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Islamic Banking feasible in Ghana - Zenith MD

Posted on 18 September 2012 by Laxman  |  Email|Print

The Managing Director of Zenith Bank Ghana, Mr. Daniel Asiedu, has revealed Islamic banking (Interest-Free banking) may be introduced to the Ghanaian banking public in future. There have been calls by some stakeholders for the bank of Ghana to consider introducing Islamic banking just like in Nigeria.
Under Islamic banking, a borrower only needs to pay back the amount owed to the bank, and the borrower can also choose to pay the lender a small amount of money to serve as a gratuity………………………………………..Full Article: Source

Islamic banks sacrifice returns for liquidity – Experts

Posted on 17 September 2012 by Laxman  |  Email|Print

A recent Islamic Finance Industry Leaders Round Table Discussion has pointed out that as Islamic banks are generally more liquid than their conventional counterparts, Islamic banks end up earning lower returns on short-term investments.
The forum, hosted by KPMG Sri Lanka and addressed by Neil Miller, KPMG’s Global Head of Islamic Financial Services who is an International expert in the field of Islamic Finance however highlighted that this is because there are fewer short term liquidity management options available to them to manage their surplus liquidity………………………………………..Full Article: Source

Islamic scholars propose new shariah board model

Posted on 14 September 2012 by Laxman  |  Email|Print

A group of Islamic scholars is proposing a fresh solution to charges that banks’ sharia boards are open to conflicts of interest: create partnerships between the boards and Muslim depositors, to insulate the boards from pressure exerted by bank managements.
Sharia boards, composed of experts in Islamic financial law, supervise Islamic banks’ activities and products to make sure they conform to religious principles, such as bans on interest and pure monetary speculation…………………………………….Full Article: Source

Ananda redeems RM1.06bln sukuk

Posted on 13 September 2012 by Laxman  |  Email|Print

Tycoon T. Ananda Krishnan-controlled Binariang GSM Sdn Bhd has partially redeemed RM1.06bil of its senior sukuk and prepaid US$6.87mil of its US dollar-denominated term loan, said a local ratings agency.
RAM Ratings in a statement said it was closely monitoring the progress of the group’s corporate restructuring exercise to decouple Aircel, and was in consultation with its advisors to determine and implement an optimal structure to satisfy the objective………………………………………..Full Article: Source

Islamic finance industry urged to recognize individual achievements

Posted on 10 September 2012 by Laxman  |  Email|Print

Prominent Saudi Shariah scholar and economist Dr. Mohammed Elgari has urged the global Islamic finance industry to pay more attention in recognizing the outstanding contributions of individuals and institutions to the development of the contemporary industry, which is now in its fourth decade.
“For the past 37 years, the industry has not put much emphasis on the need to honor pioneers who have passionately devoted their expertise toward providing the Muslims, particularly, with an alternative to their financial transaction needs,” said Dr. Elgari in an interview with Saudi Gazette………………………………………..Full Article: Source

FNB to get new sharia board by year-end

Posted on 30 August 2012 by Laxman  |  Email|Print

First National Bank (FNB) aims to appoint a new sharia board for its Islamic finance division by the end of 2012, after the previous board dealt a blow to the bank’s effort in the sector by resigning a month ago.
“It’s top priority for us. We are certainly aiming to have our final committee together towards the end of the year,” Amman Muhammad, chief executive of FNB Islamic Finance, told Reuters late last week………………………………………..Full Article: Source

Islamic cleric warns of civil war in Russia’s Dagestan

Posted on 30 August 2012 by Laxman  |  Email|Print

Russia’s most senior Islamic cleric warned on Wednesday that civil war could break out in the southern region of Dagestan after a moderate Muslim cleric was killed in a suicide bombing that has heightened religious tensions.
An ethnic Russian, who was both wife and widow of Islamist militants, was named as the bomber who on Tuesday killed Said Atsayev, 74, a prominent Sufi sheikh in the mainly Muslim region who had spoken out against violent Islam………………………………………..Full Article: Source

