Dubai Islamic Economy Development Centre Reviews Progress of 2019 Initiatives, Plans for 2020 24/12/2019 Dubai Islamic Economy Development Centre (DIEDC) held its fourth and last board meeting for 2019, chaired by Sami Al Qamzi, Vice Chairman of DIEDC and Director General of the Department of Economic Development in Dubai, on behalf of His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC. Read more
Howard University leading way for Islamic Finance in the US 24/12/2019 Howard University's School of Divinity School, located in Washington DC's unique Brookland neighborhood, could soon become a global center of excellence for the study and practice of Islamic finance in the United States.
Of Monetary Economics, Zero Interest rates and Islamic Finance 10/12/2019 THE INTEREST rate is the compensation paid for the use of money. In neo-classical economics, the prevailing rate of interest is the rate that balances aggregate savings and investment.Like all other goods and services that have an equilibrium price balancing demand and supply, the interest rate is the equilibrium price of money.Since interest rates, being a price, is negatively correlated with the demand for capital, falling interest rates ought to see increased demand for capital to be invested.
Islamic finance set to be greater contributor to world, people, and prosperity: Sultan Nazrin 09/12/2019 KUALA LUMPUR: Planet, people and prosperity – or the Three Ps – are the new frontier of Islamic finance in bringing greater value to the economy, society and the environment, says the Sultan of Perak, Sultan Nazrin Shah, While in many tangible ways Islamic finance industry has already helped to generate more socially conscious and sustainable economic system, much work needs to be done in these three key areas, he pointed out.
Socially responsible Investing and next generation set to drive growth in Islamic finance 08/12/2019 Demand for Islamic finance solutions is set to increase in the GCC and Middle East in the next five years, according to a new report ‘The Evolution of Wealth Management in the World of Islamic Finance 2019’, commissioned by Jersey Finance and Hubbis.
Time for Malaysia to lead Islamic social finance endeavors 05/12/2019 ACCORDING to the State of the Islamic Economy Report 2018-2019, Malaysia has been the leader of the Islamic economy ecosystem for five consecutive years since 2013.Thomson Reuters ranked Malaysia as the most developed Islamic finance market in the world based on Islamic Finance Development Indicator (IFDI) values.According to the Malaysia International Islamic Financial Centre (MIFC), Malaysia continues to be the main driver for the Sukuk (Islamic Bonds) market, representing 48.8 per cent of the total global outstanding Sukuk and 35.8 per cent of the total global Islamic funds’ assets under management (AUM).
Turkey, Malaysia, Qatar can pioneer in$2.4-trillion Islamic finance sector and it can be role model for world economy. 05/12/2019 GokhanErgocun, Yunus TurkReady to be taken to the next level, the burgeoning sector of Islamic finance is ready to take root in new regions through Turkey, Malaysia and Qatar, according to a leading figure in Qatari finance.Speaking to Anadolu Agency in an exclusive interview, the CEO of the Qatar Financial Centre Yousuf Al-Jaida said Malaysia could act as a gateway for Islamic finance into Asia, with Turkey into Europe and Qatar the Middle East and Africa.He stressed that Malaysia was ready with its legal framework to facilitate the sector, as well as such products as Sukuk -- a non-interest-bearing note. Qatar and Turkey need to step up and do more for the sector, which should be pioneered by Muslim countries.Underlining that Doha and Ankara needed to step up and do more, he said these three countries could form a large platform to share experience, technology and knowledge in the $2.4-trillion field."I think we can create something really superb and magnificent for the industry," Mr. Al-Jaida said, adding that Islamic finance is now growing at an even quicker pace than traditional or conventional finance.The CEO highlighted several new potential fields for Islamic finance, such as Islamic financial technologies, Islamic reinsurance and Islamic asset management."I think we have a very bright and rosy future, but there is a lot of work that needs to be done," he noted.With economic problems mounting across the globe, Al-Jaida said Islamic finance could be a role model for the world economy.
