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#Education #Crowdfunding - A direct and effective way of #Giving with #Givology

Dear Reader,

For some time I did private research on crowdfunding and fintech for the social good. Only recently I found the long existing platform - it allows to donate specifically for education to individual pupils in poorer countries and getting in touch with them! Personally this one of the causes important to me, because it ensures that the funds are being spent on education, and therewith building a future.

My questions to you are the following:

1. Would you donate for education via an internet platform, then you can conveniently check a profile from Somaliland just here:

2. If you are *not* interested to donate now, could you share what exactly, if anything, would make you donate? This would be exetremely helpful and I will share the information with to find a way to do just that.

3. If you any other ideas please feel free to share them. You can also directly suggest to volunteer:

In case you wish to receive further updates on Givology please register your email here:

Al Meezan launches MSAP-I

Al Meezan Investment Management (Al Meezan) announced the launch of Meezan Strategic Allocation Plan-I (MSAP-I), an allocation plan under the newly launched fund of funds scheme, Meezan Strategic Allocation Fund. According to Al Meezan CEO Mohammad Shoaib, the plan has an initial term of two years and is now open for subscription. He added that the previous plan with two years duration was very well received by the investors as it gained a cumulative return of 26.21% since its inception. He said the new MSAP-I plan was an ideal investment for those who wished an active asset allocation between Shariah-compliant equity and money market schemes. Al Meezan is the largest private sector asset management company in Pakistan with total assets under management of Rs 86.96 billion in 11 funds and has investor base of 47,000 clients.

#Malaysia eyes #sukuk ties with #Qatar

Malaysian Minister of International Trade and Industry, Mustapa Mohamed underscores the importance of promoting its sukuk market to Qatar. Mohamed suggests to promote Malaysia’s sukuk industry and to invite the Qatar Financial Centre (QFC) and Qatar-based Islamic banks to Malaysia and explore avenues for partnerships. The minister was in Qatar yesterday for a brief visit and met with major Malaysian companies and witnessed the signing of an MoU between Masskar Hypermarket and Infinity Channel. The minister said that there are several Malaysian companies in Qatar that would want to do more business in the fields of construction, services, consultancy, IT, and engineering. Malaysian ambassador Ahmad Jazri Mohamed Johar added that the minister’s visit also aims to enhance bilateral relations between Qatar and Malaysia, whose trade volume stood at around $1bn in 2015.

#UK lifts sanctions on key #Iranian bank

The British government has announced that it has removed Bank Saderat Iran (BSI) from its list of sanctioned entities. The decision to delist the bank was in line with the amended regulations by the European Union regarding the lifting of sanctions against Iran. The regulations required the sanctions against the BSI to be maintained until 22 October 2016. Britain has previously lifted sanctions against three other Iranian banks. In January, the Bank of England announced that it had reactivated the licenses of Melli Bank, Persia International Bank and Bank Sepah International. This followed the implementation of a nuclear deal between Iran and the P5+1 group of countries. Iran agreed to restrict certain aspects of its nuclear energy activities in return for measures by the P5+1 to remove certain economic sanctions imposed against the country.

Emirates Islamic Bank shareholders approve plan to raise capital

Emirates Islamic Bank has approved a new plan to double its share capital to Dh10 billion from the earlier Dh5 billion. The shareholders also approved a plan to issue and allot Dh1.5 billion at the nominal value of Dh1 each. The bank has also approved the change of the memorandum and articles of association to reflect changes in the share capital.

Three finalists announced for ADIB-Thomson Reuters ethical finance awards

Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters have announced the three finalists for their Ethical Finance and Innovation Challenge and Awards (EFICA). The three finalists will present their entries at the fourth edition of the awards ceremony that will take place on 26th of October, 2016 in Dubai. The Ethical Finance Initiative Award carries a $100,000 prize, and is for innovative solutions or initiatives that promote ethical practice in the financial services industry. The three finalists are: EthisCrowd, as the world’s first Islamic Real Estate Crowdfunding platform, LaunchGood, as the world’s leading crowdfunding site for Islamic Finance and the Islamic Finance Institute of Southern Africa’s micro finance initiative in Indonesia. The EFICA Lifetime Achievement Award will also be presented at the event.

#Qatar's Barwa #RealEstate secures 600 mln riyal financing from QIIB

Qatar's Barwa Real Estate has secured a 600 million riyal ($164.8 million) financing facility from Qatar International Islamic Bank. The official statement said the money was to fund part of the company's new projects under construction. It did not specify which projects.

