First Islamic Finance pilot tentative by Bank of Ningxia

Recently, the Ningxia Bank Chairman Lu Suping become even more busy than ever before. Because, the CBRC and other related ministries has been preliminarily identified in the Ningxia Islamic finance banks to develop a pilot. In fact, as early as late last year, Ningxia Hui Autonomous Region People’s Government has sought from the relevant ministries on the Ningxia Islamic financial services start-up experiments, including the build up “the Islamic Bank of China” work. China Banking Regulatory Commission has repeatedly leaders concerned to exchange views with the relevant ministries.

Ningxia Bank pilot “through multiple communication and coordination of Islamic finance pilot projects in Ningxia ideas eventually gained support of all sectors.” Ningxia Banking Bureau told a reporter.

Since the beginning of Ningxia CBRC began to someone of Islamic finance principles and advantages, and characteristics of specific products, accounting systems, national regulatory experience, the profile of Islamic finance, as well as Islamic financial business conducted in Ningxia, a pilot feasibility analysis and other aspects conducted a preliminary investigation, the formation of a survey report.

This reporter learned that, at present the report and has been submitted to the CBRC and the Ningxia autonomous region party committee and government. In March 2009, Ningxia Autonomous Region has set up a local government as executive vice chairman of Qi Tong-sheng, head of Ningxia, the Secretary as deputy head of the CBRC, the relevant units are responsible for man-made member “of Ningxia Islamic financial business, where corporate banking pilot project leading group “to coordinate related work forward. China Banking Regulatory Commission in the creation of the Islamic finance the research team dedicated to research how to conduct Islamic financial business, and doing a good job related to supervision and other issues.

One source told reporters, according to the general comments of various regulatory authorities, Ningxia banking division will be the window system or form of Islamic banking Islamic finance to carry out the pilot.

It is reported that the pilot-scale for how many the authorities has been several disagreements. Because of the risk considerations, China Banking Regulatory Commission finally decided to carry out pilot projects in Ningxia banks, and so the pilot mature gradually expanded.

We have not yet constitute a particularly mature program. The initial plan is to set up an Islamic branch, the branch in full accordance with the Islamic architectural style of decoration, bank also hired a devout Muslim, in their operations to comply with the teachings of Islam, specifically for the local Muslim service . “Lusu Ping told reporters.

For the preparation of the pilot, Lusu Ping told reporters, Ningxia has jurisdiction over 34 bank branches and a sales department.

After years of development has become a good corporate governance structure and risk-control mechanisms and ability to cope with the risks of financial innovation.

In addition, Ningxia Hui bank employee 200, accounting for 13% of line staff; row-level leadership, the proportion of Muslim leaders also reached 12%. The Muslim staff for the provision of Islamic finance, human resources and support provided.” She. Turning to prospects, Lu Suping said that Ningxia is the country’s largest Muslim enclave, was abroad, as China’s “Muslim province.

Bank of cashmere industry, the Rongchang cashmere industry, the Eastern Colored finance companies, such as floods and river bridge halal food company in the local economy, an influential Muslim businesses are in Ningxia and bank customers.

The future, if trials are successful, Ningxia and banks will be gradually extended to other districts of Islamic financial services throughout the Northwest Territories. Local CBRC people will carefully noted that the current experimental work still more difficult. For example, the Islamic financial services that go beyond the “Commercial Bank Law” and other laws require licensing.

The Islamic financial business transactions in kind (such as real estate) based on the transfer of assets, involving duplication of tax issues such as preferential tax policies need to win and other related supporting policies and facilities for experimental work, which in the country belong to the more difficult issues.

In order to understand the operation of Islamic banks, in July in Ningxia Autonomous Region Government, the China Banking Regulatory Commission and Ningxia banks will form a delegation to visit Malaysia, the United Arab Emirates, the international Islamic financial services regulation and the specific operational areas such as inspection.

Despite many difficulties, Lu Suping said that the earliest experimental work is expected to be ready before the end of the year. Financial crisis of the Harbor In fact, with the gradual evolution of the sub-prime crisis, the financial tsunami, the whole world had applied to the structural stability of the Islamic financial system, extending an olive branch.

Islamic finance is a special kind of financial system.

In accordance with “the Koran”, “Hadith” and the teachings of Islam, Islamic financial institutions operate strictly follow the prohibition of interest, to prohibit speculation, to prohibit investments in the teachings of Islam does not allow the principles of the industry and has specialized agencies abide by the teachings of financial institutions and carry out supervision . Of its financial products corresponding to physical assets, income or rental income is designed to profit-sharing. Reporter has learned that the global financial crisis, due to Islamic financial institutions not involved in financial derivatives trading, has maintained relatively low financial leverage ratio, so better to avoid the risks.

