Industry updates

Council strengthens role in Islamic financial services read more

Kazakhstan introduces changes to obligatory insurance and Islamic finance laws read more

Takaful insurance accounts for RO 24 million read more

Islamic finance aviation ‘benchmark’ set by Saudia’s mega-deal: financier read more

Will Kuwait need Shari’ah board for Islamic banks? read more

Industry Updates

Welcoming the golden age read more

Bitcoin Startup Company Helps Muslims Get Loans read more

SME Bank targets 90pc Islamic financing portfolio read more

Islamic finanrce needs good talent to help it develop read more

US startup brings innovative Islamic microfinance to Indonesia read more

Thomson Reuters named “Best Research House” read more

Final approval for takaful law expected soon; industry constitutes 6% in total business read more

Third annual Ethical Finance Innovation Challenge AND Awards (EFICA)

Thomson Reuters, in partnership with Abu Dhabi Islamic Bank, is proud to announce the launch of the third annual Ethical Finance Innovation Challenge & Awards (EFICA). The global awards champion new ideas that strengthen and advance ethics in finance to transform the global financial industry. EFICA is open to all.

The response to EFICA in 2013 and 2014 has been nothing short of encouraging for the future of the global financial services industry. We received over two hundred applications from individuals and organisations around the world from different sectors and backgrounds. Similar to the process in previous years, we will shortlist the best submissions to progress to workshops with the advisory board. Winners are then selected, by audience vote, during the EFICA gala dinner which gathers industry peers and experts.

read more

The lack of equity finance – really a problem of moral hazard?

by : Michael Gassner, Editor of

Michael Gassner, Editor of presented on the 3ème Congrès International de la Finance Islamique “Les Banques Islamiques et le Financement des Entreprises: Pratiques et enjeux théoriques” en Marrakech, 25/26 Mai 2015.

The presentation discussed that exponential growth of debt in Islamic finance is ruled out, nevertheless, debt and equity finance exists. The specific significance of equity finance (musharaka, mudaraba) lies in need for solid debt/equity ratio, as Muslims shall never die being in debt. Still Islamic banks barely provide any equity finance and the reason often given are moral hazard costs. This is denied as debt as well as equity has specific moral hazard problems, and if anything, even conventional banks would offer a mixture of debt and equity. Rather the assumed reason appears to be in the regulation (capital weight) and taxation (interest deductibility), which makes equity financing from a bank 2-4 times at least more expensive than debt finance, and thus not worth being offered.

The attached presentation is in French.

The organiser of the conference was the Groupe de recherche en Innovation, Responsabilités et Développement Durable (INREDD, UCA, Marrakech) Et the Bernoulli Center for Economics (BCE, Université de Basel, Suisse).

Islamic Venture Capital and Entrepreneurship in Islamic Finance – Call for Papers: First International Conference on Entrepreneurship, Leadership and Sustainable Development Global Entrepreneurship: Connected continents, new opportunities

Please let know if you have any topics related with Islamic venture capital or entrepreneurship in Islamic finance. This can be added to the conference. email :

Call for Papers: First International Conference on Entrepreneurship, Leadership and Sustainable Development Global Entrepreneurship: Connected continents, new opportunities

At Effat University in Collaboration with World Entrepreneurship Forum Jeddah – Saudi Arabia – May 04-05 2015

Advisory Board is pleased to announce the Call for Papers for the First peer reviewed International Conference on Entrepreneurship, Leadership and Sustainable Development at Effat University Jeddah Saudi Arabia.
Papers to be published in Journal of Entrepreneurship, Leadership and Sustainable Development, joint publication from United Kingdom by Effat University, World Association of Sustainable Development and Brighton University.