Finance Ministry initiates works on legal infrastructure of Istanbul's Finance Center

#Turkey's Finance Minister Naci Agbal said the ministry initiated studies on a draft law on the Istanbul International Finance Center (IIFC). Agbal stated that the government introduced new financial instruments step by step, including the founding of the Sovereign Welfare Fund (SWF), real estate certificates and Islamic finance tools, in an attempt to intensify Turkey's financial markets. The draft law on the IIFC aims to offer opportunities to financial players and attract international financial institutions to Turkey. At the IIFC 50,000 people will be employed and it will have 25,000 daily visitors once opened. The joint infrastructure work of the financial center includes an administrative building, a police station, a health center, fire department, continuing education center, various academic courses, a mosque, a nursery, an underground parking lot and a trestle.

#Sukuk bonds issuance will grow in West Africa, says Hogan Lovells

According to law firm Hogan Lovells, the launch of Sukuk bonds by three West African governments will open up a vast financing channel for the region. Hogan Lovells advised the Islamic Corporation for the Development of the Private Sector (ICD) as lead arranger on the issuance of three sovereign Sukuks in West Africa. These include Cote d’Ivoire, Senegal and the Republic of Togo. The Sukuks were listed on the Bourse Régionale des Valeurs Mobilières (BRVM), Abidjan, Cote d’Ivoire. Altogether with the debut issuances for Senegal and Cote d’Ivoire, the combined listing value was CFA 766 billion. Imran Mufti, who led the Hogan Lovells’ team, said the landmark Sukuk bonds will enhance the development of Islamic finance in West Africa.

Oil’s Tepid Rally Just Right for Islamic Debt Market Rebound

Oil’s rally from a 12-year low has gone far enough to revive demand for Islamic bonds, but not so far that frequent issuers aren’t still in need of funds. Stimulus efforts in oil-producing nations helped drive sales of Islamic bonds up 34% to $37.5 billion in 2016, after dropping to a five-year low in 2015. A two-year slump in energy markets has compelled governments in Malaysia and the Middle East to boost debt sales to finance projects built in partnership with private companies. S&P Global Ratings estimates that weak energy prices will leave Gulf Cooperation Council countries with $560 billion of funding needs from 2015 through 2019. According to Apostolos Bantis, head of credit research at Commerzbank AG in Dubai, GCC sukuk activity will rise next year and there will be some first-time issuers.

#Nigeria: Islamic #Insurance Firms to Begin Operations in Nigeria

Some new Islamic Insurance Companies will soon commence operations in Nigeria, thus becoming the first set of fully-fledged Takaful Insurance companies in in the country. Five investors had submitted applications to the National Insurance Commission (NAICOM), but only three of them were given approval. The remaining two applications are still receiving attention from the insurance industry regulatory body. One of the three licensed Takaful insurers, Noor Takaful Insurance Company, is expected to officially start operations in November in Lagos. The two others can commence operation latest by next year.

#Bahrain's Ibdar Bank buys $78M prime #housing complex in Maryland, US

Bahrain-based Ibdar Bank has announced the acquisition of a $78-million multi-family housing property at Montgomery county in Maryland, USA. The area boasts the third-largest commercial downtown in the USA, being home to the headquarters of the White House, World Bank, and the International Monetary Fund. Ahmed Al Rayes, acting chief executive of Ibdar Bank, said the acquisition was the Bank's first successful foray into the USA and was aligned with the Bank’s strategy to diversify its international real estate portfolio. Bassam Kameshki, the director of Real Estate at Ibdar, said the Bank has selected a straight forward asset class in a strategic location. The investment holding period will be up to 5 years. Besides real estate, Ibdar Bank is also engaged in private equity, capital markets and investment advisory activities.

Aktifbank starts to operate in Islamic #leasing in #Turkey together with ICD and IMC

The Islamic Corporation for the Development of the Private Sector (ICD), Aktif Bank and Ijarah Management Company (IMC) have signed a Shareholders Agreement for Joint Strategic Collaboration. Aktif Bank has entered into the Turkish leasing sector by acquiring 32% shares of Haliç Finansal Kiralama (Haliç Leasing) and is planning to primarily fund the growth of SMEs in Turkey. Haliç Leasing will be able to raise the long term funds locally and internationally via Sukuk issuances thanks to extensive knowledge of Aktif Bank on capital markets. CEO of Aktif Bank, Serdar Sümer, said that instead of increasing the number of branches, the bank focuses on diversifying its products and alternative distribution channels. CEO of ICD, Khaled Al Aboodi, said that Haliç Leasing will be the eleventh Islamic leasing company that ICD has invested.

Over 400 Islamic financial institutions operate in 60 countries

More than 400 Islamic banks and financial institutions are now operating in over 60 countries from different regions. The Dubai Center for Islamic Banking and Finance (DCIBF) has released its second annual report on Islamic economy during the third Global Islamic Economy Summit in Dubai. The report focuses on the efficiency performance of 131 Islamic banks operating globally and other various key facets of Islamic banking. The Kuwait Finance House (KFH) received the highest efficiency score, followed by Al Inma Bank from Saudi Arabia, which obtained the top score in terms of cost-efficiency. Although it is expected that Islamic banking will continue to grow globally, the report warns that it may face challenges especially in countries that heavily rely on oil and other commodity prices. In this regard, diversification of the industry and further expansion is essential for its sustainable growth.

