by admin | May 25, 2021 | Islamic Banking, News
Figure 1S peakers and panelists who are set to address the ‘Islamic Finance Forum of South Asia’ set to take place in Colombo, Sri Lanka.
Mumbai: (Maeeshat News Network)
Dr Shariq Nisar Former fellow Harvard University, USA is ready to glitter once again by nominated in honorary awards in Islamic finance domain from Islamic Finance Forum of South Asia. He is the first person to receive such awards from India. Dr Shariq Nisar earned his PhD in Economics specializing in Islamic Finance from AMU, Aligarh and being the torch bearer for Islamic banking in India since past decade. He has structured Islamic finance courses for various universities and colleges and the architect of BSE TASIS Shariah50 index and has also been invited to speak on Islamic banking, finance, capital market and microfinance in various countries including USA, Malaysia, Indonesia, Sri Lanka, Bangladesh, Iran and UAE etc.
Sri Lanka is all set to make history by hosting first “Islamic Finance Forum of South Asia” which is scheduled on 26 July. This two day episode will witness the participation of regional luminaries in the domain, counting delegates from Pakistan, Maldives, India and Bangladesh as well as professionals from Kuwait, UAE, Singapore, Malaysia, Mauritius and USA.
The industry steadily displaying growth over past few decades. Speakers and panelists from over a dozen countries will shed light on a variety of topics, including ways Islamic Finance could assist countries in their development programs.
A panel discussion in the name of “Spotlight on Maldives” will also be held, to shed light on the country’s accomplishment since the introduction of Islamic Finance. Maldives Centre for Islamic Finance (MCIF) is also a strategic partner of the Islamic Finance Forum of South Asia.
MCIF’s Chairperson Dr. Aishath Muneeza said “the opportunities in the Maldives’ Islamic Finance sector will be advertised through the forum and will help push towards making the country an Islamic Finance hub.
by admin | May 25, 2021 | Muslim World
Manama (IINA) – The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will hold the 11th Annual Conference on Islamic Banking and Finance in Bahrain on November 6-7, in partnership with the World Bank, under the auspices of the Central Bank of Bahrain (CBB), Bahrain News Agency reported.
The broad theme of the conference will focus on the post oil economic scenario of the Muslim world and its impacts on the Islamic finance industry globally, in general and in the region in particular. The conference also intends to bring under the limelight and honor a key figure from the Islamic Finance industry for his services and life-time achievements. The conference will have a face-to-face session with that figure besides honoring him. Additionally, the conference will provide updates on certain key standard development areas.
Further, it will discuss the effects on Islamic finance strategies of the changing economic environment, the role of Islamic finance with the governments in the changing economic environment and considering the Islamic agro-finance as the next destination.
The conference is part of the AAOIFI’s ongoing consultative process with the international Islamic finance industry on the development and review of its standards on Sharia, accounting, auditing, ethics and governance.
Key standard development topics will include the setup and standardization for central Sharia boards, fair value and impairment and the effects of International Financial Reporting Standards (IFRS) 9 on the Islamic finance industry and the debut of gold products in Islamic finance and the upcoming AAOIFI Sharia standard on gold.
by admin | May 25, 2021 | Muslim World
Dubai, (IINA) – The 11th annual World Takaful Conference (WTC) will be convened by leading financial intelligence platform, Middle East Global Advisors, in strategic partnership with the Dubai International Financial Centre (DIFC). Saudi Gazette reported.
WTC will take place on April 11-12, in Dusit Thani Hotel, Dubai. WTC 2016 will convene high profile guests and dignitaries from Dubai Islamic Economy Development Centre, Dubai International Financial Centre, Islamic Insurance Association of London, Insurance Authority UAE, PwC, Moody’s, EY, Swiss Re, Munich Re, Noor Takaful, Watania, Emirates RE, among others.
DIFC is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas.
It also facilitates the growth in South-South trade and investment. An onshore, international financial center, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses. The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community.
Speaking ahead of WTC, Chairman of Middle East Global Advisors, Ehsan Abbas said: “We are delighted to host the World Takaful Conference in strategic partnership with the DIFC Authority. For over a decade, WTC has generated powerful insights to spur industry growth in Dubai and indeed it is very fitting to have the DIFC as our partner, as well as to have the participation of luminaries from the Dubai Islamic Economy Development Centre and UAE Insurance Authority.”
On April 11, WTC will host keynote addresses by Abdulla Mohammed Al Awar, Chief Executive Officer, Dubai Islamic Economy Development Centre; Ebrahim Obaid Al Zaabi, Director General Insurance Authority; Salmaan Jaffrey, Chief Business Development Officer, Dubai International Financial Centre Authority; and Dave Matcham, Member of Executive Committee, Islamic Insurance Association of London.
Speaking on DIFC’s partnership with the WTC, Jaffery said: “With the Islamic finance industry registering a sustained momentum, the demand for takaful products has witnessed a proportionate year-on-year surge, gaining increasing popularity among people seeking Shariah-compliant insurance options.”
He added: “At the same time, it is crucial for policy makers and key stakeholders to address the challenges facing the industry in order to achieve the long-term sustainable growth of the Islamic economy. The WTC is the ideal thought leadership platform for engaging with decision-makers and delivering insights on the long-term development of the takaful industry.”
Jaffrey noted that the “DIFC is privileged to support the 11th WTC as a strategic partner. We will continue to articulate the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, in making Dubai a global hub for Islamic finance. We look forward to engaging in productive discussions with industry leaders on current takaful trends, expected challenges and opportunities, and to facilitating actionable recommendations.”
by admin | May 25, 2021 | Muslim World
Kampala, Uganda, (IINA) – Uganda’s Muslim leaders have condemned the “ignorance” of church leaders trying to block Islamic banking legislation in the majority-Christian nation, FultonCounty news reported.
Earlier this year, parliament amended a finance bill to introduce Islamic insurance. However, church leaders led by Archbishop Stanley Ntagali, head of the country’s Anglican Church, has urged President Yoweri Museveni to reject the legislation.
In their petition made public late Thursday, they claimed the introduction of Islamic banking “opens the door to the ultimate operationalization of full-fledged Shariah law” and raised the specter of Islamic finance being used to fund terrorism.
Islamic banking avoids paying interest, which is forbidden in Islam, and instead offers returns to the lender.
“What criteria shows it’s a way for funding terrorism, this is a misconception of the Holy Qur’an,” Huda Oleru, a Muslim lawmaker for the National Resistance Movement, told Anadolu Agency.
She added: “Muslims in Uganda have been using secular banks because they had no option and this bill is a welcome move for those who do not want to pay interest levied by secular banks.”
Referring to the church petition, Oleru said the Qur’an “urges Muslims to help orphans, widows and the marginalized members of the society, that is the role of a responsible Muslim, they need to be educated more.”
Nsereko Mutumba, spokesman for the Uganda Muslim Supreme Council (UMSC), said the church leaders were “just ignorant of the Qur’an, it has nothing to do with ISIS, Boko Haram or any other group claiming to kill non-Muslims. Even countries in the Western world are embracing Islamic banking.”
The Bank of Uganda is currently establishing a sharia advisory board to regulate and supervise Islamic banking.
“This doesn’t mean having an automatic Muslim president,” Mutumba said. “We are the minority. Islam was the first religion to be introduced in Uganda and we have never forced anyone to convert to Islam.”
Commenting on the church leaders’ request for the president to send the bill back to parliament so passages relating to Islamic banking can be removed, Oleru said: “I will not support this amendment if it is returned to parliament.”
Muslims make up 12 percent of Uganda’s population, with Roman Catholic and Protestant Christians accounting for around 84 percent.
