IslamicFinance.de

Renewable energy such as hydropower, solar and wind energy is becoming focus of some Islamic banks. Especially solar power projects attract major investment in the Middle East and North Africa (MENA). Among the projects are Abu Dhabi’s Masdar City and the German-led Desertec Industrial Initiative (DII). It is expected that energy export thrughout the MENA region and into Europe will become possible.

Call for Manuscripts and Papers

Volume-I

Impact Philanthropy and Investing

Connecting Innovation with Ground Realities*

A volume in the Academy of Philanthropy

International Perspectives on Philanthropy Series

The first Journal from the Academy of Philanthropy will use the recently held Global Donors Forum 2012 as a platform for a focus on Impact Philanthropy and investing with a particular focus on impact and accountability in Muslim Philanthropy. This is an invitation to contribute manuscripts or papers for this first Journal. Full details on the areas of interest and how to submit material may be found below.

*Based on the nature of submissions the subtitle may be adjusted accordingly.
Call for Manuscripts and Papers
Volume I : Impact Philanthropy and Investing
A volume in the Academy of Philanthropy International Perspectives on Philanthropy Series
Editor: Dr. Yunus Sola, Director, Academy of Philanthropy, London and Chicago. ysola@thewcmp.org

Who will be the first Islamic financial institution to become signatory of the Natural Capital Declaration? "The Natural Capital Declaration is a statement by the financial sector demonstrating our commitment at the Rio+20 Earth Summit to work towards integrating Natural Capital criteria into our financial products and services for the 21st century.

Through it we wish to acknowledge and re-affirm the importance of Natural Capital in maintaining a sustainable global economy, and call upon the private and public sectors to work together to create the conditions necessary to maintain and enhance Natural Capital as a critical economic, ecological and social asset.

Natural Capital comprises Earth's natural assets (soil, air, water, flora and fauna), and the ecosystem services resulting from them, which make human life possible. Neither these services, nor the stock of Natural Capital that provides them, are adequately valued compared to social and financial capital. Despite being fundamental to our wellbeing, their daily use remains almost undetected within our economic system. Using Natural Capital this way is not sustainable.

Dear Readers,

aside from Islamic banks there is another model in practice for more than 20 years avoiding the topic of interest. I usually cite it in my seminars to show that even interest free loans can exist along a banking model. Years ago, an in depht analysis was published online:

http://anielski.com/wp-content/documents/The%20JAK%20Bank%20Report.pdf

In the meantime interested groups can seek assistance to set it up by:

http://www.cajasweden.se/downloads/caja_folder_e-version.pdf

And also JAK offers courses and backgrounds for international interested groups from abroad in their first newsletter:

http://jak.aventus.nu/download/JAK_Int/JAK_International_Newsletter_1.pdf

Addendum: A master thesis about JAK Medlemsbank can be downloaded here:

http://www.jak.se/sites/default/files/folkbildning/dokument/MARK_BURTON_...

Enjoy reading and take it as a source of inspiration!

Best regards,

Michael Saleh Gassner

On 10 May 2012 BaFin will hold its second conference on Islamic financial services in Frankfurt. The agenda includes sharia-compliant capital market products and the opportunities and challenges they present.

The presenters at the conference will be leading international representatives of financial supervisory authorities, universities and market participants. The event features a mix of panels and will be held in English.

BaFin hosted its first conference on Islamic finance in autumn 2009 and received a very positive response.

As the number of participants is limited, please fill out the expression of interest form if you would like to attend the conference. We will inform you as soon as possible whether your registration was successful.

Agenda

Time: 10 May 2012 (10 am to 6 pm)

A. Welcome and First Overview

B. Panel I: Islamic Funds
Sharia-compliant Funds
Sharia-compliant Derivatives
Sharia-compliant Share Indices

C. Panel II: Sukuk and Securitization
Key Aspects of Sukuk
Key Aspects of Securitization

D. Panel III: Special Aspects of Islamic Finance
Market Potential of Islamic Finance
Aspects and Challenges of Taxation

Social Finance, Ltd. created a bond with social impact. Background on this project is provided free for download and could be a good base for innovation in the Islamic finance industry:

"In September 2010, our sister organization, Social Finance, Ltd., launched the world’s first Social Impact Bond in the United Kingdom. Targeted at reducing prison recidivism, the Peterborough pilot generated world-wide interest in the potential of this innovative financial instrument. We established Social Finance, Inc. in January 2011, to bring the Social Impact Bond to the United States. Since our founding, we have been collaborating with government, investors, nonprofit organizations, and thought leaders on how Social Impact Bonds might realign incentives for delivering social outcomes and augment public funding and philanthropy to support our collective efforts to improve the lives of individuals and communities in need.

