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CII helps launch Islamic Finance MBA

The Chartered Insurance Institute (CII) has teamed up with the Islamic Insurance Association of London on the launch of a new MBA in Islamic Finance. The two-year, part-time graduate degree will focus on commerce and management. Applicants will need at least two years of relevant work experience and a UK honours degree, or equivalent. Presented by the University of Bolton, the course will teach students on the unique issues associated with Islamic products, and help them identify risk elements and mitigation techniques.

Mideast family businesses should focus on succession planning, wealth transfer

The desire for wealth transition means that many family businesses may have to change their approach and look outside the family to increase that longevity rather than simply relying on the next generation inheriting the family business. It may be that the skill set or appetite of the next generation to take on the family business is simply not there. Furthermore, the inheritance laws governing the transfer of assets locally may vary from those applicable to assets located abroad. Wealth planning company Julius Baer expects to see an increase in the number of Dubai International Financial Centre (DIFC)/Abu Dhabi Global Market (ADGM) Foundations to support wealth and succession planning for clients in the UAE.

Islamic law principles applicable to the administration of trusts

Under English Law, a trustee who breaches his duties is exposed to a potential claim for breach of trust; breach of fiduciary duty; and/or negligence, and if he is a professional trustee, e.g. a bank , accountant, or solicitor, will have professional indemnity insurance cover. Unless an exemption clause is valid and exonerates the breach, or the court otherwise excuses the breach, the extent of their potential liability is unlimited, the court issue fees in the English court in a will, trust, and inheritance dispute, are relatively nominal. In exercising the general power of investment, the trustee is under a duty to have regard to the so-called ‘standard investment criteria’. These criteria also apply when the trustee reviews investments.

VP seeks greater digital literacy among Islamic economic actors

Vice President Ma'ruf Amin has appealed to Islamic economic and financial actors to hone their digital literacy skills to survive amid the changes arising from the COVID-19 pandemic. He gave a speach at the virtual opening of the 2020 Sharia Economic Festival and Indonesia Sharia Economic Festival (ISEF) in Jakarta. Amin affirmed that digitalization was conducted in the wake of the changes in the current life order, including shopping for basic necessities online or through social media with the use of the internet. Amin noted that in terms of products, health and hygiene aspects were of absolute importance and offered enormous opportunities for the halal product industry. Not only for sharia economic players, but this year's ISEF was also held virtually to adjust to the current conditions to thwart the transmission of COVID-19.

Doing Business The Shariah Way - Mufti Ebrahim Desai

Shariah adviser Mufti Ismail Ebrahim Desai noted that Islam was a religion of balanced justice and equity, and had no room for business dealings that could cause social imbalance, deprivation and injustice. He spoke at a recent Webinar organized by TAIF Digital Institute for Islamic Finance. On the side of basic concepts of Islamic finance and banking, he highlighted three basic categories such as equity base transaction, trading based transaction and lease-based transaction. He explained the concepts of Musharaka, Mudarabah, Murabaha, Istina, Takaful and Sukuk. He identified Mediation and Arbitration, Partnership-Equity/Debt, Employment-Hadeeth of sweat and documentation of contracts as part of the common pitfalls that relate to Shariah-compliant businesses.

Moody's - Decline in #sukuk issuance to be limited by GCC financing needs

Moody’s expects sukuk issuance to modestly decline by 5% this year to about $170 billion because of the coronavirus crisis. Despite the decline, 2020 will still see the second highest sukuk issuance total ever, following a 36% increase in 2019. Total issuance in the first six months of 2020 dropped to $77 billion, down 12% from the same period last year, as activity in Malaysia and Indonesia flagged. Issuance in southeast Asia dropped by 25%, while volumes in the Middle East rose 7%. Volumes are likely to rebound in the second half of 2020, as governments raise money to finance their responses to the coronavirus crisis.

