Islamic finance market to grow about $3tr by 2018

Source: Pak Observer

The size of Islamic finance market is estimated up to more than $2 trillion and projected to grow to above $3 trillion by 2018, said an industry expert. The Islamic finance assets represent 1 per cent of the global financial market, while the Sukuk issuance is accelerating the Islamic capital markets at the annual growth of 21 per cent, he added. Saudi Arabia’s IPO drive and platforms provided through Dubai Islamic Financial center and NASDAQ Dubai are significantly promoting the Islamic capital market towards $10 trillion target, he said...

Australian Islamic finance firm opens Dubai office

Source: Trade Arabia

Equitable Financial Solutions (EFSOL), Australia's largest, international Islamic finance company, headquartered in Sydney, has established its Dubai, UAE office at Emirates Towers, Shaikh Zayed Road. EFSOL is actively pursuing its Middle-East expansion strategy, following the successful establishment of its ASEAN office based in Singapore, last April 2016, a statement said. Due to its strategic location as a major financial and regional centre, Dubai will provide Middle-eastern and South-Asian based sophisticated investors access to lucrative Australian investment products offered by EFSOL...

How Islamic finance is shaping Europe’s property markets

Source: Hospitality News

As Middle Eastern money continues to make its way into global property markets the number of investors seeking specialist, Sharia-compliant advice and financing is on the up, especially in the UK and, increasingly, in Germany. While many wealthy Muslim investors own expansive property portfolios in the UK capital, for example Qatari investors now own £1 billion worth of luxury property in London's exclusive Mayfair district, others are snapping up stakes in new developments and regeneration projects. The Shard, Battersea Power Station and Chelsea Barracks...

Riding on nation's strength in Islamic finance

Source: New Strait Times

Malaysia will remain as the global benchmark for Islamic finance in the foreseeable future, given the country’s vast experience and depth in the syariah-compliant market, says CIMB Islamic Bhd chief executive officer (CEO) Rafe Haneef. “It’s been six months since I assumed this office and it’s been quite exciting as CIMB Islamic has come quite a long way since it was corporatised some 12 years ago. “To date, the bank has already established a strong footprint in the key markets, namely Malaysia, Indonesia and Singapore. Now it is time to bring it to...

Islamic finance expanding its footprint in Oman

Source: Oxford News

Total assets held by Islamic banks and the Islamic banking windows of conventional lenders in March amounted to OR2.5bn ($6.5bn), compared to OR1.5bn ($3.9bn) one year earlier, according to the CBO. This took the Islamic banking’s market share from 5.1% of the financial system’s overall assets in 2015 to 7.8% by March 2016. Financing to the public and private sector is also on the rise, with sharia-compliant entities having extended OR1.93bn ($5bn) worth of financing as of end-March, up 58% over the OR1.2bn ($3.1bn) recorded in March of last...

Dubai's Expansion as Global Islamic Finance Center

Source: Maritime Standard

Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World, rang the market- opening bell today to celebrate the listing on Nasdaq Dubai of a US$ 1.2 billion Sukuk – the Islamic equivalent of bonds. The listing by DP World reinforces Dubai’s status as the global leader for Islamic bond listings, with a total nominal value of US$ 44.56 billion. The bell-ringing ceremony was held in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre...

Russian bank trio to roll out Islamic finance products

Source: Pak Observer

Three state-linked Russian banks aim to introduce a number of Islamic financial products this year that could increase pressure for Russian authorities to create a legal framework facilitating the industry. Russian banks’ balance sheets have been strained by an economic crisis and Western-imposed sanctions, encouraging efforts to develop Sharia-compliant finance to attract investors from the Gulf and southeast Asia But Russia does not have a large Muslim population to provide a ready-made customer base; only about 20 million of its roughly 145...

Russia, Pakistan to promote Islamic finance

Source: The News

The Islamic Business and Finance Development Fund (IBFD-Fund) and TAWUN, an emerging Shariah consulting company of Pakistan, signed a memorandum of understanding (MOU) in Russia. According to a statement issued on Tuesday, the delegation was led by the Chief Executive of Trade Development Authority of Pakistan (TDAP) SM Muneer. He was accompanied by a number of high-level representatives of the business community of Pakistan, including Mehmood Arshad, who is the Founder of TAWUN, and also the Chairman of the Federation of Pakistan...

Luxembourg set to take over London’s Islamic finance

Source: Gulf Times

The small European nation of Luxembourg, known as a financial centre within the eurozone with a particular expertise in fund management and investment structures, is expected to threaten and possibly take over London’s role as European hub for Islamic finance in a post-Brexit world, experts say.
London and Luxembourg before where more complementary than competitive in the financial market, according to Nicolas Mackel head of “Luxembourg for Finance,” the promotional agency for the development of Luxembourg as a financial centre, but the Brexit...

Islamic finance provides an ‘exciting opportunity’

Source: Pak Observer

The world of Islamic finance and investing represents an exciting world of opportunities for Muslims all over the world, and one we think should likely continue to grow. Many investors outside the Muslim world might not know much about Islamic finance, but recognition and interest in it has been growing globally. Bank of Malaysia Governor Datuk Muhammad bin Ibrahim spoke at the Global International Islamic Finance Forum (GIFF) in Malaysia and reported that by 2020, total assets in global Islamic finance are expected to reach more than US $3 trillion...

