IslamicFinance.de

Despite the common opinion that joining a cooperative means that an individual can get loans, cooperatives are actually an important part of economic activities such as banking and construction as well as of the industrial and service sectors. Due to the sector's contribution to the nation's Gross Domestic Product (GDP), cooperatives are recognized by the government. Koperasi Permodalan Felda Malaysia Berhad (KPF) is introduced as a cooperative establishment to ensure sufficient funds for its workers.

Dear Reader,

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
http://www.islamicfinance.de/?q=node/811

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:
http://www.islamicfinance.de/?q=node/4151

•Managing the Teller Services functions at the counter and in the branch to ensure the delivery of quality service to customers.
•Help project a professional and warm image of the bank.
•Maintenance of operational controls and continuous improvement in operational efficiency.
•Maximize new business opportunities by building new relationships and Cross Selling.
•Assist the BSSM/BRM to ensure that all the Group & Local Regulatory guidelines are followed in operations of the branch.

Exclusively with Hays Financial Markets

Head of Risk
Islamic Investment Bank – London
Competitive salary with benefits package & pension

My client, a boutique and high-performing Islamic Investment Bank, is currently seeking an outstanding individual to head up their Risk function.

Having set up in London approximately 5 years ago, the Bank has developed into a successful and dynamic institution with established business lines and service offerings. The Bank is comprised of four main business units: Asset Management, Corporate Finance, Real Estate and Treasury.

The candidate must have worked as system analyst (Techno Functional) for around 8-10 years in the Islamic Financing, whose specialized in FinnOne software with focus on the followings:-

Loan Origination, Loan Management.
General Ledger, Sub Ledger, Inter-branch accounting and Bank Book Reconciliation " Loan Accounting Life Cycle".
Personal, Auto, and Mortgage loan products, Loan Repayment Schedules, Loan servicing and Charges.
PDC Management System.

This top 20 City firm deals with a broad range of UK and international transactional work including structured finance and securitisation, debt capital markets, Islamic finance/sukuk and derivatives for banks, insurers, rating agencies and corporations.

It seeks a solicitor with at least three years' post-qualification experience in structured finance and securitisation. The right applicant will want to continue to have variety in their daily work and to be willing to support other areas, including debt capital markets and derivatives.

Islamic microfinance can bring people above the poverty line as well as enable self-reliance through a regular source of income. According to Muhammad Zubair Mughal, CEO of AlHuda Centre of Islamic Banking and Economics, adopting Islammmic microfinance can rid Muslim countries of poverty. Non-Muslim countries, however, are currently the leaders in this area. The Centre of Excellence on Islamic Microfinance will start operations simultaneously through its partners offices in other countries in order to contribute to the elimination of poverty through Islamic microfinance.

Islamic finance in Malaysia prepares to compete more aggressively in the global financial market in order to continue its growth on a new level. In spite of the expected challenging year ahead and the slowdown in global economy, the continuation of the country's growth trajectory is very likely. The main reasons for the industry to remain favourable are the robust achievement recorded throughout the year combined with the “safe-haven investment” sentiment among investors.

This year's record of $46 billion in terms of global sukuk sales is very likely to be exceeded in the coming year. A key reason is that countries like Oman, Tunisia and Egypt are just entering the market. Borrowing costs on Sharia-compliant debt have decreased 11.4 percentage points reaching 2.82% since the end of 2008 due to central banks in Europe, the US and Japan pumping funds into their economies in order to enhance growth rates. A rise in the Islamic banking assets will drive the demand so that it can reach $1.8 trillion next year. Compared to that, in 2011 the demand was $1.3 trillion.

According to an announcement by Abu Dhabi Islamic Bank (ADIB), the bank plans to expand its original footprint by launching its branch in Khartoum in Sudan. Thus, ADIB becomes the first UAE-based Islamic financial institution which has received a banking license from the Sudanese Central Bank. A Wealth Management and a Corporate Banking Centre will be established alongside the provision of the bank's award-winning products and services. This way ADIB will ensure a leading platform for Shari'a-compliant banking in Sudan and will be able to contribute to the economic development of the country.

