African Brains

London Stock Exchange welcomes ICD, a member of the Islamic Development Bank Group

London Stock Exchange welcomes ICD to mark the listing of its MTN Programme and inaugural $300 million five year Sukuk. ICD will use the proceeds of the Sukuk to support investments in private sector projects. The MTN program, which is a Wakala structure, will serve as ICD’s main funding platform for regular issuance of Sukuk. HSBC was the arranger for the MTN Program and the syndicate group for the Sukuk included 13 international and regional banks.

Seminar on the Role of Islamic Finance in the Development of Africa to Tap Potential Outlook for Islamic Financial Services in the Continent

The Islamic Financial Services Board (IFSB) is organising its first Seminar focusing on the Islamic financial services in Africa which will be held on 6 to 7 September in Mauritius, hosted by the Bank of Mauritius. This Seminar is targeted at regulatory authorities and financial institutions from African nations interested in developing or exploring Islamic Finance. Numerous experts of Islamic finance will participate. The IFSB is also organising a Pre Seminar Workshop on Introduction to Islamic Finance and the IFSB Standards on 5 September 2012, prior to the Seminar, which is open to all participants attending the Seminar. The Workshop aims to provide them with a better understanding of Islamic financial services and the IFSB activities.

Islam Analysis: Do or die for OIC science cooperation

In 2007, the Organisation of Islamic Cooperation (OIC) created the Science, Technology and Innovation Organisation (STIO) to organise cooperative research and pool resources among its 57 member countries. STIO’s operated under the banner ‘Your money for your projects’ butut there is very little to show for its six years of existence. One problem is the politics of power within the Islamic world. It is important to rise above such politics to create organisations with shared ownership. Furthermore, member countries are allowed to spend up to 90 per cent of their financial commitment to STIO within their countries with just 10 per cent going to the organisation. Therefore, countries have tended to see the 10 per cent contribution as an undesirable tax. Without a fresh perspective, major redesign, and some inspiration, STIO is likely to remain dead on arrival.

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