IslamicFinance.de

Dubai Chamber of Commerce and Industry , in partnership with Thomson Reuters , organised the first roundtable discussion for media on 'What is the Islamic Economy?' as a prelude to the 'Global Islamic Economy Summit' taking place in Dubai on November 25 and 26, 2013. Dubai is already enjoying a high status for Islamic banking and is in the process of enhancing halal food industry, trade policies and commercial laws, and Islamic tourism among other sectors and this Summit will provide the impetus to the future growth of the Islamic Economy. The Summit's topics of discussion will include the six major pillars of the Islamic economy: Islamic Finance; Halal Food; Halal Lifestyle; Halal Travel; SME Development; and Islamic Economy Infrastructure.

The Dubai Chamber of Commerce and Industry launched Anchor 100 Initiative to attract top world businesses to move to Dubai by highlighting the main 11 reasons to invest in Dubai. The reasons include low taxes and incentives, location and infrastructure, and qualified labor force. Besides, the Dubai Chamber together with Thomson Reuters will host the Global Islamic Economy Summit taking place in Dubai on November 25 and 26, 2013. According to Sayd Farook, Global Head of Islamic Finance at Thomson Reuters, there is still a huge untapped potential for Islamic Finance as 72 per cent of Muslims are non-banked. Growing further will need broadening the appeal of Islamic finance as well as targeting opportunities for growth in emerging Islamic markets.

TBLI CONFERENCE has partnered with Nexus Network to increase awareness of, and create greater money flows toward, sustainable investing. The partnership will launch at TBLI CONFERENCE EUROPE in Zurich on 14-15 November, where TBLI and Nexus will present a special workshop called “Next Generation Dialogue”. Members of Nexus Network representing different generations will discuss their views and experience in responsible investing. According to Robert Rubinstein, founder and CEO of TBLI GROUP, the interest of Nexus’ members lies mainly in further exploring opportunities in impact investing and philanthropy. Beyond the partnership for TBLI CONFERENCE EUROPE this fall, TBLI and Nexus Network are in the planning stages for a series of smaller events hosted throughout Europe and abroad, focused on ESG and Impact Investing. These events will continue the dialogue and will help achieve TBLI’s and Nexus Network’s vision of creating a sustainable economy based upon well being. For more information please see attached file.

TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young entrepreneurs, support fresh and creative ideas and finance innovative business models. It addresses a diverse range of issues such as financing for small and medium enterprises (SMEs) and micro-enterprises, the evolving role of young entrepreneurs in the economy, social empowerment and numerous other advancements. The forum will also provide an opportunity to meet potential investors, clients and industry bodies and learn from their experiences in the world of business. Around 69 projects totalling Dh51.4 million have been financed by the Khalifa Fund during the first quarter of this year.

Dubai SME has signed a memorandum of understanding (MoU) with the World Entrepreneurship Forum to host the UAE chapter of the Forum to promote entrepreneurial idea exchange and networking in the region. Dubai will be the first city in the Middle East to host a local chapter of the World Entrepreneurship Forum in December 2013. Dubai SME will be responsible for co-ordinating the local chapter through co-shaping policy ideas with regional key stakeholders to influence change and advancing entrepreneurship as a core strategy for socio-economic development. The Forum brings together key actors of the entrepreneurial ecosystem from a pool of entrepreneurs, social entrepreneurs, stakeholders, service providers, experts, academics, and politicians selected for their contribution and impact to society.

The No Interest Loan Scheme (NILS) New South Wales (NSW) Conference 2013 will take place in Sydney, Australia on October 22-23, 2013. The event will highlight NILS and microfinance topics including energy efficiency programs, impact investing and social innovation, strategies to facilitate best practices in microfinance, and integration, collaboration and consolidation of NILS in microfinance institutions and community organizations in eight territories of Australia. NILS is a community-based program that provides interest-free loans for individuals or families living on low incomes to purchase essential goods and services in Australia.The cost to attend the two-day event is AUS 360 (USD 335), additional discounts are available. For more information visit the event website http://www.nilsnsw.org.au/latest-news/events.

