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Ramadan Karim!

Dear Readers,

Ramadan Karim to all of you.

May your fasting be accepted!

Best regards,

Michael Gassner

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Should Muslims invest in Crypto? Are they halal?

More and more Muslims consider investing in Crypto Currencies and participating in so-called Initial Coin Offerings (ICO). What is the background aside from the poster child bitcoin?

There are two main types of Crypo:

Security Token - Crypto which has some rights or assets attached. Regulators tend to require a prospectus and deem it akin to a security. It's value follows the rights and assets attached and need careful analysis. As Security Tokes are offered online, they may or may not be subjected to a regulator, and any misrepresentations could not be prosecuted. Fraud is frequent.

Utility Token - Crypto which has no rights or assets whatsoever attached to it. Regulators mostly leave it to the people taking the view that no disclosures are required if something is essential without any value. Analysis about the price can only be derived from market psychology. Fundamental values are not given. It is a kind of gift to the issuer from a regulatory point of view and thus no need to protect anybody out there. There is no material countervalue from a secular legal point of view.

Sharia point of view:

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Islamic Stock Screener - open source

Dear All,

as salamu alaikum,

as part of my book project I developed a simple tool for Islamic stock screening. What does it do?

- data pull from Google Finance and MarketWatch
- Calculating cash and debt compliance criteria versus 220days average market cap
- Zakat calculation per share for the zakatable asset approach, if held for investment

***Telegram Group for discussion on Islamic stock screening:
https://t.me/islamicstockscreening

***Live Google Sheet:
https://docs.google.com/spreadsheets/d/1VJYojBUrftJkAZRTcdbmN4TAsvaC1eas...

***Resources:
https://github.com/IslamicWealthManagement/Googlesheet

The tool is under a GLP-3.0 License and be used and amended privately with no charge. Users are encouraged to verify and improve the tool for mutual sharing. No warranties given. Feedback directly or via Telegram group highly welcomed. Is your market avalaible, or do you desire a screening for your market?

Other Screening tools are:

Idealratings: https://www.idealratings.com/
Halal Investors: https://halalinvestors.com/
Islamicly: https://www.islamicly.com/
Zoya Finance: https://zoya.finance/

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Join me on Patreon

Dear reader,

If you appreciate IslamicFinance.de, then now you have the chance to become a part of it:

Become a Patron!

Your support is most welcome!

Best regards,

Michael Gassner
Editor, IslamicFinance.de

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Samstag, 20.2.21, 21:00 - Tutorial - zielbasierte Vermögensaufteilung, Aktien, Sukuk, Immobilien, Renten und Vorsicht vor Betrug

m Dritten Teil der Vortragsserie stelle ich Euch/Ihnen vor, wie und warum Vermögen aufgeteilt wird, warum es wichtig ist dabei die Ziel zu berücksichtigen, welche Finanzprodukte hierfür in Frage kommen und welche religiösen Fragen von halal, haram und Charakterentwicklung sich stellen.
Geld (Euro, Gold, Silber, Crypto?), Unternehmen (Crowdfunding, Aktien), Immobilien und Kreditversicherung, Staatliche Rentenversicherung und Vorsicht vor Finanzbetrug.

Der Vortrag ist im Browser über den folgenden Link zu verfolgen oder mit besserem Bild in der MS Team App.

Am Samstag, den 20.2.21 um 21:00:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_OTY0NGQ0MGMtZjZkY...

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Arabic: Sustainable Development Key Performance Indicators (SD-KPIs)

Sustainable Development Key Performance Indicators (SD-KPIs) are three particularly material environmental, social and governance (ESG) indicators for the expected business development of 68 different sectors.

The copyrighted SD-KPI Standard 2016-2021 was published by SD-M® on behalf of the the Federal Ministry for the Environment (BMU) and with support of the Sustainability Accounting Standards Board (SASB). A Japanese, Chinese and Arabic translation is also available:

https://www.sd-kpi.com/files/SD-KPI_Standard_2016-2021_Arabic.pdf

According to the BaFin Guidance Notice on Dealing with Sustainability Risks, ESG risks should be strategically considered, e.g. by means of SD-KPI Standard 2016-2021. The Guidelines (German) to the Sustainability Code of the German Council for Sustainable Development recommend the SD-KPI Standards for materiality analysis.

The Big Six® are the six most important challenges for sustainable development in 21st century:

climate change
freshwater scarcity and pollution
deforestation and desertification
absolute poverty
loss of biodiversity
population growth and migration

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Deutscher Vortrag: Islam & Finanzplanung - Freitag, 12.2.21 - 21:00

Tutorial Islamische Finanzplanung

Der Vortrag spricht sowohl über den Mindset zum Thema Vermögen und Planung als auch über den Erwerb (Arbeitnehmer, Unternehmer), Bewahrung (Budget, Absicherung) sowie Ausgeben (Spenden, Nachlassplanung, Stiftung) des Vermögens.

