Islamic business wins academic following
Islamic finance sector is coming into its own
Survey: Islamic bank assets up 29%
Double digit growth for Islamic banking assets in 2009
Choosing Islamic finance: Governments need to step up to deepen Islamic finance markets
Skills shortage fear for Islamic finance
Shari’ah-compliant equities lag as investors dive back into financials
Islamic finance needs to diversify
Unused surplus liquidity a risk factor for Islamic finance
Credit ratings of Islamic finance firms stable – Moody’s
Dow Jones expands Islamic market measure
Global Islamic finance industry worth over USD 1 tn in asset terms
New asset classes for Islamic investment
Islamic finance maintains growth despite global crisis
Shariah-compliant finance is the best choice
Islamic finance must boost regulation, professional staff: Experts
Islamic finance outlook positive
Crisis is an opportunity for Islamic finance
Islamic finance resilient as London consolidates position as key western
Shariah index shows increasing trends toward Islamic investment
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International Islamic Financial Market
Shar’ia derivative standard out by year-end
“The first template for over-the-counter derivatives compliant with Islamic law could be in place by year-end, allowing quicker and cheaper Islamic risk management, one of the institutions involved in its creation,” said Ijlal Alvi, CEO of the International Islamic Financial Market (IIFM), he hopes the master-contract, originally expected earlier this year, would be approved by its scholars panel within the next three months.
“It is happening. We are working internally and with some banks as well,” Alvi said in an Reuters interview.
The contract – to be known as Ta’Hawwut or hedging – would create a standard legal framework for OTC derivatives in the Islamic market, whereas currently contracts are arranged on an ad hoc basis.
The Accounting and Auditing Organisation for Islamic Financial Institutions
Plan to screen products
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) “will screen products and services offered by the industry for Sharia compliance”, it said in a statement. The move is aimed to “encourage greater harmonisation of international Islamic finance practices,” it said.
The fledgling Islamic finance industry relies for guidance on a patchwork of standard-setting bodies such as AAOIFI, opinions of Islamic scholars and national regulation.
“Although AAOIFI is not taking on a permanent role of industry watchdog, there exists a current huge gap in the market relating to credible Sharia compliance screening of products and services,” AAOIFI said.
Praesidium & Dubai International Financial Centre
Islamic finance seen quadrupling to USD 4 tn
The Islamic finance industry is expected to more than quadruple in value within a decade from its current size of between USD 800 billion and USD 1 trillion, as it captures the savings of half of the world’s 1.6 billion Muslims, a new study predicted on Monday.
IDC Financial Insights Asia/Pacific
Islamic finance not immune to economic crisis
While the Islamic financial system may have been spared the direct impact of the subprime fallout, the indirect impact clearly affected the performance of shariah financial products and services.
Abhishek Kumar, Senior Research Analyst, Asia/Pacific Banking Advisory Service, concludes, “The Islamic financial system has an extremely bright future but it is on a long road to maturity. Even though Islamic finance is considered an alternative financial system, it still operates within the global economy, and is ultimately bound by the same constraints as its conventional counterpart. It would therefore be unwise to frame Islamic Finance as a completely separate system from conventional finance, as it could alienate and even disillusion potential clients and investors.”
Ernst & Young Islamic Funds and Investments Report 2009
Islamic assets in GCC, Asia top USD 700 billion in 2008
Shariah-sensitive assets in the Gulf Cooperation Council (GCC) countries and Asia touched USD 736 billion in 2008 compared to USD 267 billion in 2007, said the third annual Ernst & Young Islamic Funds and Investments Report (IFIR) 2009.
In a statement Tuesday, Ernst & Young said that in computing the total asset size this year, the report included Awqaf and Endowments, Takaful operators in Malaysia, sovereign wealth funds in the Middle East and North Africa (MENA) and Asia, as well as the markets of Pakistan and Southeast Asia.
Professor Mahmoud El Gamal
Islamic banks also responsible for global financial crisis
Islamic banks did not provide true Islamic banking products. Instead, they gave an Islamic name to products of the commercial banks to attract clients who did not want to deal in interest, explained Professor Mahmoud El Gamal, the Chair of Islamic Economics, Finance and Management at Rice University in Houston, Texas, U.S.
Responsible Competitiveness in the Arab World 2009
Islamic finance better bet than Western investments
There is a new buzz in the Arab World about Islamic finance, which tended to have a reputation of being “nice” yet offering “lower returns”, he says. Today, argues MacGillivray, Islamic finance is being viewed as a safer and better bet for investors than the “Western casino style” of financial investment.
Adnan Yousuf, Chairman of the Union of Arab Banks
Shariah banking to play greater post-crisis role
Islamic banks are expected to play a stronger role in any new international financial order that could be spawned by the global economic turbulence, according to the Arab World’s top banker.
IIRA
Islamic banks face liquidity challenges
The International Islamic Rating Agency (IIRA), headquartered in Bahrain and set up two years ago by the Islamic Development Bank (IDB), has warned in its latest research report titled “Liquidity Assessment of Islamic Banks” that “Islamic banks face challenges from declining liquidity in the markets”. This is partly reflected by the fact that many Islamic banks became net borrowers from the interbank market during 2008 from net providers of funds in 2007 indicating increased liquidity needs.
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