Demand grows for Islamic op risk managers

Posted on 29 August 2012 by Laxman  |  Email|Print

The growth of Islamic finance throughout the Middle East - and further beyond - has shifted attention to the levels of knowledge and experience required by banking professionals to operate in this area of finance.
The Middle East has been through a turbulent time in the past couple of years. While Syria is still experiencing conflict, areas such as Egypt and Libya have emerged from conflict with new leaders and the potential and desire for new systems of government………………………………………..Full Article: Source

S.Africa’s FNB to appoint new sharia board by year-end

Posted on 29 August 2012 by Laxman  |  Email|Print

South Africa’s First National Bank (FNB) aims to appoint a new sharia board for its Islamic finance division by the end of 2012, after the previous board dealt a blow to the bank’s effort in the sector by resigning a month ago.
“It’s top priority for us. We are certainly aiming to have our final committee together towards the end of the year,” Amman Muhammad, chief executive of FNB Islamic Finance, told Reuters late last week………………………………………..Full Article: Source

Skill shortage obstructs growth of Islamic finance

Posted on 21 August 2012 by Laxman  |  Email|Print

Southeast Asian universities are adding Islamic finance courses as Bank Negara Malaysia’s Shariah Advisory Council warns a skill shortage in the industry is hampering growth.
Universitas Muhammadiyah in Malang, Indonesia and Kuala Lumpur-based International Centre for Education in Islamic Finance (INCEIF) said this month they plan to start new programs. Malaysia needs 40,000 more qualified people in the industry by 2020, Dzuljastri Abdul Razzaq, head of the International Islamic University Malaysia’s finance department, said. Indonesia will require 17,000 more over three to five years, according to a central bank survey………………………………………..Full Article: Source

Uganda: Islamic banking gets nod from President Museveni

Posted on 15 August 2012 by Laxman  |  Email|Print

President Museveni wants negotiations on Islamic banking to take place in the next one month. The move is likely to pave way for the introduction of the Islamic banking model, also known as halala banking—where instead of a bank imposing interest, it shares the profit it accrues with the clients.
The President was speaking during an Iftar (breaking fast dinner) he hosted for Muslim Community together with his Wife, Janet Museveni on Monday. President Museveni, who also said he would love to borrow from a bank that uses the Islamic banking model, directed his staff to conclude the discussions on the matter by close of September so that its implementation can begin thereafter………………………………………..Full Article: Source

Islamic nations’ Mecca meeting timely - King

Posted on 15 August 2012 by Laxman  |  Email|Print

His Majesty King Abdullah on Monday underlined the timing and the agenda of the Islamic summit, which will be held today in Mecca, stressing its importance in unifying the ranks of the Arab and Islamic nations.
The invitation by Saudi Arabia’s King Abdullah Bin Abdul Aziz for an extraordinary summit of the Organisation of Islamic Cooperation (OIC) comes in response to escalating development in the region and the Islamic world, the King said in an interview with the Saudi newspaper, Okaz………………………………………..Full Article: Source

World recognises Malaysia as Islamic financial centre, says Ahmad Husni

Posted on 13 August 2012 by Laxman  |  Email|Print

The invitation by Sudan for Malaysia to set up Islamic banks in that country has proven that the world has recognised Malaysia as an Islamic financial centre and hub. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the government however has to discuss the invitation with the banks involved.
“With regards to the request from Sudan, we have to discuss the matter with the banks on whether they are ready to go to Sudan or not,” he said………………………………………..Full Article: Source

Egypt: What Morsy means for Islamic banking

Posted on 06 August 2012 by Laxman  |  Email|Print

Mohamed Morsy’s rise to the presidency could reintroduce Islamic banking reform and transform the industry. For months following parliamentary elections, the Muslim Brotherhood’s Freedom and Justice Party (FJP) has been working hard to draft and introduce new legislation that would dramatically transform Egypt’s Islamic banking industry, ending its decades-long role on the sidelines of the Egyptian economy.
A few months after the revolution, a small informal group of Islamic banking enthusiasts emerged to promote Islamic finance in Egypt and to pursue policies that would have been taboo under the Mubarak regime………………………………………..Full Article: Source

