general

empty Description of term "general"

The Latest: Pope urges Davos forum to promote social justice

Pope Francis is urging political and business leaders at the World Economic Forum in Davos to create the conditions for building inclusive, just and supportive societies. In his opinion, we cannot continue to move forward as if the spread of poverty and justice had no cause. Selfish lifestyles full of opulence have boosted unemployment, increased poverty, created new forms of slavery and widened the socio-economic gap in many places. By rejecting "throwaway" culture and a "mentality of indifference," entrepreneurs have the potential to effect substantial changes such as creating new jobs, respecting labor laws, fighting against public and private corruption and promoting social justice.

Dubai Islamic Economy Development Centre enrols as observer member of Responsible Finance & Investment Foundation

The Dubai Islamic Economy Development Centre (DIEDC) has enrolled as an observer member of the Responsible Finance & Investment (RFI) Foundation. DIEDC and the RFI Foundation will collaborate towards the common goal of shifting the focus of the financial sector from accumulating wealth to supporting equitable, inclusive, and sustainable growth. As a member, DIEDC gains access to the RFI Foundation’s research and its diverse network. Abdulla Mohammed Al Awar, CEO of DIEDC, said by joining the RFI Foundation, the efforts of the two entities integrate to identify universal principles that guide responsible finance. Blake Goud, CEO of the RFI Foundation, welcomed DIEDC as an observer member. He added that DIEDC was a valuable addition to the RFI Foundation’s member community that includes multilaterals organisations, commercial banks and asset managers.

Islamic #FinTech in 2018

2018 may prove to be a pivotal year for Islamic finance stakeholders and their approach to FinTech. Potential areas where FinTech is likely to have an impact on Islamic finance are remittances, takaful, investment advisory services and online trading. Commentators see FinTech as an opportunity to provide genuine Islamic-compliant alternatives to the traditional banking model. In December 2017, KFH Bahrain, Al Baraka Banking Group and Bahrain Development Bank announced the establishment of a company dedicated to research and development in the Islamic-compliant FinTech sector. Operated by the Bahraini bank consortium, ALGO Bahrain will open in February 2018 and will be the largest dedicated FinTech hub in the Middle East and Africa. Bahrain FinTech Bay is operated by Singapore-based fintech incubator FinTech Consortium.

Digital currencies remain tricky subject for Islamic finance

The role and status of cryptocurrencies remains a hotly disputed issue in the Muslim world. While entrepreneurs and Islamic finance startups openly encourage the use of digital currencies, others keep thinking otherwise. The latest escalation in the dispute was a fatwa against all cryptocurrencies issued by the Egyptian Grand Mufti Shawki Allam. He said that since trading of cryptocurrencies was similar to gambling, it was forbidden in Islam. His fatwa came after Bitcoin in mid-December soared to almost $20,000 per token but then lost one third of its value in just 24 hours. In addition, Egypt’s legitimate bodies also do not consider trading a virtual currency to be acceptable. However, nations that play a substantial role in Islamic finance, namely Malaysia, Indonesia, UAE, Turkey and even Saudi Arabia have no problem to accept cryptocurrencies. In Dubai, OneGram was the first company to set up the Shariah-compliant cryptocurrency called OneGramCoin. There are already two real estate developers in Dubai, which accept payments in digital currencies.

#Qatar witnessing robust momentum in #fintech, says Sheikh Abdulla

According to Qatar Central Bank (QCB) Governor Sheikh Abdulla bin Saoud al-Thani, Qatar is witnessing a robust momentum in fintech. The country is opening up increasing opportunities for digital payments, money management, lending, loyalty and rewards, remittances, investments and advisory services. Sheik Abdulla said the QCB’s recently launched new strategy would need to ensure that fintech firms are enhancing the financial system. Although there have been some success stories, he said banks and insurance companies in the region have been slow to embrace innovation. The fintech industry in Qatar remains very small, but it has seen a few startups such as Hasalty. As a mobile application, Hasalty improves financial literacy for children supported by the Qatar Business Incubation Centre.

US$50m of i-VCAP Islamic ETF expected to be subscribed

i-VCAP Management is expecting US$50 million (RM198 million) to be subscribed upon its initial subscription period via an initial public offering on Feb 9. The MyETF-US50 will be the first US dollar-denominated Syariah-compliant security to be listed on Bursa Malaysia. i-VCAP CEO Khairi Shahrin Arief Baki said ETFs are one of the fastest growing investment products in the world. The MyETF-US50 is aimed at providing investment results that closely correspond to the performance of the benchmark index, the Dow Jones Islamic market US Titans 50. According to i-VCAP chairman Tuan Haji Rosli Abdullah, the MyETF-US50 enables investors to access the US equity market in US dollars, marking a new chapter in the Malaysian capital market.

