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The Islamic Bank of Britain has once again joined forces with the National Zakat Foundation (NZF), a charity which collects and distributes funds to Muslims in the UK. The coming months will see the Bank and NZF roll out a number of activities for the benefit of IBB 's customers, including a Q&A event held via Twitter, NZF's Zakat education guide, available to download on the IBB website, private consultations for IBB customers with NZF Zakat specialists, a Zakat payment service, and an exclusive Zakat video Q&A from NZF. The aim of the IBB and NZF partnership is to promote a better understanding of Zakat amongst British Muslims.

The current issue of the journal Islamic Economic Studies (IES) Vol. 22, No. 1 (Rajab 1435/ May 2014) is now available at the IRTI website www.irti.org under the IRTI Journals Tab. It includes numerous articles highlighting current developments and important issues within Islamic finance. The subscription rate for first class mail is US $15.00 for one year (2 issues). The cost of a single issue is US $8.00.

The shares Bahrain’s Islamic investment bank Gulf Finance House (GFH), at the Dubai Financial Market, rose close to limit up, by 14.86 percent last Tuesday. The number of trades in GFH stock increased by almost two and a half times on the day before, while volumes were also up many times over. On Wednesday morning, GFH put out a statement saying that it had bought a 1.2 million square foot plot of land from Dubai Properties Group in Dubailand, on which it plans to build residential property. Following the announcement GFH shares rose by another 4.6 percent on Wednesday, closing at AED3.47. The Securities and Commodities Authority (SCA) did not say whether it would take this specific issue further.

The Economic Development Board (EDB) and the Islamic Corporation for the Development of the Private Sector (ICD) signed a Memorandum of Understanding (MOU) on July 9 to promote SME growth in Bahrain. Under the terms of the joint partnership, the ICD will establish an Islamic Ijara Company in Bahrain to help SMEs succeed by offering Sharia-compliant financing products. The proposed Ijara Company will also be used as a training centre to help Bahrainis in the area of Islamic finance. In addition, ICD plans to set up a software development centre in Bahrain for software solutions for Ijara, Takaful, Mortgage and Islamic Banking, for export to the international market. Moreover, the ICD will assess the feasibility of establishing an SME Fund in partnership with the EDB, with the aim of supporting and investing in SMEs based in Bahrain.

Thomson Reuters in conjunction with Dubai Islamic Economy Development Centre (DIEDC) is pleased to welcome submissions for the Islamic Economy Award 2014. The Award recognises global and regional leadership within the following eight categories: 1) Islamic Finance 2) Food & Health 3) Media 4) Hospitality and Tourism 5) Waqf and Endowments 6) SME Development 7) Islamic Economy Knowledge Infrastructure 8) Islamic Arts. Additionally, the ‘Lifetime Achievement Award’ will recognise an outstanding business leader. Submissions for the awards will be accepted from now until 7 October, 2014. The award winners will be announced in the fourth quarter of 2014. To make your submissions, visit http://thomsonreuters.sgml1.co.uk/thomsonreuterslz/lz.aspx?p1=0501326S8&....

Sharjah, the third-biggest sheikhdom in the United Arab Emirates, is getting bigger in Shariah finance. The emirate has reportedly approached banks about a debut sukuk sale. Moody’s Investors Service last week gave state-backed Sharjah Islamic Bank PJSC an A3 rating, citing its strong capital buffers. While Moody’s said that Sharjah’s economic growth this year is expected to be only 0.5 percent, the ratings company also pointed to the government’s low levels of debt and strong finances. Sharjah’s economy is well-diversified, with strong manufacturing and a more affordable cost of conducting business than in Dubai or Abu Dhabi.

The DIFC is considering creating a single centralised Sharia board for the DIFC , in order to widen the acceptability of any one Islamic institution’s offerings and overcome the problems created by every institution having its own Sharia board and, therefore, limiting the liquidity of the market. Regulatory arbitrage is a problem in the global Islamic financial markets where every institution has its own Shariah board. A centralised DIFC Shariah board would help standardize the Islamic financial products and widen the number of people participating. Still there is not one global standard and every country has its own requirements which is not helping the development of Islamic finance.

Saleh Kamel, chairman Board of Trustees Iqraa Waqf for Employment & Business Expansion, has highlighted the worsening situation of endowment properties in Muslim countries as a result of interference of governments. Kamel who is also chairman of the board of trustees of Iqra Endowment, emphasized the role of development in fighting poverty while speaking at the 35th Albaraka Symposium for Islamic Economics. He urged the Islamic Development Bank (IDB) to strengthen its efforts in developing endowment properties in the Islamic world. Other speakers presented a number of models for endowments from different parts of the world, and emphasized the need for transparency.

The American President's leadership is needed in a matter of removing an ongoing source of inequality which continues to disfigure both democracy and capitalism in America and worldwide. In many ways Crowdfunding is the embodiment of ‘The American Dream’. A dream of independence, self-reliance and freedom, without rules and regulations designed to keep people down. In both the UK and the USA government has expressed it’s explicit approval and support for equity crowdfunding. Yet two years on, in each case, the financial regulator – your SEC and our FCA – have sought to veto the will of the legislature. We need to ensure that the vested interests who prefer the status quo step aside at last and allow ordinary people to participate.

Nakheel has said that it will not sell Sukuk to fund its growth plans, in the hope that its recovery from the risk of default in 2009 will help it secure cheaper funding from banks. Chairman of Nakheel, Ali Rashed Lootah, said the firm will not go for a bond because bonds are more expensive than commercial lending from the banks actually. He considers Nakheel being in a strong position to negotiate with lenders, with banks, and get good terms especially after what they have achieved.

