Respected UK journalist Peter Osborne dug deep to discover use of a "World Check" Thomson Reuters database being used to blacklist UK Muslims. The World Check database is nothing more than a trawl of public information from sources such as Wikipedia and blogs. »
SOVEREIGN UPDATES: Fuel subsidies on gasoline and diesel will be abolished by 24% and 29% respectively effective 3rd August. We believe the rationalisation of subsidies could help to bolster government finance from plunge in global oil prices (as the government revenue has fallen about 50% in 2014) and would benefit the economy in the long run. »
The inaugural Symposium of GIFDC is a 2-day event and will be held in Istanbul, Turkey. The theme of the symposium is Islamic Finance: A catalyst for Shared Prosperity. The concept of risk-sharing in financial and social contracts is one of the unique features of Islamic Finance while shared prosperity advocates for an economic and financial system that mobilize and allocate resources to the most ... »
Speaking at a conference in Singapore, Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore listed a number of key trends which can help boost cross border Sharia compliant trade between Asia and the Middle East. »
Gulf based banks dominate global Islamic Bank rankings with Al Rajhi Bank maintaining its top ranking based on assets of over $82 billion, followed by Kuwait Finance House on $56.8 billion, Dubai Islamic Bank on $33.73 billion and Abu Dhabi Islamic Bank with $30.49 billion in assets. »
Tatarstan and Sberbank have signed an agreement for cooperation in the field of Islamic financial services which envisages considering and making proposals for the development of the Sharia compliant financing in the republic. »
The financial sector plays a critical role in the socio-economic development of any country. Of importance, Islamic economics was designed as a just and ethical financial system, supporting the efficient allocation of resources both for wealth creation purposes, as well as the betterment of society. Finance based on Islamic principles is expected to further enhance socio-economic well-being in co... »
A busy week in the UK concludes with innovative Helicopter Financing deal and final delivery of Emirates A380 funded by UKEF Sukuk. Both deals mark World firsts within the sector for the UK and bolster it ambitions to become Western hub. »
In an amendment to Tax laws, the South African government is looking to its listed corporates to build off its sovereign Sukuk issuance last year with expanded inclusion of finance instruments based on Islamic principles within the tax regime. »
Jaseem Ahmed, Secretary General of the Islamic Financial Services Board (IFSB) stated the industry is now witnessing the coming together of the global community of savers and investors who are interested in ethical finance, adding such investors are showing an interest in sukuk because of its ethical credentials. »
