IslamicFinance.de

Turkey has begun to give new banking licenses after the 2001 banking crisis, with no exception for interest-free Islamic banks, called participation banks. The format of two participation banks which will be established by the state-run Banks Ziraat Bank and Halkbank, will be clearer in a few months. As of now four banks have operated in the participation banking industry: Bank Asya, Turkiye Finans, Albaraka Turk and Kuveyt Turk. They constitute 5.3 percent of the Turkish banking industry. The aim of the Participation Banks Association of Turkey is to triple the share of Islamic banking assets in Turkey by 2023. Besides, Ziraat Bank has been planning to set up a separate Islamic bank. Moreover, Turkish lender Halkbank appears to be the second bank to start offering sharia-compliant services under a new entity.

In an effort to foster hope and stability among Yemen’s por, Al-Amal Microfinance Bank is working to introduce a range of Sharia-compliant microfinance products aimed at reaching the unbanked. However, demand for Islamic financial products can far exceed the capacity of existing microfinance institutions to provide them. That’s why institutions like Al-Amal are often forced to limit their suite of Sharia-compliant products to one or more products that are relatively simple to administer and offer a clear return. In Al-Amal’s case, the signature Islamic product is murabaha. The mark-up ranges between 14.5% (for purchases more than $5,000) and 24% (for purchases below $5,000). Further development of Al-Amal’s murabaha offering and the introduction of other Sharia-compliant products, will hinge on the bank’s ability to reach Yemen’s rural poor, who represent some 80 percent of the country’s population

The Central Bank of Nigeria (CBN) has reviewed the Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulation to align with international best practise as well as other anti laundering and terrorism acts of the country. The CBN said it aims to ensure that with the cooperation of operators and stakeholders in the Nigerian financial sector, the reviewed Regulations meet international best practice and FATF requirements. In view of this, it called for contributions and comments from relevant stakeholders on the draft review prior to gazetting and release of the document to the industry. CBN has commenced full implementation of its gazetted Anti Money Laundering and Combating Financing Terrorism (AML/CFT) Risk Based Supervision (RBS) framework enunciated in 2011.

The sixth waqf forum will kick off in Doha on Monday under auspices of Qatari Prime Minister and Minister of Foreign Affairs Sheikh Hamad Bin Jassem Al Thani with delegations from 15 Arab and Muslim countries. The forum, themed "new issues and juridical rooting," will discuss a number of legal contemporary issues relating to the Islamic jurisprudence in the area 'Awaqf' (endowments). The gathering is being organized by the Qatari Ministry of Awqaf and Islamic Affairs in collaboration with Kuwait Awqaf Public Foundation (KAPF) and the Islamic Development Bank Group (IDB).

The Malaysia-based International Islamic Liquidity Management Corp (IILM), backed by nine central banks and monetary agencies as well as the Jeddah-based Islamic Development Bank, has said it plans to issue up to $500mn of dollar-denominated sukuk in the second quarter of this year, and eventually expand the programme to as much as $3bn. However, the company faces a delicate task as it designs its maiden sukuk: it must make the issue attractive enough for investors to buy, but not so attractive that most of them buy to hold. The IILM’s mission is to create a highly liquid tool which Islamic banks will trade to manage their short-term funds. Whether it gets the balance right will affect the development of Islamic money market trading in the Gulf and Southeast Asia over the coming year.

It is often claimed that Islamic finance is not only for Muslims, sending the message that the market potential of Islamic finance is far greater than just the global population of Muslims. However, Shari'ah compliance as the constitutive element of Islamic finance is in itself rather irrelevant for non?Muslims. It could be macro?systemic or micro?commercial or ethical implications of the observance of Islamic law which make it appealing to non?Muslims. If it is not 'systemic superiority' that will attract non?Muslims, then it could be the pricing of Islamic products or their quality that the customers see as individual benefit for themselves. The responsible investing movement is a great opportunity for Islamic finance, but also a great challenge at the same time.

