The Islamic approach to finance was once the most advanced in the world. The period of pre-eminence ended six or seven centuries ago, but the religion’s fundamental insights into the field could help form a financial system suitable for the 21st century.
From the beginning, Muslim teaching took a religious view of commercial relations and responsibilities. There are a few injunctions in the Koran and far more in the teachings traditionally attributed to Mohammad. I am not an expert, but the basic ideas seem clear enough: merchants should be fair, risks should be moderate and understood, and God condemns all rapacious financial practices………………………………………..Full Article: Source

Dubai has set ambitious plans in motion to become the “global capital” of Islamic economy. The extensive initiative includes proposals to create an Islamic finance council to regulate Shariah-compliant equity - and integrate Islamic economy as part of the overall Dubai economy.
According to the UAE’s official news agency WAM, the Islamic economy - which totals a growing population of 1.6 billion Muslims worldwide - is now $2.3 trillion. “Our cosmopolitan outlook to doing business continues to be our economy’s driving force,” Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum said……………………………………….Full Article: Source

Dubai, the second-biggest member of the United Arab Emirates, plans to create an Islamic finance council to regulate Shariah-compliant equity and fixed-income products to boost the industry’s role in the economy.
Dubai, which derives about 11 percent of economic output from financial services, wants to make Islamic finance a “core industry,” Sami Al Qamzi, director general of the Dubai Department of Economic Development, said……………………………………….Full Article: Source

No sooner had the Egyptian constitution been adopted, than it was made clear that modifying it was possible. That is probably why even before the constitutional referendum began, President Mohamed Mursi decided to have the opposition and experts prepare a list of the articles that they believed were defective and needed revision by the legislature, then put to another referendum.
Islamic bonds are to be issued by the Egyptian Finance Ministry, which according to Article 4 of the constitution needs to consult al-Azhar University, which in turn would consult Article 2, which states that the principles of Islamic law are the main source of legislation………………………………………..Full Article: Source

Egypt has gradually been trying to come out from under the cloak of theocracy for many years now, the first attempt beginning after the start of the French occupation of Egypt.
Towards the beginning of that period, it was the scholars of Al-Azhar who led the campaign to expel the wave of infidel invaders, however it wasn’t long before they came to appreciate what those invaders brought in the way of modernity………………………………………..Full Article: Source

Maybank (MAY) Kim Eng Holdings Ltd. and Clifford Chance LLP are training Hong Kong staff for the city’s first sukuk sales before lawmakers review a bill to give the debt equal tax treatment. Maybank, the world’s third-largest Islamic bond arranger in 2012, has been preparing its investment banking teams in Hong Kong and China to chase Shariah-compliant deals, Chief Executive Officer Tengku Zafrul Tengku Abdul Aziz said in a Jan. 4 interview.
Clifford Chance, the U.K.’s highest grossing law firm, has moved a sukuk specialist from Dubai to the city, Qudeer Latif, the company’s head of global Islamic finance, said before the bill is first debated by the Legislative Council tomorrow………………………………………..Full Article: Source

The Middle East and North Africa (MENA) region witnessed 64 conventional bond issues worth USD 20 billion in the fourth quarter of 2012, an increase of 60% in value and 10% in the number of issues over the previous quarter.
This was despite a continuing fiscal crisis in the Eurozone as well as the political upheaval in some Arab nations. GCC, Levantine and North African countries, especially the corporate sector, all displayed their debt skills………………………………………..Full Article: Source

The maiden RM300 million sukuk from DanaInfra Nasional Bhd to partially fund the Klang Valley’s mass rapid transit (MRT) will kick-start retail trading of bonds on Bursa Malaysia and would also likely attract the issuance of private debt securities like conventional bonds and Malaysian Government Securities (MGS) made available to the public.
Bursa Malaysia Bhd CEO Tajuddin Atan said a number of parties have indicated they would issue retail bonds, adding that there should be ample amount of issuance for the successful trading of these bonds on the local exchange………………………………………..Full Article: Source

Islamic Bank of Britain, the UK’s only wholly Sharia compliant retail bank, has diversified its Sharia compliant Buy to Let Purchase Plan product range with the launch of a rent only BTLPP.
IBB’s BTLPP is a variable rental rate product available to landlords, of any faith, with a deposit of 35% at a rental rate of 5.49%. Other features include: The ability to make additional acquisition payments, without penalty, subject to a minimum amount of £4,000……………………………………….Full Article: Source

Bank Nizwa, Oman’s first dedicated Islamic bank, formally opened its doors to the public making history for the Sultanate’s financial services industry. This pioneering initiative by Bank Nizwa signifies the start of a new era for banking in Oman. The launch was announced soon after the release of the Islamic Banking Regulatory Framework (IBRF) by the Central Bank of Oman (CBO).
Commenting on the occasion, Sayyid Amjad Mohammed Ahmed Al Busaidi, chairman of board of directors, Bank Nizwa, said “We are grateful to His Majesty Sultan Qaboos bin Said for his visionary leadership that made Islamic banking a reality in Oman………………………………………..Full Article: Source