Alternative Investment Source to Azerbaijani Economy
Azar News
The International Bank of Azerbaijan, the largest lender and the only state-owned bank in the country remains confident to promote Azerbaijan as an Islamic Banking hub in the region. Behnam Gurbanzade, Director of the Islamic Banking Department of the IBA, spoke quite positive about the prospects of Azerbaijan’s eventful role in the Islamic finance markets. “Developing Islamic Financing in Azerbaijan gives us an advantage to set up a center for the development of Islamic Financing in the CIS based in Baku,” Gurbanzade wrote in an e-mail to AzerNews…
Read more Does Islamic Finance Matter?
Gulf Business
There is much hype about Islamic finance and it’s potential. However, the truth is that it remains a niche player. Global Islamic finance assets were estimated at $1.66 trillion in 2013 by the recently issued “State of the Global Islamic Economy 2014-15” report – which also forecasts the potential universe of Islamic finance assets in its core market to touch $4.2 trillion in 2014. However, despite the surge and purported popularity of Islamic finance, the industry is inconsequential in comparison to conventional finance. Islamic finance assets are heavily concentrated in the Middle East and Asia, and overwhelmingly in…
Read more Rise of Islamic Finance and Banking
Outlaw.com
The CIBE said the industry realised $2.1tn of assets in 2014, owing to “gains in popularity in traditional markets” such as Malaysia and the Middle East, and boosted by moves into new markets in Europe, Australia and China. CIBE chief executive officer Muhammad Zubair Mughal said Islamic banking is likely to represent a share of 86% of the industry’s $2.5tn market in 2015, followed by sukuk, the Islamic equivalent of a bond (6%), Islamic funds (4%), takaful (Islamic insurance – 2%) and Islamic micro-finance (1%). He said Dubai will continue in its role as “a global Islamic finance hub”…
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Maldives Sees Top Bank Aiding Offshore
Cpfinancial.net
“The growth of Islamic finance will be at a very fast pace,” she said in a 26 January interview from the capital Male. “I hope that we will be able to create an Islamic finance centre, which will act as the leader for Islamic finance and the halal industry in the South Asia region.” The government has set up a Shari’ah advisory council and released a Sukuk investment guide in its bid to tap an industry that Ernst & Young LLP sees doubling to $3.4 trillion in assets by 2018. The island nation is reliant on tourism and wants to diversify its economy by luring Islamic debt sales and deposits from India, where there is a Muslim…
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Shariah Compliant: SBP Urges Islamic
Tribune.com.pk
Islamic finance is experiencing a revival in the country, aided by an ambitious five-year plan that regulators hope will double the industry’s share of the banking sector to 20% by 2020. A growing client base and improving asset quality helped Islamic banks post profits before tax of Rs12 billion in the third quarter of last year, almost double the year-earlier amount, central bank data shows. But regulators want to tackle consumer perceptions that Islamic banks falter when it comes to social responsibility and ethical banking practices. The average financing-to-deposit spread – the difference between what banks charge for financing and what they pay their depositors – for all lenders, Islamic and conventional, remains high…
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Caring side of Islamic finance
Thenational.ae
In November last year, the International Finance Facility for Immunisation (IFFIm) issued a US$500 million sukuk with a difference – the funds would be used to buy life-saving vaccines. From an attempt to wipe out polio in the Democratic Republic of Congo, to the deployment in Haiti of a five-in-one vaccine that tackles haemophilus influenza, tetanus, hepatitis B, diphtheria and whooping cough, the funds from the sukuk, structured by a consortium of banks including NBAD, will be used to support a project that is estimated to have already saved more than 6 million lives. As an added bonus, the sukuk pays, in quarterly coupons, a Sharia-compliant profit...
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Dubai-Luxembourg Firm Launches Islamic Factoring for SMEs
Zawya.com
Tawreeq Holdings developed the concept over the past year and a half, aiming to give smaller firms a funding alternative to bank loans, which can be cumbersome and costly for most, said chief executive Haitham Al Refaie. Besides start-up capital from regional investors, the firm plans to raise additional funds, he added without giving monetary figures. "We are in the process of launching our investment funds and sukuk to attract liquidity from international investors." In conventional factoring, a bank takes over a firm's receivables and collects payments on them, while charging interest on a loan extended to the firm...