Takaful Ikhlas Sdn Bhd is looking to boost its family takaful business, regarded as a long term saving mechanism, to drive the company's growth and profitability further. According to its president and CEO Ab Latiff Abu Bakar, the company's family takaful business should grow by another 10% to contribute 70% of its gross contributions in the next three to four years. For the financial year ended March 31, 2012 (FY12), family takaful made up just over 60% of the operators contributions at RM501 million. One opportunity for growth is the expansion into corporate or group business which remains under-penetrated but a good way to reach the masses at a faster and cheaper rate. Takaful Ikhlas will also look to introduce new products packaged with Islamic services to further grow its family takaful segment.

Bahrain-based Islamic investment bank Gulf Finance House (GFH) reported a 50 per cent increase in net profit at $1.5 million for the first quarter this year. Total income for the period was at $11.1m. Income was primarily from fees from funds under management and a profit of $4.9m from repurchase of debts at discount. The bank's strategy of streamlined operations continued to bear results with a 30pc reduction in operating costs for the current quarter at $8.3m compared with $11.9m in first quarter of last year. GFH acting chief executive Hisham Al Rayes said GFH Capital undertook due diligence on a number of potential strategic investors for Leeds United FC and exit arrangements for Mega City Navi Mumbai focusing on profitable growth.

Aston Martin has confirmed that the Investindustrial partnership has been completed. The deal brings £150m of investment in the form of a capital increase. The investment underpins a significant new product development programme of more than half a billion pounds over the next five years. Aston Martin production will remain at the luxury British marque’s global headquarters at Gaydon in Warwickshire, a purpose-built facility where the current range of sports cars is assembled. Details of this year’s first quarter results will be announced to bondholders later in May.

The 3rd Bank Indonesia International Seminar on Islamic Finance with the title “A New Phase of the Islamic Finance: Capturing the Untapped Area to Improve the Quality of Economic Development” is going to take place in Nusa Dua Beach Hotel, Bali, on 30th – 31st May 2013. Several topics regarding Islamic finance will be discussed, such as potential products and segments correlated with the economic growth and stability of financial system and the role of Islamic finance for underprivileged communities and small-micro economic groups. An in-depth discussion is needed to evaluate the mindset of Islamic financial industry development and to identify the potential untapped areas to obtain some effective recommendations with the purpose of reaching the quality of economic growth. Please see the attached file for more details as well as registration procedure.

You will be responsible to develop, launch and run Sharjah compliant retail products for the Islamic Banking arm. You will also provide leadership and hands on guidance to the team to achieve pre-set financial / non financial targets.

Our Base platform to work will be IFLEX / Flexcube)
To identify and resolve application issues related to Core Banking systems of Noor Investment Group
To provide consultancy to users on queries related to Core Banking systems.
To Liaise with vendors and partners in resolving issues related to Core Banking Systems.
To ensure smooth service availability of Core banking systems.
To assist in new implementations, enhancements and upgrades of Core Banking Systems.
To perform System Integration tests (SIT) and co-ordinate User Acceptance Test (UAT) activities related to Core Banking Systems.

1. Co-ordinate customer-bank interactions regarding bank products and services.

2.Ensure timely processing of high quality credit proposals by the team for existing and potential customers through compilation and analysis of complete borrower information.

3.Supervise relationship management of assigned Affluent/Commercial/SME portfolio.

4.Identify prospective opportunities, actively market such prospects and negotiate with customers for obtaining their business and maintain follow-ups.

