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Opalesque Islamic Finance Briefing | Archive Opalesque Islamic Finance Briefing | Research | Page - 2
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Islamic Finance Briefing - Category | Research more

Islamic finance to be demand-driven: KPMG

Posted on 18 October 2012 by Laxman  |  Email|Print

KPMG, a leading International firm providing Audit, Tax and Advisory services yesterday organised at the Grand Hyatt, a seminar on Islamic Finance-Lessons Learnt from abroad & Challenges faced in Oman.
This was the latest in a series of Breakfast Seminars that KPMG held earlier and is planning to hold over the coming months. This Seminar brought together people involved with Islamic Finance industry, the regulators and the support organisations………………………………………..Full Article: Source

Islamic finance to thrive at faster rate in emerging economies

Posted on 17 October 2012 by Laxman  |  Email|Print

Islamic finance is expected to thrive at a faster rate in emerging economies given their resilient economic dynamics and potential, well as awareness of the industry, says KFH Research Ltd.
Its Managing Director/Vice Chairman, Baljeet Kaur Grewal said the liquidity in the emerging markets for Islamic finance is still growing at a robust pace and this basically is driving the demand for Islamic finance products………………………………………..Full Article: Source

Islamic finance to be demand-driven: KPMG

Posted on 17 October 2012 by Laxman  |  Email|Print

KPMG, a leading International firm providing Audit, Tax and Advisory services yesterday organised at the Grand Hyatt, a seminar on Islamic Finance-Lessons Learnt from abroad & Challenges faced in Oman.
This was the latest in a series of Breakfast Seminars that KPMG held earlier and is planning to hold over the coming months. This Seminar brought together people involved with Islamic Finance industry, the regulators and the support organisations………………………………………..Full Article: Source

Sukuk key to funding, say Standard & Poor’s

Posted on 10 October 2012 by Laxman  |  Email|Print

Corporate and infrastructure issuers in the Gulf region may increasingly rely on sukuk as a source of funding in coming quarters, says a report published by Standard & Poor’s Ratings Services.
The report - Sukuk Are Surpassing Conventional Bond Issuance in the Gulf Countries as Yields Tighten - said sukuk issuance in the GCC has reached a record high this year, propelled by positive developments in the region’s economy and capital markets. Yields have fallen dramatically on both conventional and sukuk capital market issuance in the past year………………………………………..Full Article: Source

Islamic finance in Australia - Islamic finance opportunities down under

Posted on 09 October 2012 by Laxman  |  Email|Print

With 62% of the world’s Muslim population on our doorstep, Islamic finance offers vast opportunities to Australia’s financial services sector. These include opportunities to develop innovative Shariah compliant funds and superannuation products as well as banking and insurance products.
The development of a strong Islamic finance industry in Australia could be the ‘innovation’ that Australia needs to tap into the growing global Islamic finance market and to establish itself in the Asian Century. Ultimately, this is all tied to Australia’s ambitions of becoming a financial services hub in the Asia Pacific region………………………………………..Full Article: Source

USD109bln sukuk issued in the first nine months of 2012

Posted on 04 October 2012 by Laxman  |  Email|Print

USD 40 billion worth of sukuk was issued globally in the third quarter of 2012, almost double the amount raised during the same period last year, according to Zawya’s sukuk quarterly bulletin for 3Q 2012. This takes the total of sukuk issued during the first nine months of the year to a record USD 109 billion, up 69% from the same period last year.
The hefty issuance in the third quarter came despite the break caused by Ramadan and the summer holidays, according to the bulletin………………………………………..Full Article: Source

Tunisia: Standard & Poor’s encourages Islamic finance

Posted on 04 October 2012 by Laxman  |  Email|Print

In a report on Islamic finance in North Africa, the rating agency Standard & Poor’s (S & P), highlights improvements of the prospects of Islamic finance in countries of North Africa, provided that regulators, policymakers and banks, create a climate of trust.
According to S & P, the development of Islamic banking in Egypt, Morocco and Tunisia could alleviate financing constraints facing these economies. Experts from the rating agency does not expect, however, “significant development for two to three years at least.”……………………………………….Full Article: Source

