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The Gulf bond and Sukuk Association announces new chair and launches regional initiatives.

Posted on 19 December 2012 by Laxman  |  Email|Print

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market announced a new Chair of the association’s Steering Committee at its annual dinner held in Dubai yesterday. The GBSA also announced the creation of a sub-committee to further promote asset management within the region as well as the launch of a new Islamic Finance Practice Group.
Giambattista Atzeni, Senior RM Corporate Trust MENA and Turkey for BNY Mellon, has been named the new Chair of the GBSA Steering Committee for 2013, succeeding Andrew Dell , Head of Central and Eastern Europe Middle East Africa Debt Capital Markets and CEO Africa for HSBC………………………………………..Full Article: Source

QCB governor to head global Islamic finance body

Posted on 17 December 2012 by Laxman  |  Email|Print

Qatar Central Bank Governor HE Sheikh Abdullah bin Saud al-Thani (pictured) has been appointed Chairman of the Islamic Financial Services Board (IFSB) for 2013. The QCB governor will take over the helm of the international standard-setting organisation from Rasheed al-Maraj of the Central Bank of Bahrain.
Dato Mohd Rosli Sabtu, managing director of Autoriti Monetari Brunei Darussalam has been appointed as the deputy chairman of the IFSB. The new appointments will take effect on January 1, 2013. The 2013 annual meetings of the IFSB will be held in Doha in April 2013………………………………………..Full Article: Source

Sukuk issuance ‘must be faster’

Posted on 13 December 2012 by Laxman  |  Email|Print

A key issue for the sukuk Islamic bank market in the region is the time that it takes to bring an issue to the market. That is the view of Thomson Reuters global head of Islamic finance Rushdi Siddiqui. “Malaysia has developed its sukuk market in a manner that an issue can be issued swiftly and that is something this region needs to be able to replicate,” he said. “A key issue here is to come to the market faster.”
He said that the sukuk market was currently where the eurobank market was in the 1960s and 1970s and it has to move forward and raise efficiency so that non-Islamic financial institutions will come to this market to raise money………………………………………..Full Article: Source

Seedat takes over Islamic banking unit

Posted on 12 December 2012 by Laxman  |  Email|Print

Absa has been appointed Afzal Seedat to run its Islamic banking unit with effect from January. Seedat is currently head and executive director of Absa Trust Limited. Arrie Rautenbach‚ head of Absa Retail Markets‚ said Seedat’s appointment was in line with Absa’s approach to the development and promotion of internal talent.
“In order for us to effectively execute on our retail market priorities‚ we need to have strong leadership that has the necessary skills to successfully implement our strategy and achieve business objectives‚” Rautenbach said………………………………………..Full Article: Source

IBFIM to maintain supplying 30 pct Malaysia’s Islamic finance workforce

Posted on 11 December 2012 by Laxman  |  Email|Print

Islamic Banking and Finance Institute Malaysia (IBFIM) aims to maintain supplying an annual average of 30 per cent of Malaysia’s Islamic Finance industry workforce.
Chief Executive Officer Datuk Dr Adnan Alias said the institute would forge more partnerships with educational organisations such as the memorandum of agreement (MoA) signed with Binary University of Management and Entrepreneurship………………………………………..Full Article: Source

Islamic finance driving force in world growth

Posted on 10 December 2012 by Laxman  |  Email|Print

Saudi banks are doing a good job in the field of Shariah-compliant financing and are creating more excitement in the world about the industry, says SEDCO Capital CEO Hasan S. AlJabri.
SEDCO Capital has worked with some of the leading global managers to develop Shariah-compliant investments that are as sophisticated and at often times more rewarding than conventional investments due to its low leverage, he says.“The virtue of Islamic finance is the creation of real value in the economy thus creating real growth and jobs,” he said………………………………………..Full Article: Source

Malaysia: Islamic finance industry sets talent target

Posted on 10 December 2012 by Laxman  |  Email|Print

Malaysia needs talents to fill 35,000 Islamic finance vacancies by 2030 to cope with the rapid growth of the industry, said Islamic Banking and Finance Institute (IBFIM) CEO Datuk Dr Adnan Alias.
He said the institute planned to provide training in Islamic finance to meet the growing needs of the industry. “IBFIM is proud to see such great take up for certified qualification in Islamic Finance and specialised certification programmes and a high level of talent as can be seen from the programmes’ assessment results,” he said……………………………………….Full Article: Source

