DFAT bureaucracy, Islamic finance, Americans in poverty

Source: The Interpreter

  • An article from the Centre for Global Development argues that Nobel Prize winner Angus Deaton misrepresented World Bank data on the Global Poverty Line in a recent New York Times piece. Deaton stated that 5.3 million Americans were living below the World Bank's absolute poverty line, and that the US should redirect more of its foreign assistance to domestic causes to help reduce this number....

Innovation in Islamic Finance

Source: PAK Observer

  • Islamic finance is one of the fastest growing areas of international finance. Finding its basis in the ethical teachings of Islam, it is steadily growing in appeal, thanks in no small part to the scale of the available market. Indeed, there are 1.6 billion Muslims around the world and there is clearly room for continued growth. According to the World Bank, Shariah-compliant financial....

Islamic Finance Body IFSB Appoints New Secretary General

Source: Reuters

  • The Islamic Financial Services Board (IFSB), one of the main standard-setting bodies for Islamic finance, has named Bello Lawal Danbatta as its new secretary general, the Malaysia-based body said on Friday. Danbatta takes over from Jaseem Ahmed, who retired last year after six years at the helm of the IFSB, which has more than 180 members....

Islamic Finance & Sukuk Explained

Source: International Financial Review

  • A common misconception is that Islamic finance is just banking without charging interest. Islamic finance however is concerned with the very nature of money and how it is used. Since US President Nixon’s decision to cut the link between gold and currency in 1972, it has become commonplace for money to be made out of money. Since the 1945 Bretton Woods agreement was reversed....

$1.9tr Islamic Finance Market

Source: PAK Observer

  • The Islamic Development Bank (IDB) and the World Bank are to use the rapidly growing Islamic finance market for infrastructure development projects through public-private partnerships (PPP). The IDB recently organized a forum in Washington in partnership with the World Bank on this subject, IDB spokesperson Dr. Abdul-Hakim Elwaer told Arab News on Sunday....

Qatar Needs to Develop Regulatory Framework to Cement Islamic Finance

Source: Gulf Times

  • Qatar needs to reform interbank liquidity management to study leakages from Islamic banks through interbank finance as part of a strategic roadmap for Shariah finance, according to a Qatar Financial Center (QFC) study. Moreover, there is also a need to develop a regulatory framework and promote green bonds and sukuk to embolden Qatar’s regional leadership in sustainable....

Islamic Finance Becoming so Attractive

Source: Gulf News

  • Islamic finance has traditionally been dominated by Muslim-majority countries in the Middle East and Southeast Asia. Now much of the rest of the world is getting in on it Buoyed by the perception of more tranquil market conditions and an improving regulatory backdrop, issuance of Islamic debt by non-Muslim countries is set to climb to a three-year high in 2017, according to Dealogic data....

Islamic Finance Boosts Intra-African Trade

Source: GTR Review

  • A number of financing agreements, totalling over US$250mn, have been raised in support of the African Export-Import Bank (Afreximbank) in recent weeks. The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has provided a US$100mn and a €50mn facility, both of which will be used to support trade transactions involving ITFC member countries that.....

Digital Currencies Remain Tricky Subject for Islamic Finance

Source: Finance Observer

  • THE role and status of cryptocurrencies within the Islamic system of values remains a hotly disputed issue in the Muslim world. While entrepreneurs and Islamic finance startups, for example microfinance provider Blossom in Indonesia or gold-backed cryptocurrency OneGram in Dubai, readily advocate digital currencies for what they are convinced are halal transactions, and Muslim jurisdiction...

Head of Islamic Finance Body AAOIFI Resigns

Source: Reuters

  • The head of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has resigned after more than three years at the helm of the standard-setting body. Secretary General Hamed Hassan Merah told Reuters he had presented an “objectively reasoned resignation” to AAOIFI’s board of trustees which in turn accepted it on Thursday.....

