Editor's Note

Second issue attached: Opalesque Islamic Finance Intelligence

Dear Opalesque reader,

First of all we would like to extend our sincere gratitude for the warm reception and the extensive feedback received following the first edition of Opalesque Islamic Finance Intelligence (OIFI).

Our maiden issue saw OIFI building a readership of well over 2,000 and this only solidifies our commitment to explore industry-specific content, encourage critical discussions and lively interaction. All of which we resume in this our second installment, where we explore the specifics of Shariah scholars and Shariah boards.

It is the most essential question for practitioners and non-practitioners alike: how do you achieve Shariah compliance? While there is no clear cut answer we run through a Shariah Compliance Toolkit that delves into the mechanics of engaging Shariah advisors, the existing business models, procedures & timelines, agency & monetary costs, as well as some recent developments.

Our Featured Resource section sheds further light on various Fatwa databases and search engines that are useful in specific areas of research.

In this issue, we explore how the manufacturing process has fared in this regard in the Featured Structure section, highlighting some of the recent entries into the landscape of Islamic products (such as CPPI vehicles and other structured notes).

We further focus the attention on the perspective of the boutique (or more specifically the perspective of a non-Islamic financial institution) as it pertains to creating and developing solutions. Our Allocator Interview examines the experience of Amiri Capital in putting together a Shariah compliant platform and the challenges faced in bringing products to market.

While we have dissected exotics, even the most vanilla of contracts isn’t exempt from scrutiny, as we look at the intricacies of modern murabaha contracts in the Lexicus Islamicus column. Moreover, differing opinions on this and other instruments have reignited the debate of whether Shariah boards (and their approval process) should rest within financial institutions or at the country level, with the Discussion Board opening the floor to industry voices.

Finally, from these various inputs we probe the outputs as well - surveying the ‘bad habits’ of Islamic fund managers in our Industry Snapshot section.

Once again we welcome your comments & suggestions, and please check the archive of Opalesque Islamic Finance Briefing which is now available online here: www.opalesque.com/index.php?act=archiveOIFI - providing a free historical data bank of industry news (over 3,300 articles) as well as back issues of OIFI. It’s all there, it’s all free.

New subscribers can set up their Opalesque subscriptions here:
www.opalesque.com/index.php?act=registration&stype=OIFI.

Download Opalesque Islamic Finance Intelligence issue here

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About OIFI

OIFI is the latest addition to the Opalesque family and designed to provide an effective gateway towards this growing and fast-evolving industry. It aims to provide an innovative and sophisticated approach to Islamic finance, with an unmatched ability to openly discuss the various issues, challenges and opportunities within the industry. Above all, OIFI maintains a practitioner approach – focusing on precise and relevant content for investors, product manufacturers, fund managers and all members of this truly global community.

This new publication addresses the Islamic finance community through a monthly edition, complemented by the Opalesque Islamic Finance Briefing (our free industry news daily), and a variety of additional tools for readers. OIFI brings together a wide range of guest columnists, interviews, profiles and much more. Our coverage includes:

  • Featured resources and research material
  • Featured structures and their applications
  • Fund Manager profiles
  • Allocator / Institutional interviews
  • Featured articles and opinion columns
  • Discussion boards and forums
  • Industry statistics and metrics

Above all, OIFI brings a new and energetic approach; it is a must-read for anyone interested in entering this field and a welcome new approach for industry participants.

The OIFI concept has been jointly developed between Opalesque and Amsar Partners, an independent Islamic finance consultancy. Amsar brings together a multi-disciplinary team that includes Bernardo Vizcaino, CAIA, Managing Director; Nikan Firoozye Ph.D., Director of Shariah Structuring; and Khalil Jarrar J.D., Director of Jurisprudence. They combine highly regarded financial, academic and research backgrounds with an unmatched industry network.

Their working experience ranges from boutique to institutional. Their research has explored Islamic funds, sukuk structures, a wide range of Shariah compliant instruments, as well as work on the conventional world - fixed income relative value strategies, bayesian models for algorithmic trading, macroeconomics, 130/30 and SRI funds, etc. Their previous editorial engagements have included the Middle East Insurance Review, Euromoney, RISK Magazine, Islamic Finance News, Terrapinn, IQPC, CNBC, Bloomberg, among others. Their academic trajectory ranges from Masters of Applied Finance, PhD in Applied Mathematics, Chartered Alternative Investment Analyst, Doctor of Jurisprudence, and International Law.

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