Emirates NBD and UTI International to launch Islamic #funds in #India

Emirates NBD Asset Management (Emirates NBD) has entered into a partnership agreement with UTI International (UTI) to launch the Emirates Islamic India Equity Fund. The fund will expand Emirates NBD’s global portfolio and offer investors exposure to Shariah compliant Indian equities. Emirates NBD is looking to develop a portfolio of global funds with leading international partners, and its latest collaboration with UTI forms part of this strategy. Leo Puri, managing director of UTI, said the new fund presents an excellent opportunity for GCC investors to realise strong returns on Shariah compliant Indian equities. The rationale for the agreement is driven by Emirates NBD’s strong interest in India as a growth market. According to a recent McKinsey report, India is expected to rank in the top five global economies by 2020 and to reach the top three by 2030.

Islamic Development Bank may help fund #Guyana’s #housing drive

A visiting team from the Islamic Development Bank (IsDB) met Guyana's officials from the Ministry of Communities and the Central Housing and Planning Authority (CHPA) on Friday. Minister of Communities, Ronald Bulkan said the government recognises housing as a major public policy issue. He disclosed that the initial focus is the construction of 5,000 apartment units as part of medium terms plans to deliver 10,000 units to eligible Guyanese. He expressed optimism that components of the housing program will be included in Guyana’s eventual submission to the IsDB. IsDB's Director of Country Programs Department, Mohammad Alsaati, said that the bank was seeking for specific projects that can be undertaken in the near future and will work with the local stakeholders to develop worthwhile business opportunities.

Ahli United Bank $200 million Perpetual Additional Tier 1 #Sukuk oversubscribed

Ahli United Bank (AUB) has concluded the subscription of its issue of a $200 Million Perpetual Additional Tier 1 Sukuk. The Bank’s Chairman, Anwar Al Mudhaf, expressed his appreciation to the Central Bank of Kuwait and the Capital Markets Authority, to the many investors both in Kuwait and abroad and to the Bank’s team. CEO Richard Groves said the sukuk had been oversubscribed by over three times more than the targeted amount. This was achieved in less than one week from the date of the announcement, with a roadshow covering meetings in Asia, the Middle East and Europe. The Perpetual Additional Tier 1 capital issue Sukuk is issued in compliance with the requirements of Basel III, the regulations of the Central Bank of Kuwait as well as in compliance with the regulations of the Capital Markets Authority.

Wahed Invest CEO Discusses the Impact of Robo-Advisors in Islamic Finance at Harvard University's Islamic Finance #Conference

The 2016 HUMA Islamic Finance Conference was held at Harvard University on October 14 and 15 on the role of Islamic finance in sustainable development goals. CEO of Wahed Invest, Mr. Junaid Wahedna spoke about the future of the industry and the impact of Robo-advising on Islamic financing and sustainable development goals. He said that Wahed Invest brings the latest technology into the world of ethical financing and the feedback from attendees was extremely encouraging. The two-day event included sessions to discuss the functions of Islamic finance, while also critically probing the institutional constraints and the product limitations that may challenge the Islamic finance industry in making a meaningful impact.

GFH approves proposed settlement with assets worth $450 million

Gulf Finance House (GFH) has approved the proposed settlement with assets of an estimated $350-450 million, subject to counterparties' fulfillment of their obligations. The company said the estimated value of the assets is preliminary and subject to regulatory approvals before being recorded in GFH’s financial statements. The recoveries after realisation will have a positive impact on GFH’s financials for the fourth quarter of 2016. GFH shares, which have outperformed the Dubai index, were up nearly 1 per cent to be at Dh1.14.

CIMB IB top lead manager for bonds, #sukuk

CIMB Investment Bank (CIMB IB) came out tops on RAM Rating Services' league tables for both corporate bonds and sukuk as at end-September 2016, after having arranged RM21.25 billion worth of RAM-rated corporate bonds and sukuk. The amount represents 56% of the RM37.88 billion RAM-rated corporate bonds and sukuk in the first nine months of the year. In terms of sukuk programme value, Maybank Investment Bank (Maybank IB), which has arranged RM12.54 billion or 72% of RAM-rated sukuk, takes the lead. As at end-September 2016, outstanding corporate bonds stood at RM536.5 billion, while the gross issuance of corporate bonds and sukuk amounted to RM66.4 billion, almost 50% higher than last year’s January-to-September period. RAM anticipates the corporate bond market to chart a steady course through the remainder of 2016.

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