Dear Reader,

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:

http://www.kapipal.com/islamicfinance

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

Dear Readers,

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...

Norton Rose Seminar Documentation

Making Their Mark: Women Working in the Middle Eastern Financial
Industry

OECD: Women’s Access to Finance in the Middle East and North Africa (MENA) Region

Women’s Empowerment through Islamic Microfinance in Egypt

IDB Prize for Women’s Contribution to Development: PROMOTING WOMEN’S ROLE IN FINANCE AND ECONOMY

Global Donors Forum is the annual convening of World Congress of Muslim Philanthropists to promote effective giving and forge strategic partnerships for high-impact social investment.

The dates for the Global Donors Forum are now confirmed. The Forum will be held in Kuala Lumpur, Malaysia from April 26-28, 2012. The Global Donors Forum is pleased to announced that Forum will be declared open with a keynote address by Dato' Sri Najib Razak, the Prime Minister of Malaysia.

Report offers comprehensive reference material about Shariah scholars in the Middle East and around the world as Islamic Finance industry assets top US$1 trillion. Failaka Advisors, in partnership with Paris-based Grapes Market Research & Advisory, has released the second edition of The Shariah Report.

The 2012 version of the report is the world’s first comprehensive report on Shariah scholars, with detailed profiles of more than 120 of the top scholars in the Middle East and from around the globe highlighting Islamic Finance’s global reach.

“Spanning from East to West, The Shariah Report profiles Shariah Scholars from Asia, the Middle East, Africa, Europe & North America, providing insight into the depth and breadth of the industry”, added Anne-Sophie Gintzburger, Founding Director at Grapes. Each scholarly profile comprises country of birth, academic qualifications, a cross-referenced list of institution where each scholar serves as a Shariah Board member, and a list of their important works on Islamic finance.

By organizing a one-day conference on Islamic finance and bringing together some of the
major players in the field of islamic and ethical finance , Islamic Relief-Italy, in collaboration
with ASSAIF, intends to share some reflections, case studies and initiatives in order
to contribute to solve the actual financial crisis. Thanks to a significant experience in
implementing development projects that are shari’a compliant , Islamic Relief represents
an interesting and successful example of Islamic finance initiatives that are born and
developed in Europe.The financial crisis which is nowadays afflicting most of the European countries has had

The financial crisis which is nowadays afflicting most of the European countries has had a significant impact on the real economy and on the society itself. Particularly, a growing
number of people are marginalized within the Italian society (not only migrants but also
the so called “new poors”) as well as within financial circuits and last but not least are
prevented from accessing credit. The Islamic finance, which is already operational in
several European countries, can provide solutions which are complementary to those

K&L Gates Seminar
Islamic Finance: Recent Issues and Career Opportunities
February 20, 2012
The Arab Spring of 2011, the Goldman Sachs $2bn Islamic bond, the Islamic Interbank Benchmark Rate - just three recent topics that have reignited interest in Islamic Finance.

This programme addressed recent issues in Islamic Finance and potential career opportunities in the industry.

Specific topics covered included:

What happens when Islamic Finance transactions go wrong? The use of arbitration to resolve disputes.
The impact of the Arab Spring of 2011 on the growth of Islamic Finance.
The convergence of Islamic, Christian, Jewish and Socially Responsible Investment principles.
The role of private equity and leasing in Islamic investing.
The Islamic Interbank Benchmark Rate.
Career opportunities in Islamic Finance.
The global impact of Islamic Finance in Europe, the Middle East and the US.
Speakers included:

Dr Humayon Dar - Chairman, President & CEO - Edbiz Consulting
Jonathan Lawrence - Islamic Finance Partner - K&L Gates, London
Mohammed Amin - Islamic Finance Consultant - Conservative Muslim Forum
Kathleen Bradley - Counsel - K&L Gates, Doha

CALL FOR PAPERS - Islamic capital markets, Deadline: Submission of Abstract: March 15, 2012
Islamic Research and Training Istitute – Islamic Development Bank, Jeddah, Saudi Arabia

Islamic capital markets are to become an important part of the Islamic financial system. While new products are steadily coming into the market and the Islamic investment instrument are growing, Islamic capital markets still constitute a very small niche. For a discernible impact on the investment promotion, market stability, and equitable socio-economic development there is a growing need to accelerate the process of product development, to create conducive regulatory environment and to improve the market practices. This task requires development of new human capital and knowledge base.

With this larger objective, the immediate focus of this conference is on three issues:
• Design and use of Islamic financial products for Islamic capital markets.
• Identification of the needs for and the implications of market regulations for development of Islamic capital market.

