Global institutions call for strong Islamic banking regulations and supervision

Ethical and inclusive nature of Islamic finance make it a sustainable option  Dubai: A high level forum on Islamic Finance in the Arab region on Sunday called for strengthening Islamic banking regulation and supervision. It was organised by the Arab Monetary Fund and the International Monetary Fund, in collaboration with World Bank, Islamic Development Bank, […]

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Gold may fuel Islamic finance

With the Islamic finance industry set to be worth US$3 trillion in the next decade, gold could be a catalyst for its growth with the setting of new regulations that will allow Islamic investors for access to gold-based products for the first time. The market development body, the World Gold Council (WGC), which is based […]

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Experts outline how Islamic finance can support achieving the SDGs

A distinguished panel of heads of regulatory authorities and other industry operators today outlined ways in which Islamic finance could play a role towards achieving the Sustainable Development Goals (SDGs). They spoke during the 11th IDB Global Forum on Islamic Finance, jointly organised by the Islamic Research and Training Institute (IRTI) and Bank Indonesia as part […]

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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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