Islamic finance industry news
Islamic finance industry news
The ICD-Thomson Reuters Islamic Finance Development Indicator, or IFDI, was officially launched on Tuesday in Dubai.
source : Khaleej Times
By Gaurav Ghose
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.
Leading players, industry thought leaders and key regulators in the international Islamic investments and asset management industry will come together in Bahrain today for the start of a two-day conference.
The 9th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2013), is taking place in strategic partnership with the Central Bank of Bahrain (CBB), organisers said.
More than 400 international industry leaders are expected to participate in critical discussions that will focus on “Broadening the Base of Investors and Issuers; and Boosting the International Growth of Islamic Capital Markets and Investments”.
The conference will open with a keynote address by CBB executive director for financial institutions supervision Abdul Rahman Mohammed Al Baker.
The recent acceleration in the Islamic funds and investments industry is set to grow further as governments and institutions in the Middle East, South East Asia and beyond increasingly seek Sharia-compliant instruments as a viable alternative for raising capital and also for diversifying their investment portfolio, he said.
source : Gulf-daily
Thomson Reuters yesterday launched an Islamic Finance Development Indicator in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB), a press statement said yesterday.
The indicator is a numerical measure representing the overall health and growth of the Islamic finance industry worldwide.
The indicator expands the scope of Thomson Reuters’ universe of Islamic finance content, research and news analysis to develop a much needed unbiased and reliable multi-dimensional barometer of the development of the Islamic finance industry. The indicator measures five key components – quantitative development, governance, social responsibility, knowledge and awareness.
source : the peninsula qa.
The Islamic Development Bank (IDB), a Jeddah-based multilateral institution, has called for the creation of a global sharia advisory board that can offer greater uniformity for the Islamic finance industry, its president said on Thursday.
A centralised format to the supervision of sharia-compliant banking products is gaining favour across the globe, as regulators seek to standardise industry practices and improve consumer perceptions.
“IDB and IFSB (Islamic Financial Services Board) should study ways for creating globally acceptable references for the industry for the benefit of all,” IDB president Ahmad Mohamed Ali said at a conference in Kuala Lumpur.
September 26, 2012
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