Why London Will Remain the Islamic Finance Hub of the West?

Source: Market Mogul, UK

  • London’s mass popularity as a hub for Islamic finance emerged in 2013 when then-Prime Minister David Cameron unveiled plans to develop the British city into the Western capital of Islamic finance. In 2014, London took a step further when Britain became the first country outside the Islamic world to ....

New Shariah Standards for Islamic Financing and Banking Launched

Source: Khaleej Times, UAE

  • A set of new Shariah standards for Islamic banking and financing have been launched by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Islamic finance scholars and specialists from across the region attended the launch ceremony, which was organised by the AAOIFI ....

Why 2017 Could Be a Breakthrough Year for Islamic Finance

Source: Wealth Management, USA

  • 4 million Muslims in the U.S. make up one of the highest earning demographics in the country. Unsurprisingly, they're looking to invest in financial vehicles that mirror their own beliefs ....

Islamic Finance Body Grants $450m for Socioeconomic Development in Burkina Faso

Source: Footprints to Africa, Kenya

  • ITFC has signed a three-year $450 million framework agreement with the Government of Burkina Faso for socioeconomic development in the country. The current agreement will finance the country’s export of agricultural commodities such as cotton; import of energy commodities ....

The Race to Become Islamic Banking’s Fintech Hub

Source: The Economist, Middle East

  • FOR all the sophistication of some of its financial centres, and despite the ubiquity of smartphones, the Middle East has been a late adopter of financial technology, or fintech. Of more than $50bn in fintech investment globally since 2010, according to ....

New Gold Transactions-Regulating Criteria and Re-purchase Standards

Source: Zawya, UAE

  • The four new standards, which help scholars decide whether financial activities and products conform with Sharia law, address core issues, including criteria of competitions and trophies in Islamic Sharia, including their modern applications, investment, gold transactions-regulating ....

Islamic Finance is Not Religious, but Ethical Business

Source: The Guardian, UK

  • We are talking about an alternative system of finance that is viable, resilient, and that is first and foremost ethically compliant. That is the only difference between the Islamic finance and the conventional finance. Islamic finance is not necessarily about charity, it is good for Muslims and equally good for non-Muslims ....

Islamic Finance Needs to Move Forward

Source: The Jakarta Post, Indonesia

  • Islamic finance, with its features derived from the Quran and Prophet’s sayings (hadith), is expected to be the locomotive of the movement toward ethical and social finance. It is expected to reflect ethical and social finance in their practice since theoretically they share ....

Bangladesh 10th in Islamic Finance Country Index

Source: Financial Express, Bangladesh

  • Bangladesh is ranked 10th in the Islamic Finance Country Index (IFIC), prepared and published by London-based Edbiz Consulting Ltd. The index is unveiled in the Global Islamic Finance Report-2106, released last year, which showed that the ranking of Bangladesh advanced one step in 2016 from 11th position in 2015 ....

Islamic Finance is Based on Shared Prosperity

Source: Personal Finance, New Zealand

  • The way Muslims do business is based on free-market economics, but it provides a far more equitable and sustainable economic model than the dog-eat-dog world of Western capitalism. This was a strong underlying message to come out of a recent conference on Islamic banking in ....

Kenya Backed to be an Islamic Finance Hub

Source: The Star, Kenya

  • Kenya is well positioned to become the hub for Islamic Finance in East and Central Africa, London-headquartered global law firm Hogan Lovells has said. This comes in the wake of government’s pledge to develop a Shariah-compliant fund structuring and banking framework in as part of strategies to ....

Tax Provisions Related to Islamic Finance Transactions

Source: Times of Oman, Oman

  • To support taxpayers, KPMG in Oman has been analysing various tax issues through a fortnightly series of articles. In this article, Parvinder Singh analyses tax provisions relating to Islamic Finance Transactions (IFTs), introduced for the first time by Royal Decree 9/2017 ....

Turkish Islamic Banks and Islamic Development Bank Sign Deal

Source: Hurriyet Daily, Turkey

  • Participation banks and interest-free financing must create their own financial instruments and methods in a bid not to be overshadowed by traditional banking system,”, as quoted by Reuters. Such banks unfortunately do not develop anything new, but instead improvise ways from the traditional system ....

Morocco Opens First Islamic Bank Branch Months After Approval

Source: Observer, Morocco

  • Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central sharia board, a body of Islamic scholars, to oversee the sector. The North African country long rejected Islamic banking because of concern about Islamist movements, but its financial markets lack liquidity and foreign ....

Islamic Financial Services Industry Sustains its Growing Market Share in 2016

Source: CPI Financials, UK

  • Amidst a challenging external environment brought on by the changing policy directions and uncertainties in the global economic landscape, institutions offering Islamic financial services (IIFS) have continued to grow and gain market share, particularly in their home jurisdictions ....

Islamic Finance is Making a Case for ‘Impact Investment’

Source: Gulf Times, Qatar

  • Islamic finance is increasingly being discovered as a vehicle to support sustainable development goals by investments in environmental projects, as well as to deal with challenges of poverty, social inequality and financial exclusion, a method called “impact investing.” o that end, the Islamic Development Bank (IDB) and the Istanbul International Center for Private Sector in Development of the UN Development Programme launched ....

ICSFS: Islamic Banking Must Be Standardised

Source: World News, UK

  • Islamic banking has been one of the financial industry’s great growth stories over the past few years. The Islamic (interest-free) model has encouraged innovation, both in terms of product offerings and business support. In a break from convention, Islamic banks aim to function as true financial partners for their clients, as opposed to taking on the ....

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