Events
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Quality & Process Excellence Forum
Event date: - 2010-09-15 |
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City Week: The UK International Financial Services Forum
Event date: - 2010-09-20 |
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Sukuk Asia Forum
Event date: - 2010-09-21 |
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2nd Annual Insurance Distribution Strategies Forum
Event date: - 2010-09-21 |
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4th Annual CEE Private Banking
Event date: - 2010-09-23 |
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After a while in the shadows of sukuk and other higher-profile sharia’a-compliant structures, takaful is only now receiving wider attention as a sector. Buy Now on Ebay and Save over 50%. It’s time to review what it is and where it’s going as an industry. Is there a straightforward definition for it? What types of takaful are there? How has the sector performed over the past 12 months? How will it fare in the next twelve?
Contents
News
7 Islamic Finance Update
Takaful
12 Takaful Review 2010
After a while in the shadows of sukuk and other higher-profile sharia’a-compliant structures, takaful is only now receiving wider attention as a sector. It’s time to review what it is and where it’s going as an industry. Is there a straightforward definition for it? What types of takaful are there? How has the sector performed over the past 12 months? How will it fare in the next twelve?
Islamic banking
18 Should Islamic Banks Adopt a Unified Global Regulatory Body?
The Islamic banking and finance industry is unprecedented in its global achievements to provide Shariah compliant services to meet the demands of clients. Despite the success of the growing sector of Islamic banking and finance there is a prominent need to establish and implement a unified global regulatory body. This need of unification has been aroused by an unearthed public interest in the jurisdictions in which Islamic banks operate. In analysing the regulatory system of Islamic banking it becomes clearly apparent that in some cases conventional western regulations come in to conflict with the principles of the Shariah.
23 Islamic Wealth Management Opportunities Review Part I: Made in the UAE
The UAE is on the way up in terms of affluence. There is no better time to invest in the region if you’re looking to protect the wealth you’ve amassed. The investor-friendly climate of the country has been confirmed by its second placing behind Qatar in Business Monitor International Limited’s updated Upstream Business Environment Ratings. In part I of Global Islamic Finance Magazine’s Islamic Wealth Management Opportunities Review, we turn the focus onto this Gulf powerhouse. What are the major trends? Which emirates are best for business? What are the challenges ahead?
32 Measuring the Performance of Islamic Banks by Adapting Conventional Ratios, Part II
The Adapted ROE Analysis was found to successfully represent shareholder value (through ROE) and give an indicator regarding the efficient operations of Islamic banks (through ROA). ROE was used as the primary indicator of bank profitability in the Analysis and was used to trace back for further analysis and detailed explanations of the information available from the bank\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s publicly available financial statements. Also in the Adapted ROE Analysis, the ROE before tax was used to overcome the effect of different tax rates across years, banks or countries.
Case Study
28 Sukuk: Still Classed as a Specialist Market Despite Massive Growth
If you kept stacking dollar bills vertically, one on top of another, a trillion dollars would reach the moon – that is about the current size of Islamic finance. However huge it may sound though, the industry is just one per cent of the total global finance market despite the 10 to 15 per cent growth it has enjoyed in the past few decades.
Interview
36 Interview with Liaquat Ali
38 Interview with Toby Birch: Principles without Labels
Leadership
42 Leading the Industry Part II: Managing a Team in an Islamic Bank
Islamic banking institutions are proliferating at a rapid rate as the industry continues to expand. Each of these Shariah compliant banks needs a team that will help it compete not only with other Islamic banks, but also with the conventional banking sector. Each of these teams needs a manager that can optimise efficiency and maximise success, whilst still ensuring the whole team adheres to sharia’a principle in terms of the bank’s operations. In encouraging his team to adhere to sharia’a, an Islamic manager can lead by example, drawing on Islamic management principles in his day-to-day work. Islam is full of examples of the qualities required to be an Islamic manager.
Career
48 Careers in Islamic finance: Part I-Investment Banking
As people increasingly look to Islamic finance as an alternative form of sustainable and ethical finance, an increasing number of graduates and professionals are seeking to capitalise on the industry’s need for talent. Graduates who specialised in Islamic finance studies and conventional finance professionals alike are expressing interest in filling the numerous Islamic finance and banking vacancies worldwide. It is against this backdrop that Global Islamic Finance Magazine starts its series of features on careers in Islamic finance. In this first part of the series, we will profile Islamic investment banking careers. What are the advantages of working in such an institution? How is Islamic investment banking as a whole currently performing? What does it take to build a career in Islamic investment banking?