Radical Islamic winter to come: Israeli deputy foreign minister

Posted on 30 July 2012 by Laxman  |  Email|Print

A golden rule followed by diplomats is this: don’t comment officially about ongoing issues. However, Deputy Foreign Minister of Israel Daniel Ayalon was different. Speaking with journalists Thursday in Seoul he talked candidly and directly about Syria, Iran and North Korea. He offered incisive observations regarding the modus operandi of the governments of these nations.
First, he put forward that the Arab Spring wasn’t a success. “Now, we’ll have a radical Islamic winter,” he said. In particular in Syria, the minister said, the Sunnis will oppress people the same way President Bashar al-Assad does, if they take power………………………………………..Full Article: Source

IBFIM: Islamic finance talent much needed

Posted on 27 July 2012 by Laxman  |  Email|Print

The human and talent factor is very much needed to ensure that Malaysia consolidates its position as a global Islamic financial hub. “Islamic finance has grown rapidly in recent years and so has the demand for knowledge,” Islamic Banking and Finance Institute Malaysia (IBFIM) chief executive officer Datuk Adnan Alias said.
“This is where IBFIM comes in as the industry’s partner in talent development, especially in the areas of banking, capital market, takaful and wealth management,” he said……………………………………….Full Article: Source

IBFIM: Islamic finance talent much needed

Posted on 26 July 2012 by Laxman  |  Email|Print

The human and talent factor is very much needed to ensure that Malaysia consolidates its position as a global Islamic financial hub.
“Islamic finance has grown rapidly in recent years and so has the demand for knowledge,” Islamic Banking and Finance Institute Malaysia (IBFIM) chief executive officer Datuk Adnan Alias said………………………………………..Full Article: Source

ADIB appoints new head of wholesale banking

Posted on 23 July 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB) has appointed Arif Usmani as the Global Head of ADIB’s Wholesale Banking business. Arif has more than 30 years of diverse banking experience across several geographies and disciplines. He has extensive experience in risk management, corporate relationship banking and franchise management.
Tirad Al Mahmoud, CEO of ADIB Banking Group said, “Arif’s reputation and vision are much admired in the banking sector globally. His experience is especially relevant to ADIB as he has worked in key growth markets. Arif’s extensive experience will definitely add value to ADIB and assist in achieving the objectives of our Wholesale Banking Group.” (Press Release)

Islamic finance will be global industry in 3 years, says Academician

Posted on 20 July 2012 by Laxman  |  Email|Print

Dr Paul TemporalIslamic finance, which is becoming the more preferred mode of finance by many compared with conventional banking, is expected to be a global industry in three years, driven by its transparent and ethical business practices.
Dr Paul Temporal, an associate fellow at Said Business School at University of Oxford in the United Kingdom, said Islamic finance would continue to grow, especially when conventional banking continued to have issues around the world………………………………………..Full Article: Source

SC names Shariah Advisory Council’s new line-up

Posted on 20 July 2012 by Laxman  |  Email|Print

The Securities Commission (SC) has announced the members of its Shariah Advisory Council (SAC) who will serve for two years starting July 1. SAC is the central authority responsible for determining the syariah principles of the Islamic capital market in Malaysia.
The 11 SAC members are: Tun Abdul Hamid Mohamad, former Chief Justice of the Federal Court, Tan Sri Sheikh Ghazali Abdul Rahman, syariah legal advisor, Attorney-General’s Chambers……………………………………….Full Article: Source

FNB’s Islamic banking board quits

Posted on 18 July 2012 by Laxman  |  Email|Print

First National Bank’s (FNB) Islamic finance division has been rocked by the resignation of the unit’s entire board following the appointment of a new CEO, previously employed by Absa.
The board quit weeks after FNB last month poached the head of Absa Islamic finance, Amman Muhammad, who is expected to play a pivotal role in FNB’s plans to expand into Africa, which has an estimated Muslim population of 400m………………………………………..Full Article: Source

Islamic banker of the year

Posted on 10 July 2012 by Laxman  |  Email|Print

Badlisyah Abdul Ghani, CEO, CIMB Islamic Bank: CIMB Islamic Bank has played and continues to play a significant role in realizing the Government of Malaysia’s aspirations to becoming a global leader in Islamic finance and making Kuala Lumpur a global hub for Islamic finance.
The bank has been involved in several landmark and innovative transactions that contributed to the development of the Islamic capital markets. Leading this charge at CIMB Islamic has been its CEO Badlisyah Abdul Ghani, who has become a face to the world for Malaysia’s Islamic banking/finance industry………………………………………..Full Article: Source

