Islamic finance preps rules for charitable funds

Islamic finance institutions will present a set of guidelines for Muslim charitable institutions later this month, as the industry looks to develop a more efficient use of their assets, an Indonesian central bank official told Reuters. Islamic endowments (awqaf) and alms-giving (zakat) have been in existence for centuries and hold billions of dollars in assets […]

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Australian budget opens door to Islamic finance

The Australian government has proposed removing tax barriers to asset-backed financing arrangements as part of its federal budget, a move likely aimed at facilitating interest-free transactions used in Islamic finance. Islamic finance is gradually catching on in Australia, with National Australia Bank Ltd helping fund a A$160 million ($114 million) Brisbane property purchase in February, […]

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Governing Islamic financial institutions

THE financial services industry is a highly-regulated industry due to the mobilisation of investors, depositors and policyholders, that is, public funds. Significant public trust demands proper supervision and monitoring of financial services and, hence, the promulgation of statutes, statutory provisions, guidelines and circulars with direct supervision from financial authorities. Soundness and stability of the financial […]

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Shariah-compliant: Islamic financing increases for infrastructure deals

Islamic banks move to longer-term transactions. PHOTO: ONLINE Shariah-compliant financing is emerging as a viable alternative to conventional banking in order to fund infrastructure deals, which could help promote use of longer-term transactions in Islamic finance. Islamic deals are backed by specific assets, which makes them convenient for infrastructure projects. But traditionally, Islamic bonds and […]

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Global Islamic finance summit confirms UK as lead Western hub

Ministers, central bank governors, and regulators from around the world meet in Manchester to discuss the Islamic finance sector’s growth. The UK’s status as the leading Western centre for Islamic finance will be confirmed today (28 April 2016) when ministers, central bank governors, and regulators from around the world meet in Manchester to discuss the […]

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Canada: The next hub of Islamic finance?

Canada’s stable economy, growing Muslim community and international outlook could make it the next Islamic financial hub in North America The sharia-compliant financial sector is not entirely new in Canada (AFP) TORONTO, Canada – With a growing Muslim population, stable economy and openness to the world, Canada is poised to become the North American hub for […]

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Islamic finance assets estimated at $2.1T in 2015

Islamic finance will likely remain a moderate contributor due to the industry’s small size and the issues it has yet to resolve to unlock its global potential. (File photo) Sukuk issues volumes will reach $50 billion to $55 billion in 2016, according to Standard & Poor’s estimates. “We estimate Islamic finance assets were worth about […]

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Islamic finance could help in meeting sustainable development goals

Islamic finance could contribute to meeting some of the sustainable development goals adopted by the UN General Assembly under its 2030 agenda, said Standard & Poor’s Ratings Services in a report published today, “Islamic Finance Could Aid Modestly In Achieving Sustainable Development Goals.” Agreed on in September 2015, the UN General Assembly set 17 sustainable […]

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Uganda to Host Islamic Finance Convention

Kampala — The Sub-Saharan Islamic Finance Convention 2016 will take place in Kampala on May 10th and 11th. There are two basic principles behind Islamic banking. The sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest. to a statement, the purpose of the Convention is to create a […]

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