Fitch Named Best Islamic Finance Rating Agency for Fourth Year

Fitch Ratings has been recognised as the Best Rating Agency for Islamic Finance for the fourth consecutive year by The Asset magazine. Fitch has a dedicated sukuk rating criteria and provides takaful-specific considerations within its global insurance rating criteria. It also provides specific consideration to environment, social and governance factors in its ESG scores in rating Islamic banks. Recent landmark deals in which Fitch participated include the first sovereign green sukuk, issued by Indonesia in 2018, and its follow-up issue in 2019 and 2020.

Mideast Islamic banks, investors urged to expand operations to #Philippine market

Islamic banks and investors from the Middle East have been urged to expand their operations into the Philippines which is currently seeing a growing halal industry. Speaking at the webinar ‘Islamic Finance as Vehicle to Economic Recovery’, Philippine Central Bank Managing Director Atty Arifa Ala highlighted the potential of the Islamic finance industry in her country. She also invited foreign Islamic banks and investors, especially from the Middle East to expand their operations in the Philippines. Ala highlighted the new law Republic Act No.11439 or ‘An Act Providing for the Regulation and Organization of Islamic Banks’. She reiterated that the new law was created as an expanded Islamic banking system that involves tax neutrality, stronger risk management, ethical financial stability, further establishment of Islamic banks and other Islamic financial activities.

Dubai Islamic Bank reports Dh2.1b first half 2020 net profit

The Dubai Islamic Bank (DIB) reported a net profit of Dh2.11 billion for the first half of 2020. Due a difficult quarter, DIB continues to demonstrate healthy profitability whilst ensuring prudence in growing the balance sheet.

Islamic Banks: Structural Advantage

Banks who are in the Gulf Cooperation Council (GCC) states, will have weaker earnings and profitability this year, due deterioration in nearly all their sources of income said Junaid Ansari, head of Research and Strategy at Kamco Invest, Kuwait. Conventional banks and the Islamic financial institutions will record weaker performance he said, but Islamic banks, due to their structure and focus, may cope better.

Collaboration Between Industry and Academia, Key To Developing Islamic Finance In Nigeria

Dr. Umar Oseni said that the collaboration between Islamic finance practitioners and academia will be vital to the development of Islamic Finance Law in Nigeria. Dr. Umar Oseni also said that western models dominate financial markets and that conventional banking has existed for over 200 years, while the Islamic finance reemerged towards the end of the last century with Tabung Hajji, West African Muslim Bank, and IsDB which was established in 1975 and this has brought improvement in the Islamic finance industry.

‘Economies must rely on equity, not debt,’ expert outlines globalization challenges during virtual session

The Western economies have relied on debt has got to stop says former Deputy Governor at the Bank of Canada. Governments and central banks have got to start following more symmetrical monetary and fiscal policies and that the world needs to look at debt reduction options and “needs a wholesale embrace of Islamic finance.”

How relief measures impact Islamic banking clients

Due the Covid-19 pandemic crisis all banks have introduced measures to help customers that are struggling. Islamic banking are offering now cirisi products and are more flexible to their costumers and their needs.

Tribune/Finance islamique : comment la #Guinée peut-elle saisir les opportunités de l’émission des Sukuk (emprunt obligataire islamique) ?

Plusieurs pays africains se lancent depuis quelques années dans cette finance d’éthique et prometteuse. Présentement, les différents gouvernements de l’espace UEMOA (Union économique et monétaire ouest-africaine) ont déjà élaboré un cadre règlementaire à travers la Banque centrale des États de l’Afrique de l’Ouest (BCEAO) pour réglementer l’émission des Sukuks souverains dans leur zone. Des États de l’UEMOA ont déjà émis des Sukuks à hauteur des centaines de milliards de francs CFA. Il est important que la Guinée emboite les pas à ses pays voisins pour prendre en compte la finance islamique dans son écosystème financier en adoptant ce modèle et l’harmonisant avec les modèles classiques dans le but de mener une politique de pluralismes dans l’attraction des investissements étrangers pour les secteurs privés et publics.