Islamic Finance and Development, March 24-25, 2012, Austin Hall

Harvard Law School, Cambridge, Massachusetts, U.S.A.

The Tenth Harvard University Forum on Islamic Finance, hosted by Harvard Law School’s Islamic Finance Project, will be held at Austin Hall, Harvard Law School in Cambridge, Massachusetts on March 24 and 25, 2012. The theme of the conference will be “Islamic Finance and Development.”

The Harvard University Forum on Islamic Finance provides a venue for the critical and objective examination of the purposes, theory, practice, structure, and institutions of the rapidly developing field of Islamic finance. Continuing in this direction, the Tenth Forum sets the evolution of the Islamic financial industry within the context of the economic and political development of Muslim majority markets. The Forum will critically examine traditional frameworks under which Islamic Finance has developed as well as the new challenges raised by recent events, including the global financial crisis and the “Arab Spring” movements in the Middle East.

[...]

Download Flyer below

In its 2012 Islamic Wealth Management Report illustrated by masterpieces of Islamic calligraphy, by the Chinese Muslim master Hajji Noordeen, deals with the theme “The path to corporate transformation – converting a company to Islam”.

Bank Sarasin reviews the complexities of converting a business to Islam, a topic which is rarely discussed or written about. Conversion is complicated by the need to address every aspect of a business, the lack of broadly accepted standards and regulations, and differences in the Muslim world itself. The Report, released today, is the Bank’s third on Islamic Wealth Management.

Converting a business to Islam can increase the value of a company by 18-25% due to the scarcity of genuine Islamic investments. But the conversion process is arduous, extending from the design to distribution and beyond, to how the company spends its profits. As Sarasin notes, the market potential is massive, with the global Muslim population expected to increase by 26% to 2030, to 2.2 billion, rivalling China and India in terms of market size.

GLOBAL CALLS FOR ECONOMIC JUSTICE: THE POTENTIAL OF ISLAMIC FINANCE

Date: Wednesday 22 February 2012

Time: 6.30-8pm

Venue: Hong Kong Theatre, Clement House, London School of Economics

Speakers: Mukhtar Hussain, Professor Volker Nienhaus

Chair: The Hon. Mr Justice Cranston

Abstract Islamic banks are said to possess ethical identity (Haniffa and Hudaib, 2007) because their social goals are just as important if not more important than financial goals because of the fact that they are based on religious foundations, i.e. the Islamic Shari?ah which has as its ultimate goal, the betterment of society. Islamic banks are thus expected to portray a high level of corporate social responsibility which would be evident in their social reporting practices as evidenced in their annual reports. However, two prominent studies of the social reporting practices of Islamic banks have shown otherwise (Maali et.al, 2003; Haniffa and Hudaib, 2007). This study replicated the Haniffa and Hudaib study by examining the social reporting practices of Islamic Banks in Saudi Arabia. This examination involved a comparison of the social disclosures of 4 Islamic banks made through their annual reports against an ideal level of social disclosures that Islamic banks ought to make, over the years 2008-2009. This comparison was accomplished using the Ethical Identity Index (EII) developed by Haniffa and Hudaib (2007).

The Oman First Islamic Finance & Banking Conference will bring together more 400 high level participants including governors of central banks, other industry regulators, Islamic and commercial banking leaders, fund managers, Sharia and legal experts, and world level consultants.

Further details:
http://www.iktissadevents.com/events/OIF/1

University Strassbourg is conducting a conference about Islamic retail banking for France, an opportunity to invest? The event is in French. More details below:

Nous vous invitons à participer à la *36ème Conférence PHARE* organisée par l'/Ecole de Management de Strasbourg/ et /E.M. Strasbourg Partenaires /*à l'occasion de l'ouverture de la 4ème promotion du Diplôme d'université Finance Islamique* en janvier 2012 *sur le thème :

*"La banque de détail islamique en France :
un nouveau marché à investir ? "**

Jeudi 1er Décembre 2011 à 18h00 à l'EM Strasbourg - 61, Avenue de la Forêt-Noire*/ Cette conférence sera suivie d'un cocktail offert par EM Strasbourg-Partenaires dans les locaux de l'EM Strasbourg/
*
_Animée par :_
. Michel STORCK, Professeur des universités affilié à l'EM Strasbourg, Co-responsable du Diplôme d'Université (D.U.) «Finance islamique»***

_Intervenants :_
** .** Sâmi HAZOUG, Coordinateur pédagogique du D.U. «Finance
islamique»* - EM Strasbourg
**.** Laurent WEILL, Professeur des universités affilié à l'EM Strasbourg,Co-responsable du D.U. «Finance islamique»*
**.** Le représentant d'une banque

**