Islamic Banking: Dar for Extending Facilities to Untapped 82 Percent Population

Source: B Recorder

Federal Finance Minister Senator Ishaq Dar on Friday urged the Islamic banking institution to extend banking facilities to untapped 82 per cent population of the country. Speaking at the inaugural ceremony of the Centre of Excellence in Islamic Finance (CEIF), set up at the Institute of Business Administration (IBA), at its city campus, he said: "Strategic vision of Islamic financing should be cleared. The Islamic...

Kazakhstan Studies Lower Capital Requirements for Islamic Banks

Source: Reuters

Dec 1 Kazakhstan's central bank is considering halving the capital requirement for Islamic banks to 5 billion tenge ($16.3 million) from 10 billion tenge, part of a series of initiatives to attract foreign capital to Central Asia's largest economy. The majority Muslim state is keen to develop Islamic finance, a sector that currently holds less than 1 percent of total banking assets, according to a Thomson Reuters study released on Tuesday...

KFH-Group Announced AS Platinum Sponsor

Source: Zawya

Accounting and Auditing Organization for Islamic Financial Institutions ( AAOIFI ) and the World Bank today announced Kuwait Finance House Group ( KFH -Group) as the Platinum Sponsor for the 10th Annual AAOIFI - World Bank Conference on Islamic Banking and Finance to be held in the Kingdom of Bahrain on the 6th and 7th of December 2015.
The event, also supported by the Central Bank of Bahrain (CBB)...

Universities to launch degrees in Islamic banking

Source: Daily Times

Karachi University Business School (KUBS) has announced that the institute is launching different diploma and degree programs in Islamic Banking next year to impart knowledge on Islamic Banking and Finance to the youth. This was stated by Dr Danish Pirzada, Chairman Karachi University Business School (KUBS) while addressing a seminar jointly organized by Jamia Saqafatil Islamia and Karachi University Business School. He said...

3rd MIFF sees the launch of the CIBAFI's

Source: CPI Financial

The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, and the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) and the Chamber of Commerce of Barcelona have successfully opened the 3rd Mediterranean Islamic Finance Forum, themed “Building Bridges” at Casa Llotja de Mar in Barcelona, Spain...

Standard Chartered Appoints CEO for Islamic Banking Business

Source: Reuters

Shaikh moves to Standard Chartered Saadiq from Dubai Islamic Bank, where he was senior vice president and business head, private sector and transaction banking. He previously worked for StanChart in Pakistan from 1998 to 2007, the statement said. He takes over from Sohail Akbar, who was interim chief executive of the Islamic banking operation after the departure of Afaq Khan earlier this year. StanChart remains committed to the...

World Islamic Banking Conference to start on Wednesday

Source: Bahrain News Agency

The World Islamic Banking Conference 2015 will kick off on Wednesday under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa.
Around 1200 participants from the financial and banking sector will take part in the two-day conference which will explore two main issues: new realities and new opportunities. Five governors and vice governors of central banks, including Central...

Islamic Finance Holds Promise for Dubai

Source: Khaleej Times

Increasing consumer awareness and growing demand for retail products are set to drive activity in Dubai's Islamic financial services (IFS) sector. This will offer scope for sustainable expansion despite forecasts of slower short-term economic growth. According to a recent report by the London-listed asset management group European Islamic Investment Bank, as Dubai pushes ahead with plans to expand...

Islamic Finance Ripe for Growth: Al-Aboodi

Source: Saudi Gazette

For more than four decades now, Islamic finance has emerged as a nascent industry gaining traction around the world. It has gained footprint in mostly Muslim-dominated countries of Asia and Middle East; ripe for growth in traditionally non-Muslim countries mainly South America and Europe; and its future markets are in North America, Central Asia and Ausralia” said Khaled Al-Aboodi, CEO of Islamic Cooperation for the Development of the Private Sector (ICD), on Monday...

