Canada Poised to be Hub of Islamic Finance

Source: The Canadian Press

Islamic banking is being touted as the next big thing for Canada's financial services sector, but experts say it's up to the new federal government to demonstrate that it welcomes Shariah-compliant investments. "It's absolutely fundamental that the Canadian government signal that, in fact, it is open to Islamic finance," says Walid Hejazi, an associate professor at the University of Toronto's Rotman School of Management...

Demand for Islamic Finance Gaining Ground in Mideast

Source: Khaleej Times

Islamic finance is gaining popularity in key markets, including the personal loan sector, and there has been a marked increase in the amount of UAE residents choosing an Islamic finance loan over a conventional loan Compareit4me group has noticed an increase of 53 per cent of consumers searching for Islamic finance products. The increase in popularity is across the board and research by Morgan McKinley found a surge in the global value...

Searches for Islamic Finance Products on the Rise in the Middle East

Source: CPI Financial

Islamic finance is gaining popularity in key markets, including the personal loan sector. There has been a marked increase in the amount of UAE residents choosing an Islamic Finance loan over a conventional loan and the compareit4megroup have noticed a marked increase of 53 percent of consumers searching for Islamic Finance products, particularly personal loans...

Favorable Regulation Key to Islamic Finance Growth

Source: Times of Oman

Developing an enabling and empowering environment, including the necessary legislative and regulatory framework, is needed to support the growth of Islamic economy, according to an expert. This can be done by working on several key strategic pillars, Abdulla Mohammed Al Awar, chief executive officer of Dubai Islamic Economy Development Centre (DIEDC), said at the 2nd Islamic Banking Knowledge Forum hosted recently by Bank Nizwa in Muscat...

Realizing a Vision for Islamic Finance

Source: The Star

THE basic objective of Islam is to emancipate people from every kind of material and doctrinal slavery and uphold social justice. In the economic field, and with particular regards to finance, Islam has also paid due attention to all the factors that restrict the freedom of action, and those that lead to material and intellectual bondage (Behechti & Bahonar, 1990). In this regard, the Quran has formulated rules, including one that has been deemed as part of the vision of the Quran itself...

Islamic Finance Goes Global to Fill a Skills Void in $2 Trillion Industry

Source: Bloom Berg

A Malaysian institute set up seven years ago to improve education standards for Islamic finance professionals is going global as it seeks to fill a void of experts with specialties such as insurance and law.
The Chartered Institute of Islamic Finance Professionals in Kuala Lumpur aims to increase membership of qualified practitioners to 3,000 in three years, from 400 now, Badlisyah Abdul Ghani...

Sukuk Issuance Slows Sharply on Cheap Crude

Source: Nikkei

Cheap crude is forcing Middle Eastern oil exporters to restrict their issuance of Islamic sukuk bonds, while banks in the region are facing a liquidity crunch as governments withdraw funds to cover budget shortfalls caused by shrinking oil revenues. A rig drills into the Sahil oil field in Bahrain. © AP The total value of sukuk issued in the first nine months through September came to $48.8 billion, down...

Bank of England Joins IFSB Islamic Finance Body

Source: Reuters

The Bank of England has joined the Islamic Financial Services Board (IFSB), one of the main standard-setting bodies for Islamic finance, the second Western regulator to do so after Luxembourg. The BoE joins as an associate member, the 65th regulatory body to join the Kuala Lumpur-based body, bringing total membership to 189, the IFSB said in a statement.Britain's government has...

Turkey Sets up Islamic Finance Coordination Committee

Source: Lexology

Prime Ministry of the Republic of Turkey issued a circular on the formation of an Islamic Finance Coordination Committee (Faizsiz Finans Koordinasyon Kurulu) to accelerate the development of Turkey's Islamic finance markets and to strengthen Turkey's goal of becoming an international financial hub. Turkey has already committed to developing Islamic finance and increasing the related coordination in its latest five-year development plan and the new government's program...

