The main challenge for Islamic finance is to evolve products that prefer innovation over imitation'. Late-2007 saw the FIrst run on a British bank in living memory with various scandals severely damaging the trust and reputation of banks. Subsequently stakeholders across society started demanding a more socially responsible, ethical and...
Muhammad Arif (Chairman CAIF) UAE Islamic banking assets have risen to $141.5bn. UAE Central Bank official says UAE now holds about 7% of global Islamic banking assets. UAE Islamic Banking and Finance is distinct from other countries due to its tilt, towards new innovations, new ideas based on Islamic principles Saif Hadef...
The Securities and Exchange Commission of Pakistan (SECP) has notified the adoption of three Shariah standards of the Accounting and Auditing Organization The SECP has been playing a highly proactive role in providing an enabling legal and regulatory environment for the growth of Islamic finance in the country. Geared towards...
Abu Dhabi Islamic Bank (ADIB) UK has arranged and structured a Sharia-compliant transaction to finance the acquisition of the UK based Lateral House for Dh118.2 million on behalf of an Abu Dhabi-based private banking client. Lateral House is a modern office building providing 95,317 square feet of net let table...
The continent of Africa where Islamic banking was launched holds great potential which is now beginning to be realised. The First modern-day Islamic bank was founded in 1963 in the dusty aluminium town of Mit Ghamr, 80 kilometres north of Cairo. The Mit Ghamr Savings Bank offered the usual loan...
Manzar Naqvi (Director CAIF) The days of double digit annual growth are now behind the industry. The industry must now seize opportunities in new growth areas; reinforce the core strengths of Islamic finance; unlock its potential; and realize its intended promises. In new world environment industry is required to reflect on its...
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...
Financial sector plays a vital role in economic growth of any country. One of them is banking sector. It is a financial intermediary to manage funds and to channel savings and investments in financial securities. Stability and growth of economy is depending on stability of banking industry. Bank plays a...
Manzar Naqvi Reconciling accounting standards and religious principles is challenging Islamic banks and regulators as they adapt to new international book-keeping rules due to come into force in 2018. The new rules, known as IFRS 9, will leave their mark on all major products used by Islamic banks - from simple...
It was March 2001. I telephoned to Research Centre of JS Bank from State Bank but it wrongly met with Mr. Sohail of that Centre. When he knew my name, he requested for a meeting. We met next day and there he proposed introduction of Karachi interbank Offered rate...
A sound economy has a sound banking system backing it up. It eliminates the built-in disparity among the savors and deficit ends of an economy by maintaining an even flow of funds among them. Banking services have become even direr post globalization. In the history of Islamic banking, an...