by admin | May 25, 2021 | Muslim World
Manama : The 24th edition of World Islamic Banking Conference (WIBC), the world’s longest running Islamic banking conference, is set to return to Bahrain this December for three days, and will take stock of the most pressing issues affecting the global financial landscape.
Middle East Global Advisors, a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets, announced that the largest and most prestigious gathering of Islamic banking and finance leaders in the world will be held from December 4 to 6 at the ART Rotana Hotel in Amwaj Islands, Bahrain, TradeArabia News Service reported.
The theme for WIBC 2017 – Drivers of Economic Growth & Risks: Policymakers & Regulators is in line with the conference’s steady vision to serve as a compass for the global Islamic finance and banking industry, and is expected to draw participation from over 1,300 global industry leaders, policymakers, innovators, and stakeholders, all focused on generating breakthrough insights that help navigate through the complexities of the global financial system, a statement said.
Ehsan Abbas, chairman, Middle East Global Advisors, said: “This year’s event will take place within the context of increasing global political and economic turbulence particularly the growing skepticism against the banking and finance industry attributed to the Global Financial Crisis of 2008-09. Over the years, this skepticism shaped into displeasure towards “the establishment” incumbents in the government, official and private sectors, a sentiment that was echoed in the recent Edelman Trust Barometer.”
Khalid Hamad Abdul-Rahman Hamad, executive director Banking Supervision, Central Bank of Bahrain, said: “The Central Bank of Bahrain takes great pride in supporting the 24th World Islamic Banking Conference. WIBC has a track record of presenting topical issues every year. Some of the key topics this year will be the moral question in finance, the impact of Fintech and new trends in Shariah governance. The deceleration in the growth of Islamic finance worldwide continued tightening of regulations and Fintech provide a significant opportunity to the most efficient and technology savvy players to gain market share at the expense of their less efficient conventional and Shariah-compliant competitors.
“The WIBC will witness a gathering of global subject matter experts who will help the audience understand the dynamics of an industry in transition. It will also provide an excellent networking opportunity to individuals and a platform for companies to exhibit their services,” he said.
Key features for WIBC 2017 include: Governors’ Addresses; High-profile Regulatory Debate among Central Bankers; a conversation with a distinguished Islamic finance veteran – Adnan Ahmed Yousif, chief executive and president, Al Baraka Banking Group on the future course of the Islamic economy, a CIO-focused panel session on harnessing digital technologies with the vision of staying relevant; Panel discussions focusing on dynamic capital markets, sustainable, equitable & inclusive growth, new horizons for Islamic finance, ESG Investing and the influence of energy prices, VAT, the effect of the recent global economic & political developments and much more.
Committed to its vision to innovate year-on-year, the 24th edition will focus on generating thought-leadership via an exclusive WIBC Knowledge-Sharing Series whereby a select group of industry leaders will make focused presentations/speeches that will be followed by opening the floor to questions from the audience and a select panel of experts, who will be further discussing these key topics at length. The exclusive series will touch upon a number of topical issues like Leveraging Islamic Capital Markets for innovative solutions that will focus on Aviation Financing, Alternative/Renewable Energy Financing and the WIBC Islamic Economy Series concentrate on developing a halal ecosystem, amongst others, the statement said.
Industry leaders will also be recognized for their excellence through the WIBC Performance Awards 2017.
—OIC-UNA/IINA
by admin | May 25, 2021 | Islamic Finance, News
Europe is increasingly showing interest in Islamic finance education. There are 109 institutions that provide Islamic finance education in Europe, 63% of them in the UK.
In today’s connected world of business, Islamic finance is a concept that people working in the banking and finance industries are likely to come across in their careers. Islamic finance, despite its label, is not limited to Muslim countries. It has shown growth globally, including in Europe.
Total Islamic finance assets worldwide are projected to grow to $3.5 trillion by 2021 from $2 trillion currently, according to Thompson Reuters’ Islamic Finance Development “Resilient Growth” report published in 2016.
There are 622 institutions providing Islamic finance courses worldwide, and 201 provide Islamic finance degrees, according to the report.
Europe is increasingly showing interest in Islamic finance education. There are 109 institutions that provide Islamic finance education in Europe, 63% of them in the UK.
