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

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

What Ugandans need is Islamic banking

During the twelfth Bank of Uganda annual Eid party, held at the central bank on September 7, a group of Muslims under their umbrella Contact Group on Islamic Banking, managed to get a word on Islamic Banking in, with bank governor Emmanuel Tumusiime-Mutebile. He assured them that the central bank had already done its homework and submitted the proposed amendments to the Financial Institutions Act.

“We also had a word with Dr Anas Kaliisa, renowned Sharia expert who presided over the closing ceremonies. Dr Kaliisa appreciated the pioneering efforts of Contact Group on Islamic Banking and assured us of his full technical support,” Kalinge Nyago wrote on an Islamic social networking website, Uganda Muslim Brothers and Sisters.

The chief guest, Gen Moses Ali, also called for the introduction of Islamic banking in Uganda.

“The bank should exacerbate the introduction of other forms of banking systems that will entail justice and fairness. BoU should play a leading and encouraging role in the introduction of Islamic banking, which is a banking system that has been embraced by both Muslims and non – Muslims because of its unique characteristics,” said Moses Ali who was minister of Finance in 1976 at the age of 38.

source : observer.ug

http://www.observer.ug/index.php?option=com_content&view=article&id=20882:-what-ugandans-need-is-islamic-banking&catid=43:sizzling&Itemid=71

Muamalat plans Islamic finance in China

Bank Muamalat Malaysia will offer Islamic financing in China through booths as a step toward setting up the first full-fledged syariah-compliant lender in the world’s fastest-growing economy.
Malaysia’s second-oldest syariah bank plans to start offering loans and deposits by December at branches of local partner Bank of Shizuishan in the north-western region of Ningxia once it gets approval from regulators, Kuala Lumpur- based chief executive officer Mohd Redza Shah Abdul Wahid said in an Aug 28 interview.

read more :

http://www.businesstimes.com.sg/premium/malaysia/muamalat-plans-islamic-finance-china-20120905

source : business times