IslamicFinance.de

Representatives from Azzad Asset Management met with His Excellency Ebrahim Rasool, Ambassador of the Republic of South Africa to the United States, to discuss potential investment in South Africa as part of the portfolio held by the Azzad Wise Capital Fund. The Azzad Wise Capital Fund is America's first halal fixed-income mutual fund and invests in Sukuk as well as deposits and notes from Islamic banks that comply with specific socially responsible and halal financial guidelines. In recent years, South Africa has made strides in Islamic finance although the Muslim community represents only 3% of the population. Ambassador Rasool noted that South Africa's regulatory and legislative structures, strict risk management frameworks, as well as governance and compliance structures make it a possible springboard for companies into the rest of the continent.

Japanese financial institutions have started offering Islamic financial services in Muslim countries in the region. The Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking for example arranged a Shariah-compliant deal with a shipping company affiliated with the Brunei government. Meanwhile, other financial institutions are expanding their Islamic banking services. Especially the markets for Islamic financing in Malaysia and Indonesia are expected to grow.

The Savola Group will be host to the second meeting of the GCC "Board Directors Institute" (BDI) GCC Roadshow programme in Riyadh. The leading topic of the event is the importance of corporate governance and the effectiveness of Board of directors, which kicked off in May in Manama, Bahrain. The purpose of the roadshow is to promote healthy communication among BDI members in order to to share ideas and best practices.

More on: http://www.marketwatch.com/story/the-savola-group-hosts-the-second-bdi-m...