Malaysia’s Zeti urges greater harmonisation of Islamic finance

Posted on 07 December 2012 by Laxman  |  Email|Print

Zeti Akhtar Aziz says there is much common ground in different jurisdictions’ sharia interpretations, but a lack of understanding is holding back the growth of Islamic finance. Jurisdictions should work together to promote greater harmonisation of sharia-compliant financial products, according to Zeti Akhtar Aziz, governor of the Bank Negara Malaysia.
Zeti said it was “imperative” that jurisdictions worked towards a greater understanding of different justifications for Islamic financial products. The governor referred to a study that found there were “more similarities than differences” between regions, but a lack of awareness was holding back growth in the sector………………………………………..Full Article: Source

Islamic finance to surpass trillion-dollar mark in 2012: Tharman

Posted on 05 December 2012 by Laxman  |  Email|Print

Islamic finance is poised to expand over the next 10 to 15 years after surpassing the trillion-dollar mark in 2012, said Minister for Finance Tharman Shanmugaratnam at the World Islamic Economic Forum in Johor Bahru, Malaysia.
Mr Tharman, who is also Singapore’s Deputy Prime Minister, said that he was optimistic about the potential for the sector after it chalked up growth of about 19 per cent a year since 2006. This has lifted total Shariah-compliant assets to nearly US$1.3 trillion in 2012………………………………………..Full Article: Source

Islamic finance can be further develop, says Najib

Posted on 05 December 2012 by Laxman  |  Email|Print

The Islamic finance, which continues to gain recognition from outside the Muslim world, has tremendous potential to be developed further, Prime Minister Datuk Seri Najib Tun Razak said Tuesday.
He said Islamic finance was more reflective of the real economy, less speculative, provides a long-term partnership and stability and was a good source of financing………………………………………..Full Article: Source

MAS chairman says Islamic finance can exploit post-crisis landscape

Posted on 05 December 2012 by Laxman  |  Email|Print

Tharman Shanmugaratnam suggests weakness and deleveraging in conventional banking systems gives Islamic finance an opportunity to expand. Islamic finance is well-placed to grow and diversify, Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore, said.
Despite estimated annual growth of 19% a year since 2006 there was still “considerable scope” for the industry to grow, Shanmugaratnam said, as conventional banks deleverage, trade rebalances towards Asia, and consumers look for “back-to-basics” finance………………………………………..Full Article: Source

E&Y appoints Shahid Mughal to Oman Islamic Financial Services

Posted on 05 December 2012 by Laxman  |  Email|Print

Ernst & Young announced the appointment of Shahid Jabbar Mughal as Senior Manager to its Islamic Financial Services team in Oman.
The Islamic Financial Services team caters to the specific needs of both Islamic and conventional financial institutions requiring Islamic financial advisory services, working across sectors and advising on banking, capital markets, insurance/takaful, asset management, regulatory and government matters………………………………………..Full Article: Source

Islamic banker says commercial and investment should be separated

Posted on 04 December 2012 by Laxman  |  Email|Print

The global banking industry which is going through a confidence shakeup of late must go back to the heart of the GlassSteagall Act and separate their commercial and investment banking entities, said prominent Islamic banker Iqbal Khan.
This should be done to ensure the overall health and sustainability of the banking industry moving forward, he said. “An ethically enhanced Glass-Steagall Act as advocated by Paul Walker and as recommended by the Vickers Report will provide the systemic resilience which is needed to bring stability to our economies,” Iqbal said………………………………………..Full Article: Source

Dr Zeti: SRI has significant appeal to Islamic finance

Posted on 29 November 2012 by Laxman  |  Email|Print

Socially responsible investment (SRI), which is fast gaining currency in the global market place, will have a “significant appeal” to Islamic finance, particularly in the context of the recent global financial crisis, according to Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz.
“Beyond financial returns, SRI also accords primary consideration to the impact on economic activity and on the broader society, thereby incorporating the important dimensions of environmental sustainability, social responsibility and governance………………………………………..Full Article: Source