At the same time, Standard Chartered, HSBC, Calyon Bank and other multinational financial institutions have in recent years to expand its Islamic financial services.

Prior to this, Hong Kong has first proposed the idea to build center for Islamic finance. And in November the same year released the first sale only to retail investors in Islamic funds.

In the same year in August, Hong Leong Bank Hong Kong Monetary Authority approved by the Hong Kong market launch of the first Islamic banking window. Early in March of this year, KMT Central Committee conference on the CPPCC National Committee on China’s “development of Islamic finance” proposal. The reporter learned that, Ningxia Autonomous Region Party Committee, the Government has intention to Yinchuan, China’s mainland to build an Islamic financial center.

Ningxia in 2009, the government work report, the proposed plan to fight Islamic bank was founded. Ningxia Banking Bureau told reporters that the Islamic financial services through pilot projects, to join the Islamic financial organizations can contribute in Ningxia and the international Islamic financial community in developing the Islamic financial products and facilities, and Ningxia and the Islamic countries, regional economic and trade cooperation.

In the case of future conditions, you can also choose an issue or Islamic bonds, Islamic investment funds, invested in attracting the international capital of Ningxia.

Guidelines for Writing Dissertation Proposal for Islamic Finance/Economics research

Writing a dissertation proposal is the first step in dissertation or thesis writing for a degree program. All the course participants are expected to complete a research in their course to satisfy their institution to be granted the undergraduate or post graduate degree. Writing a perfect dissertation or thesis proposal will help to complete the respective dissertation with a plan in specific period. There are no specific dissertation proposal, it vary according to the academic institutions and supervisors. Islamic Finance dissertation proposal also vary according to the institutions requirements.

The following information will help the both undergraduate and post graduate students to draft the dissertation or thesis proposal in Islamic finance or economics.

Thing to be considered when writing a successful dissertation or thesis proposal for Islamic finance or economics.

1. Before, writing a dissertation or thesis proposals in Islamic finance or Islamic economics the researcher should know the specific areas in Islamic Finance areas going to be researched. For this, they should read a lot on their field. For example, if in corporate governance in Islamic banking they should have knowledge both about corporate governance and about Islamic banks. The researchers have to read a lot on both area research on previous research and do online browsing. What ever read has to taken in to points forms, which help to get an idea of the research area selection.

2. Read the others work on dissertation proposals for Islamic finance. Identify the good and bad points in the dissertation proposal. This will help to shape your proposal award winning.

3. Study all the methodology available for research. There are plenty of books about research methodology for business and economics though you cannot find specifically for Islamic Finance. Books business statistics and methodologies books will be rich resources for you.

4. Don’t get biased with hypothesis on a researcher stick to your hypothesis. Formulate your own hypothesis. Meet the people in the Islamic finance or banking and get their opinion for your research proposal.

5. Don’t forget to read the dissertation proposals done by your predecessors in your institution.

6. Write draft dissertation proposal as much as possible. This will help you Sharpe your proposal. Talk to your supervisor and peers. Rewrite if you think that changes have to me made.

Sample Dissertation Proposal 1

Introduction to the proposed area of study

The area of study has to be clearly specified. The  Islamic finance itself have several branches. For Example Islamic banking, Islamic accounting, Islamic business, Takaful etc. The researcher has to be specific on selecting the area of the research.

Aims of the research project

What do you hope to achieve overall? Is there a hypothesis that needs to be answered?

The main objectives of the research project – what do you hope to find out? Doing a Google on Islamic finance article would be helpful this.

List your methodology / methods

State why have you chosen these methods and why not other methods. This would be comparative analysis.

Scope and limitations of the study

Is there anything that is beyond the scope of investigation? Why? (e.g. cost/time constraints)

Resources

What sources do you expect you will use? Where will you find your information?

The resources can be internet, periodicals, newspapers, research articles, books etc,

Timetable

Proposed timetable for completion of each section

Proposed chapter headings with description

References – any references used

 Sample Dissertation Proposal 2

An Introduction

A Discussion or Literature Review

An Approach section for the sources, methods and procedures

An outline of chapters

A preliminary Bibliography

Sample Dissertation Proposal 4

Introduction

Problem statement

Literature review

Methodology

Bibliography

Sample Dissertation Proposal 5

Introduction

Summarize the broader concepts and issues related to your topic in order to place your subject in broader context.  First selecting your topics will also get an idea of the research that you going to do.

Problem Statement

Define and present the issue in order to frame specific questions

Conceptual Framework

Construct a theoretical framework. This frame work going to test later on your dissertation.

Methods

Bibliography

Appendices

Sample Dissertation Proposal 6

Title

Title should not exceeding 15 words mentioning the nature of the study.

