Manzar Naqvi Islamic finance offers alternative solutions to conventional finance that comply with the principles of Shari'ah. Islamic jurisprudence strives to promote moral and ethical values in establishing an economic system that outlaws the payment and receipt of interest, excessive uncertainty in business transactions and investment in prohibited industries. Initially, the...
State Bank of Pakistan has just kept its policy rate at 6% for April and May 2018 i.e. before coming elections and budget announcement on the backing 0f achieving an eleven-year high growth rate with average headline inflation within comfortable bounds for FY18 and FY19. This high growth and...
The worth of worldwide Islamic financial assets leapt from half a million dollars in the 1970s to over one trillion USD by 2009. With an annual growth rate of around 14 per cent, assets have doubled over the past five years, and now exceed two trillion USD.1 Ernst &...
Conventional theories have identified several factors which motivate the savers to save in conventional banks, but conceptually Islamic banks are different from their conventional counterparts. This makes us to make an attempt to empirically investigate whether the determinants of deposit in Islamic banks are significantly different from its conventional counterpart...
Islamic banking in Pakistan overview Muhammad Arif (Chairman CAIF) Everyone in Pakistan is amazed over the fast-track popularity of Islamic banking. Latest reports show the position as provided in table 1. Financing and related assets (net) of Islamic banking industry increased by Rs. 58 billion (5.9 percent) during the quarter ending Sept 2017...
Agha Steel Industries Limited (ASIL) intends to issue OTC listed, rated and secured Sukuk upto PKR 5 billion (inclusive of Green Shoe option of PKR 1 billion) for a tenure of six (6) years inclusive of a grace period of 2 years, in order to fulfil its expansion plans...
Islamic finance in 2018 – What is to be done Muhammad Arif (Chairman CAIF) Views expressed in this article are in the light of a report by S&P Global Ratings. The Islamic finance industry will lose some momentum in 2018, says S&P Global Ratings in a new report. Even though sukuk issuance accelerated in...
  The Kingdom of Saudi Arabia is home to a number of dedicated Islamic Banks, as well as Islamic window operations offered through conventional banks. Saudi Arabia has a modern banking industry with 12 commercial banks. Saudi banks provide retail and corporate banking, investment services, brokerage facilities, and derivative transactions in...
The World Bank Group and the Islamic Development Bank published the first Global Report on Islamic Finance, which details the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals. Subtitled "A Catalyst for Shared...
Pakistan Engineering Council (PEC) has demanded government to launch 'Diamer-Bhasha Dam (DBD) public limited company' and float its shares in the market for public subscription to generate funds for the mega project. These shares may be issued on the pattern of sukuk (Islamic bonds). It has been claimed that...
The global Takaful market has reached US$ 19 Billion in 2017. The market is further projected to exceed US$ 40 Billion by 2023, at a CAGR of 13% during 2017-2023. But it is just a fraction of global insurance of US$ 5 trillion with a CAGR of (2011-17) 1%. Insurance,...