Oman’s Islamic banking assets to touch OMR 2 bln by 2012

Posted on 27 September 2012 by Laxman  |  Email|Print

Omani Islamic banks’ assets are predicted to pass OMR 2 billion by 2012, according to a feasibility study by Al Izz Bank. The study indicates that the basic incentives for Islamic monetary services in the Sultanate are seen driven by a number of factors including country’s Muslim majorioty population.
The study showed that 70 per cent of respondents were interested in opening an Islamic savings account within the next 12 months. Seventy seven per cent indicated they would choose Islamic banking within a couple of years. The study identified the challenge of Islamic finance being a young industry which needs time to develop………………………………………..Full Article: Source

S&P says takaful growth prospects are diverging

Posted on 26 September 2012 by Laxman  |  Email|Print

Takaful is most prevalent in the Gulf Cooperation Council (GCC) region and southeast Asia, but the sector has developed quite differently in these regions. The business lines that predominate in these two regions are distinctly different, as are the sources of growth and the investment models.
Within this global growth pattern, we expect the GCC will to continue to significantly grow faster than local and global conventional insurance, while southeast Asia is likely to see constrained growth due to tightening regulatory requirements in Malaysia, its largest market………………………………………..Full Article: Source

Gulf to spur $2trln boom in Islamic bond deals

Posted on 25 September 2012 by Laxman  |  Email|Print

Paul-Henri PruvosThe global Islamic finance market will more than double in value during the next three years to more than US$2 trillion (Dh7.34tn), the ratings agency Standard & Poor’s says, as the Arabian Gulf embarks on a renewed deal-making boom.
The prediction came as banks reported unusually early demand in Oman from retail investors on the opening days of alizz islamic bank’s first public share sale. Islamic financial markets in the Gulf are experiencing “exuberant growth”, said Paul-Henri Pruvost, a financial analyst at S&P………………………………………..Full Article: Source

Private banking special: Bank Sarasin-Alpen group

Posted on 25 September 2012 by Laxman  |  Email|Print

Rohit Walia, executive vice chairman & CEO at Bank Sarasin-Alpen Group, Middle East and India, says that the group will focus on tapping the Islamic finance industry in Saudi Arabia.
Dubai remains the central hub in MENA private banking, but this hasn’t stopped Bank Sarasin-Alpen expanding into Oman and plotting a major assault on Islamic finance in Saudi Arabia. The bank, which is one of various units in the region owned by Bank Sarasin based in Basel, started Gulf operations in 2005 with the launch of its Dubai office. It has since spread to Doha, Muscat, Manama and Abu Dhabi………………………………………..Full Article: Source

Insights from the GCC’s top private bankers

Posted on 25 September 2012 by Laxman  |  Email|Print

The Middle East contains an estimated $4.5 trillion of private wealth, according to the Boston Consulting Group. In recent years rapid growth has positioned it as a highly lucrative market that private banks are hoping can turn around their fortunes.
Amid a global squeeze on tax evasion and a spiralling Eurozone debt crisis, wealthy Middle Easterners have taken centre stage. The Gulf Business Private Banking Report looks at how wealth managers intend to tap this pool of money and what makes private clients tick. Others are using Dubai as a private banking launch pad to reach new GCC markets and branch out into Islamic finance………………………………………..Full Article: Source

Islamic financial assets are US$1.2tril, but it is only 1pctf global system and can grow

Posted on 21 September 2012 by Laxman  |  Email|Print

Dr Mahmoud MohieldinAlthough the size of Islamic financial assets are roughly US$1.2 trillion (RM3.72 trillion) to US$1.3 trillion (RM4.03 trillion) globally, it is only about 1% of the entire global financial system and hence, there are huge opportunities for growth.
Over the last five years, it has been growing at a rate of 10% to 15% per annum, said World Bank managing director Dr Mahmoud Mohieldin. He added that for now, Islamic finance was being driven by supply side factors. However, opportunities to grow were emerging especially with the commodity boom, quality inprovements in the Islamic products, more Islamic finance windows and the availability of syariah compliant indices………………………………………..Full Article: Source

Global Islamic finance set to double by 2015, says Standard and Poor’s

Posted on 21 September 2012 by Laxman  |  Email|Print

Stuart AndersonGlobal Islamic Finance is set to double in size between 2011 and 2015 with the sector increasingly viewed as a real alternative to conventional finance, according to Standard & Poor’s (S&P). The global prospects for the Islamic Finance industry will be the subject of a conference to be hosted by S&P in Dubai on 25 September, 2012.
Stuart Anderson, Managing Director & Regional Head, Middle East at Standard & Poor’s said: “The global crisis faced by conventional finance has led to Islamic Finance increasingly being viewed as a credible alternative. Issuers and investors have realised that the risk-reward balance in both conventional and Islamic Finance are not fundamentally different.” S&P expects the $1 trillion global Islamic Finance industry to grow 20% over 2011-2015, doubling in size over the period. (Press Release)