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•Developing and managing a comprehensive consumer credit risk policy and roadmap, which supports business segment strategies and overall strategy for Islamic Products of Retail Bank in compliance with Shariah principles and guidelines
•Managing credit approval process for all islamic products of the Retail Bank
•Monitoring the risk management performance of credit products/portfolios and providing an ongoing assessment of credit risks in the Asset portfolio and product strategies.
•Establishing operating policies and procedures relating to credit approval and verification, collections/ repossession/foreclosure management and fraud.
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Solution Lead for“Islamic Banking” Solution offering of FLEXCUBE product line and will be responsible fordriving the following initiatives

Ability to define the Target Markets & Accounts with a clear view of identifying Market Size & Target Addressable market globally for this segment of business
Ability to build pipeline and initiating, leading and closing big ticket “solution sales”, at the highest level in Islamic Banking Organizations
Development of Strategic Plan for the Sales /Sales Consulting team to execute deals in respective markets and to oversee large deals to closure
Influence product development based on prospect interactions, global market trends, local country / market requirements
Communicate product information, changes and direction to sales & sales consulting community
Client Relationship Management at C-Level and/or one level below to identify and steer opportunities for business improvement for this product line

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The United Nations Development Programme (UNDP) and the Islamic Trade Finance Corporation (ITFC) of the Islamic Development Bank agreed today to cooperate in the Arab States region on fighting poverty and creating jobs. The first area of joint work is an initiative to boost employment through trade reforms. The newly-signed Aid for Trade Initiative for Arab States will spearhead trade reforms in Arab countries in the Middle East and North Africa with the aim of bringing about pro-poor economic growth. The Aid for Trade Initiative for Arab States was endorsed by the 3rd Arab Economic and Social Development Summit, held in January 2013. It is funded by the International Islamic Trade Finance Corporation -- a unit of the Islamic Development Bank Group -- as well as the Governments of Kuwait, Saudi Arabia and Sweden and UNDP.

A group of Egyptian civil society organizations have submitted their recommendations to the World Bank as input to Phase 1 of the Social and Environmental Safeguard policy review process. The document was endorsed by many of the same organizations that pushed the Bank to hold a civil society consultation in Cairo since such a meeting had not originally been scheduled to take place. In the submission, the groups emphasized the need for transparency, shared responsibility and accountability between the Bank and borrowing governments, and the need for the Bank to align its standards with those of international standards and conventions, while remembering that safeguards should contribute to the Bank’s overarching goal of reducing poverty.

Hawkamah’s Private Equity Task Force aims to encourage Private Equity firms to appraise or to re-appraise their corporate governance status and to adopt best practice standards. Its remit is to assist the Private Equity Industry in the MENA region by developing corporate governance principles and practice guidelines. Leonardo Peklar, Hawkamah CEO stressed that adopting a better corporate governance culture focuses on adapting the principles to regional cultural requirements and realities. Within this framework, implementing corporate governance positively impacts performance and aligns the interests of stakeholders.

Chairman of Al-Eslah Society (Islamic Society for Social Reform) Humoud Hamad Al-Roumi said at the 10th meeting of Deewan Al-Khair, an event that is part of Kuwaiti forum for charity work that Kuwait is a pioneer in the field of charity with all its various forms. Head of Al-Rahma International Charity's Palestine Office Dr. Waleed Al-Anjari offered a presentation about Gaza reconstruction project which reached the cost of USD 25 million, including various forms of humanitarian relief. Head of the Al-Rahma International Charity's Djibouti Office, Sa'ed Al-Otaibi, tackled his experience of charity work in Djibouti with the participation of young Kuwaitis in a journey they called "Life that has no life" in a country of total population of one million people. The majority of them are suffering from severe poverty.

The President of the Islamic Development Bank Group, Dr Ahmad Mohamed Ali has stressed that the IDB would cooperate with the Government of Somalia in a bid to rebuild and consolidate the public finance institutions through various methods such as staff training and transfer of knowledge and technology from IDB member countries. He also said that the IDB would assist the Government in the fields of Islamic banking and finance and improve legislation on investment so that the private sector can play its role in economic and social development. IDB's future activities in Somalia would be geared toward building government institutions, restoring basic services and improving infrastructure he added.