IslamicFinance.de

A focus on Islamic finance could also attract sovereign and other funds from oil-rich Gulf states and help provide the investment that France needs.

Gatehouse Bank will launch a Shari’ah-compliant Structured Trade Finance Fund in early 2010. Parnter is the wholesale Islamic market intermediary company DDCAP. The aim of the fund is to invest capital in structured trade finance transactions.

The question was analysed by Mr John Foster of BBC where it was concluded that anything that is not prohibited under the Al-Quran and the As-Sunnah is permissible. The full news is available at the source stated below.

The UK Government has committed to create a level playing field on VAT for retail investors in Islamic finance products. In his Pre-Budget Report statement, the Chancellor, Alistair Darling, says he will also provide relief from tax on capital gains for alternative property refinance transactions to maintain the UK's position as a centre for Islamic finance.

In addition, guidance will be issued on VAT treatment of alternative finance investment bonds.

The Zawya Collaborative Sukuk Report covers the following issues:

• What is the distribution of current and potential investors and what is their appetite?

• What is the appetite of the Supply side and what drives their need to issue?

• What are the challenges faced by the industry, what are the associated developments and what needs to be done to resolve them?

The download is free after providing contact details to Zawya:

Funds at Work, the strategy consultants analysed the Social Responsible Investment industry with their network analysis. Previously the firm did analyse the Sharia Scholars and their board positions. The report regarding the sister industry of Islamic finance can be downloaded for free.

The Financial Times produced a special looking into the Future of Islamic Finance.

The download is free of charge.

The Central Council of Muslims in Germany presented on the BAFIN Islamic Finance conference how mortgages for the Muslim community could look like, how large the market is and challenged the perception that there would be a need to change laws to avoid double real estate transfer tax; it shall rather work tax efficient with proper structuring and without changes. Hence, financial institutions are asked to provide equity and debt based mortgages for the Muslim market.

The German banking regulator, BAFIN, held today a conference about Islamic finance with strong international participation and about 200 guests.

BAFIN president, Mr Sanio, says that Germany makes it easy to obtain a licence to sell the products, which are also compatible with the country's financial rules. He expressively welcomed "the first interested party that wants to start offering these products".

“BUILDING A BETTER WORLD”

New Horizons - Sound Strategies

The Ritz Carlton – Doha, Qatar

March 21-22, 2010

CALL FOR SUBMISSIONS

Deadline: November 30, 2009

The annual conference of World Conference of Muslim Philanthropists, now recognized as the most prestigious forum on Muslim philanthropy worldwide, invites papers as well as proposals for sessions and workshops showcasing innovative, cutting-edge and experimental work.

THEME AND TOPICS

The conference will focus on how the integrated efforts of philanthropic, public and private sectors can effectively respond to the worsening global issues of hunger, poverty, disease, climate change and conflict. The forum will also host interactive roundtable discussions on Aid-effectiveness and Impediments to Building Capacity for Transformational Change. To further elucidate the theme “Building A Better World: New Horizons-Sound Strategies,” the conference will feature a special session on emerging markets philanthropy and global trends in giving.

PRESS RELEASE

Washington, DC, October 16, 2009

The World Congress of Muslim Philanthropists (WCMP) is launching its first multi-donor giving circle—the “Hasanah Fund”—to develop and implement new, sustainable programs to combat world hunger and poverty.

The Fund will secure $100 million from philanthropists, foundations, and corporations in the next five years to fund long-term hunger eradication and poverty alleviation in 20 countries facing the ongoing food crisis. Funded projects will address not just the aggregate quantity of food that must be produced and distributed, but also how food is produced and by whom.

Hasanah Fund will complement the exemplary work of the Kingdom of Saudi Arabia, the Organization of Islamic Conference and the Islamic Development Bank towards hunger, which is affecting over one billion people worldwide. “This initiative clearly demonstrates the enduring commitment of Muslim philanthropists to the social and economic upliftment of the poorest people,” says Dr. Tariq Cheema, CEO of WCMP.

On 14 October 2009 HM Treasury published a feedback statement to the consultation regarding regulation of Sukuk.

The document summarises the responses received to the above consultation, and provides feedback on these.