World Bank expects Islamic finance assets to expand up to 15pct year

Posted on 21 September 2012 by Laxman  |  Email|Print

The Islamic finance market is poised to expand despite the lingering global economic uncertainty as companies, banks and even countries tap a pool of Muslim investors who are flush with cash to secure long-term funding, policy makers said.
Islamic financing differs from conventional financing in its adherence to Shariah, or Islamic law, which among other things bans the charging of interest. Speculation or benefiting to the detriment of the public good is also taboo………………………………………..Full Article: Source

Joint halal-Islamic finance sector will create a combined industry worth US$3.5 trillion

Posted on 20 September 2012 by Laxman  |  Email|Print

Dr Humayon DarAn integration between the halal sector and Islamic finance will create a combined industry worth US$3.5 trillion as compared to US$2.35bil if they were to be developed independently of each other, said Edbiz Consulting Ltd United Kingdom chairman Dr Humayon Dar.
Dr Humayon said the actual combined amount of both halal industry and Islamic finance worked out to be US$2.35bil but the integration actually worth more at US$3.5bil due to the greater potential following the synergy………………………………………..Full Article: Source

Islamic finance asset to grow 10-15 pct in three years - World Bank

Posted on 19 September 2012 by Laxman  |  Email|Print

The Islamic finance asset is expected to grow between 10 per cent and 15 per cent in the next three years due to increasing demand for Islamic products as well as diversification of such products in the marketplace.
World Bank Managing Director Mahmoud Mohieldin said the growth potential for the industry is big with demand and supply as drivers of growth. “The supply side being very much driven by more competition. More banks, not just the ones that have headquarters in member countries of the Organisation of Islamic Cooperation (OIC) or countries with a majority of Muslims but we can see that many banks around the world is offering Islamic finance or profit-sharing products,” he said………………………………………..Full Article: Source

Shariah-compliant assets to reach $1.6 trn

Posted on 18 September 2012 by Laxman  |  Email|Print

KFH-Research prepared a series of financial reports that discussed the reality of Islamic banking sector and the horizons of its development during the coming period, in order to discuss that during the Global Islamic Financial Forum that will begin today in Malaysia.
The four-day event that is organized by the Malaysian government and Malaysia’s Central Bank, will tackle on its first day a study regarding the status of global Islamic banking sector. The total value of Islamic financial assets is expected to reach $1.6 trillion this year, and the financial sector is expected to continue its robust growth in 2013………………………………………..Full Article: Source

Islamic financial assets to reach USD 1.6 trillion late 2012

Posted on 17 September 2012 by Laxman  |  Email|Print

The Islamic finance industry has great potential for global expansion after achieving the most rapid growth among global financial services sectors. “The total value of Islamic financial assets is expected to reach USD 1.6 trillion this year, and the financial sector is expected to continue its robust growth in 2013,” reads a report released by Kuwait Finance House Research (KFHR).
“(This expansion) is underpinned by: an increase in the demand for Shariah-compliant assets and an active role played by some jurisdictions around the world to promote the development of Islamic financial markets in their respective countries.”……………………………………….Full Article: Source

Kuwait International Bank hosts research from UK’s Durham University

Posted on 17 September 2012 by Laxman  |  Email|Print

Kuwait International Bank (KIB) has recently hosted Doctorates Student and Researcher at Durham University - England, Daniel Suleiman, who is currently conducting a comparison study about the level of customers’ satisfaction with services provided in Islamic and non-Islamic banks in both Qatar and Kuwait.
Suleiman’s visit to KIB was considered a major step towards building his research study as well as completing the requirements of his Doctorates degree………………………………………..Full Article: Source

S&P sees growing use of GCC-Asia Sukuk to fund infrastructure

Posted on 13 September 2012 by Laxman  |  Email|Print

Several recent landmark corporate and infrastructure sukuk by companies in the Gulf Cooperation Council (GCC) issuing in Malaysian ringgit may signal the start of a trend that could help develop and globalize the market, Standard & Poor’s Ratings Services said in a report published today, “Beyond Borders: The GCC And Asia Could Rev Up Their Economies–And The Islamic Finance Market.”
In an era when the world’s conventional banks are producing fewer and shorter loans and companies are considering other options for finance, Standard & Poor’s believes that Islamic financial instruments could become a key funding source, especially in the GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates) and Asia………………………………………..Full Article: Source