Zeti: Islamic finance must include lower income group

Posted on 28 November 2012 by Laxman  |  Email|Print

Islamic finance must be inclusive and accessible to all particularly the lower income group and small businesses so as to achieve a more balanced global economic growth with reduced income disparities, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said.
To this end, she said Islamic financial institutions must strive to enhance the access of their financial services to all segments of society by meeting the demand for more Islamic microfinance products. “In emerging as a new market niche, Islamic microfinance would meet the differentiated demands of low income communities and provide support to entrepreneurial activities,” she said………………………………………..Full Article: Source

A Muslim bank for everyone

Posted on 28 November 2012 by Laxman  |  Email|Print

Tirad Mahmoud, chief executive of Abu Dhabi Islamic Bank, defies Gulf stereotypes. As a Qatari citizen, he has chosen not to take the easy route to work for one of Doha’s banks. Neither does he opt for the traditional white-collared dress of the country and instead wears a suit.
He makes no attempt to hide behind the oft-quoted jargon of Islamic finance. “This is not a mosque,” says Mr Mahmoud, sipping an espresso in his office, which looks out to the centre of Abu Dhabi, the capital of the United Arab Emirates………………………………………..Full Article: Source

Oman’s Al Izz Islamic Bank elects board of directors

Posted on 23 November 2012 by Laxman  |  Email|Print

Oman’s Al Izz Islamic Bank, the sultanate’s second Islamic bank, has elected members of its board a month after the initial public offer of its shares, a bank statement said on Thursday.
Taimur Bin As’ad Al Said was elected chairman to lead a six-member board. Last month, Al Izz raised 40 million rials ($104 million) by selling 40 percent of its capital through a month-long IPO. The bank, which counts Abu Dhabi state-fund Aabar Investments as a founding shareholder, will list on the Muscat Securities Market on Dec. 3………………………………………..Full Article: Source

QInvest appoints new chief executive officer

Posted on 23 November 2012 by Laxman  |  Email|Print

QInvest has appointed Tamim Hamad al-Kawari as its new CEO following the resignation of Shahzad Shahbaz from the position of the company’s chief executive officer. However, Shahbaz will remain with the firm for some time to facilitate a smooth transition.
Al-Kawari previously served as QInvest’s Deputy CEO. Prior to joining QInvest, al-Kawari was Goldman Sachs managing director and country head (Qatar). Under Shahbaz’s leadership, the bank expanded its global footprint from the United Kingdom to India with strategic investments in Panmure Gordon and Ambit Holdings………………………………………..Full Article: Source

Muhyiddin urges D-8 nations to explore potential of Islamic banking & finance

Posted on 23 November 2012 by Laxman  |  Email|Print

Deputy Prime Minister Tan Sri Muhyiddin Yassin has urged country members of the D-8 group of Islamic developing nations to explore the full potential of Islamic banking and finance.
He said as Muslim countries, members of the D-8 can provide the best example to the world that there is an alternative system to the already-proven flawed and vulnerable conventional financial system………………………………………..Full Article: Source

Islamic system can recover global financial trust

Posted on 22 November 2012 by Laxman  |  Email|Print

State Bank of Pakistan Deputy Governor Abdul Muktadir has said true spirit of Islamic financial system is the way forward that may help the global financial system to recover and regain the lost trust of stakeholders. ‘The Islamic banking industry is expected to grow considerably to play its critical role towards the economic growth in any economy.
He said that we need to deliberate on sustaining growth in the New Economic Order and enhancing cooperation through trade and capital inflows among the D-8 countries. Kazi outlined four key aspects for D-8 central banks’ cooperation for promoting inclusive economic growth amongst the D-8 countries………………………………………..Full Article: Source

What are the benefits of Islamic finance? (Video)

Posted on 16 November 2012 by Laxman  |  Email|Print

Nigel Denison, executive director of Bank of London & Middle East, says Islamic Finance is increasingly attracting non Muslims in the UK as it is perceived as a safer and more ethical alternative. He spoke as part of Bloomberg Television’s “Faith in Finance.”.………………………………………Full Article: Source

