Islamic Finance Calls for More Talents

Source: Reuters, UK

  • ISLAMIC finance has witnessed, over the last few years, a remarkable growth at 15 to 20 per cent Compounded Annual Growth Rate (CAGR), emerging as one of the fastest growing financial sectors in the world. The total assets of the Islamic financial industry in 2015 was around US$2 trillion (RM8.3 trillion) and estimated to surpass US$4 trillion by 2020. This industry’s rapid growth undoubtedly creates a huge demand for new ....

Investor Seek to Rake Returns form Kenya’s Service Industry

Source: Standard Digital, Kenya

  • Kenya has caught the eye of rich Middle East investors seeking to tap into tap into the country’s service industry to diversify their oil wealth. This week, the country will host an Islamic Finance Expo organised by Hogan Lovells, a multi-national law firm co-headquartered in London. ALSO READ: Fast internet puts barber a cut above “Financial institutions face the challenge of developing innovative products whilst tackling new regulation and adhering to guiding Sharia principles ....

Islamic finance, Way Out for Nigeria’s Economy

Source: Punch, Nigeria

  • Islamic finance system is an answer to Nigeria’s economic problem. Many developed and developing economies are using Islamic finance as a necessary tool for financial inclusion with regard to financing large infrastructural projects and Nigeria cannot afford to miss out on this opportunity ....

Race is on for a Global Islamic Finance Hub

Source: Gulf Times, UAE

  • With Islamic finance assets leaping to an estimated $2tn for both banks and non-bank financial institutions, and forecasts putting the volume at $3.2tn by 2020, voices have grown louder to establish a global Islamic finance centre that could be home to a central regulatory body, the frequently mentioned envisaged Islamic mega-bank, as well as central supervisory authorities ....

Islamic Finance Adds to Mediterranean Development

Source: AA, Turkey

  • The Islamic finance industry has been constantly evolving and growing rapidly and based on the World Bank and International Monetary Fund reports, the industry will reach over $2 trillion by the end of 2016. With the increasing need for diversification of their economies, many Mediterranean countries have shown great interest in Islamic finance as a means to enhance the economy and diversified investments, ....

Clearing Up Misconceptions About Islamic Finance

Source: The National, UAE

  • Today, Nizar Al Shubaily, an experienced Islamic banker, co-authors with me on Islamic finance. Although I believed that I was well versed in matters related to Islamic finance, the prevalence of misunderstood terms and concepts in the media and elsewhere have often confused matters. To start off, let’s take a step back and think about the meaning of interest in the financial sense. Interest is simply a fee paid on a debt, expressed as a percentage ....

Unified Industry Practices Key to Islamic Finance Growth: AAOIFI

Source: Reuters, UK

  • A global body for Islamic finance will prioritize wider adoption of its standards by engaging national regulators in key markets, aiming to tackle divergent practices that risk stunting the industry’s growth. Islamic finance has grown fast across the Middle East and Southeast Asia in part due to self-regulation, but the approach is now viewed as a barrier to develop transactions ....

Islamic Finance in Malta - the First EU Regulator for IF Guidelines

Source: Times of Malta, Malta

  • In 2008, the Malta Financial Services Authority, Malta’s sole regulator of financial services, was the first EU regulator to issue guidelines on Islamic finance, which were updated in 2015-2016. It also issued a ‘Guidance note for Shari’ah compliant funds’ in 2010, which established how the legal and regu­latory framework established under the Investment Services Act would apply to Shari’ah-compliant funds in Malta ....

A Cause for Optimism for the Future of Islamic Finance

Source: The Jakarta Post, Indonesia

  • It might come as a surprise that the world is not nearly as globalized as people think. The share of cross-border investment in the world in 2016 accounted for less than 10 percent of all investment in the world, according to the latest DHL Interconnectedness Index. The gross global cross-border capital flows comprise the annual foreign capital inflows and outflows between a country and the rest of the world. The Islamic participation, by way ....