Islamic Finance Industry to see Surge in Demand from Youngsters 05/12/2019 Most of demand likely to come from GCC/Middle East, followed by Asia, particularly Indonesia and Malaysia, and also from Africa
Islamic Finance, new source of National Economic Growth 03/12/2019 The implementation of the ecosystem of halal value chain through the development of the economy, Shariah Micro, Small Medium Enterprises (MSMEs) to the industries, especially food, fashion, cosmetics, tourism etc.
Islamic Financing Market Trends Insight of Growth Forecast To 2025 28/11/2019 The Report Titled on “Global Islamic Financing Market Size, Status and Forecast 2019-2025“ provide crucial insights that facilitate the Market Trends, Drivers, Market Dynamics, Overview, Scope, Definitions, Classifications, Opportunities, Competitive Landscape, Share via Region, Price and Gross Margin, New Challenge Feasibility Evaluation, Analysis and Guidelines on New mission Investment. This Islamic Financing market report enhanced on worldwide competition by topmost institute like (Al Rajhi Bank, Abu Dhabi Islamic Bank, Al Baraka Banking, Dubai Islamic Bank, Emirates NBD, HSBC, Kuwait Finance House, NBAD, NCB, Qatar International Islamic Bank, Samba Financial Group) which providing information such as Company Profiles, Product Picture and Specification, Capacity, Production, Cost, Revenue and Contact Information. In the end, there are 4 key segments covered in this Islamic Financing market report: competitor segment, product type segment, end use/application segment and Islamic Financing industry geography segment.
Manzil Launches First Shariah Compliant PTF on NEO Connect and DealSquare 28/11/2019 NEO is pleased to announce that Manzil, a Halal mortgage lender, has made its Manzil Mortgage Investment Fund available as a platform traded fund (PTF). This fund fully complies with Shariah standards, and Manzil is the only entity in Canada that follows all guidelines for Shariah governance established by the Accounting and Auditing Organization for Islamic Financial Institutions
Islamic Finance can work with Fintech to promote Financial Inclusion in Malaysia 28/11/2019 The adoption of Islamic finance through fintech has a large opportunity to connect with the masses, especially rural population. Islamic finance has recently gained popularity in the Southeast Asian market due to its advantages. Apart from being a promising instrument to build wealth, it is also being touted for its ability to ensure justice in society and promote financial inclusion.
Standardization and Awareness, Key To the Growth of Islamic Finance in Nigeria - Mr. Banji Fehintola 21/11/2019 Standardization and Awareness, Key To the Growth of Islamic Finance in Nigeria - Mr. Banji Fehintola BukolaAkinyele for Proshare WebTV / Header Image Credit: Proshare WebTV
Institutionalization of Islamic Banking Practices 21/11/2019 Institutionalization of Islamic Banking Practices By BusinessMirror Editorial
Indian Banks should exploit the potential in Islamic Banking 07/11/2019 Islamic finance, including its interest-free and equity-based banking system, can supplement the existing Indian banking and finance system.
DIFC records 45% rise in Islamic Assets 17/10/2019 Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, and the number eight global financial centre, has marked a significant rise in Islamic assets being managed in the Centre, recording a 45% growth between Q2 2018 and Q2 2019. Islamic finance is growing at 1.5 times the rate of traditional finance, and the MEASA continues to be a steady driver of this industry, fueled by a number of jumbo sukuk issuances and almost $1 trillion in financial assets across GCC countries. Dubai remains one of the world’s largest centres for Sukuk listings by value at $62 billion, with DIFC-based Nasdaq Dubai at $60 billion.
Growth of Islamic Finance 17/10/2019 THE Islamic finance industry has seen significant growth and is now estimated to have crossed US$2 trillion (RM8.38 trillion) dollars in assets. The ecosystem has developed exponentially with the emergence of a full suite of Shariah-compliant offerings such as Takaful, Islamic funds, Shariah Advisory firms, sukuk and more.
AMU (Aligarh Muslim University) launches MBA program in Islamic banking 17/10/2019 ALIGARH To mark the launch of the two-year MBA (Islamic banking and finance) programme at the Aligarh Muslim University, the department of business administration (DBA), faculty of management studies and research (FMSR) organised the inaugural function with MH Khatkhatay (MD, Rehbar Financial Consultants, Bangalore) as the chief guest.