Issues in Islamic Finance: Financial Crises caused by Lack of Risk Sharing

Source: Daily News

You should be aware by now that 2008 was marked by a banking crisis that had a major impact on the world's economy. Although the subprime mortgage crisis originated in the US, its effects triggered a global recession and economies around the world are still recovering. In the years following the crash, there has been a lot of speculation and finger-pointing regarding who and what was...

Islamic Finance in Indonesia: Waking up the Sleeping Giant

Source: Legal News

Financial institutions have a largely untapped market in Indonesia’s “digitally enabled but unbanked” population. Providers with digital capabilities are particularly well placed to facilitate transactions, capitalising on the Indonesian government’s drive to promote its domestic Sharia’h-compliant capital market.This alert will bring to your attention the significant measures...

Experts in Bahrain for Islamic Finance Forum

Source: Khaleej Times

Prime Minister of Bahrain Khalifa bin Salman Al Khalifa has deputed Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, to open the 22nd Annual World Islamic Banking Conference, or WIBC. Considered as the leading compass for the Islamic finance industry, the three-day event is being held under the patronage of HRH the Prime Minister and will see the participation of over 1,200 leaders...

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...

Islamic Finance Body AAOIFI to Revamp Standards, Expand Agenda

Source: Reuters

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is revamping key standards and boosting its engagement efforts with the industry, part of an ambitious reform agenda for the Bahrain-based body. A revised standard for sukuk (Islamic bonds) and a new one covering the sale of debt are among major efforts planned for next year, secretary-general Hamed Hassan Merah told Reuters in an interview...

2nd International Conference on Islamic Finance

Source: Daily Mail

Nigerian financial operators have identified Sukuk Islamic bond as a major tool that can be used in closing the country's gap on infrastructural deficit. Raising from the two days 2nd international conference on Islamic Finance which opened on the 30th Nov and closed 1st of Dec 2015 in Abuja, financial experts from the country's public and private sector having exhaustively deliberated with their international global...

IIFM Announces New Standards to Develop Islamic Finance

Source: Saudi Gazette

A leading expert called on the Islamic finance industry to expand the range of Islamic products, develop IT solutions, establish legal and regulatory framework, develop human capital in order to grow further and gain a sizable share of the financial market. The expert made this statement at the International Islamic Financial Market (IIFM) recently. It held its 33rd Board of Directors...

Grant Thornton Names Islamic Finance Head

Source: GD Online

Grant Thornton, an independent assurance, tax and advisory firm, has appointed Samer Hijazi as a Partner and head of Islamic Finance to lead the Abu Dhabi practice. Previous to joining Grant Thornton, Hijazi worked for a Big Four firm where he was instrumental in the formation of the Islamic finance practice and developed new products and solutions to deliver to all UK Islamic financial...

Canada Ready for Islamic Banking

Source: York Region

Islamic banking is being touted as the next big thing for Canada's financial services sector, but experts say it's up to the new federal government to demonstrate that it welcomes Shariah-compliant investments. "It's absolutely fundamental that the Canadian government signal that, in fact, it is open to Islamic finance," says Walid Hejazi, an associate professor at the University of Toronto’s Rotman...

AAFAQ Islamic Finance CEO Recognized at 6th Middle East Business Leaders Awards

Source: AME Info

aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has announced that its CEO, Dr. Mahmoud Abdalaal, has been bestowed with the Islamic Financial Services Award at the 6th Middle East Business Leaders Award (MEBLSA) held recently at the Armani Hotel Dubai at Burj Khalifa. Dr. Abdalaal was honoured for his exemplary leadership and immense...

Prospects of Islamic Banking in Pakistan

Source: Tribune

A hallmark of Islamic banking and finance in 2015 has been the resilience of Islamic retail banks in the Gulf Cooperation Council (GCC) countries in the wake of historically low oil prices. The year has proven to be a testing period for the global Islamic financial services industry, with the gradual exit of the likes of Islamic Bank of Asia in Singapore and the visible diminishing enthusiasm...

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