Ein Beispiel für eine Musterfamilie wird ebenso vorgestellt.

Das Thema deckt das 2. Kapitel des Buchprojektes ab.

Der Besprechung über Ihren Computer oder eine mobile App beitreten

Die Seite zum Buch: http://www.islamicwealthmanagement.com

Das Meeting findet via MS Team statt .- die App kann kostenlos runtergeladen werden - funktioniert aber auch einfach im Browser:

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Islamic equity screening and Zakat calculation

Mark your calendar: You can join the meeting on Saturday, 6th February 2021, 15:00 CET

How far we get if we aim to screen stocks ourselves at home for Sharia compliance? Via MS Team meeting I present basic considerations of the screening criteria and Zakat issues, and then show with shared screen how it could be done in Google Sheets with a DIY attitude. This lecture was intended for German Muslim stock market investors in mind, who wished to understand, what commercial screening tools ruled out for them. And the overall work is part of a book project on Islamic finance for consumers.

In regard to Zakat - a full analysis would go to far - two approaches are taken, which are the most prevalent. By all means seek the advice of your school of thought and trusted scholar.

The commercial providers will be named, too. Surely more convenient. Nevertheless going through a Google Sheet once step by step is a good exercise for getting comfortable with the criteria and methods as such.

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Online Lecture Islamic wealth management Part 1: Tuesday 26th Jan 2021 - 7 pm GMT/UK

Hosted and moderated by Kristiane Backer, Michael Gassner is speaking on Islamic wealth management in three lectures - based on his upcoming book in German about Islam, Finance and Prosperity ( http://www.islamicwealthmanagement.com )

Please register: https://mailchi.mp/87418bf06f04/newmuslimsforum

Part 1 will discuss the issues with debt, interest and inequality - why does interest prohibition does make sense? What is wrong with today's tax rules, banking rules and monetary policy in a nutshell? Rather than going into various explanation, Michael argues that exponential growth of debt is the core of the problem. The poor getting poor and the rich richer? He explains how debt and interest really shifts wealth.

Latest bulletin of the Islamic Organisation for Food Security for download

Please download the bulleting from the link below.

Excerpt:

Director-General of IOFS H. E. Yerlan A. Baidaulet

“As we all know that 2020 has been an unprecedented and challenging period that has affected
all parts of the world especially the OIC region with the COVID-19 pandemic and its subsequent
drawbacks. The global food systems have been tested by both environmental and biological
factors that reflect the urgent need for a more resilient, strong and powerful food system
that can bear the responsibility at national, regional, and international level. The first and
immediate global reaction to COVID19 was having in place all the measures for an appropriate
lockdown and closing borders to protect all countries from the spread of the pandemic. Such
action affects the flow of food supplies, disturbs the food chain and leaves farmers facing
challenges without support.

«According to the WFP and an estimated 265 million people could be pushed to the brink of
starvation by the end of this year. The food we need should be nutritional, safe, Halal and
enough for everybody.”

The Islamic Development Bank and The International Islamic Trade Finance Corporation hold a webinar on AgriTech & Digital Supply Chain

The International Islamic Trade Finance Corporation (ITFC) and the Islamic Development Bank (IsDB) jointly held a live webinar entitled "The Role of AgriTech in Food Security & Sustainability" to discuss sustainable climate-smart agricultural technologies for achieving food and nutrition security. The webinar highlighted the most promising AgriTech solutions to enhance efficiencies of agricultural value chains at the national, regional and global level. The webinar, which was presented in English and included French, Arabic and Russian interpretations, featured panel discussions and presentations by industry experts in the field of Agriculture, AgriTech and Trade Finance. The ITFC will provide technical assistance to farmers and associated agribusinesses to build their capacities to use the digital tools to enhance agricultural productivity. The 2nd webinar, entitled "Digital Supply Chain" will be held on the 25th of November 2020.

Bank Negara: Mismatch in green funding demand, supply decelerates sustainable projects

Malaysia’s pledge to minimise its greenhouse gas emissions by 2030 is facing challenges in terms of a mismatch in demand and supply of fundings. Bank Negara Malaysia (BNM) assistant governor Fraziali Ismail said that considerable funding gaps remain in sustainable projects, despite the roll out of green financing schemes. Fraziali emphasised that there is a need to find a way to bridge the language and information gap between scientists, government and financiers. He also emphasised the role of the financial sector, particularly that of the capital market, in driving Malaysia’s sustainable development through the sukuk market.

