Does Islamic Financial Institution Need to Pay Zakat?
Former Chief Justice of Malaysia, Tun Abdul Hamid Mohamad who is also ex-member of the Syariah Advisory Council of the Bank Negara Malaysia made a significant statement that zakat to be collected only from persons professing the religion of Islam but not for companies and this include Islamic financial institutions (IFIs).... Read More
KE MANA HALA TUJU KEWANGAN ISLAM?
Harapan yang sangat tinggi diletakkan kepada kewangan Islam untuk memberikan sumbangan yang lebih signifikan kepada pembangunan, kadar pertumbuhan ekonomi dan sektor kebajikan sosial serta mampu menjadi peneraju bagi mengurangkan ketidakadilan ekonomi dan merapatkan jurang kemiskinan. Aspirasi dan paradigma ideal kewangan Islam perlu berubah daripada ‘Financial Intermediaries’ kepada ‘Investment Intermediaries’ untuk ia lebih signifikan... Read More
Dana axes offer to swap RM3bil bond in pivotal Islamic finance case
Available at http://www.thestar.com.my/business/business-news/2017/07/31/dana-axes-offer-to-swap-rm3bil-bond-in-pivotal-islamic-finance-case/#AfuOhHceV9SgVR2T.99
DUBAI: Dana Gas has revoked an offer to creditors to exchange its outstanding US$700mil (RM3.0bil) Islamic bond for new notes, ending the chance of a consensual resolution to a case that could shape the future of the global Islamic finance industry.
Dana is refusing to repay holders... Read More
Why 2017 Could Be a Breakthrough Year for Islamic Finance
4 million Muslims in the U.S. make up one of the highest earning demographics in the country. Unsurprisingly, they’re looking to invest in financial vehicles that mirror their own beliefs.
Junaid Wahedna | May 22, 2017
With assets growing at double-digit rates over the past decade, Islamic finance is ascending to greater... Read More
UKIFC and CMS join forces to drive growth in Islamic finance industry
The partnership launches at a time when global Islamic finance assets are expected to rise from $2 trillion in 2015 to $3.5 trillion by 2021 – representing a 12 per cent compound annual growth rate. Islamic banks are likely to be the main driver of this growth, with... Read More
IMF eyes Islamic finance stability, warns of hybrid risks
Available at: http://www.straitstimes.com/business/imf-eyes-islamic-finance-stability-warns-of-hybrid-risks
WASHINGTON (REUTERS) – The International Monetary Fund plans to formally include Islamic finance into its surveillance framework, a nod to the fast-growing sector but noting risks posed by complex hybrid products that replicate conventional ones.
The IMF’s executive board said late on Tuesday it had adopted a set of proposals... Read More
Russia seeks to implement Islamic finance in its banks
Available at: https://www.zawya.com/mena/en/story/Russia_seeks_to_implement_Islamic_finance_in_its_banks-ZAWYA20170218032921/
The global Islamic finance industry, which is witnessing phenomenal growth rates with expansions in Europe and sukuk listings, will see a new entrant in Russia that hopes to cash in on the substantial Muslim population in the European country.
They have already started the process of getting acclimatized with... Read More
Islamic finance body drafts new standard for centralised sharia boards
By Bernardo Vizcaino Available at: http://www.reuters.com/article/islamic-finance-scholars-idUSL5N1FT8ER
Feb 9 A global body for Islamic finance has issued a draft standard on centralized sharia boards, aiming to improve corporate governance in the industry and increase the consumer appeal of sharia-compliant financial products.
The proposed rules come at a time when Islamic banks are trying to widen... Read More
Available at: http://www.msn.com/en-my/news/other/malaysia-launches-5-year-islamic-fund-wealth-management-blueprint/ar-AAlMnH5
KUALA LUMPUR: Malaysia has launched a five-year Islamic Fund and Wealth Management Blueprint to further strengthen the country’s position as a global hub for Islamic funds by 2021.The plan, the first of its kind globally, is also aimed at developing the country as an international provider of Islamic wealth management services.It was launched by Second Finance Minister... Read More
Aleppo Terus Menangis: Dilema Krisis di Syria
Krisis yang berlaku di dunia Islam khususnya di Timur Tengah seperti di Syria, Mesir, Libya, Iraq, dan Palestine termasuk di Arakan, Myanmar dan Xinjiang China begitu menyedihkan umat Islam dan masyarakat dunia umumnya. Khususnya di Syria dengan berita terkini kekejaman rejim Asad memusnahkan Aleppo meratah rakyat sendiri, krisis politik dan kemanusiaan berterusan... Read More