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... »
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... »
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... »
ICD and Mizuho Bank sign Islamic financing agreement The Islamic Corporation for the Development of the Private Sector (ICD) and Mizuho Bank have formalized a signing of Islamic financing agreement. The Islamic financing term sheet agreement was signed by Mr.Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr. Shojiro Mizoguchi, Chief Executive Officer of Mizuho Bank (... »
Yuri Barmin Analyst on Russia and its Middle East policy presents a great overview of the current state of affairs of the development of Sharia compliant financial sector within Russia and the CIS. The double push by Russian banks to enter into Islamic financial markets, initially during the global financial crisis in 2008 and most recently since 2014 due to the imposition of EU sanctions, as wel... »
In an interview with CNBC Squawk Box, Ashraf Mohammed from the Asian Development Bank (ABD) explains why Islamic finance is growing more popular as an alternative to the conventional banking system. Topics discussed included terrorist financing, and the growing importance of Islamic financing across Asia particularly for infrastructure funding in non-Muslim majority countries. »