The government of Indonesia plans the issuance of rupiah-denominated sukuk next year which shall be used for financing state projects. Analysts welcome this move considering it a breakthrough in the development of the country’s undersized Islamic finance sector. According to the 2013 state budget financial note, up to Rp 1 trillion (US$103.5 million) will be borrowed by the Finance Ministry using sukuk issuance to finance state projects next year. Islamic bonds should be perceived as an alternative source of financing for the government’s infrastructure projects.

The central bank of Oman decided upon a strict approach to regulating Islamic banking in rules for the sector. The rules released on December 19th will set higher standards for the industry than many other countries. Last year, the Sultanate announced the introduction of Islamic finance, thus becoming the last GCC country to make this step. According to expectations, business activity will start at the beginning of 2013.

Banks in Syria are experiencing additional cull at board level which combines with the already difficult conditions facing a sector hit by sanctions, losses and robberies amid a deepening civil war. The changes are in the form of reported resignations, some of which deemed too close to the regime, are being asked to step down, thus helping to ease the pressure on financial institutions. Other directors have made a different decision and shed their holdings in a bid in order to ensure they are not marked in the future.

Mauritania is working on the development of an Islamic interbank market. The initiative has already begun with the establishment of several Islamic banks. Recently, the Central Bank of Mauritania (BCM) conducted a study on the potential development of a local Shari'ah-compliant securities market. The study was made possible with technical help and expertise of IFAAS (Islamic Finance Advisory & Assurance Services).

The International Islamic Financial Market (IIFM) is progressing on a variety of Sharia products issued. This was made known at their 27th board meeting which was hosted by Kuwait Finance House - Bahrain in Manama. The mentioned products include Interbank Unrestricted Wakalah standards, Islamic Currency Hedging product standards and Collateralised (Rahn) Product Standard. Moreover, the board reached an agreement on the initiation of several new standards among which Ijarah sukuk standardisation as well as consultation on credit support arrangement concerning Islamic hedging.

Islamic finance in India is strongly limited by the country's ban on sharia-compliant banking. However, the industry intends to create a work-around by developing specific products that can take this function. Due to the political and legal obstacles any progress is expected to be rather slow. Meanwhile, 177 million Muslims in India, which constitute the world's largest Muslim minority population, have no access to Islamic banking since laws covering the sector require banking to be based on interest, which is not allowed in Islam.

· To prepare the plan, analysis and report for post approval Shariah review.
· To assist post approval Shariah review activities on Islamic finance business activities.
· To liaise with the Group Internal Audit, staff at units/branches and commodity brokers before and after the execution.
· To assist in preparing and conducting the relevant Shariah training for the staff at branches/units.
· To do research in relation to Shariah Compliance and Review.

Item No. 9-19 (Jolo)
Qualification Standards:
· Educational Requirement: Bachelor's degree relevant to the job;
· Experience Requirement: None required;
· Training Requirement. None required; and
· CS Eligibility: C.S. Professional; Relevant Eligibility for Second Level
· Position, e.g. RA1080/PD 907

Manager, Fund Transfer Pricing, Finance
Main Responsibilities:
· To assist in the setting up of Fund Transfer Pricing (FTP) in BMMB with respect to policies, procedures and systems.
· To craft and review FTP periodic reports.
· To liaise with business units on allocation of costs.

•Plans, organises and controls the Corporate Banking Department in order to Maximize the Islamic Division’s Market share, profitability and volume on its range of products and services
•Well versed in Islamic Banking corporate products and structuring of the facility. Train the team members to execute corporate banking deals and understanding the methodology of structuring the same
•Monitors operational, economic and social data relevant to the business of the Bank for evolving the strategies and policy guidelines in the corporate Banking department
•Develops, recommends and implements on approval, marketing strategies and plans consistent with established goals in Corporate Banking, Islamic Division.