A Detailed Look at the Fast-Growing Islamic Banking and Finance Sector

Press release
September 26, 2012
Hoboken, NJ
A Detailed Look at the Fast-Growing Islamic Banking and Finance Sector

The severity of the global financial crisis that followed the years 2008 and 2009 has been described as second only to the Great Depression. Yet, during those two years, the assets of the 500 top Islamic financial institutions grew — from $639 billion to $820 billion.

What sets apart the Islamic finance industry from the rest of the financial world? And how have its differences helped this sector thrive when the rest of the global financial market struggles to regain its balance?

Faleel Jamaldeen, author of Islamic Finance For Dummies, says: “I’m bullish on Islamic finance: I’m a firm believer in the market potential of this industry. I’m also a firm believer in the benefits of Westerners understanding the concepts that lie behind the Islamic financial products — knowing why a separate industry exists and why many conventional products don’t work for Muslims.”

“In the West, the general public and even many financial professionals know absolutely nothing about Islamic finance. Those who’ve at least heard of it may assume that they can’t understand or participate in it because they aren’t Muslim and don’t speak Arabic.) Western women may assume that they aren’t allowed to participate in the Islamic finance industry because of misconceptions about Islamic law. (Women can and do fully participate in Islamic finance — as professionals and as investors.)”

“Islamophobia is a prejudice against Islam or Muslims that has unfortunately become more commonplace and more intense in the West since the attacks on the United States on September 11, 2001. Some people simply don’t want anything to do with an industry that’s affiliated with Islam. Until now, searching for a book to help you navigate the subject of Islamic finance wasn’t very rewarding. That’s because Islamic finance has been the topic of textbooks but not many nonacademic titles.”

Jamaldeen goes on to say, “I wrote this book to bridge the gap between people who need and want to know about Islamic finance and an industry that needs and wants their participation. You’ll find that you don’t need to learn a new language, change your personal religious views, and that job prospects are strong for both men and women with conventional banking and finance skills who are open to learning about new products and a new way of conducting business.”

“I wrote this book assuming that you have a strong interest in the financial industry already. Maybe you’re a banker, a mutual fund manager, an investment consultant, or an insurance agent. Perhaps you have Muslim clients asking you to consider adding sharia-compliant products to your roster of offerings, or your boss mentioned in passing that Islamic finance has been growing like crazy and your company should find out how to tap into the market. Maybe you’re a college student focusing your studies in finance, and you’ve read that job prospects are good for people with specific knowledge about Islamic finance.”

Whatever the scenario, you’ll find clear and easy-to-understand information on how the Islamic finance industry works.

source : wiley.com

Children to be taught Islamic finance in school

The National

Schoolchildren in Abu Dhabi and Al Ain are to receive a new lesson in life: Islamic finance.
Al Hilal Bank has teamed up with Emirates National Schools to offer special Islamic banking and economics courses on the school curriculum, as part of a push by the Ministry of Presidential Affairsto promote financial literacy.

The bank hopes fostering awareness of Islamic finance among young children will help it participate in Abu Dhabi 2030 Economic Vision development plan, said Mohammed Berro, the bank’s chief executive.

“We have a role to play as a bank, as an Islamic bank that makes sure that the new generation of 2030 is well versed financially, in Islamic banking, and will take Abu Dhabi – inshallah – to more successes after 2030,” he said

read more at

http://www.thenational.ae/thenationalconversation/industry-insights/finance/children-to-be-taught-islamic-finance-in-school

Libya Hoping to Implement New Islamic Banking Plans by End of Year

tripolipost.com

The Libyan central bank governor Saddek Omar Elkaber said Monday, that Libya hopes to start implementing its new Islamic banking law by the end of the year and expects strong demand among the public for sharia-compliant financial services.

The country has been working to amend its legislation about an Islamic banking law to attract foreign investment and stimulate its private sector following last year’s war that ousted Muammar Gaddafi since last May when it approved the Islamic banking law.

Elkaber is reported by Reuters telling journalists on the sidelines of an Arab central bankers’ conference in Kuwait, that the demand is so high in Libya, as such, it has decided to set up a higher committee for Islamic finance…”Now they are working to set up a road map for Islamic finance in Libya,” he added.

Asked when Libya might be able to start implementing the rules, he said: “Hopefully very soon. Hopefully this year.”

He went on to say that the Libyan authorities envisaged several options for Islamic banking services. One would be to allow conventional banks to open branches or windows for Islamic finance, while another would be permitting conventional banks to become Islamic. Libya is also looking at introducing a special licence for Islamic banking, he said.

But, he added, the licensing option is still under discussion because authorities have yet to agree on capital requirements.

Read more at :
http://www.tripolipost.com/articledetail.asp?c=1&i=9239

Prince Mohammad Al-Faisal Prize for Research in Islamic Economics

The award fr Research in Islamic Economics was announced by the award award committee of Prince Mohammad Al-Faisal Prize for Research in Islamic Economics for 2012. Prince Amr Mohammad Al-Faisal presented details about the research at Effat University, Jeddah.  

The award is SR 100,000 cash, memorial plaque and certificate. The award will be given to the distinguished research work in Islamic Economics by students in who is studying in Saudi Arabian educational institution. It is open for both male and female students. 

Award for 2011 was won by an Egyptian Student from Taif University.