BIMB move to unlock value likely to be re-rating catalyst

Posted on 12 September 2012 by Laxman  |  Email|Print

BIMB Holdings Bhd’s potential corporate move to unlock the value of the group could act as its re-rating catalyst, Kenanga Research said. Kenanga Research said the unique positioning of BIMB Holdings in the Islamic banking and takaful areas should enable the group to deliver a faster balance sheet growth than other commercial banks.
The research house said this is due to the growth opportunities arising from Malaysia’s ongoing development of Islamic banking………………………………………..Full Article: Source

Islamic IPOs could gain traction as sukuk issue costs remain high

Posted on 11 September 2012 by Laxman  |  Email|Print

The Middle East and North Africa witnessed an influx of initial public offerings and privatizations between 2005 and 2007 as most governments these as inevitable steps toward increased efficiency, more transparency, improved productivity, revenue growth and less corruption - an initiative that was more or less adopted by private companies as well.
According to Zawya’s IPO Monitor, 2007 set a record with USD 14.44 billion raised via 71 IPOs across the region. Since then, the region witnessed a drop in the value of deals, which could possibly be attributed to repeated global financial crises and geopolitical unrest, prompting many companies to shelve IPO plans………………………………………..Full Article: Source

Qatar: Islamic finance to the fore

Posted on 11 September 2012 by Laxman  |  Email|Print

The successful launch of the world’s largest-ever, dollar-denominated Islamic bond is a notable milestone in the rise of Qatar’s sharia-compliant finance industry. An ambitious infrastructure investment programme and growing per capita wealth are supporting the growth of Islamic financial services, as the authorities look to continue regulatory reform.
Qatar’s $4bn sukuk issue on July 11 was more than six times oversubscribed, drawing an order book of more than $24bn. The two-tranche bond was the Qatari government’s first venture into the Islamic debt markets for almost a decade and will be used to supplement public coffers………………………………………..Full Article: Source

Global sukuk supply and demand gap ‘is widening’

Posted on 10 September 2012 by Laxman  |  Email|Print

Ashar NazimThe global supply of sukuk is less than half investor demand and the gap may widen further unless the Islamic finance industry can quickly develop more institutions capable of organising new issues, according to consultancy Ernst & Young.
Current outstanding demand for Islamic bonds totals an estimated $300 billion and is expected to grow to $900bn by 2017, the consultancy’s Islamic financial services leader Ashar Nazim said. Fresh issuance of sukuk this year is projected to surpass a record $100bn, according to the corporate and markets division of Commerzbank - satisfying less than half of outstanding demand………………………………………..Full Article: Source

Ernst and Young: Global demand for Sukuk to reach $900bln by 2017

Posted on 10 September 2012 by Laxman  |  Email|Print

The global demand for Islamic bonds or Sukuk will grow three-fold from the current $300 billion to $900 billion by 2017, global consultancy Ernst and Young forecasted in a study published on Saturday.
“Sukuk continues to be in the spotlight, especially after the global economic meltdown, where we learnt that carrying excessively risky debt on the books can lead to financial collapse during black swan events,” said Ashar Nazim, MENA Islamic Finance Services Leader at Ernst and Young in Dubai. Nazim, however, doubts that the market will be ready in five years to satisfy the market demand for $900 billion of Sukuk………………………………………..Full Article: Source

GCC bonds, sukuk issuances fall in H1

Posted on 05 September 2012 by Laxman  |  Email|Print

The aggregate primary issuance of bonds and sukuk in the GCC totaled $37.6 billion in H1 2012, an 18.7 percent decrease from the total amount raised in during H1 2011, Kuwait Financial Centre (Markaz) said in its recent research report “GCC Bonds & Sukuk Market Survey”.
June dominated the issuance with a frequency of 32; however, May witnessed the highest value as $7.3 billion was issued, representing 19.6 percent of the total amount issued, through 28 issuances. In terms of GCC central banks local issuances, - Central Bank of Kuwait Raised $25.8 Billion - 51 percent of the total CBLI issuance………………………………………Full Article: Source