World Islamic Finance Review
52 World Islamic Finance Review: GCC. Part 1: State of Qatar-The Pearl in the Gulf
The State of Qatar is the fastest growing economy in the world and is expected to remain buoyant as its liquefied natural gas (LNG) industry expands and additional oil capacity leads to increased export volumes. Other strong sectors include the hydrocarbon sector and petrochemical, finance and education services (IMF). The Persian Gulf country has attracted the world’s attention in recent years and is making the most of its newfound profile.
Islamic banking regulations
57 Smooth Flow?: Islamic Banking and Liquidity Management Part II
As discussed in Part I, a number of sharia\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'a-compliant instruments for liquidity management are emerging, but this in no way diminishes the size or the volume of the challenges facing Islamic liquidity management. These Islamic instruments, as useful as they theoretically are, must be asset-based in order to be sharia\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'a-compliant and they are therefore closely related to debt (bond) capital markets.
Investment
60 Is Bay’ al-Inah sharia’a compliant?
As the Islamic finance industry continues to expand, its appetite for competition with conventional finance understandably increases. Islamic finance institutions compete not just with their conventional counterparts, but also with one another to offer customers products and services to meet their financial needs and desires. As a result of the rapid pace and prolific nature of product development within modern Islamic finance, it is almost inevitable that the sharia’a validity of some of these products’ structures is going to be called into question.
Market Review
64 White House Welcomes Shariah Finance Specialist
President Obama has announced his appointment of Shariah Finance Specialist Samar Ali to serve as one of the 13 fellows of the White House.Ms Samar Ali is an attorney who specialises on Islamic Shariah compliant finance and regularly advises clients on Islamic transactions and was founding member of first U.S delegation to the World Islamic Economic Forum.
66 Islamic Finance Progresses in the Energy Sector
Islamic financial products and services are set to play a growing role in the energy financial sector not only in the Muslim world but on a global scale. Islamic finance and banking has become increasingly popular in the retail banking market and despite the global recession which significantly affected commercial banks, Islamic finance is thriving. Shariah compliant products and services have broken the niche over the past five years and is further diversiying into infrastructure sectors such as the energy sector.
67 Luxemburg Gearing up to become a new Hub for Islamic Finance
Luxemburg is gearing up to become a new hub for the growing Islamic financial industry as last week saw the emergence of a new tax circular which covered a whole range of Islamic products from Ijara to Murahaba. Luxemburg is not a country that you would consider to be as an Islamic hub in comparison to Middle East who is a recognisable hub for Islamic Finance. However Luxemburg has had many unrecognised achievements in the promotion and implementation of Islamic banking and finance.
68 Event Report
70 Book Review
72 Event listing
73 Events calendar
75 Business Directory
77 Glossary
78 In the next issue
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News
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Sukuk Rally Spurred on by Higher Yields ... 2010-09-09 Islamic bonds have rallied in the UAE in recent weeks, spurred on by low yields of corporate and treasury bon ... |
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Islamic Banking Hub in Singapore Opened by Maybank ... 2010-09-09 Maybank, Malaysia's biggest lender, has set up a dedicated Islamic banking hub here as part of a concerted pu ... |
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Resilience During Economic Crisis Shown by Islamic ... 2010-09-09 The credit and asset growth of Islamic banks performed better than that of conventional banks in 2008–0 ... |
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QFIB Acquire Stake in Leading Turkish Healthcare P ... 2010-09-08 Qatar First Investment Bank (QFIB) and ARGUS Capital, a London based private equity house, have acquired a 40 ... |
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Perm Set to Teach Bankers How to do Business Under ... 2010-09-08 In December 2010 in Perm, starts the first phase of Perm Islamic Economic Forum – the continuation of t ... |
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Professional Accountants Group is a UK provider of accounting and business services for small and medium companies. Our aim is to assist and support our customers, whether they are just making first steps in the business environment or are well established entities in their environment.
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Latest Books
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Introduction to Islamic Banking and Finance
Author/Publisher: - Spiramus Press |
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Islamic Money and Banking: Integrating Money in Capital Theory
Author/Publisher: - Wiley Finance |
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Handbook of Islamic Banking
Author/Publisher: - Edward Elgar Publishing Ltd. |
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A Guide to Islamic Finance
Author/Publisher: - Munawar Iqbal |
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Understanding Islamic Finance
Author/Publisher: - Muhammad Ayub |
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QUOTE of the week
'' A key remining industry issue is the need to understand that the dogma of Islamic finance is not exclusively for Muslim; perhaps the market is not taking initiative enough in the education of people regarding the universality of Islamic finance'' Editor in Chief