Professor Hossein Askari on Islamic finance

Source: CCTV America

Ramadan began on Monday when approximately 1.5 billion Muslims started fasting to commemorate the Islamic holy month. Besides fasting during Ramadan, Muslims also have a very different approach to money and finance. While the Islamic finance industry is still in infancy compared to its traditional peers, its assets have grown at double digit rates. But Islamic finance can mean many things, but for starters we can define it as a financial system that adheres to Islamic principles more specifically to Shariah or Islamic laws...

Islamic finance aspires for more fertile ground

Source: Al Bawaba

Roughly one-third of those suffering from extreme poverty worldwide live in member states of the Organisation of Islamic Cooperation (OIC). In 21 of those 57 countries, fewer than half of the population has access to adequate sanitation. Four per cent of infants born in these countries die before they reach the age of five. Simply put, despite great potential, many OIC countries have struggled to achieve broad-based development. For many countries, the infamous “resource curse” is at work; in others, weak leadership and failed institutions are to blame. It does not help that...

The basics of Islamic finance principles

Source: English Awsaat

It can be wondering into the context of ancient principals of Islamic finance yet it is the evident fact that Islamic Financial Concepts are thriving in the modern age with the fastest growing rate among the capital markets. In the presence of modern financial system that is primarily based on interest and probability, the Islamic financial system excludes interest and uncertainties yet meets the common goal in achieving the same economic benefits as conventional finance offers to the society. Having the roots in past, Islamic finance links...

Algeria plans to launch Islamic finance

Source: Pak Observer

Algeria is preparing to launch Islamic financial services as the OPEC member seeks new ways to raise money after a sharp fall in energy earnings, a senior financial official told Reuters in an interview. Boualem Djebbar, head of the state-run Banks and Financial Institutions Association, said plans to offer Islamic finance products were part of wider reforms aimed at modernising the underdeveloped banking sector. Algeria’s outdated financial system has been a barrier to investment as the government seeks to diversify its economy away from oil and gas...

Islamic Finance in the Post Oil Economic Scenario

Source: CPI Financial

The broad theme of the conference will focus on the post oil economic scenario of the Muslim world and its impacts on the Islamic finance industry globally, in general and in the region in particular. The conference also intends to bring under the limelight and honour a key figure from the Islamic Finance industry for his services and life-time achievements. The conference will have a face-to-face session with that figure besides honouring him. Additionally, the conference will provide updates on certain key standard development areas...

International Forum on Islamic Finance of West African countries

Source: Islamic Finance

The fourth edition of the International Forum on Islamic Finance of West African countries concluded in Dakar, Senegal on 3 June. The event discussed how Islamic finance could be game changer for development in West Africa as the region seeks to build bridges to Gulf countries for investment. Delegates heard how Islamic finance can assist in the funding of infrastructure and development of the agriculture sectors. Senegal is positioning itself to become the region’s centre for sharia compliant financial products. Kathrine Ogunde of CCTV Africa reported on the event...

Italian export credit agency plans Islamic finance push

Source: News TV

Italy’s export credit agency SACE plans to move into Islamic finance, becoming one of the first Western trade finance bodies to do so, in order to support expansion of its business in the Middle East and North Africa. “We think we can reach more customers, small ones as well as large, in consumer goods industries and other areas,” SACE chairman Giovanni Castellaneta said in an interview. SACE insured €40.7 billion ($46.4 billion; Dh169.8 billion) of international risk at the end of last year, up 11.6 per cent from a year earlier. The Middle East and North...

Morocco to start approving Islamic banks for business to begin in 2017

Source: Arabian Business

Morocco's central bank said on Thursday it would start issuing approvals for Islamic banks this year, with the aim of allowing them to begin business in early 2017. Islamic banks and insurers are setting up in Morocco after it adopted legislation allowing them into the domestic market, and the central bank has set up a central sharia board with the country's body of Islamic scholars to oversee the new industry. The North African country had long rejected Islamic banking due to concerns about Islamist movements...

Islamic Finance in Indonesia

Source: Laxology

As the most populous Muslim- majority country in the world, Indonesia would seem an obvious target for investment in Islamic finance. However, in a country of 255 million people (210 million being Muslim); only 36% of the population have a bank account. Regardless of this, Islamic banking assets have nearly tripled in value from US$8 billion in 2010 to US$22 billion in 2014, making this rapidly growing sector an exciting prospect. Currently, Indonesia’s entire banking system is only worth about 51% of its GDP, compared to 150% in Malaysia and 350% in China...

Islamic finance body IIFM launches FX forward standards

Source: The National

The International Islamic Financial Market (IIFM) launched standard templates for Shariah compliant foreign exchange forwards, the latest effort by the industry body to improve hedging practices in the sector. Islamic finance is expanding beyond its core centres in the Gulf and Southeast Asia, prompting the need for more cost effective tools to manage foreign currency risks. The Bahrain-based IIFM, a non-profit organisation which develops specifications for Islamic finance contracts, outlined two templates to accommodate the main industry practices, although it expects one of them....

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