Responsible finance: #Malaysia leads the way with new guidelines

The Securities Commission Malaysia recently issued its 'Guidelines on Sustainable and Responsible Investment (SRI) Funds' to promote the growth of such funds in Malaysia. Often termed as ethical investments, SRI investments not only provide benefits to society, but also encourage corporate practices that embrace environmental stewardship, consumer protection, human rights and diversity. The new guidelines, which enable market funds to be designated as SRI funds, will widen the range of SRI products. According to the new guidelines, the policies and strategies of SRI funds must adopt one or more sustainability considerations such as the UN Global Compact Principles, the Sustainable Development Goals and other environmental, social or governance factors. The Guidelines also introduce additional disclosure and reporting requirements to encourage more transparency.

#GAMBIA – MEDIA INVITATION – New agreement between The Gambia and The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (ISDB) Group

The CEO of The International Islamic Trade Finance Corporation (ITFC) will be on an official visit to The Gambia on 16th January 2018. A new agreement will be signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E. Hon. Mrs. Fatoumata Jallow-Tambajang, Vice President and Minister for Women’s Affairs. Since its inception in 2008, ITFC has approved a total of 30 financing operations for The Gambia for a total of US$437 million. Hani Salem Sonbol will be available for face to face interviews. Only registered journalists will have access to the signing ceremony.

What Does Responsible Finance Have To Do With What Is Happening in #Iran?

In Iran more than a dozen people have been killed and thousands have been arrested in demonstrations over the last few weeks. Massive numbers of Iranians say their savings have been lost because of the collapse of poorly regulated or fraudulent institutions. According to Suzanne Maloney of the Brookings Institution, banks are shutting down without any kind of notice. The Iranian President’s recent budget proposal decreases subsidies to the poor at a time when the spending power of Iranians is also declining. Not being able to meet day-to-day expenses, respond to emergencies or take advantage of opportunities are a significant source of stress. The client protection principles, Smart Certification and the tools developed by the Smart Campaign offer resources for stakeholders in any country. They can ensure responsible treatment of clients and thus long-term sustainability. Iran's case shows the importance of quality financial products as a part of broader financial, economic, and social development.

TradePlus Shariah #Gold Tracker marks #Malaysia’s first commodity ETF

Affin Hwang Asset Management has launched the TradePlus Shariah Gold Tracker (GOLDETF MK) on Bursa Malaysia, the first commodity-tracking ETF listed in Malaysia. The fund provides investors with exposure to gold through a shariah-compliant investment structure. The fund tracks the LBMA Gold Price AM Index by investing in physical gold bars purchased from London Bullion Market Association-accredited refineries. Datuk Seri Tajuddin Atan, CEO of Bursa Malaysia, said this ETF would allow investors to buy and sell gold in the same manner as trading shares on Bursa Malaysia. The government of Malaysia has also announced that ETFs traded on Bursa Malaysia will be exempted from stamp duty starting from 1 January 2018. GOLDETF’s annual fees (including management, trustee and custody fees) is 0.76%.

Islamic #FinTech in 2018

2018 may prove to be a pivotal year for Islamic finance stakeholders and their approach to developments in FinTech. Potential areas for FinTech are remittances, insurance, investment advisory services and online trading. In the coming years, demand from consumers is expected to give rise to the faster adoption of these technologies. Instead of mirroring conventional financial products, commentators see the opportunity to provide genuine Islamic-compliant alternatives to the traditional banking model. In December 2017, KFH Bahrain, Al Baraka Banking Group and Bahrain Development Bank announced the establishment of ALGO Bahrain. It will be dedicated to research and development in the Islamic-compliant FinTech sector. In addition, the largest FinTech hub in the Middle East and Africa will open in February 2018. The new hub named Bahrain FinTech Bay is operated by Singapore-based fintech incubator FinTech Consortium.

#Venezuela to issue oil-backed #cryptocurrency in ‘coming days’

President Nicolas Maduro announced that Venezuela would issue 100 million units of an oil-backed cryptocurrency known as the petro. Maduro said that the petro would be backed by 5 billion barrels in the Ayacucho block of the Orinoco Oil Belt. Based on the latest price of the country’s oil basket, the total issue would be worth about $5.9 billion. Maduro believes the cryptocurrency will help the South American country challenge the tyranny of the dollar, economic war and US-led financial persecution. Over the past year, the US Treasury Department has blacklisted numerous top-ranking officials, including Maduro and many of his ministers. Home to the world’s largest crude reserves, Venezuelan oil output fell to a 14-year low last July. Maduro didn’t comment on whether Venezuela bondholders would be paid with petros. At the start, the petro will be obtained through auctions or direct allocation by the country’s Cryptocurrency Superintendent.

#Zakat Fund aid amounted to QR13.6m in December

Qatar's Ministry of Endowments and Islamic Affairs provided zakat to the needy families, the zakat totalled QR13,624,806 last December. The aid was distributed to the beneficiaries, including the permanent aid provided monthly and the irregular aid, which is related to specific needs and emergency conditions. The funds were distributed according to Shariah and after comprehensively researching each beneficiary case and undergoing a social and field research. The cases are then presented to specialised committees, who meet daily and assess the cases, guaranteeing the delivery of assistance to beneficiaries in need.

