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?

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Khartoum to Host Islamic Financial Products Forum Next April

Al Bayan Centre for Islamic Financial Engineering is to organize the 4th session of the Khartoum Forum on Islamic Financial Products next April.
The forum is to be held in collaboration with the Council for Islamic Banks and Financial Institutions (CIBAFI), Khartoum Stocks Exchange and Basant International Institution.
For his part, the General Coordinator of the Forum, Ayman Yasin El-Imam, told SUNA that the session will be held under the theme “Obstacle Facing Islamic Finance”.
More than 50 Islamic Financial Institutions from Kingdom of Saudi Arabia, Bahrain, United Arab Emirates, Jordan, Malaysia, France, Britain and Turkey as well as some African Countries will participate in the forum.
The Forum coincides with the meetings of the Jeddah-based Islamic Development Bank (IDB) as well as (CIBAFI).
The Forum will honour some distinguished pioneers in Islamic Financial Services and Institutions.
The forum comes at a time when finical institutions are working to boost Islamic financing services in Africa.
The forum will allocate a special session for exploring opportunities for Islamic financing in Africa, to be addressed by experts and researchers on the Islamic finance industry.

source : sudan vision daily

Islamic Bank: Global asset worth 750bn US dollars

The global asset of Islamic banking industry has been estimated at 750 billion United States dollars, an Islamic financial expert and Chief Executive, Metropolitan Skills Ltd, Abuja, Hajia Ummahani Amin, has said.

She spoke in Kano at a workshop entitled: Fundamentals in Islamic Finance Workshop for International Islamic Economics and Management of Sciences Project. She observed that the quoted estimate above is without some major Sukuk issues and structured deals, which analysts estimate will run into trillions of dollars in the years to come.

She explained that Islamic banking practices have taken root in the Middle East and Malaysia, while adding that Europe and North America have recorded giant strides in offering Shariah acceptable products in an attempt to satiate an ever-increasing demand for interest-free banking and profitable returns that fall within the parameters of the Islamic law.

She maintained that the quest for Islamic banking is currently moving towards the African continent, pointing out that, at present, only a handful of countries in the continent have an effective Islamic banking infrastructure even though the scope of the section is immense.

She noted that, “in Nigeria, the banking system is about experiencing a proliferation of Islamic banks as the Central Bank of Nigeria is about to introduce new measures that will encourage and facilitate the existence of Islamic banks.”
She argued that Nigeria has an approximately 50 per cent Muslim population, adding that providing a banking framework that would be acceptable to their belief system would not only increase the bankable population but would bring about the benefits of social responsibility and economic empowerment.

She noted that the integration of Islamic Economics has been successfully implemented in Islamic schools in South Africa in the last two years while adding that Kenya, Tanzania and Mauritius have expressed interests in its implementation. She urged the Federal Government, which she said had taken interest in this project, to introduce the Islamic Economics in the educational policy of the country.

source : sunnewsonline