Islamic Finance Articles / Downloads

Academic and Practioners invited to share documents

Dear Writers,

Whether you are an academic or practionner: If you wish to see your paper published on IslamicFinance.de please send us the relevant document along with a confirmation that you hold the copyrights of it and we can upload the work with your abstract provided.

As simple as that!

Best regards,

Michael Saleh Gassner

Gassner's picture

Talk on Islamic finance, money, and banking crisis in Zurich and online

As salamu Alaikum,
Next saturday, May 13, 2023, at 15.00 I present as guest of Muslim Student Association in Zurich (@msazurich) on the 1st chapter of my book and then go into the banking crisis and money creation. The talk is in English.

Physical
???? Samstag, 13. Mai 2023
? 15:00 - 17:00
???? Building KAB, floor G, room 01
????? Kantonsschulstrasse 3, 8001 Zürich

Physical attendance - registration linked at @msazurich and in my link tree in Insta profile. (just confirm lengthy privacy in German).
Talk online accessible without registration: Click on Linktr.ee/islamgeldwohlstand - presentation on bigbluebutton/senfcall similar to zoom - no installation required or instagram @islamgeldwohlstand

My German book "Islam, Geld und Wohlstand - Ein Handbuch über Finanzen und Vorsorge" can be obtained:
Instagram:
DE: @islambooks24
CH: @IslamShop.ch
or any other bookstore or online dealer in German speaking countries - if you are publisher interested for your country, please contact me.

Islamic finance legal framework coming

The goverment is setting up regulatory frameworks for the Islamic financing, that is growing fast. In Tanzania at the time, it is only one bank that provides sharia-compliant financial products and services but other three conventional banks habe opened a window for Islamic banking.

Saudi hardware retailer and wholesaler signs 100 mln riyals Islamic financing

The Saudi Company for Hardware has signed 100 million riyals ($26.67 million) worth of Islamic financing. The finance was obtained from the Gulf International Bank in a five-year Shariah-compliant facilities. SACO Hardware posted 14.64 million riyals in net profit for July-September, a decrease of some 40% compared to the same quarter in 2018.

Paper by Torkel Brekke: Halal Money: Financial #inclusion and demand for Islamic banking in #Norway

Financial inclusion is high on the agenda for governments as well as for organizations such as the World Bank.

Research has pointed out that Muslims worldwide are less included in the formal financial system than non-Muslims, but there is no knowledge about the extent to which religious norms (most importantly the ban on interest on money) lead to financial exclusion among Muslims in the West.

In this article I approach the issue of financial exclusion and inclusion through three interrelated questions that will be answered with data collected in Norway 2015 and 2016.

The questions are:
(a) To what extent do Muslims see conventional banking as a problem in their own lives?
(b) Do level of education, age, national background or level of religiosity predict demand for Islamic banking?
(c) Is demand for Islamic banking changing?

This article is a first step in what should be a broader research program to find out whether and how religious norms cause financial exclusion of Muslims in the West.

Money and monetary stability in Europe, 1300-1914

by K. Kivanç Karaman, Sevket Pamuk, Seçil Yildirim-Karaman 24 February 2018

Some findings from a very longterm historic perspective on monetary systems:

selected quotes:
...

The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary stability that rely on the mechanics of monetary systems perform poorly when such a long-run perspective is taken.
...

Through the period we study, monetary systems were transformed more than once with the introductions of ledger, fiduciary, and fiat monies. These new monies were made possible by technological innovations in minting and printing and institutional innovations in banking and legal systems.

...

CIBAFI and The World Bank presenting study on "Corporate Governance Practices in Islamic banks 2017"

It is well established that good corporate governance strengthens institutions and financial sectors, and in so
doing contributes to building strong economies and economic growth.

Deficiencies in corporate governance were among the factors that contributed to the global financial crisis
(GFC) of 2007–08. As a result, global standard setters such as the Basel Committee on Banking Supervision
(BCBS) and the Organisation for Economic Co-operation and Development (OECD) have been updating and
strengthening their guidelines on good governance practices.

The Islamic Financial Services Board (IFSB), which sets standards for Islamic financial institutions, published its
Guiding Principles on Corporate Governance in 2006 as its standard IFSB-3. The Principles address, within the
context of corporate governance, the distinct features of Islamic banks, such as the different relationship that
they have with some of their stakeholders.