A Bond Dispute Threatens the Future of Islamic Finance

Source: The Economist

  • Gulf do not observe Christian holidays, but still had a generally quiet day on December 25th. Shares in Dana Gas, an exploration business listed in Abu Dhabi, however, did make some noise, leaping by 13.2% on Christmas Day, to complete a buoyant six months for the stock (see chart). The surge may owe something to the company’s recent arbitration victory against the regional government of Iraqi Kurdistan, over $2bn it and its ....

Islamic Finance Development at a Slow Pace

Source: Lexology

  • After years of stagnation, if not recession, the Italian economy is now recovering. Indeed, Italy’s GDP advanced 0.4% in the three months to June 2017, unrevised from the preliminary estimate and following an increase of 0.4% in the previous period. The expansion was driven by firm consumer spending, a rebound in fixed investment and inventory accumulation....

Bahrain Tops GCC's Islamic Finance League Table

Source: Arabian Business

  • Bahrain features prominently in a new report into Islamic Finance from Thomson Reuters in cooperation with the Islamic Corporation for the Development of the Private Sector, the private sector development arm of the Islamic Development Bank. The island kingdom was placed top among all GCC countries, reports Arab News and second globally behind Malaysia in the fifth issue of the report...

Some Uncertainty Remains: Islamic Finance Trends

Source: Gulf Times

  • As we enter 2018, it is time to watch out for determining trends to expect in Islamic finance this year. Looking back, 2017 saw considerable expansion of the industry into new markets, notably in North and Sub-Saharan Africa and Central Asia, and many efforts to create regulatory environments in various jurisdictions to make it easier and more convenient for investors to participate in the industry....

MinDA to Ask BSP to Craft Islamic Finance Policy

Source: Rappler

  • The agency overseeing development in Mindanao plans to expand Islamic banking through the Bangko Sentral ng Pilipinas (BSP), even without legislation from Congress. Romeo Montenegro, executive director assistant secretary at Mindanao Development Authority (MinDA), said their policy team has teamed up with consultants to see what existing polices are....

Afreximbank Taps Islamic Finance to Support Africa Trade

Source: Reuters

  • The African Export-Import Bank (Afreximbank) has raised around $260 million via three sharia-compliant facilities to support small- and medium-sized businesses in the region, as African markets gradually open to Islamic finance. Cairo-based Afreximbank, which was founded by African governments and other investors in 1993 and focuses on trade finance, obtained a $100 million....

Qatar and Islamic Fintech

Source: Net Law Review

  • In the Qatar Islamic Finance Report “Expanding Horizons”, Islamic FinTech regulation and support are considered. The report is a joint venture of the Qatar Financial Centre (QFC), Thomson Reuters and the Islamic Research and Training Institute (IRTI). The report notes that the FinTech industry in Qatar remains very small. As a part of its efforts to support the Qatar National Vision 2030, the QFC held a Fintech....

SBP Voted as Best Central Bank for Promoting Islamic Finance

Source: Financial View

  • State Bank of Pakistan has been voted as the Best Central Bank in Promoting Islamic Finance by a poll conducted by International Finance News (IFN), an arm of Red Money Agency, Malaysia. According To the State Bank of Pakistan, the central bank has also won this award in 2015. It is also important mentioning that in 2016, Pakistan was awarded Global Islamic Finance Award (Advocacy Award) by Edbiz Consulting Limited, UK....

Is Islamic Banking the Future?

Source: Eur Asia Net

  • In 2014, the same year that the government adopted legislation regulating Islamic finance, Alif Capital opened its doors, becoming the first company in the country to offer banking services on strictly Islamic principles. Billboards sprung up around the capital, Dushanbe, advertising six-month, interest free loans for consumer purchases — quite a novelty at the time....

Qatar's Islamic Banks is the Third Largest Contributor

Source: Peninsula News

  • Minister of Finance Ali Shareef Al Emadi said that Qatar's Islamic Banks is the third largest contributor to global growth in Islamic banking, with Qatari Islamic banking accounting for about 25% of the country's banking sector. Addressing the 4th Doha Islamic Finance Conference on Tuesday, HE the Minister of Finance said that the State of Qatar has demonstrated its ability to continue in this field....

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