Britain issued its first Islamic bond (sukuk) worth £200 million (over $250 million), according to a statement by the treasury published on the government’s website in June 2014.
In UK
Being home to three million Muslims, according to the Office of National Statistics in 2016, the UK is a leading hub for the Islamic finance industry in Europe. It also has a fully Shariah-compliant retail bank: Al-Rayan Bank (formerly Islamic Bank of Britain).
“Britain is today the leading center for Islamic finance in the West, including British higher education institutions leading the non-Muslim world in the teaching of Islamic finance,” said Nyra Mahmood, managing director of the UK-based Simply Sharia Human Capital.
She emphasized the important role of financial technology can play in further introducing Islamic finance and banking.
“The opportunities emanating from the FinTech scene and the ethical financial space gives rise to how the UK’s Islamic finance can look at shaping and taking the lead in fulfilling the wider needs of society through technology and innovation, especially with a younger, more socially active generation wanting to join the industry,” she said.
She added that the younger generation expects more from their money, as they are socially conscious and want to see companies embrace their corporate social responsibility along with being part of a financial services sector.
“These are the issues driving a new generation of Islamic finance practitioners and consumers alike, both Muslim and non-Muslim in Europe and beyond.”
Mahmood said factors that can affect Islamic finance moving forward in the UK, directly and indirectly, include the aftermath of the Brexit vote, the UK’s economic outlook for 2017 onward, and customers’ needs. “With this in mind, the UK’s Islamic finance industry is well positioned.
“As the country looks beyond the EU, there’s an opportunity to align the UK with investors and partners from other Islamic hubs, namely the (Persian) Gulf Arab countries and Malaysia, which is already happening,” she said.
In a survey by Al-Rayan Bank in 2014, 57% of non-Muslim participants said Islamic finance was relevant to all faiths because they believed it was ethical.
In Spain
Spain is one of the countries curious about Islamic finance. One of its top business schools, IE Business School based in Madrid, has a center that teaches and researches Islamic finance.
“There’s a lack of knowledge in Islamic finance. Everybody is looking but no one is pushing yet,” Gonzalo Rodriguez, general coordinator at the Saudi-Spanish Center for Islamic Economics and Finance, said.
“After the financial crisis (in 2008), ethical banking became much more popular, especially among young people. We believe it’s fair, ethical and based on real economy, and we try to spread this approach.”
“We’re trying to spread knowledge of Islamic finance in Spain, and to reach out to all players to explain to them what Islamic finance is, its potential in Spain, and the opportunities we have for Islamic finance in the country,” Rodriguez said.
COURTESY: https://financialtribune.com/articles/world-economy/58656/islamic-finance-spreads-globally
by admin | May 25, 2021 | Halal Industries, Islamic Finance, News
Jakarta, (NNN-ANTARA) : The Islamic finance industry in Indonesia has largely grown as a result of community-based initiatives, Head of Islamic Finance at Thomson Reuters Mustafa Adil stated here.
“Unlike other countries, the Islamic finance industry in Indonesia is growing due to the initiatives taken by the community, which has developed unique Islamic financial institutions, such as rural Islamic banks, retail sukuk, Hajj funds, and other innovative social finance initiatives,” he affirmed.
Although Indonesia has only 131 sharia scholars, which is still less than 205 in Malaysia, there are 150 Islamic financial institutions in the country. This number exceeds Malaysia, which has 100 Islamic financial institutions, Mustafa noted.
He added that even Bangladesh, with 174 Islamic economic scholars, has only 50 Islamic financial institutions.
According to Mustafa, a strong correlation exists between the number of sharia scholars and the comprehensiveness of Islamic finance regulations in a country. In this case, Indonesia has strong Islamic finance regulations and ranks second to Malaysia.
Mustafa pointed out that Indonesia’s abundant natural resources and strategic geographical location offers huge opportunities for economic growth, particularly for the Islamic finance industry.
Sharia system-based business sectors continue to grow worldwide, one of which is the halal food industry.
Thomson Reuters has ranked Indonesia as the top Muslim consumer food expenditure market, with a value of US$157.6 billion in 2014.
“Now with the development and implementation of sharia economic regulations by the government, the Islamic finance industry is expected to grow into a strong and sustainable sector without losing the unique values of Islamic products and services,” Mustafa added.
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
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.”