Assets of top 50 GCC banks surge to $ 1.28 trillion in H1

Posted on 04 September 2012 by Laxman  |  Email|Print

The GCC banking sector continued to grow rapidly in the first half of 2012, according to QNB Group analysis. The collective assets of the largest 50 banks in the region increased by 7.7 percent in the year to June 30, reaching $ 1.28 trillion. Profits were also up by 5.4 percent, compared to the first half of 2011, reaching $ 12 billion.
15 of the top 50 banks are Islamic and represent 19.5 percent of total assets. Islamic banks saw their profits surge by 18.5 percent, on the back of growing customer demand for Shariah finance across the region. Four of the top five banks in terms of profit growth were Islamic…………………………………………Full Article: Source

Promising potential and numerous challenges facing Islamic finance in South Africa

Posted on 30 August 2012 by Laxman  |  Email|Print

Islamic Finance in South AfricaIslamic finance has seen exponential growth in North Africa, particularly in Egypt, Libya and Tunisia, with many Middle East financial institutions investing in the region. Considerable development has also been taking place in the south of the continent.
Despite the low Muslim population in South Africa, the government has been one of the front-runners to make it a hub for Islamic finance in Africa. South Africa is the most advanced African nation in terms of robust legislative structures, strict governance structures, and regulations, which gives it an advantage in implementing Shariah-compliant financial systems………………………………………..Full Article: Source

Prospects and challenges of Islamic microfinance

Posted on 30 August 2012 by Laxman  |  Email|Print

The Islamic non-governmental organisations (NGOs), cooperatives and microfinance institutions (MFI) have been encountering the challenges numerous challenges from the very beginning. Funding Islamic microfinance programme (IMP) is the major challenge. In order to cover the poor living below the poverty line, a huge fund is required. Due to the lack of fund, many Islamic NGOs, MFIs and cooperatives have failed to reach the poorest of the poor.
Having a misconception about Islamic views towards modernisation and empowerment of women, donors and developing agencies very often show little or no interest in funding Islamic NGOs-MFIs. Consequently, Islamic microfinance (IM) is yet to expand its country-wide outreach effectively………………………………………..Full Article: Source

Saudi banks most profitable in Middle East

Posted on 28 August 2012 by Laxman  |  Email|Print

Out of the top 50 banks in the Middle East ranked by assets for the period H1 2011, Saudi banks lead the pack “having a good track record of maintaining strong asset quality and adapting adequate lending practices and underwriting standards,” Sheetal Kothari, research analyst, business and financial services practice, Frost & Sullivan, said.
The Gulf Business Top 50 Banks in the Middle East report said “Saudi Arabia’s traditionally conservative fiscal polices coupled with the billion-dollar government budget, has buoyed the banking sector with four out of the five top ten banks being based in the Kingdom.”……………………………………….Full Article: Source

Gulf debt maturity

Posted on 27 August 2012 by Laxman  |  Email|Print

More than USD76-billion of bond and sukuk debt is expected to mature by 2014, according to Kuwait Financial Centre ( Markaz ) research. Around USD20.6-billion of sukuk and bond is expected to mature this year, USD14-billion in 2013 and a massive USD41.4-billion in 2014, according to the Kuwait-based investment bank.
In total, there are around USD205.6-billion of outstanding debt and sukuk in the region. “Corporate issuances make up the majority of the total amount outstanding with USD138.3 billion, or 67.2% of the total amount outstanding,” according to Markaz . “Sovereign issuances amount to USD67.4 billion or 32.8% of the total amount outstanding.”……………………………………….Full Article: Source

$ 66.4 bln sukuk issued globally in H1

Posted on 24 August 2012 by Laxman  |  Email|Print

The volume of sukuk issued globally during the first half of the current year reached $ 66.4 billion, according to a report released by KFH-Research, an affiliate of Kuwait Finance House (KFH). The increase in sukuk issuance during the period was triggered by large sums of money pumped by sovereign authorities and central banks to absorb excess liquidity, the report said.
It said the GCC countries used to be a main market for sukuk during the first half of the year, despite the absence of Kuwait and Qatar. The global sukuk currently represents a dynamic part of the Islamic financial system that continues to grow at a remarkable pace………………………………………..Full Article: Source

Is Islamic finance collapsing in Germany?

