Inclusive and sustainable development looks beyond growth in gross domestic product and can strengthen nations for generations. However, rising income inequality has impeded social mobility, increased social tensions, and undermined effective governance in many countries. We are firmly committed to our twin goals of helping to reduce the number of people living in extreme poverty, […]
Lucy Burton, financial services editor The City’s top lobby group is urging the Government to make sure any laws introduced post-Brexit do not dent demand for Islamic finance as enquiries from banks to set up Shariah-compliant services soar. TheCityUK, which represents Britain’s banks and financial institutions, has sent a 32-page report to the UK Government highlighting that assets of UK firms offering Islamic […]
ALGIERS (Reuters) – Algeria’s new government will introduce Islamic finance and develop its stock market to draw more investment into the economy as it struggles to cope with a sharp fall in energy earnings, according to an official document. The measures are part of wider reforms by Prime Minister Ahmed Ouyahia’s government, which also said […]
Delegates listen at the Islamic Finance and Trade conference in Westminster, London (file). The UK has the highest number of Islamic finance education providers with about 70 institutions, including universities, schools and other education providers offering Islamic finance courses and degrees. By Arno Maierbrugger/Gulf Times Correspondent /Bangkok The growing popularity of Islamic banking and finance […]
Islamic finance is a centuries-old practice designed to enable Muslims to invest and transact business while remaining in accord with their religious beliefs. The Muslim world has long raised capital in accordance with Sharia principles. These principles reflect the requirements of the Islamic faith. For example, Sharia principles forbid the receipt of income derived from […]
By Chijioke Ohuocha LAGOS, Aug (Reuters) – Nigeria’s central bank said on Thursday it is setting up two financial instruments to provide liquidity support to its non-interest paying lenders. It is a push by Nigeria, home to the largest Muslim population in sub-Saharan Africa, to establish itself as the African hub for Islamic finance, which follows […]
Global economic volatilities, consistently low oil prices and reduced demand for credit are among the factors that currently weigh on the Islamic financial service industry, the recently released IFSB Industry Stability 2017 Report by Kuala Lumpur-based Islamic Financial Services Board (IFSB) suggests. The study says that 2016 marked another year of slower growth amid adverse […]
Taxes are fundamentally involuntary contributions towards the costs of providing civil services. Years ago, on a trip to Istanbul, my companion and I visited the tomb of one of the Ottoman rulers. At the entrance, an amount by way of contribution was suggested. Either the sign was out of date or I read the value […]
In the recent past, news about various Islamic finance initiatives in Africa made it on the business pages across the world, indicating that the continent is gearing up for a new form of banking. The Economist in a July article even called Africa “Islamic banking’s new frontier,” and the Malaysia International Islamic Finance Centre (MIFC) […]
Global economic volatilities, consistently low oil prices and reduced demand for credit are among the factors that currently weigh on the Islamic financial service industry, the recently released IFSB Industry Stability 2017 Report by Kuala Lumpur-based Islamic Financial Services Board (IFSB) suggests. The study says that 2016 marked another year of slower growth amid adverse […]
Islamic finance is still a nascent industry in Azerbaijan, even though the country’s large Muslim population base indicates great potential demand for its products and services. Nevertheless, efforts have been made to promote Islamic finance in Azerbaijan. Today, several banks in the country offer a narrow range of services based on Sharia’a (Islamic law) principles […]
By Arno Maierbrugger/Gulf Times Correspondent/Bangkok A lot of things are currently going on with regards to Islamic finance in Southeast Asia, one of the core regions for Shariah banking, although it was so far mostly confined to Muslim Malaysia and, partly, Indonesia. This […]