What are the benefits of Islamic finance? (Video)

Posted on 15 November 2012 by Laxman  |  Email|Print

Nigel Denison, executive director of Bank of London & Middle East, says Islamic Finance is increasingly attracting non Muslims in the UK as it is perceived as a safer and more ethical alternative. He spoke as part of Bloomberg Television’s “Faith in Finance.”.………………………………………Full Article: Source

57,000 new Islamic finance jobs? How not to get one

Posted on 12 November 2012 by Laxman  |  Email|Print

Islamic finance is supposedly synonymous with growth. As Islamic assets hit $1.3trillion and sukuk issuance reaches a new high, a skills shortage looms. Why, then, can’t those undertaking industry qualifications find work?
In Malaysia, the world’s largest Islamic finance centre, the industry is reportedly facing a massive shortfall of qualified professionals. Around 40,000 people will be needed to fill the roles by 2020 in Malaysia, according to its central bank, and another 17,000 in Indonesia in the next three to five years. The Kuala Lumpur-based International Centre for Education in Islamic Finance says it will launch new programmes to meet the demand………………………………………..Full Article: Source

Bermuda premier seeks piece of Islamic finance pie

Posted on 09 November 2012 by Laxman  |  Email|Print

Paula Cox, Bermuda’s premier and minister of finance, shared the stage with former US president Bill Clinton in New York in September at the C3 Summit, a conference designed to promote relations between business people in the US and the Arab world.
Cox said that Bermuda “welcomes the global Islamic finance community with open arms” and could provide knowledge transfer in a trusted environment, as it seeks to open “a shariah window on the West.” ……………………………………….Full Article: Source

Quality human capital lacking in Muslim world: Tun Abdullah

Posted on 09 November 2012 by Laxman  |  Email|Print

Former Malaysian Prime Minister Tun Hj Abdullah bin Hj Ahmad Badawi yesterday underlined that the Muslim world lacks quality human capital to develop Islamic civilisation, and also called for the utilisation of the vast natural resources in our pristine forest of the Heart of Borneo (HoB) to develop biotechnology.
In delivering his keynote speech entitled `Understanding Islam, Developing Civilisation’ in his capacity as chairman of Malaysia’s Institute of Islamic Understanding (IKIM) during a joint seminar by the Sultan Omar All Saifuddien Centre for Islamic Studies (SOASCIS) Universiti Brunei Darussalam (UBD) and IKIM, the former prime minister noted quality human capital is lacking in our Muslim world, particularly in research, science and technology, and other fields………………………………………..Full Article: Source

UEL appoints new director of Islamic finance centre

Posted on 02 November 2012 by Laxman  |  Email|Print

Dr Khalid has extensive experience in the area of Islamic banking and finance, as well as Islamic microfinance. Prior to lecturing at UEL’s Royal Docks Business School, he was the Senior Advisor of Islamic Microfinance at the Sudan Microfinance Development Facility – a World Bank funded project.
When he joined the World Bank, he served as an adviser to his Excellency, the Governor of the Central Bank of Sudan. Dr Khalid also worked as an assistant Professor of Finance at the Abu Dhabi University, where he helped them to establish an MBA and MSc in Islamic banking and finance………………………………………..Full Article: Source

Islamic Microfinance has solution of all issues relating to poverty: Zubair Mughal

Posted on 01 November 2012 by Laxman  |  Email|Print

Poverty has become a global problem. Due to the current Global Financial Crisis, even the Developed countries of world are also trying to fight against poverty whereas the solution of all the problems and issues related to poverty lies in Islamic Microfinance.
These thoughts were expressed by the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics, Mr. Zubair Mughal in an International Microfinance Conference which was held in Yogyakarta, the city of Indonesia………………………………………..Full Article: Source

Ahmad Rizlan is Etiqa Takaful CEO

Posted on 01 November 2012 by Laxman  |  Email|Print

Etiqa Insurance & Takaful has appointed Ahmad Rizlan Azman as CEO of Etiqa Takaful Bhd from Nov 1, 2012. Rizlan, 45, will report to Etiqa Insurance & Takaful CEO Hans De Cuyper, who oversees the entire insurance and takaful group.
Rizlan will be responsible for driving the takaful business in Etiqa, overseeing the performance of Etiqa Takaful here and regionally. In his functional role, he will also be the head of life/family business as well as employee benefits………………………………………..Full Article: Source

