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Muslim Philanthropy Awards [2011] Announced at World Congress of Muslim Philanthropists Banquet

Dubai, United Arab Emirates, March 23, 2011 – The Muslim Philanthropy Award winners were announced at the 4th annual banquet of the World Congress of Muslim Philanthropists in Dubai, UAE.

Every year, the Muslim Philanthropy Award honors an individual, a grantmaking institution and a corporation for their distinguished contribution to the field of philanthropy.

The Muslim Philanthropy Awards for 2011 were awarded to H.R.H. Prince Talal bin Abdul Aziz Al Saud (Personality) for demonstrating outstanding civic and charitable responsibility; Islamic Development Bank, Saudi Arabia (Grantmaker) for showing long-standing commitment to economic empowerment, human dignity, and institutional building; and Abraaj Capital, UAE (Corporation) for demonstrating longstanding leadership in advancing strategic philanthropy, creativity in responding to societal problems, and having significant positive impact on corporate giving in MENA region.

Islamic Finance Session at the World Congress of Muslim Philanthropists

Alberto Brugnoni, ASSAIF, will moderate the Session on 'Finance and philanthropy' at the “4th World Congress of Muslim Philanthropists - Defining the Roadmap for the Next Decade” that will convene at the Shangri-La Hotel in Dubai on March 23-24, 2011

Muslim Philanthropy is at a crossroad, challenged to build new models of giving while simultaneously refining old methods embedded in vibrant Islamic tradition. The foremost challenge in the field is to promote strategic and accountable philanthropy that complements and enhances the generations-old conventional charity, which is often personal and spontaneous

The Session will examine within a common framework the failure of zakat to achieve most of its socio-economic objectives, the stagnation of waqf institutions in performing their designated social functions and the growing divergence between the aspirations of Islamic economics and the realities of the Islamic finance industry. It will also offer actionable programme plans for zakat and innovative ways of using the institution of waqf to establish social enterprises, as possible common solutions

Call for Papers: SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

EIGHTH INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND FINANCE

SUSTAINABLE GROWTH AND INCLUSIVE ECONOMIC DEVELOPMENT FROM AN ISLAMIC PERSPECTIVE

Doha, Qatar - December 25-27, 2011

CALL FOR PAPERS

The global economy continues to face the perennial problems of poverty, persistent youth unemployment, excessive inequalities of income and wealth, high levels of inflation, large macroeconomic and budgetary imbalances, exorbitant debt-servicing burdens, inadequate and aging public utilities and infrastructure, skyrocketing energy prices, and growing food insecurity. The reoccurring regional and global financial crises further intensify and magnify these problems particularly for the underprivileged segments of the world population. As a result, many countries are at the risk of failing to achieve the Millennium Development Goals (MDGs) set by the United Nations. However, some countries also present optimistic experiences to share, and from which useful lessons can be drawn for shaping the future economic scene in other countries.

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Congress of Muslim Philanthropists Online - March 23-24, 2011, Venue Change: Dubai

The annual convening of the World Congress of Muslim Philanthropists, widely recognized as the premier forum on Muslim Philanthropy worldwide, welcomes social investors, grant-makers, government and business leaders, visionaries, and civil society executives to a solicitation-free collaborative environment.

The 4th World Congress will initiate a dialogue around the potential roadmap for Muslim Giving in the next decade. This discussion will be enriched by the collective wisdom and experience of leading philanthropists and intellectuals from around the world. The forum will also examine challenges unique to Muslim societies, and offer options for managing them.

Update 17th Feb 2011:

The organizers of the 4th World Congress of Muslim Philanthropists regret to announce the change of meeting venue due to circumstances beyond their control. This unpredicted situation came about in response to the directives we received today from the Moroccan authorities. While we feel extremely disappointed, we believe it is prudent that we do not compromise on the safety of our guests.

Call For Submission

Halal Industrial Park Baltach (HIP "Baltach")

Press Release:

On November 19, 2010 Halal Industrial Park Baltach (HIP "Baltach") was
officialy launched in Tatarstan. This is the first project in Russia, aimed
at developing of small and medium-sized businesses in the Halal industry.
The aim of the project is deep processing of agricultural products grown by
private holdings, farmers, and creation of conditions and opportunities for
small and medium-sized businesses for production of agricultural products -
and as a result increase in added value and provision of budgetary tax
revenues.

The main advantage of Halal Industrial Park "Baltach" is to optimize the
costs for small and medium-sized businesses on the maintenance of a common
infrastructure. Halal Industrial Park "Baltach" provides its residents with
an outsourcing services: distribution of finished products, consultations
on all matters, housekeeping services, engineering, logistics, transport
maintenance, accounting, legal services as well as 24 security services for
the producers - residents of the park, to concentrate on their businesses
growth. Thus, on the costs of the common scales of the project

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How to balance form and substance - the role of Sharia Scholars

Dear Reader,

Many times I read, and on all conferences we debate on the issue of form over substance - is their a simple solution?

