Nov 28 The Bahrain-based group that issues guidelines generally followed by Islamic financial institutions has approved a sharia standard for gold-based products in a bid to expand the use of bullion in Islamic finance. Traditionally, gold has been viewed as a currency in Islamic finance, confining it to spot trades in fixed weights and measures. […]
Standard & Poor’s believes that in view of the fast growth of the Islamic finance industry robust Sharia governance structures is very important. Generally, internal Sharia auditors have the task of checking whether an Islamic bank’s activity was performed according to the rules set by the institution’s Sharia board. While this model has provided an […]
Sovereigns, Banks and Corporates in the Gulf will Boost Sukuk Sales in 2017 Article Overview 1 Sovereigns, Banks and Corporates in the Gulf will Boost Sukuk Sales in 2017 1.1 Government Efforts Will Pay Off 1.2 Growing Size of Sukuk and Islamic Finance Industry Sukuk issuances are expected to be flat at around $70 billion for 2016, but […]
* Pakistan adopted tax rebate for sharia-compliant manufacturers * Banker sees signs of higher demand for Islamic financing By Bernardo Vizcaino Nov 23 Pakistan’s Islamic banks are introducing new products and adjusting policies to take advantage of government incentives designed to boost growth in the industry. Sharia-compliant banks in the country, the world’s second most […]
Islamic financial institutions’ business activities must comply with Islamic law (Sharia). Rating agency Standard & Poor’s believe that in view of the fast growth of the Islamic finance industry robust Sharia governance structures is very important. While the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) have […]
Women stand in front of a gold shop at al-Bzoria market in old Damascus. Reuters/Khaled Al Hariri If just 2 percent of current Islamic finance assets are allocated to gold, a huge new source of demand – roughly equal to China’s total purchases in 2015 – will soon enter the market. And this could push gold […]
Africa’s development needs are greatly aligned with Islamic finance given the continent’s infrastructure deficit, paving the way for more sharia-compliant products on the continent, according to Imran Mufti, partner at Riyadh-based law firm Hogan Lovells. “Being attached to tangible infrastructure and development projects and assets which are much needed in Africa is in line with […]
By Bernardo Vizcaino Islamic scholars are finalizing work on a sharia standard for gold-based products set to become effective before the end of the year and possibly help kick-start a new wave of product development in Islamic finance. Gold has been treated mostly as a currency in Islamic finance, limiting its use to spot transactions, while […]
By Bernardo Vizcaino A global body for Islamic finance is developing a standard for centralized sharia boards to provide guidance for strengthening corporate governance and increasing the consumer appeal of sharia-compliant financial products. The move is the clearest indication yet that the industry is shifting away from self-regulation, an approach which proved flexible in its early years […]
By Bernardo Vizcaino Nov 4 (Reuters) – Kenya’s plans to develop Islamic finance include a wide-ranging taxation review and the establishment of a national sharia board, steps which could set it ahead of other African countries aiming to develop the sector. The country wants to build up the industry as part of a long-term plan […]