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Islamic Finance Industry Registers Strong Growth
theborneopost.com
Thus, industry practitioners have been urged to continuously enhance their knowledge and skills especially in the area of regulatory and legal framework. Islamic Banking and Finance Institute Malaysia (IBFIM) chief executive officer (CEO) Datuk Dr Adnan Alias said Malaysia as the centre for Islamic finance hub has seen a strong growth due to the government’s strong initiatives among others the various recommendations in Bank Negara Malaysia’s Financial Sector Blueprint and Securities Commission’s Capital Market Masterplan 2. He said this at the Islamic Finance Conference 2015 in Kuala Lumpur yesterday. At the same time, Malaysian Institute of Accountants (MIA) president Datuk Johan Idris said with the exponential growth in the Islamic finance sector…
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Demand Grows for Islamic Finance Professionals
Emirates247.com
Demand for Islamic finance professionals in on the rise and even non-Muslims are entering into the industry whose assets are set to double to $3.4 trillion by 2018. The fast growing industry offers immense opportunities and will need 1 million people with Islamic finance knowledge by 2020, according to a report from the Malaysia International Islamic Financial Centre. The Dubai government has voiced its ambition to be a global capital for Islamic finance and Islamic banks now command a roughly 25 per cent share of the banking market in Gulf Cooperation Council, according to an estimate by Ernst & Young, leading …
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PROGRESS to Run "Islamic Finance in the Wider Economy"
Zawya.com
The half-day seminar is seen as an introductory session to the six-month, Chartered Institute of Management Accountants (CIMA) course that PROGRESS currently offers to career professionals looking to enhance their skills in this rapidly growing, USD2 trillion sector. Those attending the half-day seminar will receive a participation certificate from PROGRESS and be invited to sign up for the CIMA accredited courses. The CIMA Diplomas in Islamic Finance (CDIF) courses are exam-based qualifications; however, they only take an average of six months to complete. CIMA's Islamic Finance diplomas (CDIFs) are accredited exam-based qualifications that are accepted worldwide…
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Three State-Owned Banks Are Set To Establish Islamic Finance Units
Mondaq.com
With more than 600 institutions worldwide and with estimated $ 1.4 trillion Sharia-compliant assets in 2014, Islamic Finance ("participation banking") market in Turkey keeps growing and such growth is likely to continue in the future. Despite the size and the potential of the Islamic finance market, in 2014, Turkey has only four private participation banks. It is likely that this situation will not remain the same as the Turkish government is preparing the regulatory framework in order to introduce three state-owned banks in participation banking market. The first participation bank in Turkey; AlBaraka Türk completed its establishment in 1985. Four years later the second participation bank Kuveyt Türk was established. These were followed by Bank Asya …
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Indonesia Beats Malaysia in Global Sukuk
Bloomberg.com
Finance Minister Bambang Brodjonegoro said on Jan. 9 that the government will offer international sukuk in the first half, the fifth straight year it’s issued such debt. The Southeast Asian nation sold $5 billion of global sukuk in the past four years, compared with $3.25 billion for Malaysia and $2 billion for Qatar, data compiled by Bloomberg show. Shortage of investment products in the $1.7 trillion industry, which Ernst & Young LLP sees doubling by 2018, will ensure demand for Indonesia’s sukuk, according to Kuala Lumpur-based consultant Amanah Capital Group Ltd. While the nation is ahead of Malaysia in dollar-denominated bond sales, its Islamic banking assets are just 12…
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Islamic Finance Issues to be Probed at Forum
Gulf-daily-news.com
Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Islamic Development Bank (IDB) are planning a joint meeting in Bahrain next month aimed at discussing issues of internationalisation of Islamic financial services. The roundtable meeting of the directors of operations and investment of Islamic banks, themed 'Internationalisation Strategies of Islamic Financial Institutions', will be held on February 23 and 24. Through the meeting, the council expects to increase awareness and information sharing about the CIBAFI Strategic Plan 2015-2018. It is also in line with the IDB's objectives to promote development and support the Islamic financial services industry (IFSI)…
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CIBAFI, IDB Meeting on Global Islamic Finance
Tradearabia.com