The Eleventh Harvard University Forum on Islamic Finance titled "Takaful and alternative cooperative finance: Challenges and Opportunities" will take place at the Harvard University, USA on April 26-27, 2014. The forum seeks to reassess and critically engage with issues of risk sharing, mutuality, solidarity, and socio-economic welfare in the context of a discussion about takaful and other types of cooperative financial solutions. Papers are requested in the following areas: MUTUALITY: CHALLENGES AND ISSUES; RISK-SHARING; MARKET PENETRATION: STRATEGIES AND ACTIONS; SOCIO-ECONOMIC BENEFITS. Find detailed information and deadlines in the attached pdf-file.

Baittul Maal wa Tamwil (BMT) Microfinance system which is being working in Indonesia should be introduced all-around the globe as the best system to eliminate poverty, Chief Executive Officer of Al-Huda Center of Islamic Banking and Economics Mr. Muhammad Zubair Mughal said. He was speaking at the International conference for “ Empowering SMEs for Financial Inclusion and Growth” held in Indonesia. During his address Mr. Zubair Mughal said, BMT has played an important role for the alleviation of poverty in Indonesia but unfortunately, these methods are being limited to Indonesia only. He stated that new Islamic Microfinance methods of BMT should be available along with Murabaha, Salam, Mudarabah, Qarz-e-Hasna and Waqf to Islamic Microfinance Institutes globally. He further added that Islamic Microfinance is very important along with branchless banking, product innovation and financial literacy in order to achieve financial inclusion for the Muslim population. The Global Islamic Microfinance Forum is going to be held on October 16, 2013 in Dubai, to compile the strategy to strengthen the Islamic Microfinance industry, he ended.

The "International Islamic Microfinance Seminar" was held in Abuja, Nigeria on July 1-2, 2013. This event focused on Nigeria’s Islamic microfinance and banking industry including topics relating developing and facilitating business models; poverty alleviation; financial inclusion; accounting and auditing standards; the regulatory and supervisory framework; technology; and opportunities in agriculture, livestock, renewable energy, microenterprises and small and medium-sized enterprises. Green Oasis Associates Limited (GOAL), a Nigeria-based international consulting firm, organized the seminar.

The event "Microfinance Summit Pakistan 2013" will be held in Islamabad, Pakistan on July 8-10, 2013. This event focuses on topics relating to financial inclusion, microfinance investment vehicles, branchless banking, microinsurance, market segmentation, distribution channels for reaching poor people, and microfinance regulation and policy in Pakistan. It will be co-hosted by the Pakistan Poverty Alleviation Fund (PPAF) and the Pakistan Microfinance Network (PMN). Although there is no cost to attend this event, registration is required. More information ist available on the event website http://www.mfs2013.com/.

The Islamic Financial Services Board (IFSB) is organising its first Seminar focusing on the Islamic financial services in Africa which will be held on 6 to 7 September in Mauritius, hosted by the Bank of Mauritius. This Seminar is targeted at regulatory authorities and financial institutions from African nations interested in developing or exploring Islamic Finance. Numerous experts of Islamic finance will participate. The IFSB is also organising a Pre Seminar Workshop on Introduction to Islamic Finance and the IFSB Standards on 5 September 2012, prior to the Seminar, which is open to all participants attending the Seminar. The Workshop aims to provide them with a better understanding of Islamic financial services and the IFSB activities.

The Seminar on Strategies for the Development of Islamic Capital Markets was held on June 27 in Hong Kong to promote discussions, understanding and experience-sharing in the area of Islamic capital markets. The event was organised by the Islamic Financial Services Board (IFSB) and hosted by the Hong Kong Monetary Authority (HKMA). In the one-day seminar, speakers with experience and expertise in the Islamic finance field discussed the latest developments of the global Islamic capital markets and examined the prospects and opportunities, with particular focus on Sukuk and Islamic collective investment schemes. The seminar was attended by more than 80 delegates including representatives from regulatory authorities, policy-makers, financial institutions, market professionals and legal practitioners from Hong Kong and different parts of the world including the Middle East, Asia, Africa and Europe.

The sixth China Hui Merchants Fair will be held in September as part of the China-Arab States Expo in Wuzhong, Ningxia Hui Autonomous Region. The Hui people are a predominant Muslim ethnic group in China, who usually speak Chinese and prefer traditional Islamic dress. During the fair, many activities will be held including the annual meeting of Hui merchants, a Halal Industry development forum, a contest between Halal food suppliers and an international Muslim food culture week. The Hui Merchants Fair aims to promote economic and cultural cooperation and exchange between China and Arab States. Ultimately, Wuzhong hopes to be the production base for Halal food in China.

