JAKARTA, June 18 (Bernama) -- Malaysia and Indonesia should strengthen their collaboration in advancing the agenda to further develop Islamic finance and the halal market for the benefit of the international community, Malaysian Minister in the Prime Minister's Department Datuk Seri Effendi Norwawi said Monday. Addressing some 700 captains of industry at the Malaysia-Indonesia Investment and Finance Summit here, he said that would provide both countries with the strategic avenues for partnership where they have distinct advantage.
LONDON (Reuters) - European Islamic Investment Bank, which offers Sharia-compliant financial products, plans to raise up to $600 million (300 million pounds) of funds to tap the thriving niche market driven by rising petrodollar wealth.
Industry watchers estimate the total liquid assets of high-net-worth Muslim individuals, with financial assets over $1 million, are worth more than $700 billion, and will grow at roughly 10 percent a year for the next few years.
Executive Director, Banking Supervision, Central Bank of Bahrain (CBB) Khalid Hamad has been elected as new Chairman of the International Islamic Financial Market (IIFM).Mubarak El Tayeb El Amin, Associate Director, Treasury, Islamic Development Bank was elected as Vice Chairman of the IIFM in the elections held at 17th meeting of the IIFM Board of Directors in Manama, Bahrain today.
The new Board will serve for a three-year term.
Robust macroeconomic growth and liquidity as well as rising affluence offer Islamic funds enough room to grow in the GCC region, according to global consultant Ernst and Young (E&Y).
The move by Dubai Islamic Bank (DIB) last week to launch a Sharia-compliant investment fund linked to the performance of non-Sharia-compliant hedge funds has sparked controversy within the Islamic finance industry.Created in partnership with two of the world's biggest financial institutions, Deutsche Bank and Goldman Sachs, the DIB fund aims to tap into the huge investment potential of conventional hedge funds, but still abide by Islamic law.No money is actually invested directly in conventional hedge funds.
At 26, lifelong Unitarian Universalist Blake Goud is already unlearning what he was taught in college. His career in Islamic finance is teaching him that the Western economic ideas he learned are not the only models of how to invest and spur financial growth.
With the project finance market in the GCC soaring to an estimated $1 trillion, an increasing number of companies in the region are choosing to finance their projects in accordance with Shari’ah principles.
“The growth in Islamic project financing has been phenomenal. It exemplifies the success of both the burgeoning Islamic finance sector and the booming construction industry in the region," said MEED, organiser of the upcoming Islamic Project Finance conference.
European Islamic Investment Bank, (EIIB) which offers Sharia-compliant financial products, plans to raise up to $600 million of funds to tap the thriving niche market driven by rising petrodollar wealth.
Industry watchers estimate the total liquid assets of high-net-worth Muslim individuals, with financial assets over $1 million, are worth more than $700 billion, and will grow at roughly 10 per cent a year for the next few years.