Conference Themes

The Conference will address a range of critically important issues and themes relating to the Entrepreneurship, Leadership and Sustainable Development community. Plenary speakers include leading thinkers in the field.
Abstracts for paper presentations or posters/exhibits on the issues through one of the following themes:

1. Entrepreneurship in Middle East
2. Female Entrepreneurship in Middle East
3. Ecosystem Strategy of Entrepreneurship Development
4. Entrepreneurship as a Means of Global Connectivity
5. Innovation to foster Entrepreneurship
6. Maternalistic Leadership
7. Leadership
8. Development of Young Leaders
9. Sustainable Development in Middle East
10. Entrepreneurship Practice / Family Businesses

Abstracts beyond these thematic areas but within broader framework above will also be considered.
On payment of a fee the Presenters will also have the chance to:
• Perform Umra • Desert Night • Snorkeling in Red Sea • Historic Jeddah City Visit

To Submit abstract or a Paper

Securing Visa for Saudi Arabia is a long and complicated process. Please send the copy of passport and 100 words biographical sketch along the abstract/paper for processing of the visa by Effat University.
• Submission of Abstract – March 07, 2015
• Result of Peer review – March 14, 2015
• Submission of Paper – April 21, 2015


US$: 200.00 or SR. 750 (Two Hundred United States Dollars or Seven Hundred and Fifty Saudi Riyals)

International Congress on Islamic Economics and Finance (ICISEF)

Call for Papers
International Congress on Islamic Economics and Finance (ICISEF)
October 21-23 October 2015
Sakarya, Turkey
Event Website:
There has been growing interest in the field of Islamic Economics and Finance across the World, Muslim and non-Muslim countries alike. The stunning interest toward Islamic financial services stems from the fact that Islamic finance is growing much faster than the conventional one. Global Islamic investments have been reached to a great magnitude. However, this interest puts pressure and responsibility on the researchers and the professionals in the field of Islamic Economics and Finance to develop and promote truly Islamic ways of finance, investment and business.
To this end, Sakarya University, one of the leading institutions in Turkey in Islamic Economics and Finance, is organizing an international congress on Islamic Economics and Finance. The University is the first one in Turkey with its pure graduate program in the area of Islamic Economics and Finance and offers many elective undergraduate courses as well. Sakarya University has been organizing workshops in the field.“Islamic Economics and Finance Education”, “Public Participation Banking”, and “Financial Engineering and Fatwa Processes” have been the topics covered in the workshops so far. Now, the University has decided to organize first international congress on Islamic Economics and Finance in collaboration with Durham University, UK.
International Congress on Islamic Economics and Finance (ICISEF) will be held during 21-23October, 2015.The objective of ICISEF-2015 is to provide a platform for researchers, academicians as well as industrial and business professionals from all over the world to present their research papers in the area of Islamic Economics and Finance. It is expected that ICISEF-2015 would serve as a discussion forum and platform and that strengthen the link between academia and industry.
The Institute of Social Sciences and the Research Center for Islamic Economics and Finance at Sakarya University cordially invite abstracts and full length research papers from researchers to address any area of Islamic economics and finance including but not limited to:

Islamic Economics
Real sector
Business Ethics
Consumer Ethics
Income distribution, poverty
Labor disputes
Waging practices
Behavioral economics
Developmental issues
Islamic Banking
Financing modes
Risk management
Islamic Banking practice
Liquidity Management
Corporate social responsibility
Accounting in Islamic Banking
Islamic Capital Markets
Islamic indices and mutual funds
Asset management
Islamic financial literacy
Islamic ratings
Islamic Business
Marketing ethics
Corporate governance and social responsibility
Hiring practices
Halal industry
Fatwa procedures
Shariah boards
Differences in FiqhJurisdictions
Halal food
Dispute settlements

Papers in Turkish, English and Arabic are welcome and simultaneous translation will be provided.
“Best paper” award will be granted for a paper for each of the following categories: Islamic Economics, Islamic Finance, Islamic Banking,Fiqh, and “young academician”
The papers presented in ICISEF-2015 will be considered for publication in the Research Journal of Islamic Economics and Finance (REJIEF)