Takaful CEO of the year

Posted on 10 July 2012 by Laxman  |  Email|Print

Dato’ Hj Syed Moheeb Syed Kamarulzaman, president and CEO, Takaful IKHLAS: As the president and CEO of Takaful IKHLAS since it obtained its licence from Bank Negara Malaysia in April 2003, Dato’ Hj Syed Moheeb Syed Kamarulzaman has transformed Takaful IKHLAS into one of the stalwarts in Malaysia’s takaful industry.
Within just nine years of operation, the company has built a strong presence in the provision of Islamic financial protection products and services………………………………………..Full Article: Source

Sharia-compliant banking to witness 15pct growth

Posted on 09 July 2012 by Laxman  |  Email|Print

Dr Rajesh NayakSharia-compliant banking is expected to witness a global growth of 15-20 per cent, according to a banker. Dr Rajesh Nayak, Director (Training), Central Bank of Oman’s College of Banking and Financial Studies, Oman, said that sharia concept of banking is attracting bankers in some western countries. At present, around $1 trillion of banking assets are under this concept of banking, he said.
Sharia-compliant banking emphasises on sharing risks than shifting risks. It is based on the principles of prohibition of interest and prohibition of uncertainty……………………………………….Full Article: Source

Entire FNB Islamic finance board quits

Posted on 09 July 2012 by Laxman  |  Email|Print

South Africa’s First National Bank (FNB) appears to have experienced something of a mutiny, after the entirety of its Shari’ah board resigned following concerns that the bank was moving away from its conservative approach
The board reportedly had “differing views” on their role in the operational management of the business. The board members claim to have held discussions with FNB executives regarding their concerns. “Concerns were ironed out and a new pathway chalked out going forward,” BusinessTech quotes Mufti Ebrahim Desai, former Chairman of the Shari’ah Board of FNB Islamic Finance, as saying………………………………………..Full Article: Source

Demand to make Islamic banking mandatory in Pakistan

Posted on 09 July 2012 by Laxman  |  Email|Print

“In Pakistan Islamic banking is being practiced on the basis of supply and demand, and is not mandatory,” said Director Education Jamiatur Rasheed Abdul Aziz Raja.
Raja said that a banking ordinance was introduced in 1974 but tabled in-house in 1984, under which Islamic banking in Pakistan should be mandatory and not optional. He said that Islamic banking should be enforced with the Supreme Court’s orders………………………………………..Full Article: Source

Nigeria: Shareholder Bishop supports Islamic banking

Posted on 06 July 2012 by Laxman  |  Email|Print

A Bishop in the Dioceses of Chris Temple Ministry International, Bishop Goodluck Akpore, yesterday said opponents of Islamic Banking in Nigeria are ignorant of the products the bank offers as it is not against Christians in the country.
Speaking at the Annual General Meeting of Jaiz Bank Plc in Abuja, the Bishop who is also the Chairman of Onitsha zone shareholder association said he was going to preach to his congregation to buy into the bank………………………………………..Full Article: Source

Regulator should look at Islamic banking afresh: Indian Law Minister

Posted on 05 July 2012 by Laxman  |  Email|Print

Salman KhurshidThe Law Minister, Salman Khurshid, said on Thursday that he had written to the Planning Commission and the Reserve Bank of India (RBI) on the issue of Islamic banking. He said he was quite hopeful that the RBI would look at the issue afresh and soon come up with its views after deciding on the technical issues.
Khurshid said it was difficult to fit in Islamic banking with the existing regulations, as the very concept of debt and equity was very different in Islamic banking. Non-banking financial institutions are prevalent now and are accepted, but some ambiguities have to be addressed before they can take up Islamic finance, he said………………………………………..Full Article: Source

Islamic Development Bank president Ahmad Mohamed Ali meets ministers, discusses Islamic banking in India

Posted on 03 July 2012 by Laxman  |  Email|Print

Islamic Development Bank Group’s President Ahmad Mohamed Ali held discussions with several Ministers in the UPA on ways to popularise Islamic banking in the country. Mr Ali also met vice-president of India Mohammad Hamid Ansari, Pranab Mukherjee, minority affairs minister Salman Khurshid and minister of state for external affairs E. Ahmed during his visit to the country last week.
During the meetings, Mr Ali highlighted Islamic Development Bank Group’s (IDB) role in upgrading economic and social development of the Bank’s member countries as well as Muslim communities in non-member countries…………………………………Full Article: Source