More:

#CALL FOR #PAPER: TURKISH JOURNAL OF #ISLAMIC #ECONOMICS (TUJISE)

The Research Center for Islamic Economics (IKAM) continues to contribute in Islamic economics. Turkish Journal of Islamic Economics (TUJISE) started to be published by IKAM by 2016. It is is a peer-reviewed biannually published international journal aiming to promote new researches and perspectives in the field.
The mission of TUJISE is to present a forum in which scholars from around the globe discuss the possibility of development of new and alternative perspectives in the Islamic economics. We wish to have three kinds of contributions from researchers. We prioritize to publish distinguished and original empirical and theoretical research papers. We also publish book reviews that address current original studies. In review article and commentary section essays addressing any topic from different approaches with special references to the related literature will take part.

We call all researchers to contribute TUJISE. All the papers are evaluated in a double-blind review process and published promptly.

Questions about submissions may be directed to editor-in-chief, at info@ikam.org.tr

For further information please visit the website at www.tujise.org

Ziad Aba Al-Khail named ‘#Best #Brokerage #CEO – KSA’ in 2016

The International Finance Magazine (IFM) granted Eng. Ziad Tarek Aba Al-Khail, CEO and Managing Director of Aljazira Capital, the “Best Brokerage CEO – KSA Award” in 2016. Aljazira Capital was also granted the “Fastest Growing Islamic Brokerage House-KSA Award” in 2016.
Ziad Aba Al-Khail was really proud of the IMF’s appreciation of the performance. Such a constant international recognition of his team is a living example of our constant commitment to provide our customers with the best services as well as adopt up-to-date strategies in world trade in order to create new horizons for their customers and give them access to regional and global capital markets.”
Ziad Aba Al-Khail also expressed his gratitude and thanks to Aljazira Capital team whose efforts led to this achievement, and added: “This remarkable achievement is the fruit of our company strategy in rendering and managing an integrated system of Islamic-oriented financial services and investment solutions of unique value and high quality.”

#Zurich: #Responsible #Finance & Investment Summit 3-4 May 2017

Summit will explore intersection of #fintech, #ESG and #Islamicfinance. #RFISummit17

January 24, 2017, Zurich, Switzerland –

Bringing together a diversity of perspectives is critical for continuing the growth occurring within responsible finance. On this premise, the Responsible Finance & Investment Summit 2017 will convene in Zurich, Switzerland from 3-4 May 2017 around the theme “Building Bridges, Expanding Impact”.

Recent estimates from industry stakeholders show continued growth in responsible finance assets in many geographies and sectors. Responsible investment in Europe grew by 42% during the past 2 years, while in the U.S., assets grew by 33%. In Islamic finance, which has a global presence with a significant presence in Europe, the Middle East and Asia, growth in the last 2 years has been 21%. Identifying actionable areas for collaboration will support continued growth towards a more sustainable financial system.

Call for Papers- Sharing Economy of Islam beyond Islamic Finance, SASE 2017, Lyon, France, 29 June-1st July 2017

UPDATE:
Abstract/Paper Submission
Please note that colleagues should send 1,000 words abstract by FEBRUARY 3, 2017, which should provide a short background, aims of the paper, the methodology and method used, and the findings (or expected findings).

***SASE HAS EXTENDED THE DEADLINE TO 17TH FEBRUARY 2017***

https://www.dur.ac.uk/dcief/events/

Acceptance notifications will be sent by March 1, 2017.

Paper submissions and session proposals must be made through our online submission system; for additional information on how to submit, please follow the link:
https://sase.org/events/conference-submission-and-award-guidelines

Sharing Economy of Islam beyond Islamic Finance:
Re-constructing Collaborative and Disruptive Economy from Islamic Moral Economy Perspective

SASE Conference on ‘What's Next? Disruptive/Collaborative Economy or Business as Usual?’
Universite Claude Bernard, Lyon 1, France
29th June – 1st July 2017
https://sase.org/event/2017-lyon/#mini

Call for Papers:

What's the #value of human live - #Islamic #Art Magazine

Maritime art has been drawing on the history and destiny of thousands of men and women since the 16th century. Today, maritime installations tell us something more about what we are prepared to do to survive and of the price of indifference.

ICM Bulleting: Green Financing with Sustainable Growth – How Islamic Capital Market Can Play a Pivotal Role

The Securities Commission Malaysia’s (SC) Capital Market Masterplan 2 (CMP2) identifies the promotion of socially responsible financing and investment as a key thrust. It enables financial innovation to be harnessed to create market-based solutions and mobilises investments for projects that promote sustainable and inclusive development such as alternative energy sources or clean technology. Among the products identified in CMP2 are green bonds, green funds as well asl longer-term opportunities for trading of environmental products such as carbon credits or weather derivatives. These products have led to many potential areas in green financing.