Let's revisit:

Form over substance means that contemporary Islamic finance takes more emphasize on the form of the contracts (in their Arabic terminology like Murabaha, Musharaka etc.) as in their substance, especially their economic substance, which often looks the same after conducting a sequence of Arabic named contracts.

Scholars have to judge the appearance of the form, meaning the contracts in front of them. A judge shall not guess the intentions of the contractual parties but typically has to rely on the text itself to come a decision. Different schools of Islamic law have different degrees on reliance on the form and considering or rejecting to assume 'intentions' . The hesitance to guess about 'intentions' is based on the fear to commit injustice to the parties and a procedural cause to get evidence about them.

Ministry has high hopes for sharia microfinancing

The government forecasts a rapid growth in assets managed by Indonesian sharia-based microfinancing institutions, or baitul maal wat tamwil (BMTs), on the back of rising public trust.
Speaking at the BMT Summit last week, Cooperatives and Small and Medium Enterprises Minister Syariefuddin Hasan said popular awareness of the benefits of sharia-based microfinancing had grown rapidly after the Asian financial crisis in the late 1990s.
According to the ministry, there are presently 3,307 BMTs in Indonesia with assets of Rp 3.6 trillion (US$403.2 million). BMT serve 2.5 million of the nation’s 39 million small and medium enterprises (SMEs) and control about 6 percent of total SME credit.

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Islamic Finance Group on ResearchGATE, the largest social network for scientists!

ResearchGATE is the largest social network for academic research globally. Dedicated social profiles of researchers allow to enter academic careers, published articles in journals and books, announce fields of research for international exchange just to name a few of the features.

IslamicFinance.de took another effort to create a dedicated group and invite researchers globally to use this platform and foster research in Islamic finance. The last academic initiative taken was to sponsor and start a full fledged platform for the Islamic Finance WIKI, the online encyclopedia.

Researchers are invited to participate in these initiatives.

Please visit:
http://www.researchgate.net/group/Islamic_Finance/

H.E. Prof. Ekmeleddin Ihsanoglu Secretary General Of The OIC on Poverty Alleviation

Poverty is a complex issue and needs to be tackled on a range of fronts including, but not limited to, improving economic growth. Poverty remains one of the big challenges to socio-economic development of majority of developing countries, especially in Sub-Sahara Africa and South Asia. Besides, this phenomenon has brought about problems such as illiteracy, malnutrition, disease and even crime. Global food crisis further worsened the already precarious conditions of poor people in these countries.

To cope with the bane of poverty, the OIC has to reinvigorate its machinery for economic growth and cooperation among member countries through comprehensive mobilization of the resources, within and outside the OIC community. A new approach to economic cooperation was, therefore fashioned out to ensure that all stakeholders are sensitized on the need for the accelerated transformation of the economies of OIC Member-States and the welfare of their peoples.

The journal of strategic thinking in Islamic finance - Issue 3 for free download

In the current issues the following questions are discussed:

How should we recognize excellence in the Islamic finance industry?
How do we identify greatness – of bankers and financiers, of lawyers, of consultants, of scholars?
How do we discourage a culture of „Islamic Awards for Cash??
How do we develop an „Islamic? methodology for rewarding achievement?

THE CONCEPT AND OPERATIONS OF SWAP AS A HEDGING MECHANISM FOR ISLAMIC FINANCIAL INSTITUTIONS

"THE CONCEPT AND OPERATIONS OF SWAP AS A HEDGING MECHANISM FOR ISLAMIC FINANCIAL INSTITUTIONS"

The main objective of this paper is to give a clearer picture of the swap mechanism as offered by the international Islamic financial institutions and how its operations are structured in accordance with Shariah principles and contracts. In preparing this paper, ISRA has held a series of internal discussions as well as with outside parties, including Shariah experts and operating officers from international banks directly involved in the structuring of Shariah-compliant swap products. Documents related to the products and related academic materials were also referred to, giving a wider and thorough perspective on the issue.

by

Assoc. Prof. Dr. Asyraf Wajdi Dusuki
Head of Research Affairs Department
International Shari’ah Research Academy for Islamic Finance (ISRA)

Shabnam Mokhtar
Researcher
International Shari’ah Research Academy for Islamic Finance (ISRA)

Download: http://www.isra.my/media-centre/downloads/summary/29/216.html

S&P: European Finance House Offshore Sharia Fund Assigned 'AAf/S1+' Fund Credit Quality And Volatility Ratings

Press Release

European Finance House Offshore Sharia Fund Assigned 'AAf/S1+' Fund Credit Quality
And Volatility Ratings

LONDON, May 4, 2010--Standard & Poor's Ratings Services said today that it assigned
its 'AAf' fund credit quality and its 'S1+' fund volatility ratings to EFH Funds SCA
SICAV-SIF - Liquidity Subfund (the "subfund"), a Luxembourg-domiciled U.S
dollar-denominated liquidity fund, managed by European Finance House (EFH). This is
the first Standard & Poor's fund credit quality and fund volatility rating assigned
to an offshore Islamic fund.

