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

Islamic Finance in Europe – Occasional Paper by European Central Bank June 2013

European Central Bank (ECB) has published occasional paper about Islamic Finance in Europe in June 2013. 74 pages document contains many facts, figures and research articles about Islamic Finance in Europe. This paper will be useful for academics, students and researcher who want to do research about Islamic finance industry in Europe.

Link for the paper : http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf

The Times Islamic Finance supplement

The UK based times news paper have issued 16 pages Islamic finance supplement focusing UK Islamic finance market. The supplement has been created by Raconteur Media 16 pages analysis of different topics including the market, education, regulation and global trends. This is a good resource for those are involved in Islamic finance industry practitioner or researcher.

The major topics include :
– Challenging the banking ‘fat cats’
– Alternative funding for cash-starved UK firms
– Doing the right thing can be profitable
– Reaching out to UK customers by daring to be different
– Global rise of Islamic finance
– Public works projects need financial kick-start
– Home truths for Islamic mortgages
– Funding for affordable homes
– Finding a way to train future professionals
– Task force set to show UK is open for business
– Comparing standards is an interesting problem
– Pursuit of excellence must sweep away conflict of interest
– Islamic banking and finance: perceptions and expectations

Link for the article
http://theraconteur.co.uk/category/finance/islamic-finance/

Why did the Vatican suggest Islamic finance? by İsmail Özsoy*

Professor İsmail Özsoy is an instructor at Fatih University’s department of economics.

Just after the 2008 global financial crisis hit, the Vatican suggested using the Islamic finance and banking system as a solution. So then what does Islamic finance offer? To answer this question we had better first lend an ear to the saying of the Prophet Muhammad: “You should sell gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, and salt for salt, like for like, equal for equal, and hand-to-hand; if the classes differ, then you may sell as you wish, provided that the exchange is hand-to-hand.”

With this concise saying, the Prophet Muhammad expresses exactly 80 kinds of exchanges, which are the exchange of a commodity for another commodity or a currency for another currency on credit or on the spot and for matching or different quantities of goods. According to that Prophetic saying, out of these 80 kinds of exchanges, 46 sales bear a religiously forbidden “interest.” Interest is a value that is transferred from one party to another without a matching value given back. Interest is sometimes “unearned income” in a zero sum game and sometimes “unequally distributed income” in a positive sum game. Thus, interest is, in any case, a wrong done to one of the two parties in loans or exchanges. That is why it is condemned by all religions and criticized by most philosophers.

Read more Todays Zaman
http://www.todayszaman.com/news-307052-why-did-the-vatican-suggest-islamic-financeby-ismail-ozsoy-.html