Chief Economist for Bahrain Economic Development Board Dr Jarmo Kotilaine stated globalisation of Islamic finance is a work in progress. Kotilaine stressed that what the market needs more is a significant number of active jurisdictions to ensure Islamic finance lives up to its principles of risk sharing and asset-based financing.
Usury (often defined as interest) is not permited, saving returns are based on Profit rates
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The Governor of the National Bank of Kazakhstan, H.E. Kairat Kelimbetov launched the Islamic Financial Services Industry (IFSI) Stability Report 2015 during the Opening session of the 12th Islamic Financial Services Board (IFSB) Summit on 20 May in Almaty, Kazakhstan. The Summit, which is held from 20 – 21 May 2015 is hosted by the National Bank of Kazakhstan. The first IFSI Stability Report was published by the IFSB in 2013.
Bonki Rushdi Tojikiston (BRT) has signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (“IDB”), in order to process and support its conversion to full Shariah compliant operations. The ICD will dedicate seven key teams across the full conversion process: including in the areas of project management, Shariah compliance, treasury, accounting, human resources, information technology, marketing and legal framework.
The necessity of catering to Islamic investors' preference for halal funds, and his firm's diverse range of financial instruments.
Turkish Deputy Prime Minister Ali Babacan speaking at the Participation Banks Association of Turkey in Istanbul, said Turkey, Indonesia and the Islamic Development Bank have accelerated their efforts to establish a “megabank” with the aim of creating a platform to serve as a “central bank” for the world’s Islamic lenders.
Khazanah is looking to sell a tranche of "feel-good" Islamic bonds, as it capitalizes on the demand for Sharia...
The Bloomberg Sukuk Market Return Index (BMSSUTR) inched up 0.06% W-o-W (vs. -0.08% in week prior) to 119.90, ...
A report released by the MIFC presents an overview of the Sukuk market during the first quarter of 2015.