Central Asia

Islamic finance job openings October 2012

IslamicFinance.de offers an overview about new job openings of October 2012 herewith - firms aiming to be included please send a job profile/hyperlink to newsdesk@islamicfinance.de - the full details of the advert has to be accessed by the hyperlink below the brief description:

Product Manager, Islamic Banking

Standard Chartered Bank - United Arab Emirates-SCB (United Arab Emirates)
Job Description
?Development of Islamic wealth products across CBMS, insurance and investment streams to create customer value proposition.
?Ensure successful implementation of the Islamic banking strategy across high value segment.
?Concentrated responsibility to work with the Priority/Wealth/Private/SME product/frontline teams and support functions to build on the current Islamic banking capabilities and to create seamless customer experience
?Act as a product specialist for RMs on client meetings to introduce and explain the Saadiq solutions to meet their needs
?Financial budgeting and business forecast. Evaluation of financial performance.

BUSINESS PERISCOPE : Al-Baraka Bank CEO meets Deputy PM Elahi

Adnan Ahmad Yousif, CEO of Al-Baraka Bank, had a meeting with Deputy Prime Minister Ch Parvez Elahi on Tuesday. At the meeting, high appreciation for the steps taken by noted religious scholar Mufti Taqi Usmani for interest free working in the banks was shown.

Read more on: http://www.dailytimes.com.pk/default.asp?page=2012\10\31\story_31-10-2012_pg10_1




Growth, Equity and Stability: An Islamic Perspective
10-12 September 2013, Istanbul, TURKEY

The Ninth ICIEF at a Glance

Recovery from the global financial crisis and subsequent economic downturn remains fragile. Persistent risks to financial and economic development include sluggish growth in developed countries – which is now spilling over into developing economies as well; increasing income and wealth inequalities; and still-unrestored financial, economic and political stability in many regions. High poverty and unemployment rates, large macroeconomic imbalances, deteriorations in sovereign credibility, increasing food price volatility and food shortages, and lack of access to basic infrastructure further intensify and magnify these risks – particularly for the underprivileged segments of the world population. As a result, for many countries it has become even more challenging to achieve the Millennium Development Goals (MDGs) set by the United Nations.

Islamic microfinance ‘good alternative’ for alleviation of poverty

Conventional microfinance has proven ineffective in alleviating poverty. Islamic finance is suggested as a better alternative. Relevant to the World Poverty Day, a seminar concerning the global issues of poverty and its solutions was held in Lahore. The event was organised by AlHuda Centre of Islamic Banking and Economics. Participants came from different financial areas such as Microfinance, Islamic Microfinance and the Banking sector. Leading topics of the seminar were issues related to poverty, current situation of poverty, socio-economic issues due to poverty and the strategies for the solution.

Read more on: http://www.cpifinancial.net/news/post/16341/islamic-microfinance-good-al...

Seminar on poverty day

In Lahore, a seminar for the worldwide poverty day is organised. Global topics around the issue of poverty and its solution possibilities were discussed. Experts from microfinance, Islamic microfinance and the banking sector took part.

Read more on: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu...

Islamic finance struggles toward mainstream in Azerbaijan

Until recently, sharia-compliant deals in Azerbaijan had to be conducted secretly, hidden under the appearance of conventional banking. Now, on the other hand, there are a couple of banks which openly offer a limited range of services compliant with Islamic principles. These include bans on interest and pure monetary speculation. However, the government still has not created a law in order to regulate the Islamic financial industry in the country. Such a law would enable expansion of operations of commercial banks and allow sukuk issuance.

IDB allocates $710 million to 4 projects in Iran

The Islamic Development Bank (IDB) has given its approval for a loan worth $710-million to implement four projects in Iran. The agreement was reached in the sidelines of the IMF annual meeting in Tokyo. The money will be used for the establishment of treatment plants at upstream areas around dams and rural regions, thus assuring prevention from environment pollution.

Read more on: http://www.zawya.com/story/IDB_allocates_USD710m_to_4_projects_in_Iran-Z...

Rising partner: A Turkey-Pakistan alliance for Islamic banking

Turkey is well on its way to become the next hub for Islamic banking and finance. It only needs its government to show its commitment to Islamic finance so that other participants in the industry join Turkey in building a vibrant Islamic banking and finance industry. The recent successful $1.5 billion sovereign Sukuk issue denominated in dollar as well as the lira-denominated $900 million sovereign Sukuk have lead the county's way to the global platform of Islamic banking and finance. Since Pakistan has the most Shariah authentic model of Islamic banking, a Turkey-Pakistan alliance will contribute to the promotion of Islamic banking in Turkey, and, furthermore, it is expected to bring a new juristic approach to product development and structuring.

Read more on: http://tribune.com.pk/story/451643/rising-partner-a-turkey-pakistan-alli...

ICD starts investing in alternate energy from Bosnia to Kazakhstan

A new $50 million fund - the Central Asia Renewable Energy Fund - was launched by the Islamic Corporation for Development of Private Sector (ICD). According to the CEO of the corporation, Mr. Khaled Al-Aboodi, the money will be used to benefit countries of the Caucasus and Central Asia Regions, most important of which will be Kazakhstan, Azerbaijan and Turkey. Further target countries of the fund include Kyrgyzstan, Turkmenistan, Tajikistan, Uzbekistan, Bosnia, Albania and Kosovo. Factors like growing environmental awareness, evidence of climate change, scarcity of fossil fuels, and an increasing commitment by governments to support new sources of energy lead to growing interest in renewable energy in these countries.