Abstract

This should contain the area of that you going to investigate the outcome you expect to achieve.

Table of Contents

It will contain all the elements of the proposal along with their page numbers. It will include:

Title page

Abstract

Table of contents

Statement of the problem,

Review of literature,

Methodology

Appendices and Reference list

Sample Dissertation Proposal 7

Introduction or Statement of the Problem

Review of the Literature and Research Questions

Methodology

References

Sample Dissertation Proposal 8

Introduction to the proposed area of study

The main objectives of the research project

Methodology / methods

Scope and limitations of the study

Resources

Timetable – proposed timetable for completion of each section

Proposed chapter headings

References

Islamic Banking System is better for India – RBI Director

Former Director of the RBI says “Banking Regulation Act, 1949 without changes in India’s Islamic banking system can be implemented. Oligopoly of people and marginalized people for Avm deliberative will prove a boon for Islamic banking system”.

Reserve Bank’s former director Mr Abdul Hsib Jamaat in Mumbai said the seminar held last year under the theme of  ‘Global Financial Crisis and Islamic Economic System’.

Islamic economic system in India, his advocate said that “Raghuram Rajan Committee for improving the economic sector, given the fact that Islamic banking system it is best told. India’s Islamic banking system for improving the economic sector to implement best would be more effective. ”

The Islamic banking system and interest-free banking system and the information that many countries of the world that have interest-free banking system and its effective too.

New century while the world is recession and all are facing economic troubles, the solution for this to re-think. Islamic banking and economic system that it deservedly is unaffected and even a feature that ‘caring and Sharing’, transparent and it is close to human values and principles.”, Islamic Banking, governor of the National Committee Sir Abdur — raqeeb the Tipnni, “while Japan, France, England and billions of dollars for trade liberalization Mulkh though the adoption are welcome so why can not we”, he further argued.

He also clarified that in the minds of people that this economic system is only for Muslims, it is wrong because the system is successful and all over India for global Insha – Allah. Islamic banking and financial system is in the interest of all humanity.

“Opacity and interest has also encouraged more economic disasters, has led billions of dollars damage.” Dr. Srikh Nisar (economist and scholar of Islamic banking system) has been analyzed speculation of Interest Free Loan, Leasing The Islamic banking system, stating that these services and products primarily to Mudaraba (speculation), Krd – e – Hsna (Interest Free Loan), farm (Leasing) is etc.. People should study alternative economic system so that they know It’s better than the existing banking system to ”

Translated from hindi

Islamic banking concept in Kerala is backed by Union minority affairs minister Salman Khurshid

The Centre has offered a helping hand to Kerala in revoking a stay order by the state high court against setting up of an Islamic bank; Noting that the court order could hamper investment opportunities in the country, Union minority affairs minister Salman Khurshid said the Centre would coordinate with the state government in dealing with the issue legally.

Speaking at the editors’ conference on social sector issues on Monday, Khurshid backed the concept of Islamic banking.

“A lot of other countries are snatching investment from Islamic countries,” he said. The country is being deprived of such funds for the lack of an Islamic banking system, Khurshid added.

He said the high court would be informed of the Centre’s stand on the matter. “I think the finance ministry will deal with the matter,” he told the gathering. He said, if needed, the banking norms should be amended to comply with the Islamic banking system.

Two weeks ago, a division bench of the Kerala High Court had stayed “all further moves” by the state government-owned Kerala State Industrial Development Corporation (KSIDC) to set up an Islamic bank in the state. Former union minister Subramanian Swamy had approached the high court complaining that the proposed Islamic bank was against India’s secular credentials and its banking norms.

The Kerala government cleared the project after a feasibility study found that Islamic bank was a viable proposition in Kerala. A company was also registered to take the process forward. The share capital of the proposed bank had been fixed at Rs 1,000 crore.

According to the Islamic banking concept, the bank will not pay any interest to customers. A Sharia board can decide what sort of investments the bank can make. The bank will also have Sharia-compliant banking products.

Profits made out of the investments will be distributed to shareholders.

Convener of National Committee on Islamic Banking H. Abdur Raqeeb had met Khurshid last June on the feasibility of interest- free Islamic banking in India.

“Islamic banking will be beneficial for the marginalised and the minorities in terms of microfinance. Major investment from the Gulf countries could also be attracted,” Raqeeb said.

He said if London, Singapore, Tokyo and Hong Kong can become “hub and house of Islamic Finance & Banking”, Mumbai and Kochi can also follow suit.

Khurshid also said the Centre preferred a cautious approach on the issue of reservation for minorities. “Our manifesto is clear on this. We will apply Karnataka- Tamil Nadu model, which says backward among Muslims should get reservation, according to their population,” he said.

source : india 2day