Fund credit quality ratings generally reflect our assessment of the level of
protection against losses from credit defaults and are based on an analysis of the
credit quality of the portfolio investments and the likelihood of counterparty
defaults.

Fund volatility ratings generally reflect Standard & Poor's view of the fund's
sensitivity to interest rate movements, credit risk, investment diversification or
concentration, liquidity, leverage, and other factors.

The ratings reflect Standard & Poor's analysis of the subfund's credit quality and

S&P: Islamic Investors' Risk Tolerance Will Determine Demand For Sharia Fund Ratings

Press Release

Islamic Investors' Risk Tolerance Will Determine Demand For Sharia Fund Ratings,
Report Says

LONDON, May 4, 2010--The economic boom in the Gulf Cooperation Council (GCC) region
has fueled the emergence of Islamic finance in the international market in the past
decade. Revenue growth in this region has particularly benefited the asset
management sector, as Standard & Poor's noted in a report published today (see "Using Fund Ratings To Assess Credit And Market Risks In Sharia Funds").

The Middle East is by far the largest market for Sharia-compliant funds, but
conventional players in Europe, South Africa, and the U.S. have also launched a
number of funds that comply with Sharia law during past years, enhancing their
product range to meet the specific requirements of Islamic investors seeking to
invest in this asset class.

The number of product types remains limited, which Standard & Poor's Ratings
Services believes is largely due to the nascent nature of Sharia funds. Funds also
have to be invested in ways that are permitted under Islamic law. Sharia funds,
unlike traditional bond funds, do not invest in conventional rated fixed-income

New observing members of IFSB incl. MunichRe, The German Reinsurance giant

The IFSB said the National Bank of Tajikistan, Prudential Hong Kong, along with Malaysia-based OCBC Al Amin Bank and the Islamic reinsurance unit of Germany's Munich Re will join as "observer" members,

New updated Sharia scholar network analysis by Funds at Work

The 4th executive summmary now focusses on over 220 Shariah scholars with exposure to the Gulf Cooperation
Council (GCC), including their international board memberships with 1050+ board positions in almost 300
institutions and 24 countries.

It is the single most detailed analysis on Sharia Boards and their scholars published.

CGAP, Deutsche Bank, Grameen-Jameel and IDB partner to launch ‘Islamic Microfinance Challenge 2010'

For Immediate Release

March 8, 2010–CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank have joined forces to challenge the Islamic microfinance industry to develop new ideas for business models in the Islamic Microfinance Challenge 2010: Innovating Sustainable, Scalable, and Market-Driven Models. Islamic microfinance has gained some traction over the past few years, with a swift rise in the number of institutions offering microfinance products in compliance with Islamic principles. But the fundamental challenge for the Islamic microfinance industry remains meeting client demand with affordable, authentic, profitable, and market-driven products.

Cagamas, Lebanon, Waha Capital Plan Sales: Islamic Bond Alert

The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on paying interest:

CAGAMAS BHD
LEBANON
WAHA CAPITAL PJSC
KUVEYT TURK KATILIM BANKASI AS
SAUDI ARABIAN OIL CO
LAFARGE MALAYAN CEMENT BHD
QATAR ISLAMIC BANK SAQ
PAKISTAN
TAIBA HOLDING CO
THAILAND
DEVELOPMENT BANK OF KAZAKHSTAN
KHAZANAH NASIONAL BHD

Islamic Finance must turn to its roots, by Muhammad Ayub

The global economy is facing a deep downturn as a result of the crisis. It was due to excessive
ability to create money and credit for earning increasing profits without creating anything of
value for use by the mankind. The system needs radical change in the approach, principles and
the operation of economic and financial systems. Creation of money, and lending it on interest –
interest based debts and financial obligations leading to undue receivables for the lenders, is
the biggest and primary problem of the conventional system. Islamic principles of finance
provide checks for the factors that have distorted the system. Enhanced supply of risk-related
capital, restricted risk taking, balanced return rate structure based on the real sector economic
activities, and supply of money commensurate with prospects of growth in an economy, provide
a sound basis for sustainable development. Hence, Islamic financial institutions and markets
have better ability to sustain in the hard times. Islamic banking industry should not only have
escaped unharmed during the crisis, it should also have availed the opportunity of developing

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