Read more on: http://www.abc.az/eng/news_12_10_2012_68763.html

Burj Bank announces profit

Bank Burj's results for the first half of 2012 (until June 30th) are out. The bank registeres a profit before tax as high as Rs147 million. The results are a reflection of a turnaround of Burj Bank which caused continuous earning for the first two quarters of the year. The growth of the bank's total deposits lies at 57% reaching Rs 32b for the period. In spite of political and economical problems, the bank demonstrated excellent half yearly performance.

Read more on: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu...

Issuance of Sukuk Regulations, 2012 drafted by SECP

The Securities and Exchange Commission of Pakistan (SECP) has drafted the Issuance of Sukuk Regulations which are now being published for public comment. The regulations focus on providing more comfort to the Sukuk investors and shall facilitate the issuance of Islamic bonds.

See more under: http://www.brecorder.com/money-a-banking/198/1244872/

ADB, IFSB sign MoU to promote Islamic finance

The Asian Development Bank (ADB) and Islamic Financial Services Board (IFSB) shall cooperate in the promoting of Islamic finance in common developing member countries. The cooperation should be based on joint technical assistance and/or policy-based work in member countries.

See more under: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/bu...

IDB eyes investment in Kazakh, Central Asia energy, farming

The Islamic Development Bank (IDB) plans to set up first Islamic company in Kazakhstan in 2013. The object of business shall be: renewable energy and agricultural projects. The reason for that is the lack of agricultural resources in Gulf countries. On the contrary, countries in Central Asia and Africa have the resources but not the capital, which is why IDB considers opportunities for Islamic banking in Kazakhstan, which has a resource-driven economy that is the largest in Central Asia.

See more under: http://www.reuters.com/article/2012/10/01/islamic-finance-kazakhstan-idU...

Standard Chartered Bank launches first Islamic Euro Nostro Account

The industry's first Islamic Euro Nostro Account has recently been launched by Standard Chartered Bank. It will allow Islamic banks across the world to earn profits on their account balances, respecting the general rules of Murabaha. Bank Alfalah Limited from Pakistan was the first bank which has signed an agreement with Standard Chartered Bank.

See more under: http://www.thenewstribe.com/2012/10/02/standard-chartered-bank-launches-...

IDB joins call for polio eradication

IDB's president, Mohamed Ali, have urged for global solidarity in fight against polio. The bank is working on new financial package for the government of Pakistan that should help to finance polio eradicatoin activities in the country. IDB intends to provide similar grant to Afganistan that is same as Pakistan highly affected by this horrible disease.

See more under: http://www.arabnews.com/idb-joins-call-polio-eradication

UBL Funds to launch Islamic scheme

In a recent announcement UBL Fund Managersstated that it will launch its new Shariah-compliant investment scheme. The scheme known under the name UBL Islamic Cash Fund is described as an Islamic Money Market Scheme with clients who have cash lying idle in a current account as a target group. Investing in UBL Islamic Cash Fund will enable customers to earn a competitive return which will be calculated and announced on a daily basis.

More on: http://www.dailytimes.com.pk/default.asp?page=2012\09\19\story_19-9-2012_pg10_3



In 2012-2014 IDB will finance Kazakhstan projects worth 1 bln USD

Islamic Development Bank intends to finance projects worth 1 billion USD in Kasakhstan, thus implementing the country strategy. At the beginning of October a new country strategy of the bank in Kazakhstan will be signed. According to plan, in the following 2 years IDB will provide financial means for a number of projects.

More on: http://caspionet.kz/eng/business/In_20122014_IDB_will_finance_Kazakhstan...

SBP developing 5-year plan for Islamic banking industry

The Deputy Governor of State Bank of Pakistan (SBP) - Kazi Abdul Muktadir - announced that the bank is working on a new five-year (2013-17) strategic plan for Islamic banking industry. This plan shall define an overall direction for the Islamic banking industry. According to Mr. Muktadir, an increase in Islamic finance's share in the banking system is very likely and can reach up to 15% in the five years to follow.

BoK opens Islamic banking branch at Mingora

Bank of Khyber (BoK), the new Raast Islamic Banking Branch at Mingora was formally inaugurated by Engr Humayun Khan on Friday. At the ceremony, Engr Humayun Khan expressed his appreciation of the vital role of BoK in province's socio-economic uplifts activities. Furthermore, he said that the government extended its full support to BoK. He also pointed out the bank's importance for the implementation of the self-employments schemes of the provincial government in order to reduce the unemployment among youths.

Banking a 100 Million Pakistanis

A team from Bankable Frontier Associates started a project to study the effect of interoperability in retail payments on the outcome of financial inclusion in Pakistan. The target they set was 100 million Pakistanis to be financially included electronically by 2020. Now the final report is ready and available for the public. Specific ideas for the Pakistani market are provided in the report. These are intended to be implemented in workshops with Pakistan industry. Moreover, the report stresses on the importance of interoperability and the reasons for that as wel as on how people should think about it from a policy and market development perspective and how it should be measured.

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