Abdulkader Thomas To Speak on Islamic Trade Finance: Challenges and Opportunities in #Nigeria

WebTV's Islamic Finance Weekly will be featuring a robust conversation with Abdulkader Thomas on Islamic Trade Finance, Challenges and Opportunities in Nigeria and Africa. Key discussion points include: understanding the concept of "Islamic Trade Finance"; how the Islamic Trade Finance Framework is helping to boost Intra-African trade; challenges and opportunities for integrating Islamic Trade Financing to support African businesses and SMEs; how Islamic Finance can be adopted to support the development of the economy and lift millions of people from poverty.

Islamic fintech industry sets strategic priorities to drive financial inclusion

The stakeholders of the Islamic fintech space have determined nine strategic priority areas that will further reinforce and enhance financial inclusion in Malaysia. These include the setting-up of a national Islamic fintech taskforce; the renewed focus of enhancing digital and Islamic financial literacy, especially within B40 segment; developing smart partnerships among ecosystem players; and ensuring there was greater readiness among Islamic institutions to embrace digitalisation. The priority areas were drafted during the Islamic Fintech Dialogue 2020: Driving Financial Inclusion through Islamic Fintech held virtually in May. Malaysia Digital Economy Corporation (MDEC) CEO Surina Shukri said the end-goal was to empower the B40 group and the micro, small and medium enterprises.

#Algerie : Aymen Ben Abderrahmane, la finance islamique lancée en août

Le ministre algérien des Finances, Aymen Ben Abderrahmane, a annoncé la mise sur le marché des produits de la finance islamique. Ben Abderrahmane a dévoilé que deux banques publiques ont achevé les procédures d’obtention d’une fatwa, afin de faire adapter les produits à la charia et que ces produits seront mis sur le marché à compter du début du mois d’août prochain. Il s’agit de la Banque nationale d’Algérie (BNA) et de la Banque de l’Agriculture et du développement rural (BADR). L’Algérie compte 30 établissements bancaires, dont sept publics, et plus d’une vingtaine d’institutions étrangères, en provenance particulièrement des pays du Golfe et de la France ainsi qu’une banque britannique et une autre espagnole.

CIMB hunts for marcomms and CSR lead for group Islamic banking

CIMB Bank is looking for a director, Islamic marketing, communications and CSR, group Islamic banking (GIB). The appointed individual will develop and enhance the CIMB Islamic brand platform in line with business aspirations. The individual will also offer strategic marketing and communications support to GIB consumer banking, commercial banking, transaction banking, wholesale banking and asset management. The individual is expected to have at least 10 years of experience of relevant banking background in established banks or financial institutions, in-depth knowledge of Islamic marketing, communications and corporate responsibility, and working knowledge of Shariah and governance.

Emirates Islamic announces First Half 2020 Financial results

Emirates Islamic announced its financial results for the half year ending 30 June, 2020. The Bank reported a net profit of AED 12 million for the first half of 2020. The total income is of AED 1.1 billion, lower by 15% year-on-year. Funded Income margins are lower by 25 bps year-over-year due to lower profit rate environment. Total assets stand at AED 64.2 billion, decreased by 1% from end 2019. Customer accounts stand at AED 45 billion, broadly flat from end 2019, while current and savings accounts balance up 10% from end 2019.

#UAE’s personal wealth shoots past $400 billion mark

According to Boston Consulting Group (BCG), personal wealth held by UAE residents surged to $400 billion between 2014 and 2019, with 48.5% of it held by millionaires in 2019. The consultancy reckons the ranks of UAE’s millionaires are expected to grow by 4.2% annually over the coming four years. The UAE represented 7.1% of the share of personal wealth pool in 2019 in the Middle East and Africa, having grown by 3.8% annually to $400 billion between 2014-19. The consultancy says the wealth management industry's value proposition will change over the next two decades, new forms of interaction will evolve, as well as new business models.

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