General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Islamic Development Bank (IDB) have planned a meeting in Manama, Bahrain aiming to discuss issues of internationalization of Islamic financial services. The roundtable meeting of the directors of Operations and Investment of Islamic banks, themed “Internationalization Strategies of Islamic Financial Institutions” will be held on February 23 and 24 in Manama, Bahrain. The roundtable meeting is part of the Strategic Objective 3 - Awareness and Information Sharing of CIBAFI Strategic Plan 2015 – 2018. It is also in line with the IDB’s objectives in promoting development and supporting the Islamic financial services industry (IFSI)…http://www.tradearabia.com/news/BANK_273627.html
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Issues Facing Product Development in Islamic Finance
Gulf-times.com
One of the major challenges of Islamic Finance is to create new products and services for its clients. Product innovation and enhancement is an important aspect for the development and growth of Islamic Finance. It is estimated that 50% of the customers in GCC have a preference for Islamic banking products as long as they offered equal value and are competitively priced. Majority of GCC citizens are estimated to belong to the 50% segment. To create products or services in Islamic finance, one should understand that there are two common ways — Shariah-based products, or Shariah-compliant products.
Shariah-based products are those that have been produced by Shariah…
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FAAIF and AFRIEF Sign MOU
Pwire.com
Camille Paldi, CEO of the Franco-American Alliance for Islamic Finance and Baba Yunus, CEO of the African Islamic Economic Foundation sign MOU to cooperate to promote the cause of Islamic finance in Africa and promote investment in African nations. Paldi and Yunus, recognizing the tremendous potential of Islamic finance in Africa as a form of alternative financing and investment and as a tool to attract investment into Africa agree to work together to cooperate in developing Islamic finance in Africa and in facilitating Islamic finance business in Africa for other regions of the world including the GCC, China, Europe, Australia, and the United States. Islamic finance…
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Financial Innovation Challenge on Promoting Excellence
Brocrder.com
The State Bank of Pakistan will launch the 3rd Financial Innovation Challenge Fund (FICF) round here on Friday. The Finance Minister, Senator Muhammad Ishaq Dar will preside over the launching ceremony.
FICF is a component of the larger Financial Inclusion Program (FIP) being implemented by State Bank of Pakistan under the funding assistance of the UK Aid. The Challenge Round is being unveiled to promote Islamic Financial services to meet the latent demand for Shariah compliant financial services in Pakistan.
This round aims to develop education and research infrastructure for promoting…
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Almaty to Host Islamic Finances
Astanatimes.com
The 12th Islamic Financial Services Board (IFSB) summit will be held in Almaty on May 19-21, the National Bank of Kazakhstan (NBK) announced. A memorandum of understanding signed between NBK and IFSB on Dec.31 signified the cooperation and commitment of both parties in ensuring the success of this important event, stated its Jan. 5 press release. According to NBK, the IFSB summit is an interactive platform for key players in the Islamic finance industry that will focus on the current development of Islamic finance in the world, regulating the activities of Islamic financial institutions, regional and global cooperation in the fields of financial stability…
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PROGRAMS OFFERED
CIFE is a specialized certificate program in Islamic Finance, which is aimed to produce highly skilled professionals who can perform key roles in the establishment and management of Islamic financial institutions
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MDIF is an advanced diploma & a master qualification in Islamic finance, designed to produce highly competent professionals who are fully capable to design financial products and services for Islamic financial institutions
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What Our Students Say
Islamic Finance studies at AIMS remained very beneficial for me in negotiating the best suited Sharia compliant financial products for my company and other financial dealing related to bank. While dealing with Islamic banks, I found that most of the officials even at top level are not fully conversant with the Islamic financial products and Islamic modus operandi of handling the situation. Sometimes they deal this products/situation in purely conventional way. Attaining knowledge through AIMS developed an analytical approach in me to advise the company management for working in Shariah compliant environment.
Muhammad Tahir Chouhan
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