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07.02.2017

GCC VAT a test for Islamic Finance- Fitch


30.01.2017

Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


31.03.2016

Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


28.03.2016

"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


19.02.2016

Azerbaijan looks to new Islamic bank as sector rules progress


15.01.2016

Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


14.12.2015

The 2nd International winter school of Islamic law and economics has started in Kazan


09.12.2015

Russian financial experts are exploring options to launch Islamic Banking


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22.06.2016

Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.

25.11.2015

Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.

14.09.2015

Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Capital Markets Needed for Islamic Finance to Develop

30.09.2010

Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group told reporters in Dubai at the launch of the firm’s Middle East Islamic finance leaders survey that international markets such as Japan and London are actively trying to raise sharia-compliant capital in order to tap liquidity from the Gulf region.
Capital Markets Needed for Islamic Finance to Develop
Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group told reporters in Dubai at the launch of the firm’s Middle East Islamic finance leaders survey that international markets such as Japan and London are actively trying to raise sharia-compliant capital in order to tap liquidity from the Gulf region.
“Islamic finance still represents less than 1 percent of the global market,” he said. “It’s not yet punching its weight.”

Abdullah said that the economic power is moving further east and currently in the Middle East region, with $600 billion of the $1 trillion Islamic finance industry is coming from the Gulf Cooperation Council.
For that reason, more interest is coming out of markets such as Canada, China and Brazil to explore the possibility of launching sukuk.

“The fuel for growth is not about the retail side but about the big ticket items such as project financing and raising funds,” he said.

He said Deloitte is working with three major financial Japanese financial corporations to raise Islamic funds outside of the domestic market and is also working on Islamic finance projects in Italy, Germany and Luxembourg.

Industry Needs More Regulation

But the Islamic finance industry will need to address concerns over accounting standards and risk management, the Deloitte survey found, if it wants to reach its growth potential.

The survey found that 61 percent of those questioned, believe that there must be more regulation over accounting standards and risk management in the industry.
Still regulation within the industry is considered inconsistent in different parts of the region given wrangling over Islamic law among scholars and a lack of enforceable standards across the Gulf.

“A GCC (gulf cooperation council) move to a national sharia council or super-GCC sharia council” would help influence global standardization and make the industry more competitive, Abdullah added

The survey found that more than half of respondents supported the creation of a single sharia supervisory council in any one jurisdiction, similar to the models implemented in Malaysia, Sudan and Pakistan.

Source: abna.ir/

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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