Malaysian banking scene developing well

Posted on 30 October 2012 by Laxman  |  Email|Print

As one of the pioneers and big players in Malaysia’s banking scene, Hussain Najadi is impressed with the progress made since he entered the local sector some 27 years ago.
Najadi also believed that Islamic banking has done extremely well in Malaysia, but tighter governance on the quality and the type of Islamic sukuk must be well placed to comply with syariah rules and guidance. “This must be done in substance and not only in forms,” he explained. “Islamic banking must become a risk sharing platform with savers and not interest bearing loan with mortgages and foreclosures. ……………………………………….Full Article: Source

Al Baraka group chief honoured at US forum

Posted on 29 October 2012 by Laxman  |  Email|Print

Al Baraka Banking Group president and chief executive Adnan Ahmed Yousif has been recognised for his leadership ability by American Finance House LARIBA. He received the award on the sidelines of an international symposium of Islamic banking and finance in Dallas, Texas.
“This award gives us the resolve and determination to provide services in Bahrain and enhance the image of the Islamic banking sector, in which we are a pioneer regionally and internationally,” said Mr Yousif………………………………………..Full Article: Source

Kuwait Finance House names new chairman to replace Al-Nafisi

Posted on 24 October 2012 by Laxman  |  Email|Print

Kuwait Finance House (KFH), the Gulf state’s largest Islamic lender, appointed veteran board member Mohammed Al-Khodairi as its new chairman, replacing Sameer al-Nafisi who has resigned, KFH said in a bourse statement.
KFH also said it accepted the resignation of Al-Nafisi from the board membership and appointed Hamad Al-Omairi as a board member………………………………………..Full Article: Source

Saudi scholar in rare attack on Islamic banks

Posted on 22 October 2012 by Laxman  |  Email|Print

Scholar accuses Shariah banks of charging for balance statements, lauds other banks. A prominent Saudi Muslim scholar has launched a rare attacked on Shariah-compliant bank for charging their customers seeking a balance statement, newspapers in the Gulf Kingdom reported.
Sheikh Adel Al Kalbani said he had received a text on his mobile phone from a “well-known” Islamic bank charging him SR120 (Dh118) for having a written statement of his balance in the bank………………………………………..Full Article: Source

Islamic finance body appoints new CEO

Posted on 22 October 2012 by Laxman  |  Email|Print

The International Islamic Liquidity Management Corp (IILM), a company backed by central banks located mainly in Asia and the Middle East, appointed on Friday a new chief executive ahead of its first issuance due within the next few months.
Kuala Lumpur-headquartered IILM has delayed its first issuance of short-term sukuk, or Islamic bonds, twice since it began operations last year………………………………………..Full Article: Source

Crocker: Islamic banking importance set to increase (Video)

Posted on 19 October 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank Head of Private Banking Stuart Crocker discusses Shariah-compliant wealth management. He says Islamic Finance offers a wide range of practical solutions to protect wealth and to plan safer succession plans.……………………………………….Full Article: Source

Zadjali asks Islamic bankers to launch services carefully

Posted on 09 October 2012 by Laxman  |  Email|Print

HE Hamoud Bin Sangour Al Zadjali, Executive President of Central Bank of Oman, urged all Islamic banks and commercial banks, which plan to set up separate branches to provide Islamic banking service in accordance with Sharia, to be careful and take necessary precaution before implementing the same as these service are new in the Sultanate.
The launching of Islamic banking will be an addition to existing banking service provided by the commercial banks, and this will increase deposit, credit and profitability of banks, he said in an interview to Oman Tribune………………………………………..Full Article: Source