[...]

And further articles of the biannual publication.

Too important to fail—addressing the humanitarian financing gap

UN study paper on the humanitarian financing gap.

Excerpt:
"The world today spends around US$ 25 billion to provide life-saving assistance to 125 million people devastated by wars and natural disasters. While this amount is twelve times greater than fifteen years ago, never before has generosity been so insufficient. Over the last years conflicts and natural disasters have led to fast-growing numbers of people in need and a funding gap for humanitarian action of an estimated US$ 15 billion. This is a lot of money, but not out of reach for a world producing US$ 78 trillion of annual GDP.

Bahrain's Islamic finesse

Bahrain was for decades regarded as the financial centre of the Middle East, but it was hard hit during the recession and is arguably still picking up the pieces.
The Gulf state expects to run a budget deficit of more than $3.8bn this year and has proposed a string of policy reforms, including axing millions of dollars of food, fuel and other subsidies, to help it rebalance the books.
Despite this, its leaders claim Bahrain has “passed the stress test” of the past years’ fiscal woes and is bouncing back as a financial hub.
The number of finance institutions in Bahrain has grown steadily over the years to around 400 (from 190 in 1991) and work has recommenced on the $1.3bn Bahrain Financial Harbour scheme, which houses the country’s stock exchange and high-profile tenants such as Gulf Finance House and BNP Paribas.

ITS ETHIX makes islamic finance compliance easier

Nasr Albikawi, CEO of International Turnkey Systems, introduces us to its ETHIX Islamic finance compliance product
Islamic finance is a burgeoning industry. And with more people looking towards more ethical financial solutions, it’s becoming a part of the mainstream market and offering. Nasr Albikawi, CEO of International Turnkey Systems, discusses the international growth of Islamic finance, and how ITS ETHIX can reduce the costs of Sharia compliance

Roadmap to boost Islamic financing

Recognizing the huge economic opportunities of Islamic financing, the Peace and Equity Foundation (PEF) in partnership with Al Qalam Institute, Cordaid and World Bank (WB) Philippines, is gearing up for drafting of the 21-year roadmap to attain compliance to Sharia'h-based financing industry.
Islamic Financing is touted as a growing "$2 trillion" global industry,
The roadmap will be patterned from the Southeast Asian countries like Indonesia, one of the leading countries in adopting Islamic Finance in the global scale. It will be divided into three stages with seven years each of realization.
Ricardo Torres, PEF's Partnerships and Program manager, in a press conference Wednesday, told reporters this 21-year journey will commence next year.
Torres was in Davao City for the three-day Sharia'h conference dubbed as “Islamic Financing in the Philippines: A Step towards the First Seven years,” at the Ritz Hotel and Garden Oases, "The first seven years will be the first step and we intend to implement it starting 2016. After this Sahria’ah conference which will be attended by some 200 stakeholders we intend to craft fully the whole roadmap,” Torres said.

Risk management, SME financing top Islamic banks agendas-survey

Islamic banks around the globe view risk management, equity financing and deepening their client base as the most pressing issues facing the sector in coming years, a survey released on Friday showed.
The survey drew input from the heads of 83 Islamic finance institutions, the first comprehensive attempt to measure business sentiment in a growing-yet-diverse industry which holds around $2 trillion in assets globally.
The General Council for Islamic Banks and Financial Institutions (CIBAFI), a non-profit organisation headquartered in Manama, conducted the survey between April and June. Two-thirds of the respondents were full-fledged Islamic banks.
Commercial financing remains the top revenue driver, but financing to small and medium sized enterprises (SMEs) ranked second-highest, the survey showed.
SMEs are seen as leading revenue for Islamic banks in Asia, with trade finance ranking highest in sub-Saharan Africa.
In the Gulf region SMEs are also in focus, partly due to concerns about over concentration of business from large firms.

Intellectual capital most important in Islamic banks

The main challenge faced by the Islamic banking in the Sultanate today is building up solid knowledge and experience among bankers about Islamic finance while keeping pace with the demand in the market. "Recruiting potential front-runners in this area and providing the right knowledge dosage at the right time is key success element. Retention is always a challenge in the banking sector and it is rather more intense towards persons who already started working within Sharia-compliant products and practiced Islamic banking", said Mohammed al Balushi, Chief Human Resources Officer at alizz Islamic bank.

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