Bank Al Khair ex-CEO convicted of embezzlement

Posted on 29 June 2012 by Laxman  |  Email|Print

A Bahraini court has sentenced the former chief executive of Bank Al Khair in absentia to four years in jail for embezzlement and squandering the bank’s funds, the Islamic lender said.
It said the Criminal Court of Bahrain also convicted Majid Al-Refai at a hearing on Tuesday of destroying bank documents as well as preventing shareholders and authorised entities from accessing bank records………………………………………..Full Article: Source

Absa man heads to FNB’s Islamic unit

Posted on 27 June 2012 by Laxman  |  Email|Print

The former head of Absa ’s Islamic banking unit, Amman Muhammad, has joined rival First National Bank (FNB) and has pledged to make it dominant in Islamic banking in SA.
Mr Muhammad last week said his vision was also to spearhead FNB’s Islamic banking business in sub-Saharan Africa, targeting markets where SA’s third-largest bank already had operations or intended to expand into………………………………………..Full Article: Source

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Malaysia: Mega Islamic bank will set benchmark

Posted on 25 June 2012 by Laxman  |  Email|Print

Datuk Seri Ahmad Husni HanadzlahThe setting up of mega Islamic banks in Malaysia will not merely serve the needs of the domestic economy but also position the country as the benchmark in Islamic global finance, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
It would also place Malaysia far ahead of other competing countries, he said. “Bank Negara has issued one licence. Why is there such a need… we need to see in the context of the country’s economy………………………………………..Full Article: Source

Dr M supports Petronas-backed mega Islamic bank

Posted on 25 June 2012 by Laxman  |  Email|Print

Tun Dr Mahathir MohamadTun Dr Mahathir Mohamad has voiced his support for a proposal to set up a mega Islamic bank with Petronas and pension funds being used to underwrite some of the US$1 billion (RM3.2 billion) in start-up capital.
The influential former prime minister insisted last night there would be nothing wrong should the government decide to go ahead with Bank Negara Malaysia’s (BNM) proposal to use an injection from the cash-rich state oil firm as “Petronas money is government money.”……………………………………….Full Article: Source

Oman’s first Islamic bank fails to elect board

Posted on 25 June 2012 by Laxman  |  Email|Print

Oman’s Bank Nizwa, a newly-formed Islamic lender which sold shares to the public in June, failed to elect a new board after it was unable to get the required quorum at a general meeting last week, three sources familiar with the matter said.
Bank Nizwa, the sultanate’s first Islamic bank, attracted 681 million rials ($1.77 billion) of bids in its initial public offering, 11 times the sum it planned to raise, signalling strong interest from investors………………………………………..Full Article: Source

Crown Prince says Saudi Arabia on ‘Islamic path’

Posted on 25 June 2012 by Laxman  |  Email|Print

Saudi Arabia’s Crown Prince Salman bin Abdulaziz said the kingdom will remain on its “Islamic path without deviation,” Arab News cited him as saying.
Salman, who also serves as defense minister, said he would try to strengthen the kingdom’s security and stability, the Jeddah-based newspaper reported. The crown prince made the comments as princes, Islamic scholars and senior military officials pledged their allegiance to him, the newspaper said………………………………………..Full Article: Source

Islamist Mohamed Mursi elected Egyptian president

Posted on 25 June 2012 by Laxman  |  Email|Print

The Muslim Brotherhood’s Mohamed Mursi was elected Egypt’s first Islamist civilian president, capping an acrimonious race that divided a nation whose economy is reeling and where the military has curbed his authority.
Mursi, 60, defeated Ahmed Shafik, who served as Hosni Mubarak’s last premier, election commission head Farouk Sultan said in a televised press conference. Mursi won 13.2 million votes or 51.7 percent, beating Shafik who garnered 12.3 million votes or almost 48.3 percent, Sultan said………………………………………..Full Article: Source