Nominations open for Royal #Award for Islamic Finance

The Royal Award for Islamic Finance is on a global search for an exceptional individual in the field of Islamic finance. The biennial award is spearheaded by Bank Negara Malaysia and the Securities Commission Malaysia. It recognises Islamic finance visionaries who contribute significantly to the growth of Islamic finance. The award recipient is selected by an independent seven-member international jury chaired by Tun Musa Hitam. The most recent recipient of the Royal Award for Islamic Finance in 2016 was Prof Datuk Dr Rifaat Ahmed Abdel Karim. He was instrumental in founding the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). The closing date for nominations is March 31, 2018, and interested persons can submit their nominations online.

Emerging Markets: Middle East debt markets roll with the punches

The Middle East faces a very tricky 2018. War rages in Yemen. Qatar and its neighbours are at loggerheads, in an inter-Gulf feud without precedent. Saudi Arabia is purging its princes. But bond and loan markets are placid. Overall borrowing in the region in 2017 came in at a much higher level than before the oil price fell in 2014. The feeling across the capital markets is firmly that although the region poses risks, it is also rife with opportunities for 2018. One country where that optimism might not be so high is Qatar. The political turmoil in the region has reined in debt capital market bankers’ enthusiasm about Qatar, once the jewel of the Middle East capital markets. On June 5 last year, Saudi Arabia, the United Arab Emirates, Bahrain, Yemen, Egypt and Libya cut diplomatic ties with Qatar and installed sanctions over allegations of the emirate’s links to terrorist groups. In December 2017, Qatar National Bank and Commercial Bank of Qatar approached the international loan market. Now banks are brushing their concerns aside and bankers are more optimistic about Qatar’s funding capability.

BEP Systems to deliver Gatehouse Bank’s residential financing processes

BEP Systems has added Gatehouse Bank to its roster of financiers using their customisable Apprivo2 system. Gatehouse Bank will use the new system to help make their business more efficient. For Gatehouse Bank, BEP have re-configured their systems to comply with Shariah requirements when dealing with home purchase plans. Charles Haresnape, CEO of Gatehouse Bank, said it was vital that the software house understood Shariah requirements and BEP Systems delivered excellent solutions across home purchase plans and buy-to-let financing. Chris Little, managing director of BEP Systems, said Gatehouse Bank had seen the advantages Apprivo2 and strategic advantages would be delivered to fit their business model. He added that Apprivo2 was the fastest growing system in the UK serving specialist finance providers.

Deoband’s new #fatwa bans Muslim women from marrying into families of bankers

The largest seminary in #India, Darul Uloom Deoband, has issued a fatwa asking Muslim women to not marry into a family whose members work in banks. Deoband argued that the income from banking jobs is considered haram (forbidden) earnings. The edict was pronounced after a person asked Darul Ifta if he should marry his daughter to a man whose father worked in a bank. The Islamic scholars have upheld the fatwa, contending that the religious body’s stand was in line with the Islamic law. Islamic researcher Maulana Nadimul Vajdi said that if a person, knowingly or unknowingly, has indulged in haram earning, the person concerned should quit the job and find another one in which the income was not considered forbidden under the Islamic law.

Top #Egyptian cleric forbids Muslims from #Bitcoin trading

The Grand Mufti of Egypt has explicitly prohibited trading in Bitcoin, explaining that it is forbidden in Islamic Sharia for the risks it holds, and its been used to fund terrorists. A Fatwa has been issued that the virtual currency should not be used to make financial transactions because it has no monetary cover by the Central Bank of Egypt (CBE). Mufti Allam remarked that Bitcoins undermine the legal system, as companies can evade taxes and not disclose their profits due to the fact that Bitcoins are untraceable. Furthermore, companies turn their attention to crypto currencies as it allows them to launder money or finance terrorist activities and engage in other fraudulent behaviors. The Mufti concluded that Bitcoin does not have a physical form and leads to fraud, therefore prohibited its use as it leads to more corruption.

#Turkey issues #detention warrants for 68 Bank Asya shareholders in post-coup probe: police

Turkish authorities have issued detention warrants for 68 shareholders of Bank Asya. The police operation targeted the network of the cleric accused for orchestrating last year’s failed coup attempt. The targeted shareholders all had voting rights to determine the bank’s administrative board. So far 49 of the 68 suspects had been detained. Bank Asya was founded by followers of the U.S.-based cleric Fethullah Gulen and was seized by the state in 2015. According to the Turkish government, Gulen masterminded the 2016 attempted coup, in which more than 240 people were killed by rogue soldiers. Gulen has denied the charges and condemned the coup. Since the abortive putsch, more than 50,000 people, including civil servants and security personnel, have been jailed pending trial and some 150,000 suspended or dismissed from their jobs.

#Indonesia Hampers #Fintech in Using #Cryptocurrencies

From January 1, Indonesia is introducing a ban on crypto coins as payment options. The Indonesian government wants to ban forms of payment processing and make payment processing available only by owning a banking license. Such moves show how governments could crack down on crypto coins, while being generally accepting of fintech payment systems, even going as far as licensing them. Indonesia recognizes fintech firms as those providing payment systems, market support, investment management or risk management, P2P lending, financing providers and other financial services. All new fintech products in Indonesia would be tested in a sandbox environment before receiving a license.

Syndicate content