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Our vision is to help Muslims help themselves, help each other and help others by growing their wealth, and serving their financial needs in an Islamically Correct® way.
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India's first Shariah-compliant infrastructure fund is on its way. A finance groups 2i Capital Group in a consortium with Oman-based Amwal Investment SAOC has launched a $300-million offshore Shariah-compliant Indian Infrastructure Development Fund. 2i Capital Group operates in UK, Mauritius and India. The fund with a seven years tenure has been registered with Securities and Exchange Board in India.
Emirates Bank Group (EBG) through its subsidiary Emirates Islamic Bank (EIB) and Amlak Finance, the largest publicly listed Islamic finance company and pioneer in home finance in the UAE yesterday announced the signing of an AED 800 million flexible 360 day Wakala facility.
This is the first step of a much more comprehensive relationship between the two leading Islamic finance institutes in the UAE which will deliver innovative Islamic Finance products to the regional market.
At least 50 per cent of all new project financing in the Middle East features some element of Islamic funding, according to MEED Projects.
And $30 billion of sukuks are expected to be issued by the end of this year, adds leading law firm DLA Piper.
There are still some barriers to the expansion of the Islamic finance industry, a new survey from the Big 4 firm KPMG has found.
A
lack of qualified Islamic bankers, weaknesses in transparency and
financial reporting and the ongoing matter of regulatory capital are
all obstacles to the growth of the sector, the KPMG report, titled
Growth and Diversification in Islamic Finance, stated.
Malaysia has been urged to expand its Islamic
banking to Bosnia and Herzegovina due to the rising interest in such
products and services, according to the countrys first Islamic bank
CEO.Amer Bukvic of Bosna Bank International made an impassioned plea to
Datuk Seri Abdullah Ahmad Badawi to encourage Malaysian banks to
capitalise on their expertise in Islamic financial banking and invest
here.
What hit Mr Jaspal Singh Bindra, Regional CEO, South East and South Asia of Standard Chartered Bank, when he was recently in Brunei for a day was the diversity in terms of gender compared to the rest of SCB institutions..
In an attempt to iron out minor clogs in its system and achieve complete harmony with the conventional banking system, the global Islamic banking and financial market was going through standardisation upheavals.But the churning process was inevitable to ensure a standardised single-structure for the sector to grow by leaps and bounds. The International Financial Market 2007 conference that got under way here yesterday reflected that global Islamic banking dilemma and its efforts to bail itself out of the uniform model muddle.
After almost three decades of the "International Commodity Murabaha" (Islamic commodity trade finance based on the cost-plus financing principle), both regulators and market players are revisiting the structures and tightening any loopholes which might be deemed contrary to Islamic investment principles.
Greater harmonization in accounting standards, prudential regulations, development of standardized instruments and practices is crucial for rapid growth and internationalization of Islamic finance, Central Bank of Bahrain Governor Rasheed Al-Maraj said yesterday.
He said the existing differences create additional costs for internationally-active firms and competitive distortions as well as reduce transparency for investors and counterparties.
Despite a securitisation market worth $2 trillion in an overall sector that boasts of over $500 billion of Shariah-compliant assets under management worldwide, Islamic secondary markets currently stand at a value of just $20 billion with a growth rate steady at only 20 per cent per annum over the past decade or so, Lilian Le Falher, Senior Manager and Head of Treasury at Kuwait Finance House, Bahrain, told Bahrain Tribune at the Second International Islamic Financial Market (IIFM) Conference yesterday.
