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Rise of Islamic finance meets human capital gap

Rise of Islamic finance meets human capital gap By Arno Maierbrugger/Gulf Times Correspondent /Bangkok Available at Gulf Times Online The growing popularity of Islamic banking and finance and its increasing global outreach has led to a considerable undersupply of talent in the sector, both in the Middle East and in Southeast Asia, but also in new regions currently adapting to the alternative finance system such as in Africa and Central Asia. Estimations are that there is a shortfall of between 8,000 and [...]

Indonesia takes big step towards boosting Islamic finance industry

Indonesia takes big step towards boosting Islamic finance industry By Arno Maierbrugger/Gulf Times Correspondent /Bangkok The world’s most populous Muslim nation, so far a laggard in developing a comprehensive Islamic finance industry, took a big leap towards the creation of a supportive framework for Shariah-compliant banking on July 27. It was the day when the country’s President Joko Widodo inaugurated the National Committee for Shariah Finance, or KNKS for its abbreviated Indonesian name, as part of the government’s push to make [...]

Does Islamic Financial Institution Need to Pay Zakat?

Does Islamic Financial Institution Need to Pay Zakat?   Zulkifli Hasan   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). He said that the Fatwa Committees fail to make a distinction between a Muslim human being and a company when [...]

Charting the Future Direction of Islamic Finance

KE MANA HALA TUJU KEWANGAN ISLAM?  Zulkifli Hasan 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 dan terus relevan. Ini seiring juga dengan aspirasi negara merubah institusi kewangan Islam menuju ke arah ‘value-based intermediation’ menerusi pelan [...]

Dana Gas axes offer to swap RM3bil bond in pivotal Islamic finance case

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 of its Islamic bond, or sukuk, which matures in October. The energy firm said last month it had received legal [...]

Why 2017 Could Be a Breakthrough Year for Islamic Finance

  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 prominence in the global financial system as it extends beyond predominantly Muslim countries into major economies around the globe. Despite recent [...]

IMF: Malaysia is world leader and standard-setter in Islamic finance

IMF: Malaysia is world leader and standard-setter in Islamic finance Available at: https://www.islamicfinance.com/2017/04/imf-malaysia-world-leader-standard-setter-islamic-finance/ Malaysia is a world leader and standard-setter in Islamic finance. In recent years, the government increased the use of Islamic debt instruments for funding purposes. In April 2016, the government issued its fifth dollar-denominated sovereign sukuk (Malaysia 2026, and Malaysia 2046) for US$1.5 billion using nonphysical assets as collateral. The total outstanding stock of government Islamic securities is approaching that of Malaysian government securities. The main reasons behind increasing [...]

Boeing Exporing Islamic Finance Opportunities

Boeing Exporing Islamic Finance Opportunities Available at: www.islamicfinance.com. Boeing Capital is exploring opportunities for Islamic finance in the aviation sector and the possibility of including aircraft finance in the Islamic sukuk market, in which an aircraft finance portfolio would be secured by an instrument known as the Enhanced Equipment Trust Certificate. Boeing Capital in the Middle East As a wholly owned Boeing subsidiary, Boeing Capital Corporation creates financing solutions for customers purchasing the company’s commercial airplane and defence products. As the company’s investment [...]

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