Further feedback to HM Treasury is requested:

"We would welcome any further comments on the revised statutory instrument (including the consequential amendments). As we have already conducted a full three month consultation, we will allow for a further period of approximately one month for any additional comments to be sent. Please provide any comments by 6 November 2009."

The consultation document can be downloaded at the link below.

Yasaar Media published a report about Islamic Investment Banking for free download, with the co-publishers Unicorn Investment Bank, Doha Islamic covering data and principles regarding Private Equity, Venture Capital, syndicated lending, real estate, asset management, fund manageement, liquidity management, treasury, trade finance and capital markets in an Islamic context.

The International Journal of Islamic & Middle Eastern Finance and Management has decided to publish a special issue of the journal, focusing on the latest financial crisis, and how this has related to Islamic financial institutions.

Other relevant points include:

• Proposed title of the special issue: Islamic Financial Institutions and the Global Financial Crisis 2008/09.

• Deadline for receiving papers: Friday, February 12th, 2010

• Date of publication: fourth issue of Volume 3 (2010).

• Papers will be reviewed in the normal fashion.

• Technical notes will also be acceptable, and they will be assessed in the usual manner.

• We are likely to have a total of five articles in the issue.

• Books relevant to this major event can also be reviewed for the issue.

• All branches of the Islamic financial services sector can be covered in materials within this issue, including banking, insurance (i.e. takaful), fund management, investment portfolios, business management etc.

The research think tank of Deutsche Bank published recently a research study with the title:

"The global food equation"

stating the challenge for future food security. DB Research believes that still believes that the growing population can be fed, provided the recommended actions are taken, requiring innovation, and a change in the system of production and distribution along with sustained productivity growth in an environmental and socially sustainable manner.

The report can be downloaded for free.

KuveytTürk, the Turkish Islamic bank, has received according to Turkish media a license to operate as a financial service branch.

6.10.2010: Report is update and again free for download

3.9.2009:
Funds at Work, a strategy consultant for the fund industry, updated its analysis on Shariah scholars' engagement in financial service organisations in the GCC countries and now internationally covering companies with 956 (498) Sharia Board positions and 180 (121) scholars.

The study shows that the Top 5 scholars make up at least 30.15 % of the entire univese of almost 956 board positions. The Top 5 scholars internationally (ex GCC) out of 70 scholars active beyond the GCC - make 58.21 % of all positions (201 board positions).

The detailed summary of the study is free for download.

Press Release

PARIS, September 2, 2009--New issuance of sukuk (bonds compliant with Islamic law) topped $9.3 billion in the first seven months of 2009 compared with $11.1 billion during the same period in 2008, said Standard & Poor's Ratings Services in a report published today, "The Sukuk Market Has Continued To Progress In 2009 Despite Some Roadblocks."

"The smaller amount of issuance was due not only to the still-challenging market conditions and drying up of liquidity, but also to the less-supportive economic environment in the Gulf Cooperation Council countries, particularly in the United Arab Emirates," said Standard & Poor's credit analyst Mohamed Damak. "The medium-term outlook for the sukuk market remains positive, though, in our view, given the strong pipeline--with sukuk announced or being talked about in the market estimated at about $50 billion--and efforts to resolve the major difficulties impeding sukuk market development."

Lack of capitalisation of banks, households and the state is a key policy issue according to Professor Willem Buiter, who wrote a blog in the Financial Times online. Instead of defaults and bankruptcy with all its associated costs he suggests to turn debt to equity as the more efficient economic solution; calling explicitly the application of Islamic finance principles for this purpose as a possible solution.

A new McKinsey Report is released reviewing the performance of the so-called "new power brokers" being sovereign wealth funds, private equity and hedge funds during the financial crisis.

The power brokers' collective performance in the financial crisis, though better than the sharp declines in wealth of most institutional investors, masks an important shift: Asian sovereign and petrodollar investors emerged as more influential than ever, while hedge funds and private equity saw their previously rapid growth interrupted.

In a 2007 report, MGI labeled these four groups of investors the “new power brokers” because they had gained enough wealth and clout to influence global financial markets. MGI revisited the power brokers to examine how their fortunes diverged over the during the financial crisis that unfolded in 2008 and projects where they may go from here, using a scenario approach.

The full report can be downloaded for free after registration: