International Institute for Islamic Economics and Finance (IIISE) leading Islamic finance school based in UAE offering 125 partial scholarship to follow 7 unique courses in Islamic finance.
IIISEF is a United Arab Emirates based international business school offering courses Islamic banking, Islamic finance, Islamic marketing, Islamic accounting, Zakath and Waqf.
We are affiliated and partnered with GSBE (Geneva School of Business and Economics, Switzerland based business school) and AITU (American International Theism University, Flordia -USA based international school).
The diploma certificate will be awarded by GSBE in partnership with IIISEF.
The programs eligible for scholarship are ;
Executive Diploma in Islamic finance
Executive Diploma in Islamic banking
Professional Diploma in Halal Industry Management
Professional Diploma in Waqf Management
Professional Diploma in Islamic Commercial Law
Advanced Diploma in Islamic Finance
Advanced Diploma in Islamic banking and FinTech
The school is offering 125 partial scholarship for the prospective students to follow the Islamic finance courses which are fist come first serve basis.
The regular course fee for Diploma(Executive/Professional) is $ 300 and Advanced Diploma is $ 500
The prospective students should send an email to firstname.lastname@example.org or WhatsApp + 971 50 367 9318 with the course that you are willing to follow and request a link test.
AAOIFI makes all its standards accessible on its website on a complimentary basis
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces availablity of all sets of its standards online free of charge.
In the past the AAOIFI Shari’ah standards were available online for free in English and Arabic. However, recently the Executive Committee of AAOIFI has accepted the proposal to make all standards including accounting, governance, auditing and ethics standrads available online on a complimentary basis in Arabic and English languages. The e-standards can be accessed from:http://aaoifi.com/e-standards/?lang=en.
أيوفي تتيح جميع معاييرها مجاناً على موقعها الالكتروني
أعلنت هيئة المحاسبة والمراجعة للمؤسسات المالية الإسلامية (أيوفي)عن توفير جميع معاييرها مجاناً على موقعها الالكتروني.
وقد وفرت أيوفي في السابق معاييرها الشرعية مجاناً على موقعها، باللغتين العربية والإنجليزية، إلا أن اللجنة التنفيذية وافقت مؤخراً على مقترح إتاحة جميع المعايير بما فيها معايير المحاسبة والحوكمة والتدقيق والأخلاقيات مجاناً على موقعها باللغتين العربية والإنجليزية. رابط صفحة المعايير على الموقع الإلكتروني لأيوفي:http://bit.ly/3nGfPea
KNEKS (National Committee for Islamic Economy & Finance) with the support of DinarStandard and Salaam Gateway has published a Islamic finance books which looks at the impact of Covid-19 crises on the Islamic finance on 22rd May 2020. The book can be downloaded from Salaam Gateway. Download
Abstract: Bridging global economic inequalities calls for effective financial alternatives such as awqa ̄f banks to better attend to the needs of the poor and underprivileged. This is expected to address the root causes of poverty and ensuing economic gaps, improving much of the living standards whether pertaining to education, health, shelter, employment or basic social services while reducing the state’s economic and financial burden. We envision awqa ̄f banks as institutions which are established through cash awqa ̄f and which operate multiple awqa ̄f funds alongside an assortment of financial instruments. The main use of their awqa ̄f funds are the issue of low-cost credit to the poor, economically disadvantaged and underprivileged, instead of focusing solely on generating and maximizing shareholder profits. This is to support the economy through of steady and sustainable growth, effectively raising the lower bar on per capita income and lifting multitudes out of poverty and need. This paper explores how low-cost credit can be provided to the poor or lower income demographics through awqa ̄f banks, while addressing relevant issues such as Shari’ah compliance, services rendering, investment and awqa ̄f distribution. This paper also examines current studies on awqa ̄f in relation to finance and banking, the basic functions, and characteristics of the Shari’ah-compliant awqa ̄f bank, as well as evaluations of awqa ̄f banks. Current studies show that there is a legitimate need for Shari’ah-compliant awqa ̄f banks which not only providing services for its beneficiaries but also manage investments and awqa ̄f funds that contribute to overall national development and economic growth. This study would be of high relevance to experts, practitioners, financial managers, regulators, and policy makers in the fields of awqa ̄f, banking and finance.
BANKING AND INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION
Date: December 1st 2019
Venue: Effat University, Jeddah, Kingdom
of Saudi Arabia
You are cordially invited to submit your research papers for presentation at the 5th Islamic Finance Conference (IFC 2019) on December 1st, 2019 that will take place in Jeddah (Saudi Arabia). The IFC 2019 is organized by Effat University, the Islamic Research and Training Institute IRTI and the International Center for Education in Islamic Finance INCEIF. The aim of this conference is to bring together the local and international researchers, scholars and policymakers to present and to discuss research in the field of financial technology, smart contracts and Islamic financing.
Following the success of the previous Islamic Finance
Conferences, Effat University, the Islamic Research and Training
Institute IRTI, and the International
Center for Education in Islamic Finance INCEIF are organizing the 5th IFC scheduled to be on the December
1st 2019 in Jeddah, Saudi Arabia. Themed “ISLAMIC BANKING AND
INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION”, the forthcoming IFC 2018
is expected to platform academicians, scholars, researchers, professionals,
bankers, insurers and other stakeholders to be together to discuss the revolutionary
technology of Blockchain and digital transformation that the Islamic finance
ecosystem could leverage to exponentially enhance business processes and
The digital transformation could include smart
contracts and blockchains, cryptocurrencies, cybersecurity, Insure Technology,
Crowdfunding, payment platforms as an emerging channels that could be utilized
in the Islamic banking and insurance industry. The Digital Transformation and
Fintech offer a tremendous amount of opportunities available for bankers and
insurers to achieve multiple strategic objectives such as financial inclusion,
customer-oriented financial services, operation excellence and competitive
The IFC 2019 addresses the question of what role
digital transformation and blockchain technologies play in Shariah banking and
Islamic insurance, and How Muslim entrepreneurs, bankers, insurers and small
businesses could benefit from blockchain and Fintech?
Conference onISLAMIC BANKING AND
INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION” is aiming:
To enrich the theory of Islamic financial innovation and its role in financing SMEs.
To highlight the significance of FINTECH and practice of digital insurance and banking.
To address various issues currently faced by Islamic finance technology.
To assess the current innovative efforts of the Islamic finance industry.
Deadline for abstract submission : September 30th
for abstract acceptance : October 10th
for full paper submission : November 20th
Conference dates : December 1st
LANGUAGES – The language of the conference will be in English.
theme of the Conference will be “ISLAMIC BANKING AND INSURANCE IN THE ERA OF
DIGITAL TRANSFORMATION ”
The main topics of the conference include,
but not limited to:
Islamic banking and Insurance
Takaful and Waqf
Fintech and Saudi vision 2030
Ethics and regulation of digital Islamic finance
Blockchain and cryptocurrency
Issues with Islamic financial innovation
Shari’ah scholars and SSBs and their position vis-à-vis Islamic financial innovation.
Vulture financing and vulture fund assets are increasing in size in recent years as an alternative investment, taking a major share in the conventional finance industry. Vulture funds and vulture investors are adopting the behaviors of vultures that prey on financially distressed companies and buying the near default bonds or debts in return for higher capital gains.
Demand for food is expected to increase by 70% by 2050 and annually $ 80 billion investment is needed to meet the future demand according to the estimates of World Bank. Middle- class population from developing country has led to the increasing demand for higher value foods such as fish, meat, and dairy products. Overall, the demand for higher value foods going to increase in next three decades which can result in increased in investment for agriculture. Agriculture is one an important source of income for the people living in rural area of developing countries. The major challenges faced by the farmers are lack of access to finance their agricultural production. Financial institutions don’t want risk themselves by investing in agricultural production and business due to their inherent risks and lower returns. Farmers are less fortunate to get loans compared to the business and industries.
Wakaf — the Arabic word for an endowment to a charitable cause — contributed significantly to the global socioeconomic landscape in the past, especially in eradicating poverty. However, in modern times, wakaf has not had a compelling impact on improving the welfare of the people, according to Dr Farrukh Habib, researcher at International Shari’ah Research Academy for Islamic Finance.
While there are many reasons for this, it is mainly due to the mismanagement of wakaf assets, he says. Although these assets are estimated to be worth more than US$1 trillion globally, it has been difficult for individuals and institutions to maximise the value of the endowments.
A new report published by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank Group has demonstrated that Islamic social finance comprising zakat, waqf and not-for-profit microfinance is attracting increasing interest inthe Central Asian countries, the Balkans and the Russian Federation.
The ‘IRTI Islamic Social Finance Report 2017’ is the maiden study of its kind that also traces the historical roots of Islamic social finance institutions in this region,while exploring their future potential in the light of legal, regulatoryframeworks, customs and cultural practices that are unique to this region. This issue of the report—the third in the series—analyses the resource gap and the Islamic social finance pontential specifically in the Russian Federation, Kazakhstan, Kyrgyzstan, Tajikistan, Bosnia and Herzegovina, and Macedonia, and concludes that Islamic social finance could close the resource gap and end poverty in these countries.
The project was led by Dr Mohammed Obaidullah and Dr Nasim Shirazi from IDB and was supported by a team of researchers from the region under focus.
“[The] potential resource generation [from zakah] exceeds the resource requirement to push the poor to the non-poor category,” the report says. However, the report finds that the potential of Islamic social finance remains unrealised because of multiplicity of factors that include weak systems of zakah collection and distribution, limited scope of awqaf, and failure to meet rising demand for Islamic microfinance particularly in agriculture financing.
Key recommendations of the report include enhancing the legal and regulatory frameworks for Islamic social finance; institutionalizing zakah collection and distribution; creating enabling environment for non-profit microfinance products; and expanding the scope of awqaf beyond building mosques and Islamic education schools.
In terms of Islamic microfinance, the report finds that most of the areas where Muslim populations live are agrarian but there are no Islamic financial institutions providing financing to small-holder rural farmers at competitive rates. Hence, farmers continue to approach conventional institutions for financing. The reports also finds that financial literacy in the region remains very low, and therefore recommends that Islamic microfinance institutions must embark on a massive financial literacy campaign if they are to rid the society of riba (interest-based financing).
Other recommendations of the report include:
· Legal and regulatory steps should be taken to institutionalise zakah collection and distribution, recover lost awqaf properties, and facilitate ease of business for Islamic microfinance instituions.
· Muslim organizations should maintain database of the needy and share it with Islamic charity organizations to make it more effective to distribute Islamic social finance proceeds to the needy.
· Regional Muslim organizations should work out general rules on accounting, distributing and reporting on the funds collected in the form of zakah or other contributions of the Muslims.
· Public enlightment of Muslims on the waqf concept to widen the scope of attention given to the sector, beyond building mosques and religious education schools, to cover also constructing educational and scientific institutions, hospitals and rehabilitation centers, the development of infrastructures, and the support of entrepreneurship among the Muslims.
· Development of the Islamic capital market in CIS countries is of high importance, given that further development of monetary waqf would have to be supported by liquid Islamic financial instruments.
· To make Islamic microfinance more competitive, amendments in civil and tax legislation should be made, for example, to address the issue of double taxation in murabaha (mark-up sales).