Banks, Startups and Watchdogs Harness Islamic Finance Opportunities

Source: Asian Review, Singapore

  • JAKARTA/SINGAPORE -- Early one August morning, before the heat became unbearable, several dozen people gathered in a courtyard in the Indonesian village of Kasaman, not far from Jakarta. They were there to repay debts -- and to simply be seen. "Everyone, please check the details of your contracts." Seated before the crowd of mostly women, the staff of BTPN Syariah shouted instructions. The Islamic bank hosts similar meetings ....

Islamic Finance Calls for More Talents

Source: Straits Times, Malaysia

  • ISLAMIC finance has witnessed, over the last few years, a remarkable growth at 15 to 20 per cent Compounded Annual Growth Rate (CAGR), emerging as one of the fastest growing financial sectors in the world. The total assets of the Islamic financial industry in 2015 was around US$2 trillion (RM8.3 trillion) and estimated to surpass US$4 trillion by 2020. This industry’s rapid growth undoubtedly creates a huge demand for new ....

Tech Meets Tradition in a New Wave of Islamic Finance

Source: Asian Review, Singapore

  • Early one August morning, before the heat became unbearable, several dozen people gathered in a courtyard in the Indonesian village of Kasaman, not far from Jakarta. They were there to repay debts -- and simply to be seen. "Everyone, please check the details of your contracts." Seated before the crowd of mostly women, the staff of BTPN Syariah shouted instructions. The Islamic bank hosts similar meetings across the ....

Islamic Finance Industry Can Breathe a Sigh of Relief for the Time Being

Source: Lexology, UK

  • Mr Justice Leggatt handed down a judgment in the High Court of London that had been eagerly awaited by the global sukuk market and the rest of the Islamic finance industry. Mr Justice Leggatt decided (quite emphatically) that an English law contract relating to an Islamic finance transaction was valid and enforceable under English law and that it was irrelevant whether or not the underlying Islamic transaction (which is governed by the laws of UAE ....

Islamic Finance Can Play Key Role in Public-Private Partnerships Delivery

Source: Peninsula, Qatar

  • The fast-growing Islamic finance industry can play a significant role in closing the infrastructure gap in the region and beyond, through public-private partnerships (PPP). Given the potential of Islamic finance to support infrastructure development in emerging and developing countries, it is critical to address how to best deploy Islamic project finance in PPP delivery frameworks, noted latest ....

Bahrain to Host New Islamic Finance Forum

Source: Trade Arabia, Saudi Arabia

  • A new Islamic finance forum entitled “Islamic Finance Innovation Day” is set to take place in Bahrain on December 7. The event is being held with the strategic partnership of the Bahrain Economic Development Board (EDB) and support from other industry partners including the Responsible Finance and Investment Foundation (RFI), a global non-profit organisation focused on building awareness, promoting research ....

Malta Positions Itself as New Centre for Islamic Finance in EU

Source: Gulf Times, Qatar

  • The small European island of Malta in the recent past quietly opened its doors to Islamic banking and finance in an attempt to take on established hubs in Europe, namely London and Luxembourg. With the move, Malta aims to benefit from both its international reputation as a financial centre with not overly complex and suppressing regulations, as well as from its relative proximity to Muslim countries in North Africa which can be ....

Islamic Finance Industry Must Work Collectively To Address Challenges

Source: Malaysian Digest, Malaysia

  • he country's Islamic finance industry needs to work collectively and persistently to address the challenges and strengthen the weaknesses while continuing to expand, innovate and progress, Second Minister of Finance Datuk Seri Johari Abdul Ghani said. He said Islamic finance needed to be able to connect with the fast-changing nature of financial industry, both demand and supply, without compromising the faithfulness to Shariah principles and ....

Britain 'Perfectly Placed' to Gain from Islamic Finance Boom, minister says

Source: The National, UAE

  • Britain is “perfectly placed” to capitalise on the rapid growth of Islamic finance, a UK trade minister told a conference of industry experts in London. Rona Fairhead, the former BBC Trust chair who was recently appointed to the Department of International Trade, said Britain is already leading the Western world in Islamic finance, with over 20 banks offering specific services in the sector — more than double the number in the US. As the market continues ....

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