Absa’s head of Islamic banking quits

Posted on 22 June 2012 by Laxman  |  Email|Print

In yet another case of musical chairs, Absa has confirmed the resignation of its head of Islamic banking, who has left the group to pursue other interests.
The resignation of Amman Muhammad as MD of Absa Islamic Banking, is the latest high-profile departure of a senior executive from the Barclays-owned group, which has already confirmed its group deputy CEO Louis von Zeuner is stepping down at the end of the year………………………………………..Full Article: Source

World needs 50,000 Islamic finance experts

Posted on 21 June 2012 by Laxman  |  Email|Print

In accordance with the growing industry of Islamic Banking and Finance, the whole world needs 50,000 Islamic Finance Experts right away so that the emerging market of Islamic Banking and Finance may be easily promoted.
Muhammad Zubair Mughal, Chief Executive Officer – AlHuda Centre of Islamic Banking and Finance said that due to the malfunctioning of conventional banking and finance, the world is moving rapidly towards alternative system of banking and finance and undoubtedly, the Islamic banking and finance system is the first and the foremost choice of people in this regard……………………………………….Full Article: Source

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Bahrain opens microfinance bank

Posted on 20 June 2012 by Laxman  |  Email|Print

The global economic crisis is the result of “greed” and only a selfless approach will save the world, a renowned economist has said.
Nobel laureate Mohammed Yunus, who is also founder of the world’s first micro-finance bank, Grameen Bank, said on Thursday a greedy global financial system and wrong capitalism structure were actually to be blamed for triggering the collapse. He said the micro-finance model put in place at Grameen Bank actually reflected the basic spirit of the Islamic banking………………………………………..Full Article: Source

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Al Jazeera Finance names CEO

Posted on 18 June 2012 by Laxman  |  Email|Print

Al Jazeera Finance, which is 30% owned by Qatar Islamic Bank (QIB), has appointed Amer Mohamed al-Jabri as its chief executive officer (CEO). Prior to this, al-Jabri was assistant general manager of retail and small and medium enterprise banking services with QIB.
His role involved formulating general strategy and development plan to achieve the general objectives of the company in order to provide the customers with quality services, realise good profits and ensure the implementation of the company’s expansion plans………………………………………..Full Article: Source

Global shortage of Islamic finance professionals identified

Posted on 15 June 2012 by Laxman  |  Email|Print

The world needs 50,000 Islamic finance experts right away to promote Islamic banking and finance. Some 38 universities around the world are producing approximately 5000 graduates in Islamic banking and finance a year but estimated that demand is potentially 10 times that number.
According to Muhammad Zubair Mughal, Chief Executive Officer of Lahore-based Al-Huda Centre of Islamic Banking and Finance, warned that If this demand / supply imbalance was not addressed in the short term it would leave Islamic banking and finance facing many obstacles in its growth and promotion. (Press Release)

Dana Gas names new chairman as $1bln sukuk maturity nears‎

Posted on 11 June 2012 by Laxman  |  Email|Print

Dana Gas PJSC, the fuel producer with $1 billion in Islamic bonds maturing in October, appointed a new chairman and vice chairman.
The shareholders approved the appointment of Adel Al Sabeeh as chairman and Tawfeeq Al Moayed as vice chairman, according to a company statement to the Abu Dhabi stock exchange today. Al Sabeeh was previously the vice chairman and replaces Abdul Hamid Jafar, according to company information on the stock market………………………………………..Full Article: Source

The lessons to be learned from the Goldman Sachs Sukuk

Posted on 11 June 2012 by Laxman  |  Email|Print

Ifzal Akhtar, Islamic Finance Solicitor and Lecturer, Birmingham, England enlightened attendees on The Role of the Islamic Bank and the lessons to be learned from the Goldman Sachs Sukuk fallout quoting “The Goldman Sachs issue is a topical issue which has risen after Goldman Sachs issued a sukuk in October last year.
After the issuance, there was some questions about whether Goldman Sachs issued a sukuk which was Sharia’h compliant which originally came from people who were not qualified to comment on the same. The lesson for Oman is that this is an example of how not to do things. When I say how not to do things, it means how not to handle controversy. (Press Release)

Tennessee Governor Haslam appoints Shariah finance expert to economic development department

