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...
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 SECP has notified for public consultation three Shariah Standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); Shariah Standard No 17 - Investment Sukuk, Shariah Standard No 18- Possession (Qabd) and Shariah Standard No 23 - Agency and the Act of an un-commissioned agent (Fodooli) The SECP...
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...
  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...