Weekly Industry Updates

Islamic finance poised to develop in North Africa read morere

South Africa Introduces Islamic Bonds read more

Scotland ‘on the cusp’ of establishing world’s first ethical finance hub read more

Asian retail sukuk look to broaden appeal of Islamic finance read more

Pakistan c.bank unveils 5-year plan to boost Islamic finance read more

The concept of ‘no risk, no gain’ in Islamic finance read more

Book on Islamic legal maxims a must have for industry players read more

Another milestone for Malaysia — 1st ever sukuk to be issued by an export-import bank read more

UK and UAE complement each other on Islamic finance

uk and uae flagsDubai: On her visit to the UAE to promote London as a hub for Islamic finance, Senior Minister of State at the UK’s Foreign and Commonwealth Office Baroness Warsi welcomed Dubai’s initiative to be the global centre of Islamic economy, saying that the two countries “absolutely” complement each other in this regard.

Read more at : http://gulfnews.com/business/economy/uk-and-uae-complement-each-other-on-islamic-finance-1.1229955

source : Gulfnews

UAE’s conventional lenders boost Islamic banking

By Gaurav Ghose

Gulf News

The Islamic window is increasingly becoming an important part of UAE’s conventional banking landscape, with one of the leading lenders starting a new division early this year and others expanding on their existing offerings, thereby contributing an increased share to the overall financial fortunes of the group.

read more : http://gulfnews.com/business/banking/uae-s-conventional-lenders-boost-islamic-banking-1.1223794

Kerala government gets Reserve Bank of India nod for Islamic banking : Economic Times

T Ramavarman source : economictimes.indiatimes.com

imagesKOCHI: The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance.

Cheraman Financial Services Limited (CFSL) will be floated by Kerala State Industrial Development Corporation to function as a non-banking finance company (NBFC). A formal announcement on CFSL, the latest incarnation of Al Baraka Financial Services, was made on Saturday.

Industries minister PK Kunhalikutty and CFSL chairman P Mohamad Ali told reporters here that the firm would function as a non-banking finance company with an authorised capital of Rs 1,000 crore.

Please read more at :

http://economictimes.indiatimes.com/news/economy/finance/kerala-government-gets-reserve-bank-of-india-nod-for-islamic-banking/articleshow/21890211.cms

Islamic banking assets to top $1.8 trillion

By CCTV correspondent Sumitra Nydoo

Islamic banking has gained some serious traction in the global banking sector in recent years. With the 2008 credit crunch that saw the demise of some of the world’s oldest financial institutions, Islamic Banking organizations have been lauded internationally for weathering the storm. This is mainly because they are not exposed to volatile markets as other conventional banks.

According to Ernst & Young’s World Islamic Banking Competitiveness Report 2013, Islamic banking assets held by commercial banks worldwide are expected to exceed $1.8-trillion this year, a 38% increase compared with $1.3-trillion in 2011. But how is Islamic banking different from conventional banking?

see more at : http://english.cntv.cn/program/newsupdate/20130504/103509.shtml

Women empowerment through Islamic banking and finance

Dr Humayon Dar

There is no gain saying that Islamic banking and finance has provided ample opportunities for women to excel in their professional life. There is a growing band of women professionals who have and are actively contributing to the development of Islamic finance in their own right.

The role of women in Islamic finance has never been more prominent than in Malaysia. Malaysian women have not only set the pace to occupy high positions in Islamic banking but have been playing a prominent role in the overall development of Islamic finance

– See more at: http://www.freemalaysiatoday.com/category/opinion/2013/07/15/women-empowerment-through-islamic-banking-and-finance/#sthash.ESLgMrWE.dpuf

source : Free Malaysia Today

‘Islamic banking should be on national agenda’

KARACHI: Islamic banking should be part of the national agenda in order to promote a Shariah-based financial system, according to State Bank of Pakistan (SBP) Head of Islamic Banking Salimullah.

He was addressing the participants here at the Islamic Finance Conference and Exhibition on Friday.

Salimullah said that Islamic banking has been on an expansion path throughout the country, providing a viable alternative model of the economy to the world.

The SBP has planned to intensify its efforts towards creating awareness and promoting Islamic banking across the country in collaboration with all Islamic banks, he informed the participants.

Read more : http://tribune.com.pk/story/566510/islamic-banking-should-be-on-national-agenda/

source : tribune.com.pk

Mauritanian gets new Islamic bank

mauritania

A new financial institution, Mouamalat Assahiha Bank, has been established in Mauritania to operate exclusively according to the Islamic finance code.

“The new bank, with a US$20 billion capital, was set by young and successful Mauritanian business people,’ according to a statement from the bank.

The bank will target both individuals and corporate organisations, and base its operations on the highest ethics and standards of the country’s financial industry.

Islamic banking abhors loans with interest and financial speculation, and recommends risk sharing.

Mauritania currently has 18 banks, five of which operate according to the Islamic finance code.

source : http://www.afriquejet.com