Islamic Finance ‘can Boost Investment in Mediterranean’

Source: Hurriyet Daily News

Islamic finance is emerging as one of the main tools for further economic development in the Mediterranean region, a panel of experts said Nov. 27. Speaking at the 3rd Mediterranean Islamic Finance Forum at the 9th Mediterranean Week of Economic Leaders in Barcelona, experts said Islamic finance provides an alternative source of funds that could help financial institutions broaden their sources of funding...

IIFM Launches Cross Currency Swap Standard

Source: Reuters

The Bahrain-based International Islamic Financial Market (IIFM) launched a standard contract template for sharia compliant cross currency swaps on Thursday, as the industry body seeks to enhance use of hedging tools in the sector. As Islamic finance grows, institutions are increasingly taking larger positions, often in various currencies, prompting the need for widely-accepted mechanisms to manage such risks. It is the seventh...

High UAE Islamic Finance Growth Continues in 2015

Source: Reuters

UAE Islamic Banks Monitor 2015 - 2016 Outlook here DUBAI/LONDON, November 24 (Fitch) The UAE's Islamic finance sector has continued to outpace the UAE's conventional banking sector's growth in 2015. The six largest Fitch-rated Islamic banks' share of total bank gross loans was around 21%, up 3% in 1H15, and they had around 20% of total assets at end-1H15. We expect demand for UAE Islamic banks...

IMS launches Islamic Finance Centre

Source: The Nation

The Institute of Management Sciences officially inaugurated its Centre for Excellence in Islamic Finance to promote Islamic finance education, research, and best industry practices nationally and internationally. The Centre is established through the financial innovation challenged fund implemented by the State Bank of Pakistan. On the occasion, Shamsul Qayyum, MD, The Bank of Khyber, inaugurated the CEIF IM-Sciences...

Islamic Finance Assets in East Asia

Source: Gulf Times

East Asian and Gulf Cooperation Council (GCC) nations will reach combined Islamic finance assets of $770bn by 2018, up from $391.2bn in 2013, mainly driven by Islamic countries in Southeast Asia and continued expansion of the sector into non-Muslim jurisdictions. This will be more than a quarter of estimated global assets of over $3tn by 2018, according to the newly released report “Asia: Future Prospects of Islamic...

Islamic Finance can Promote Stability: IMF Chief

Source: Yahoo News

"The fast growing, Sharia-compliant Islamic finance industry has the potential to promote financial stability because of its risk-sharing and asset-backed features, International Monetary Fund managing director Christine Lagarde said Wednesday."Islamic finance has, in principle, the potential...

Sichuan Development Holding seeks $300 million in Islamic Financing

Source: Reuters

unit of Sichuan Development Holding Co (SDH) plans to raise $300 million via Islamic financing in the first quarter of next year, and plans a subsequent $1 billion Islamic bonds (sukuk) programme, according to the firm advising on the deal. The proposed transaction would be a first for a Chinese state-owned...

New Insights on Outlook of Global Islamic Finance

Source: Saudi Gazette

The convener of the 22-year World Islamic Banking Conference (WIBC) — Middle East Global Advisors — is set to reveal cutting-edge insights on the outlook of the global Islamic financial industry in its inaugural “Finance Forward Islamic Finance Outlook Report 2016” this December...

UAE Islamic Finance Continues to Outpace Conventional Banking

Source: Emirates 247

The six largest Fitch-rated Islamic banks’ share of total bank gross loans was around 21 per cent, up 3 per cent in the first half of 2015, and they had around 20 per cent of total assets at end-H1, 2015. Fitch ratings said in a report that it expects demand for UAE Islamic banks’ lending to continue to grow...

Russia Progressing on Islamic Financial Legal Framework

Source: Islamic Finance

The lower house of the Federal Assembly of Russia, the State Duma is reviewing a modification of existing laws on financial rent and leasing in order to remove obstacles to the commission of leasing transactions in accordance with Islamic finance. Authored by Dmitry Savelyev, the Duma Committee Deputy Chairman...

Islamic Finance In Turkey

Source: Mondaq

Islamic finance has emerged as a rapidly growing industry with an increasingly global presence. It continues to be the topic of choice at prestigious finance conferences in Europe, Asia Pacific and in the United States. The Islamic financial services industry currently represents approximately...

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