Fitch Ratings has upgraded Luxembourg-based ATLANTICLUX Lebensversicherung S.A.'s (ATL) Insurer Financial Strength (IFS) rating to 'BBB+' from 'BBB'. Moreover, its Long-term Issuer Default Rating (IDR) was upgraded to 'BBB' from 'BBB-'. The Outlook is Stable. At the same time Fitch has upgraded ATL's SQ ReVita Value of Business In-Force transaction and its Salam III Sukuk (Islamic bond) programme to 'BBB' from 'BBB-'. The upgrade reflects ATL's track record of strong profitability, low investment risk and its strong capital position. However, these positive rating factors are partly offset by ATL's dependence on unit-linked products and its fairly small size.

A Chittagong court has sent Shahjalal Islami Bank’s Director Mohammed Solaiman to seven-day police remand in a case over misappropriation of bank money. Shahjalal Islami Bank authorities had filed the case against Solaiman with the Kotwali Police Station in Chittagong on Apr 13, alleging misappropriation of Tk 1.49 billion. Later, the Anti Corruption Commission (ACC) recorded the case. ACC officials arrested him on Jun 25 in a raid on Akram Tower at Bijoy Nagar in Dhaka. After being detained following an ACC probe, Solaiman claimed he had been victimised by AK Azad, the present back chairman.

Ramadan, the month of fasting that is observed by Muslims around the world, has already started and can impact productivity.That's why Productive Muslim and David Seah came up with a quick modification of the Emergent Task Planner (ETP). Changes include the removal of fixed hours in the DAY GRID on the left, using the five prayer times instead, as the reference times. Sunrise and sunset vary by day and geographical region, so putting in hours w/ labeled prayer times would not have been feasible. Moreover, the NOTES section was splitted into two, adding a RAMADAN SPIRITUAL REFLECTIONS section. The Ramadan ETP is available here: http://productivemuslim.com/new-productivity-tool-ramadan-etp/

Dubai-based Islamic mortgage provider Amlak Finance has proposed a new deal to restructure about $2.7bn in debt. The company, part-owned by Emaar Properties, said it met lenders last month to present the deal. If the deal is agreed, Amlak will make an initial 20% down payment to depositors worth about Dhs2bon ($545m). The remaining debt to “commercial depositors” will be paid over 12 years, with about Dhs1.4bn turned into a convertible instrument.

Around 80 percent of nonoil GDP within the Middle East region is accounted for by family-owned business groups. Typically, these privately-owned organizations span multiple business, are vertically integrated, own sizable real estate portfolios and their operational control is still maintained by the original founding family member or the second generation. Family-owned businesses in the Middle East face a range of challenges that affect not only the success of the business itself, but also the professional and personal goals of their owners and their stakeholders at large. Deloitte's Private Client Services practice (PCS) is a private client-focused practice that offers bespoke and region-specific solutions in the area of family governance, succession planning and generational change, wealth management, tax structures and exit strategies.

The Government of Kyrgyzstan and the Islamic Development Bank (IDB) started elaboration of joint projects. The First Vice Prime Minister of the Kyrgyz Republic Taiyrbek Sarpashev held a working meeting on implementation of the agreements, reached at the end of a working visit to Saudi Arabia. He stressed that with the leadership of the IDB signed agreements for projects totaling $46.570 million. For improvement of energy supply of Arkinsky array of Lyailyak district of Batken province $16.25 million will be allocated. For the reconstruction of Osh - Batken - Isfana highway - $21,320 million. For sustainable rural development in the Kyrgyz Republic - $9 million.

The Islamic Bank of Britain plc (IBB) has accredited a new fully Sharia compliant auto-enrolment Pension Scheme: the Islamic Pension Trust. It has been launched to address the need for a Sharia compliant pension scheme to meet the criteria for automatic enrolment, as defined by the Government. This means that employers in the UK can meet their legal obligation to automatically enrol eligible Muslim employees into a qualifying workplace pension scheme. Eligible employees - i.e. those who are not in a company pension scheme, earning more than £10,0000 a year (2014/2015) and aged over 22 but under State Pension Age - represent a large proportion of the Muslim population.

A new loan called a ‘takaful’ will be made available in Great Britain to allow Muslims to fund their studies without contravening their beliefs. The money allocated - and the repayment amounts – will be equivalent to the set-up for all other students, who must pay university fees of up £9,000 a year. But the co-operative system will see repayments paid back into a communal fund and used to finance future students who choose to join it, so all members benefit equally. That will allow those paying the tackaful to view it as a charitable donation – rather than a loan. However, the earliest the change can be introduced is 2016 and it could be later, because new legislation is needed.

There are at least 10 million Muslims in Russia, but the country lags behind in the industry. Russian Muslims are slow to change their financial habits, while nonbelievers are plagued by a deep-rooted distrust of Islam — as are, to some extent, the financial authorities, who are in no hurry to adapt economic legislation to facilitate Islamic banking. Still, an Islamic finance industry has been budding over the past decade in Russia, and analysts and players show cautious optimism about its prospects. The industry still has plenty of room to grow — Thomson Reuters forecasts that Islamic banking assets in Russia will reach up to $10 billion by 2018.

Indonesia’s sharia banking sector has recorded slow growth as it nears the end of this year’s second quarter, compared to the same period last year, according to a recent report from the Financial Services Authority (OJK). In order to lure more customers, banks have developed their own strategies. Bank BNI Syariah, for instance, has prepared special programs for Ramadan to anticipate the rise in spending that usually accompanies the fasting month. Meanwhile, the OJK disclosed its plan to issue a revised regulation on sharia banks’ minimum capital requirement to assist lenders in the face of a wider scope of risks. The revised regulation will contain two additional indicators to measure the capital sufficiency of each bank.