Posted on 23 August 2012 by Laxman  |  Email|Print

Islamic finance in Germany has, to the greatest possible extent, remained unsuccessful. A working paper from the Stresemann Foundation now shows that internal barriers especially are determinative.
In the first place, Muslim immigrants are low-income and demonstrate little investment potential, because of having less formal education and because Muslim women often have no gainful employment. For another thing, the system of sharia scholars leads to problems due to nebulous legal practices………………………………………..Full Article: Source

Sukuk restructuring

Posted on 17 August 2012 by Laxman  |  Email|Print

Nakheel is one of the largest property developers and master planners in the Middle East and has been responsible for the development of some of the landmark developments in Dubai, such as the Palm. At the time of the announcement Nakheel faced outstanding debt and trade creditor claims in excess of US$20 billion, which included over US$5 billion of outstanding sukuk.
This case study focuses on the final element of Nakheel’s restructuring that led to the settlement of Nakheel’s numerous trade creditor claims………………………………………..Full Article: Source

New study claims IFAs ‘overlook’ Islamic investments

Posted on 17 August 2012 by Laxman  |  Email|Print

New research reveals parallels between ethical and Islamic investing may bridge knowledge gap. Close to two-thirds of UK investment advisers surveyed admitted their limited knowledge of Islamic fund providers has prevented them from recommending products, according to a new report from Islamic asset manager BLME.
The knowledge gap persists despite a fifth of the 200 respondents to the survey believing their clients would be interested in learning about Islamic funds, it continues………………………………………..Full Article: Source

Global sukuk market to sustain growth in H2

Posted on 15 August 2012 by Laxman  |  Email|Print

Global sukuk market is expected to sustain the growth momentum momentum into the second half of the year, KFH-Research said Monday in a report about global sukuk market during first half of this year.
The report said the volume of sukuk issuance during the first half of the year reached $66.4 billion, triggered by large sums of money pumped by sovereign authorities and central banks to absorb excess liquidity. The GCC countries used to be a main market for Sukuk during H1, despite the absence of Kuwait and Qatar, it noted………………………………………..Full Article: Source

Why Arab youth can’t find jobs? An Islamic perspective

Posted on 13 August 2012 by Laxman  |  Email|Print

Arab youth unemployment is a complex and multidimensional problem. It requires modern and new innovative strategies to find practicable solutions to this social ill. Saad Al-Harran highlights the current social and political upheavals in the Arab world and examines the importance of investing in new business ideas and the significant of external mentoring from the talented Arab entrepreneurs in the West.
Although Arab states have spent millions of dollars modernizing their education system but these expenditures were not well spent. Sadly, it is wrongly channeled mostly towards building construction of many schools, colleges and universities without proper investment in human capital………………………………………..Full Article: Source

Global Sukuk issues top $12.9 bln in July

Posted on 06 August 2012 by Laxman  |  Email|Print

According to analysts at Kuwait Finance House, the total volume of Sukuk issuance since the beginning of 2012 reached $79.3 billion in the first seven months of the year.
Kuwait News Agency (KUNA) says KFH Research’s latest monthly report on the global Sukuk market shows the primary Sukuk market expanding for a third consecutive month in July with the largest amount issued since January. At $12.9 billion it represents a month-on-month and year-on-year increase of 20.8 per cent and 156.0 per cent, respectively………………………………………..Full Article: Source

Islam and money

Posted on 06 August 2012 by Laxman  |  Email|Print

Religion has plenty of guidance for all aspects of modern life. That most certainly includes how we manage our money. Paying interest, tithing, charity, even how we should view the concept of money itself. Over the next few weeks we’ll look at the role that the church, the mosque or the temple plays in our financial decisions.
This week, to mark the month of Ramadan, we’ll start with Islam. Islamic finance is fundamentally shaped by its view of interest, or riba in Arabic. Dr. Yahia Abdul-Rahman is the author of “The Art of Islamic Banking and Finance.” He also runs a mortgage firm in Pasadena, Calif. called American Finance House, LARIBA, which means riba-free………………………………………..Full Article: Source

World’s biggest brand? Not McDonald’s but halal

Posted on 13 July 2012 by Laxman  |  Email|Print

Tan Sri Halim SaadPeople may think Google or McDonald’s are the biggest brands in the world, but that’s just because they’re not thinking of halal, says billionaire Malaysian businessman Tan Sri Halim Saad.
With around 1.8 billion Muslims in the world required by their religion to eat only halal food, that makes the halal brand worth an estimated US$2.3 trillion………………………………………..Full Article: Source