Greece’s Debt Crisis Explained 29/06/2015 When Greece joined the euro in 2001, confidence in the Greek economy grew and a big economic boom followed. But after the 2008 financial crisis, everything changed. Every country in Europe entered a recession, but because Greece was one of the poorest and most indebted countries, it suffered the most. The unemployment rate reached 28 percent in 2013, worse than the United States suffered during the Great Depression.
Significant untapped growth potential of digital Islamic services 15/06/2015 Deloitte and Noor Telecom, a Kuwait-based, Shari’ah-compliant closed-shareholding company, have collaborated with Dubai Islamic Economy Development Center (DIEDC) for the compilation of a report that highlights the untapped potential of the Digital Islamic Services market and offers key recommendations for realizing Dubai's vision of emerging as the capital of Islamic economy.
Islamic Banking in Indonesia: I Love Sharia Finance Program 15/06/2015 Indonesian President Joko Widodo stated during the launch of the “I Love Sharia Finance Program” that Indonesia should become the global center for Islamic finance (also known as sharia banking). The program, initiated by the country’s Financial Services Authority (OJK), was launched in Jakarta on Sunday (14/06). Islamic finance is a form of banking or banking activity that is consistent with the principles of sharia (Islamic law). In recent years, the global market for sharia-compliant financial instruments has risen robustly.
Sugar stocks up as Govt okays Rs 6000 Cr Interest Free Loan to Mills 10/06/2015 A total of Rs 6,000 crore has been set aside for interest-free loans to sugar mills for making payments to cane farmers
CIBAFI launches programme on Islamic finance 03/06/2015 MANAMA: The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, has launched its new executive programme.
Turkey's Erdogan urges state lenders to step up Islamic banking 30/05/2015 ISTANBUL, (Reuters) - Turkish President Tayyip Erdogan said the launch of Ziraat Bank's Islamic business should help to attract new funds to Turkey and urged other state lenders to help to triple Islamic banking's share of the market by 2023.
Make in India should not entirely focus on global market-Raghuram Rajan 29/05/2015 The RBI governor, who is on a two-day visit to Kashmir, was replying to questions of students from Kashmir University's Business School at SKICC here.
RBI Governor Raghuram Rajan visits Pulwama, assures support to flood-hit people 29/05/2015 NEW DELHI: The Reserve Bank Governor, Raghuram Ranjan, assured the flood victims that banks would ease lending procedures and get involved in the rehabilitation process as well.
Japan looks for growth and influence from Islamic finance boom 01/04/2015 Japan is the latest global financial hub to start making inroads into Islamic finance, a move that could help strengthen regional economic ties and give its lenders an edge in winning business in markets whose growth prospects far outpace their home turf.
Ethical Banking – delivering on Islamic finance’s charitable responsibilities 10/03/2015 By Dr Abdul Halim The last decade has been transformative for Islamic banking. While the practices involved in Sharia-compliant finance have been around for over a thousand years, it is only recently that the wider world has opened up and Islamic finance has ‘gone global’.
BSE Sensex surges over 400 pts as AAP beats BJP in Delhi elections, but loses momentum 10/02/2015 After negative opening, the Sensex bounced back smartly by 400 pts points and Nifty had crossed 8500-mark on bouts of value buying in most sectors led by banking, auto, consumer durables, metal, power and FMCG in late morning deals, but by late afternoon, the markets had shed most of the gains, with BSE benchmark up by just 42.97 pts before moving up to 112.70 points to 28340.09 at pre-close. NSE Nifty was also up by 42.10 pts to 8568.45.
Union Budget 2015 to be presented on February 28 04/02/2015 Finance Minister Arun Jaitley will on Feb. 28 present his first full-year budget, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years.
QNB the Middle East's most valuable banking brand 02/02/2015 Qatar National Bank (QNB) is the most valuable banking brands across both the Middle East and Africa, according to the Brand Finance Banking 500. Its brand value is up $792 million (the greatest increase of any brand in the region) to $2.6 billion. It has overtaken Turkish brands Akbank and IsBank and has entered the top 100 for the first time, ranking 79th globally. The Brand Finance Banking 500, conducted by leading brand valuation and strategy consultancy Brand Finance plc, is a league table of the world’s biggest banks, ranked by their brand value.