The Al Baraka 34th Symposium on Islamic Economics is scheduled to be held in Jeddah on July 17 and 18. The symposium will discuss methods of calculating zakat of equity and debt financing. It will cover fiqh and Islamic doctrinal researches submitted by scholars specialised in Islamic banking and finance, who will discuss issues related to investment including sukuk and fiqh, debt and participation contract. A number of scholars and economists will comment on these researches in open sessions - which will be attended by about a 1,000 interested people from various Islamic countries.

The headquarters of the General Secretariat of the Organisation of Islamic Cooperation in Jeddah hosts, on 10–11 June 2013, a workshop entitled: "Humanitarian Action in Today’s World: reality and challenges in the context of Islamic jurisprudence and international humanitarian law". This workshop is attended by scholars and experts of Islamic jurisprudence and international humanitarian law, all together more than 20 organisations and 80 participants. It covers topics relating to the rights of victims of armed conflicts and the protection of humanitarian workers. It also features specific presentations on experiences and practices in the area of protection. The workshop aims to provide knowledge-based assistance to those working in the humanitarian field, develop their skills, and promote their awareness and knowledge of the principles of humanitarian action in light of Islamic jurisprudence and international humanitarian law.

Speaking at the Middle East Investment Conference in Dubai, Ibrahim Warde, adjunct professor at Tufts University in the United States and a noted author on Islamic finance, argued that since the 1990s Islamic finance has gained much more international acceptability but that it continues to grapple with the fundamental form-versus-substance debate. With the current size of the Islamic finance market at over $1.3 trillion, Warde believes that it is not an exaggeration to say that in the world of finance, the fastest growing segment is Islamic finance.

Issues raised and discussed at length during “International Workshop on Zakat, Waqf and Islamic Microfinance” and the idea of “Strengthening Islamic Social Finance Sector” were presented by Arshad Ajmal, Vice President of Sahulat Microfinance Society, at a programme organised by Forum for Discussion on Economic Issues. The event is a joint forum of Sahulat and Radiance Viewsweekly which was held in the national capital on 26 May. Mr. Ajmal, who was the only person invited from India as a resource person on Islamic Microfinance, shared his experience which he gathered and the points he raised during the workshop. Another notable point discussed was whether an Islamic Microfinance institution should and can be treated as a banking institution. Moreover, it was pointed out that Islamic finance places itself heavily on debt instruments and less on equity instruments.

At the 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013) in Singapore, Bahrain based international standard-setting body the International Islamic Financial Market (IIFM) announced the launch of IIFM Inter-Bank Unrestricted Master Investment Wakalah Agreement. This global standard document is supplemented with an Operational Guidance Memorandum. It is developed to be used in the Islamic inter-bank market between financial institutions in order to manage their liquidity requirements. It is also aimed to minimise the over reliance on the use of the Commodity Murabaha in the inter-bank market transactions. The key main features of this Agreement is that the Investor, the Muwakkil, will appoint the Wakil as its Agent to invest its funds in a Shari’ah compliant manner in exchange for a fee.

Citi Bahrain and the Bahrain Association of Banks (BAB) recently organized a 'Women in Banking' roundtable that determined that there is a need to establish a forum to support and empower women working in Bahrain's banking and financial sector. Female banking executives from more than 15 institutions attended the seminar. Speakers pointed out the role of women in the banking and financial sector, which is the largest single employer in the Kingdom, with women making up 37 percent of its workforce. Challenges facing women in the financial sector like the prevailing attitude towards women, an existing male-dominated workforce, the organizational culture and a lack of female role models were discussed. The event was closed with a suggestion to form a working group to formulate recommendations on how best to further the development of women in the banking sector.

Bank Indonesia holds The 3rd Bank Indonesia International Seminar on Islamic Finance on 30-31 May 2013, in Bali. The seminar's theme is, "A New Phase of Islamic Finance: Capturing the Untapped Area to Improve the Quality of Economic Development".The seminar is expected to revisit the essense and purpose of the Islamic finance, and explore new sources of growth to maintain the current high level of growth in the Islamic finance industry. The area of discussion includes shariah norms in the economy, the application of Islamic finance in the government sector, the promotion of inclusive growth, and the implementation of macroprudential policies in Islamic finance. The seminar is attended bymore than 200 participants representing regulators, practitioners, and scholars in Islamic banking and finance, both domesticand international.