Islamic finance set to reach $5 trillion by 2016

Posted on 02 July 2012 by Laxman  |  Email|Print

The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organisers of the upcoming International Islamic Finance Conference 2012.
The sector is undergoing a dramatic change with its one-time easily identifiable early entrants of the 1970s increasingly joined by new dedicated players, alongside Shari’ah-specific, specially-branded product offerings from the general banking sector………………………………………..Full Article: Source

Islamic finance set to reach $5 trillion by 2016

Posted on 28 June 2012 by Laxman  |  Email|Print

The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organisers of the upcoming International Islamic Finance Conference 2012.
Recent estimates predict a year-on-year growth rate of 25%, which would see the global industry valued at $5 trillion in 2016. They said that this indicates a need for an increased understanding of both the sector and the robust strategies needed to support such growth where the increased competition is in danger of blurring of lines between products and services. (Press Release)

Global Islamic finance to mark steep growth

Posted on 28 June 2012 by Laxman  |  Email|Print

The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organizers of the upcoming International Islamic Finance Conference 2012.
In a news announcement the event management team at Emerald Insight suggested that the demand for the Shariah-managed industry is largely market driven with a noticeably high number of institutions entering the arena introducing new products to market………………………………………..Full Article: Source

Deloitte: Saudi Arabia Islamic finance assets total $94bln

Posted on 27 June 2012 by Laxman  |  Email|Print

Deloitte’s Middle East Islamic Finance Knowledge Center (IFKC) report, Empowering Risk Intelligence in Islamic Finance, finds the total of Saudi’s Arabia Islamic Finance Assets, valued at $94bn, represents 8.2% of total Global Islamic Finance assets.
“Greater pressure has been placed on financial institutions offering Islamic Financial services to galvanise risk exposure and governance capabilities,” commented Dr. Hatim El Tahir, director of the IFKC. “Global and regional jurisdictional regulatory reforms are continuing. How this regulation will affect the Islamic Finance sector and the role of IIFS in the economy is yet to be seen,” he added………………………………………..Full Article: Source

MidEast Islamic private banking set to grow: StanChart

Posted on 26 June 2012 by Laxman  |  Email|Print

Stephen Richards EvansIslamic private banking looks set for strong growth in the Middle East, Standard Chartered Plc’s head of private banking ex-Asia said on Monday.
From a current very low base, private banking services adhering to Islamic principles will grow to between 20 and 25 percent of new wealth management business within two or three years, said Stephen Richards Evans, head of private banking for Europe, Middle East, Africa, South Asia and the Americas………………………………………..Full Article: Source

Saudi Arabia’s Islamic finance assets at $94bln

Posted on 22 June 2012 by Laxman  |  Email|Print

Saudi Arabia is one of the main contributors to the Islamic finance industry, with an estimated $94 billion in Islamic finance assets representing 26 per cent of the GCC total, a report said.
Saudi Arabia’s contribution is also valued at 8.2 percent out of total global Islamic finance assets, added the Deloitte Middle East Islamic Finance Knowledge Center (IFKC) report entitled ‘Empowering Risk Intelligence in Islamic Finance’………………………………………..Full Article: Source

Saudi Arabia contributed 8.2pct to the global Islamic finance: IFKC

Posted on 22 June 2012 by Laxman  |  Email|Print

A recent study conducted by Deloitte Middle East Islamic Finance Knowledge Center (IFKC) put Saudi Arabia as a major contributor to the global Islamic finance, representing 8.2 percent of the total Islamic finance assets, Trade Arabia reported.
The study, entitled “Empowering Risk Intelligence in Islamic Finance”, also placed the oil-rich Kingdom on top of GCC contributors to the Islamic finance industry, with an estimated USD94 billion in Islamic finance assets, representing 26 percent of GCC’s total contribution………………………………………..Full Article: Source

Could Egypt’s crisis doom the Arab spring?

Posted on 20 June 2012 by Laxman  |  Email|Print

From the moment the Egyptian regime was toppled in February 2011, the nation’s military and its Islamic democrats were set on a collision course. Now we’re seeing the crash.
Aided by a Constitutional Court ruling rolling back parliamentary elections, the Supreme Council of the Armed Forces has dissolved parliament and appointed 100 “experts” to write a new constitution………………………………………..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)

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