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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.

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.
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.

MANAMA: The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, has launched its new executive programme.

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.

 
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.
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.

 

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.
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.

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).

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.

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. 

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. 

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. 

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.
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.

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.