitalbedarf in der europäischen, speziell auch in der deutschen Realwirtschaft ebenso wie ein Bedarf an Investoren.
Bei der Umsetzung von Islamic-Finance-Vertragsmodellen kann die Besteuerung im Einzelfall eine ausschlaggebende Rolle spielen. Daher erläutert die Autorin in diesem Buch für ausgewählte schariakonforme Finanzierungs- und Anlageformen zunächst die Scharia-Rahmenbedingungen der jeweiligen Vertragsmodelle aus deutscher rechtlicher, ertragsteuerlicher und verkehrsteuerlicher Sicht. Die steuerlichen Fragestellungen werden anhand von Beispielen im grenzüberschreitenden Corporate Bereich im Schnittpunkt von deutschem internationalem Steuerrecht und ausländischem Steuerrecht der weiteren beteiligen Staaten verdeutlicht.
* Grundzüge von Islamic-Finance-Vertragsmodellen
- eigenkapitalbasierte („Musharaka“ und „Mudaraba“),
- fremdkapitalbasierte („Murabaha“ und „Tawarruq“) sowie
ResearchGATE is the largest social network for academic research globally. Dedicated social profiles of researchers allow to enter academic careers, published articles in journals and books, announce fields of research for international exchange just to name a few of the features.
IslamicFinance.de took another effort to create a dedicated group and invite researchers globally to use this platform and foster research in Islamic finance. The last academic initiative taken was to sponsor and start a full fledged platform for the Islamic Finance WIKI, the online encyclopedia.
Researchers are invited to participate in these initiatives.