IIUI holds international moot on Islamic finance

Speakers at a conference have urged the financial institutions and civil society to play their role by supporting an inclusive financial sector policy framework for equal access to financial services.
The workshop, which was attended by the scholars of Indonesia, Nigeria, Kenya, Kingdom of Saudi Arabia, Uganda, Sudan and US, is focused on bringing forth recommendations that will help in devising sustainable strategy for development of inclusive finance.
The two-day moot is jointly organised by International Institute for Islamic Economics of IIUI in collaboration with Islamic Research and Training Institute, Islamic Development Bank, Jeddah.
Speaking on the occasion as the chief guest, Islamic International University Islamabad President Dr Ahmed Yousif Al-Draiweesh stressed on the Muslim economic researchers to work for devising strategies for an interest-free transparent economic system. He was of the view that financial issues be observed in the light of Islamic teachings. The IIUI president hoped that conference would bring beneficial and significant recommendations pertaining to the financial and economic issues.

Shari’ah consultancy RAQABA issues its first audit in the US

RAQABA signed an agreement for an independent external Shari'ah audit with American Finance House (Lariba) in the second half of 2014. RAQABA issued the first Shari'ah audit report in the United States after a professional work continued for several months in an examination of the structures and procedures for LARIBA’s home financing model "Declining Participation in the Usufruct (DPU)". American Finance House (LARIBA) was founded in 1987 in Pasadena, California in the US. The main objective of this company is interest-free financing for all segments of society, by leasing or participation through specialized products in home financing, commercial property financing, auto financing, and equipment financing.

U.S. legal win could help Islamic finance counter sharia concerns

A U.S. court decision to dismiss a case alleging that AIG’s (AIG.N) sharia-compliant businesses promoted religious doctrine looks likely to boost confidence in the industry and lift sales of Islamic products in the longer term.
Lawyers say the case is significant for the industry in the United States, which has struggled with a backlash against Islam, and is looking for support from the courts and government to promote Islamic finance as a legitimate business.

Islamic finance faces political hurdles in US

From Australia to Britain and even France, which recently banned the face-veil, Western economies are adjusting their laws to encourage growth in the Islamic finance sector they hope will attract wealthy Gulf investors.
Enthusiasm in the US has been tempered by politics, however, which could slow the growth of Islamic finance and push business from the oil exporting Gulf elsewhere. Islamic finance has faced scrutiny in the US, with critics suggesting the $1tn industry was a front to funnel funds to terrorists or a plot by Muslims to spread Shariah principles, which include a ban on interest.
The US Federal Reserve has launched an Islamic finance study group and is seeking consultants within the Islamic finance industry.
The US Treasury has launched the Islamic Finance 101 programme to teach government agencies about Shariah-compliant business.
The programme is run with Harvard’s Islamic Finance Project, which was created in 1995 to study Islamic finance from a legal perspective and foster collaboration among scholars inside and outside the Muslim world.
But these initiatives have also been politicised.

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