Abu Dhabi Islamic Bank launches #UAE's first virtual banking sales platform

Abu Dhabi Islamic Bank (ADIB) has launched a remote sales platform allowing customers to converse with the bank and apply for personal finance, covered cards, takaful, and other banking products without having to leave their homes. A first of its kind in the UAE, the platform is equipped with virtual banking tools, including online application and electronic signature services. The platform also integrates virtual communications tools, including video conferencing and real-time screen sharing, to boost collaboration between customers and sales representatives. ADIB has seen a significant surge in customer demand for its digital banking services in 2020. Around 94% of ADIB’s banking transactions are conducted digitally and 65% of customer updates are made through the bank’s digital channels. In addition, 50% of new ADIB customers have opened their accounts digitally.

#Indonesia gains heft in Islamic banking with 3-way merger

The Indonesian government announced that it would merge the syariah units of three state-owned lenders to create the country’s seventh-largest bank. Pending approval by regulators, the syariah units of Bank Rakyat Indonesia, Bank Mandiri and Bank Negara Indonesia will join forces by February to form a lender with roughly 215 trillion rupiah (S$19.8 billion) in assets. The move is part of an ongoing effort among Indonesian officials to capture a bigger slice of the market of religiously observant Muslims.

“Abu Dhabi Islamic” launches a platform for banking – economic –...

Abu Dhabi Islamic Bank launched a sales platform that allows customers to communicate remotely with the bank and apply for personal finance products, covered cards, takaful products and other banking solutions without having to leave their homes. This platform is the first of its kind in the UAE, and it is equipped with a set of virtual banking tools, including an electronic application and electronic signature services. Since its launch, more than half of the bank’s card sales are executed via the platform remotely.

Featuring Over 2,000 Participants from 90 Countries, Seventh Annual G20 Interfaith Forum Concludes with Strong Focus on COVID, Inequalities and Climate Change

The seventh annual G20 Interfaith Forum concluded its meetings on Saturday after five days of sessions that addressed the COVID-19 emergencies, climate change, social, racial, and economic disparities, environmental challenges, the preservation and safeguarding of sacred sites, and other pressing issues. Originally intended to be held in the Kingdom of Saudi Arabia, host of the 2020 G20 Summit, the conference was conducted virtually in response to the global pandemic. Attendance exceeded 2,000 participants from more than 90 countries. The crisis posed by the COVID-19 pandemic played a central role in the discussions at the Forum. The discussions offered vivid testimony to the need for the world's political leaders to include religious actors in policymaking processes including notably the November 2020 G20 Leaders' Summit in Riyadh. Formal recommendations resulting from the Forum will be shared with G20 leadership in the coming weeks.

Shariah Compliance Expert Says Cryptocurrencies Are Legit Commodities

Cryptocurrency adoption and investments remain low in Muslim countries as people are still unsure of its compliance with Islamic law. At the SCxSC Fintech Conference 2020 last week, shariah expert Datuk Dr. Mohd Daud Bakar said that investors need more time to understand cryptocurrency from the shariah perspective. In Malaysia, the SC Shariah Advisory Council has declared that it is permissible for Muslims to invest in and trade cryptocurrencies, including bitcoin, on government-registered crypto exchanges. Bakar explained that cryptocurrency is not regarded as legal tender, but it is a legit commodity that can be exchanged within the market, as long as it is not backed by “ribawi items,” like gold and silver. Bakar added that the Securities Commission of Malaysia has also made it possible for companies to issue coins as a method of raising capital, subject to certain restrictions through its fatwa resolution.

Launch of #UK’s first Islamic Finance undergraduate degree

A university has announced the launch of the first Accounting and Islamic Finance undergraduate course in the UK. The BSc (Hons) Accounting and Islamic Finance degree at Birmingham City University will see students study Islamic economics, whilst developing an understanding of 'corporate social responsibility'. Course leader Shaista Mukadam said students on the course will be taught the philosophy around the principles and will be encouraged to find ways to implement them in real-world scenarios. It’s not just a course for Muslims, it’s about an ethical way of doing finance based on the teaching of Islam.

Islamic banks “vital in accelerating #UK fintech transformation” according to expert

Al Rayan Bank, the UK’s oldest and largest Islamic bank, has announced that more than 20,000 of its customers are now using its digital banking services for their day-to-day banking. According to Dr Samir Alamad, Sharia compliance expert at Al Rayan Bank, Islamic finance institutions have a significant growth opportunity in their hands by making the digital shift, catering not only for Muslim communities but mainstream audiences alike. Their role is vital in reinforcing the UK’s position as a fintech hub and in growing awareness of Islamic finance overall. The Al Rayan Bank Mobile Banking app is available on the App store and Google Play – as well as through its desktop portal, which users can access using the app, through a separate authenticator app or using a hard token device. From 2021, customers will also be able to use the app to validate online purchases made using an Al Rayan Bank debit card.

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