Islamic Finance is one of the most developing industries today, with a compound annual growth rate estimated at 50 to 20 % per annum between 2006 and 2010 and several countries competing for the “gold medal” to become the ultimate Islamic Finance hub. This situation does not seem to apply for North African countries, where Islamic Finance is still lagging behind other Muslim countries in the GCC or South East Asia, or even behind non Muslim countries such as the United Kingdom.
| outlook-strategy-if-development-north-africa.pdf |
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In its 2012 Islamic Wealth Management Report illustrated by masterpieces of Islamic calligraphy, by the Chinese Muslim master Hajji Noordeen, deals with the theme “The path to corporate transformation – converting a company to Islam”.
Bank Sarasin reviews the complexities of converting a business to Islam, a topic which is rarely discussed or written about. Conversion is complicated by the need to address every aspect of a business, the lack of broadly accepted standards and regulations, and differences in the Muslim world itself. The Report, released today, is the Bank’s third on Islamic Wealth Management.
| islamic_wealth_management_report_2012-22.pdf |
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Today the world economic system, that is based on interest, has resulted in concentrating the wealth in the hands of selected few creating monopolies and widening the gap between the rich and the poor. In contrast Islam encourages circulation of wealth and regards its role as important to an economy as the flow of blood to our human body. Just as clotting of blood paralyzes human body, concentration of wealth paralyzes economy. The fact is that today 10 richest men in the world have more wealth than 48 poorest countries of the world. Millions are malnourished, lack access to safe water, cannot read or write, in short the quality of life has decayed and the graph continues to go down.
This paper investigates the question of whether the phenomenon of Islamic finance or Islamic Banking is truly globalizing, that is, spreading as a universal alternative to conventional finance and banking or whether the proponents of such a view are spreading a myth or are themselves simply deluded by their own enthusiasm. The paper addresses various aspects of the globalization of Islamic finance, among others, the issue of the rise of Islamic banking in the West, Islamic jurisprudence and finance, global standards and integration of Islamic finance, and obstacles facing Islamic finance’s integration and growth into the global financial system. One central question asked in this paper is whether the globalization of Islamic finance as a system is even possible, and if so how can it take place?
Paris EUROPLACE has developed this Guide to assist those parties interested in learning about the possibility to issue or list sukuk in France whether using International Law or French Law. This Guide provides a summary of the regulatory environment for sukuk in France and the scope for application of such requirements. This Guide is also intended to provide guidance on the Islamic aspects of sukuk under French Law.
This document does not constitute Shariah or financial advice, nor does it replace the regulatory requirements of the French Market Authority (AMF). It should be read in conjunction with the detailed requirements of NYSE Euronext Paris to form a definitive view in terms of the application of the relevant operating environment in France to each individual set of circumstances.
November 2011
| french_sukuk_guidebook_nov_20111.pdf |
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The aim of this report is to assess the state of Islamic banking in North Africa, examine why it has failed to take-off and consider its future potential and how it can contribute to the economic development.
The rationale for Islamic finance is explained and its essential features described. Once shari’ah compliant financing facilities become available, funds that otherwise might not be available can be harnessed for both commercial and development projects. In addition to diversifying funding sources, Islamic finance can ensure better monitoring of how funds are deployed, improving the effectiveness of financial intermediation.
A New York Sukuk?
Islamic Asset Management: Uneven Development of a High-demand Service
Panorama of Mutual Funds in the GCC
Legislative Change in Korea:
Strikes but Not Out?
Dow Jones Islamic Market Indexes in April: Growth Is Beautiful—or Is It?
| djim_quarterly_newsletter_2011061.pdf |
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Ernst & Young’s World Takaful Report 2011
Transforming Operating Performance
April 2011
Bank of Finland, BOFIT Institute for Economies in Transition
BOFIT Discussion Papers 2011
By Christophe J. Godlewski, Rima Turk-Ariss and Laurent Weill
The last decade witnessed a proliferation in issues of sukuk, Islamic financial instruments structured to replicate the cash flows of conventional bonds. Using a market-based approach on Malaysian data, we consider whether investors react differently to the announcements of sukuk and conventional bond issues. Our findings suggest the stock market is neutral to announcements of conventional bond issues, but reacts negatively to announcements of sukuk issues. We attribute this finding to the excess demand for Islamic investment certificates and explain the difference in stock market reactions as an adverse selection mechanism that favors sukuk issuance by lower-quality debtor companies. Unlike previous studies, our findings indicate markets readily distinguish between sukuk and conventional bonds.
The UK retains position as key Western centre for Islamic finance
04 May 2011, TheCityUK
The launch of TheCityUK's new report on Islamic Finance provides a landmark for promotion of the industry internationally as the UK maintains its position as the leading Western provider of Islamic financial services.
