IslamicFinance.de

Dubai Financial Market (DFM) released the draft of its "Standard on Investment Funds", the first of its kind all-inclusive standard. The DFM invited Islamic finance professionals to provide counsel and feedback on the standard. The consultation period will be concluded on 11 May 2018. Dr. Hussein Hamed Hassan, Chairman of DFM’s Supervisory Board said the Standard complements the DFM Standard for Issuing, Acquiring and Trading Shares. It comprehensively explains the two ways of Shari’a-compliant fund management, Mudaraba or an investment agency contract (Wakala bil Istithmar) and the circumstances stipulating that fund management is responsible to pay Zakat. It also defines the key disclosures that should be included in the financial statements.

Thomson Reuters, the Islamic Research and Training Institute (IRTI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI) have launched a new report analysing the state of Islamic Finance in Kazakhstan titled “a future perspective of Islamic finance”. The report, produced in partnership with the National Bank of Kazakhstan, was launched during a dedicated Roundtable on Islamic finance emerging markets, ahead of the World Islamic Banking Conference (WIBC) in Manama, Bahrain. The report predicts a positive economic outlook for Kazakhstan, with an estimated GDP growth of 2.4% in 2016.