The prize remains up for grabs with none of the current hubs in the Middle East and South East Asia able to achieve the critical mass to move from a domestic to regional centre, and then upwards into a global Islamic finance centre. »

Islamic Finance for Development Victoria Kwakwa – World Bank Vice President for the East Asia and Pacific. Income growth is not the sole aim of economic development. To many, an equally important, albeit less quantifiable, outcome is a sense of progress for the entire community, and a confidence that prosperity is shared equitably – and sustainably – across society for the long term. Inclusi... »

Key Principles of Islamic Finance Islamic Finance is a fast growing financial services sector within which transactions are required to be compliant with Shari’a – a body of jurisprudence derived from the Qur’an and secondary sources known as the ‘Hadith’. Key characteristics include finance based on trade transactions in order to remove the basis of making money from money, often interprete... »

Report by Malaysia International Islamic Financial Centre Islamic Finance in Africa: Impetus for Growth Many market development and regulatory efforts have taken place in the African region in recent years as there is a clear set of potentials for Islamic finance to play a role in African countries to diversify their sources of funding. As the world’s largest untapped growth market for Islamic eco... »

Days of Double Digit Growth Are Gone In a speech at the Kuala Lumpur Islamic Finance Forum (KLIFF), Mr Encik Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia stated the days of double digit annual growth are now behind the industry. The industry must now seize opportunities in new growth areas; reinforce the core strengths of Islamic finance; unlock its potential; and realis... »

Bashar Al Natoor, Global Head of Islamic Finance at Fitch Rating looks at the historical evolution of Islamic Finance in the UK. Mr Al Natoor highlights the central role the UK plays in the global Islamic finance industry covering three areas. Firstly the role of English law in underpinning global sukuk contracts and Islamic financial contracts, secondly the London Stock Exchange being a global hu... »

Canada has helped to establish a template for other sovereigns in embracing alternative and socially conscious forms of investing according to a Fitch Ratings report by Bashar Al Natoor, Global Head of Islamic Finance at Fitch. The overarching reason is that Canada can deepen its pool of investors; the belief being that the more people have a personal stake in an investment, the more public accept... »

The Shariah-compliant refinancing of high value office accommodation in Aberdeen has been completed using a commodity Murabaha structure. Gatehouse Bank, a wholesale Shariah-compliant investment bank based in London, advised Youngberry on the investment and financing aspects of the deal. The funding was completed by way of a commodity murabaha facility from an established international bank. A mur... »

Gross global cross-border capital flows have shrunk by 65 percent from US$12.4 trillion in 2007 to $4.3 trillion in 2016 (McKinsey Global Institute), a trend inline with the Islamic finance industry (IFSB). A powerful force for optimism for Islamic cross border investment to buck this trend is China’s OBOR, as stated in a Jakarta Post article by George Mickhail, a senior lecturer at the University... »

Sukuk Default – Saad Group Head Arrested in Saudi Arabia Maan Al Sanea was arrested by Saudi authorities in October on charges of evading justice and owing large sums of money to creditors. He is also accused in the English courts of a $650m (£495m) fraud that has triggered a battle between hedge funds and the French bank BNP Paribas. The Telegraph reported Mr Maan’s $22bn Saad Group, collap... »