Tamim Al Kawari quits Goldman Sachs to join Qatar’s Qinvest

Posted on 09 October 2012 by Laxman  |  Email|Print

Tamim Al Kawari said he left as head of Goldman Sachs Group Inc.’s Qatar office to join Qinvest as the Qatari company’s deputy chief executive officer. Al Kawari didn’t say when the transfer occurred in a telephone interview from the Qatari capital Doha.
Al Kawari joins Qinvest, which counts Qatar Islamic Bank (QIBK) as its biggest shareholder, as it seeks to form a joint venture with Cairo-based EFG-Hermes Holding SAE in which the Qatari investment bank will hold a 60 percent stake………………………………………..Full Article: Source

Takaful Malaysia’s MD receives The BrandLaureate Award

Posted on 08 October 2012 by Laxman  |  Email|Print

The Asia Pacific Brands Foundation (APBF) has awarded Takaful Malaysia Bhd (Takaful Malaysia) group managing director Datuk Mohamed Hassan Kamil with ‘The BrandLaureate Transformational Corporate Leader Brand Icon Leadership Awards 2012’.
This was in recognition of his outstanding and iconic leadership in spearheading the growth and development of Takaful Malaysia, it said. The award was presented by the chairman of the APBF, Tan Sri Dr Mohamed Hashim Mohd Ali, during the award presentation gala dinner held recently………………………………………..Full Article: Source

Sir Iqbal Sacranie on growth of Islamic finance in UK

Posted on 05 October 2012 by Laxman  |  Email|Print

The Islamic financial market has has grown exponentially over the last decade and at the World Islamic Economic Forum (WIEF) roundtable event in London on Wednesday, it was clear that many institutions are planning to increase their Shariah-compliant product offering.
In Malaysia, where the WIEF is based, the Deputy Finance Minister Datuk Dr Awang Adek Hussin announced this week that “at a time when world economy is slowing down, Islamic finance is, more than ever, central to our agenda for sustainable growth and development.”……………………………………….Full Article: Source

Kazakh leader receives IDB president

Posted on 04 October 2012 by Laxman  |  Email|Print

In his Ak Orda residence, Kazakh President Nursultan Nazarbayev has received the President of the Islamic Development Bank Ahmad Mohamed Ali Al Madani.
The sides discussed the ways of further strengthening of cooperation. The Bank’s equity totals 15 billion Islamic Dinars. The main mission of this financial institution is to promote economic development and social progress in the Muslim communities of different states………………………………………..Full Article: Source

Zeti outlines growing potential to raise funds in Chinese currency

Posted on 28 September 2012 by Laxman  |  Email|Print

There is more renminbi (yuan) financing in the pipeline after the two issuances of offshore yuan sukuk out of Malaysia and a yuan bond issuance by Malaysian corporations, according to Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz.
The reason, she said, for this was that there was greater potential to raise funds in the currency (yuan), especially investments in China and bilateral cross-border activities between Malaysia and China………………………………………..Full Article: Source

Honour for Syarikat Takaful Malaysia’s managing director

Posted on 26 September 2012 by Laxman  |  Email|Print

Recognising his contribution towards the development of the takaful and Islamic finance industry, Syarikat Takaful Malaysia group managing director Datuk Mohamed Hassan Kamil has been awarded the “Jewels of Muslim World Award” by the OIC Today magazine.
“I hope the award will enhance and empower Takaful Malaysia’s status as a preferred choice for insurance in providing financial protection service based on Islamic principles and values,” said Mohamed Hasan, who is also chairman of PT Syarikat Takaful Indonesia………………………………………..Full Article: Source

Zeti: Islamic finance doesn’t need rebranding

Posted on 21 September 2012 by Laxman  |  Email|Print

Islamic finance does not need any rebranding with its rapid recognition across the world, says Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz. Zeti said she had been asked at several global forums on separate occasions in the past that Islamic finance be rebranded to rid it of an image of a conduit for terrorism.
“Islamic finance is based on profit sha-ring which involves risk sharing and requires high level of disclosure of information in financial transactions, hence the transparency is greater. Because of its very nature and principles, it is less vulnerable to terrorist financing than conventional banking.”……………………………………….Full Article: Source

Islamic banking will improve Nigeria’s economic development-Minister

Posted on 21 September 2012 by Laxman  |  Email|Print

The Minister of state for Finance, Dr Yerima Ngama, is asking for increased awareness on Islamic banking to prevent economic crisis and boost the nation’s economic development.
Dr Ngama listed various challenges obstructing the growth of Islamic banking in Nigeria, noting that the banking system will help position Nigeria as the financial hub of Africa………………………………………..Full Article: Source