Posted on 08 June 2012 by Laxman  |  Email|Print

In mid- May Tennessee Governor Bill Haslam appointed Samar Ali, a former White House fellow and member of the international Washington, DC –based law firm of Lovells & Hogan, LLC as international director of the Tennessee Department of Economic and Community Development.
“Ali, who is from Waverly, will serve as international director. She joins ECD after serving as a White House Fellow and practicing corporate law at Hogan Lovells in Washington, D.C., and Abu Dhabi. Her role will include overseeing TNTrade as well as ECD’s other international initiatives, including managing the operations of the state’s four international offices.”……………………………………….Full Article: Source

Goldman Sachs Sukuk “all a misunderstanding,” says top scholar

Posted on 07 June 2012 by Laxman  |  Email|Print

Sheikh Nizam YaqubyRenowned Shari’ah scholar Sheikh Nizam Yaquby has said that the controversy surrounding Goldman Sachs’ ill-fated Sukuk was based on a misunderstanding stoked by the media.
“It is a misunderstanding from the part of the media,” Yaquby said. “This Sukuk was never issued – it was only in the development stage. Goldman Sachs is a very famous institution and it has a proper Shari’ah board that can guide and advise them on any future Sukuk. I’m sure they are careful and keen to do it in the right way. It was a misinterpretation; perhaps journalists enjoy that sort of controversy.”……………………………………….Full Article: Source

Oman Islamic banking: Risk management

Posted on 07 June 2012 by Laxman  |  Email|Print

Jamsheed Hamza, Senior Manager-Branch Network Expansion in the Islamic Banking Division, Bank Dhofar urged Islamic bankers to “go the extra mile” in appreciating the client’s success and helping him make appreciative investment choices.
If the customer is coming to the bank with a Halal need, the bank must genuinely take it upon itself to meet their needs. A bank is not here to sell but to develop awareness and build relationships………………………………………..Full Article: Source

Islamic finance has growth potential but fragmented: MD of MAS

Posted on 06 June 2012 by Laxman  |  Email|Print

Mr Ravi MenonEven as the world is headed for sluggish economic growth, there is still massive potential for the Islamic finance industry - but only if it can overcome its own fragmented state.
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon noted that Islamic finance has shown remarkable resilience during the last five years. The industry has grown by about 20 per cent annually in this period to reach US$1.3 trillion (S$1.7 trillion) in total assets last year………………………………………..Full Article: Source

Asia excited about Islamic finance, says Business Bermuda CEO

Posted on 06 June 2012 by Laxman  |  Email|Print

Outside Muslim majority countries in places such as China and Singapore, Islamic finance is garnering interest as a viable alternative to conventional banking, according to Business Bermuda’s CEO.
Cheryl Packwood, Chief Executive Officer of Business Bermuda, said: “In April we were in Shanghai and Beijing, when we mentioned Islamic finance; I was initially concerned knowing that Muslims are a minority, and also being a communist state religion isn’t something you’re necessarily supposed to put forward, but we talked about Islamic finance and there was a great deal of interest when we raised the subject.”……………………………………….Full Article: Source

Approach to Islamic banking in Malaysia differ from Middle East: KFH

Posted on 06 June 2012 by Laxman  |  Email|Print

Jamelah Jamaluddin, Chief Executive Officer of KFH Malaysia explained that attitudes and approaches towards Islamic banking in Malaysia differ from those in the Middle East.
“Shari’ah is the priority versus economic benefit and commercial reason [in the Middle East],” she said. “In Malaysia, it tends to be a bit of both – I think we tend to be more skewed towards the commercial than the Shari’ah principle.” Jamaluddin said she believed that’s why Malaysia has grown into the leading Islamic finance hub. “It’s about business,” she said………………………………………..Full Article: Source

Islamic banks have golden opportunity to grab larger share of global banking market

Posted on 06 June 2012 by Laxman  |  Email|Print

The Eurozone crisis, combined with public anger over the excesses of conventional banks, has presented Islamic banks with a golden opportunity to take a greater share of the world’s banking industry, according to Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank.
Speaking at the World Islamic Banking Conference Asia Summit, in Singapore, AlQemzi said Islamic banking has the potential to overtake conventional banking, and establish itself as the world’s preferred banking system. However, to do so, he said, Islamic banking must offer a real alternative to the conventional banks………………………………………..Full Article: Source

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