Africa next frontier as DIB Kenya bank approved 27/01/2015 Dubai Islamic Bank PJSC’s plan to open a Shari'ah-compliant arm in Kenya by year-end may be just the start for Gulf-based lenders seeking growth outside home markets.
Sultan Nazrin : Strive to make Islamic finance dynamic 28/10/2014 DUBAI : Muslim countries must strive to make Islamic finance and the ecosystem in which it operates as dynamic and information-rich as possible, said Sultan of Perak, Sultan Nazrin Shah.
Opportunities abundant in Islamic finance 27/10/2014 Islamic banks are projected to account for 40 to 50 per cent of the total savings of Muslims in the coming eight to ten years
Malaysia focus on Islamic capital market 14/10/2014 Malaysia’s recently announced 2014-2015 Budget contains measures to continue to foster the country’s Islamic capital market, including an extension of tax deduction for another three years until 2018 for expenses incurred in the issuance of Sukuk based on Ijarah and Wakalah principles. In future Malaysian Government Securities (MGS) and Government Investment Issues (GII) may be listed in Bursa Malaysia’s Exchange Traded Bond and Sukuk (ETBS).
Islamic Finance in India? 02/05/2014 The subcontinent, which houses the world's second largest Muslim population, resisted Islamic finance for a long time, but demand has become too big for the authorities to ignore; Suprio Bose, Islamic Business & Finance's India correspondent, updates us on the country's progress.
Harvard organises a roundtable on Islamic Finance in India 30/04/2014 Cambridge, Massachusetts: A roundtable on “Islamic Finance in India” was organized on April 27, 2014 at Harvard Law School at the conclusion of Eleventh Harvard University Forum on Islamic Finance. The roundtable focused on the challenges and opportunities in introducing Islamic finance in India.
Islamic investment is becoming ‘financial powerhouse’ in the United Kingdom 25/04/2014 Sharia-compliant investment is rapidly growing in the UK and has become a “financial powerhouse”, according to specialist asset manager London Central Portfolio (LCP). However, the firm added that there are still limited investment options in the sector.
Malaysia and Saudi Arabia agree to tie-up to boost Islamic Finance Markets 21/04/2014 Bourses in Saudi Arabia and Malaysia, the world’s two largest Islamic financial services markets, have recently signed an agreement expected to boost both stock markets.
Good prospects for professionals in Islamic finance sector 20/04/2014 Finance professionals looking for a change in their career might do well to consider working for an Islamic bank or financial services company. Analysts said there are many vacancies to fill within the industry, while attractive pay packages await the successful candidates.
Australia will soon have Shariah Advisory Board 19/04/2014 The Australian Centre for Islamic Finance has set up an advisory board to help local businesses conduct sharia-compliant transactions, including developing financing options such as Islamic bonds, the director of Australian Centre told recently to Reuters.
Malaysia forms ties to the Gulf to develop Islamic financial services 10/04/2014 A cooperation agreement between the bourses of Malaysia and Saudi Arabia – the world's two largest Islamic financial services markets – stands to help the industry grow at a greater clip in both countries.
Dubai Islamic Bank eyes Kenya, Indonesia for expansion 13/03/2014 Dubai Islamic Bank plans to expand its operations into Indonesia, Kenya and other African countries as it emerges from a period of consolidation, the bank's chief executive said.
Kenya plans framework for Islamic finance 05/03/2014 NAIROBI — Kenya’s financial regulator has proposed a separate regulatory framework for Islamic financial institutions as part of a broad 10-year strategy designed to boost capital markets in east Africa’s biggest economy.
Islamic Finance on the Rise in North Africa 15/03/2013 The estimated $1.4 trillion global Islamic finance sector could be on the rise in North Africa where governments have been introducing new regulation as they seek shariah-compliant alternatives for decreasing conventional funding sources and try to plug current account deficits.Bermuda is one of the giants of international insurance and reinsurance.
Why is gold falling, and where is it headed? Domestic gold prices have plunged below Rs 25,000 per 10 g for the first time since August 2011, mirroring an international trend. Harish Damodaran explains the factors behind the fall, after the bull run earlier in this decade.