Arabs should help West grasp Islam: Carr

Posted on 21 September 2012 by Laxman  |  Email|Print

Australian Minister for Foreign Affairs Bob Carr says Arab governments should fund explanations of Islam in western languages to avoid a “nightmarish clash” of civilisations. He was responding to increased tensions between Islam and the West following the release of a US anti-Muslim film and satirical cartoons of the Prophet Mohammed in a French magazine.
The tensions have led to violent protests around the world. Senator Carr said there were other ways that Muslims could react to Western expressions they found disrespectful or blasphemous………………………………………..Full Article: Source

Strong Islamic finance growth in 3 segments

Posted on 20 September 2012 by Laxman  |  Email|Print

Iqbal KhanThe Islamic finance industry is growing strongly in three segments globally, the consumer sector, the small and medium enterprises, and among the institutions. Islamic banker Iqbal Khan said the future for Islamic finance would be in the card and asset management segment.
Iqbal, the founding chief executive officer of Fajr Capital Ltd and chairman of the executive committee and board member of Saudi Arabia-based Jadwa Investment, said Islamic finance could give capitalism “a moral compass”………………………………………..Full Article: Source

Zeti: Islamic finance must be dynamic, innovative

Posted on 20 September 2012 by Laxman  |  Email|Print

The rapid internationalisation of Islamic finance will hinge on three key factors including the wide range of global supply of high-quality Islamic financial products and services, said Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz.
She said Islamic finance needed to be dynamic and innovative, and hence the second factor was a diverse and dynamic intermediaries and market participants with a global focus. The third factor was the required talent to steer the Islamic financial sector towards increased internationalisation, she said………………………………………..Full Article: Source

Malaysia aims to be human capital supplier for global Islamic banking

Posted on 20 September 2012 by Laxman  |  Email|Print

Malaysia wants to be the top supplier of human capital in Islamic finance and business, said Higher Education Minister Mohamed Khaled Nordin.
To reach the goal, he said the Curriculum and Training Task Force on Islamic Finance Education of Higher Learning led by the International Islamic University Malaysia had been formed………………………………………..Full Article: Source

Iqbal Khan wins Royal Award for Islamic Finance

Posted on 20 September 2012 by Laxman  |  Email|Print

The Royal Award for Islamic Finance, inaugurated in 2010, is an international award that is held every two years to recognise one exceptional individual who has excelled in advancing Islamic finance globally through outstanding performance and contribution.
Dr. Iqbal Khan was among 32 nominees for the award. Khan is the Founding Board Member and Chief Executive Officer of Fajr Capital Limited and Chairman of the Executive Committee and a board member of Jadwa Investment in Saudi Arabia.. Khan is also a board member of Brunei Islamic Development Bank in Brunei Darussalam and Waqf Trust Services Limited in Dubai, United Arab Emirates………………………………………..Full Article: Source

Bahrain’s Bank Alkhair appoints new chief executive

Posted on 19 September 2012 by Laxman  |  Email|Print

Bahrain-based Bank Alkhair has appointed Khalil Nooruddin as its managing director and chief executive officer, as the Islamic bank seeks to return to the black after posting a loss in the first half of this year.
Nooruddin joins Bank Alkhair from Capital Knowledge, a financial and training institute in Bahrain, and has 35 years of banking experience in the Gulf which includes positions with Investcorp, UBS and Chase Manhattan Bank, Bank Alkhair said on Tuesday………………………………………..Full Article: Source

Nigeria: Islamic banking: Minister calls for increased awareness

Posted on 19 September 2012 by Laxman  |  Email|Print

The Minister of State for Finance, Yerima Ngama on Tuesday called for increase awareness on Islamic banking to prevent economic crisis and boost the nation’s economic development.
The minister made the call at a forum organised by ARIT consult and sponsored by Mutual Benefits Assurance Plc with the theme: developing Islamic financial institutions in Nigeria in Abuja………………………………………..Full Article: Source

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