Egypt May Sell Foreign-Currency Sukuk, Deposit Certificates

Egypt May Sell Foreign-Currency Sukuk, Deposit Certificates
Jan. 18 (Bloomberg) — Egypt may issue an Islamic bond or alternatively certificates of deposit in foreign currency for Egyptians abroad, the finance minister said. “We are studying issuing sukuk,” or Islamic bonds, Mumtaz el-Saeed said today by telephone in Cairo. “We are comparing the benefits of issuing certificates of deposit with those of sukuk ...

Crescent Wealth aims for $3bn pool by 2019

Crescent Wealth aims for $3bn pool by 2019
AUSTRALIA’S first Islamic fund manager Crescent Wealth is aiming high, but will it deliver? The company “would be happy” with $3 billion under management by 2019, which represents nearly a quarter of the $13bn pool of funds expected to be allocated to Islamic fund managers by then. That’s a big number given the Crescent Australian ...

Bank Islam eyes M&As in Indonesia and Bangladesh

Bank Islam eyes M&As in Indonesia and Bangladesh
KUALA LUMPUR: Bank Islam Malaysia Bhd is eyeing opportunities for expansion in Indonesia and Bangladesh, which have sizeable Muslim populations and adequate Islamic banking regulatory policy and supporting infrastructure for syariah-based financing and banking operations. Managing director Datuk Seri Zukri Samat said as mergers and acquisitions (M&As) were on Bank Islam’s agenda for growth, the ...

What are the reasons India should legalize and encourage Islamic Banking and Finance?

What are the reasons India should legalize and encourage Islamic Banking and Finance?
Apart from all the ethical and theoretical reasons one may cite, the top three reasons are, according to me: It will enable India to bring in much needed investment from middle-eastern countries at very reasonable terms   A large portion of the unbanked Muslim population will hopefully be successfully targeted by banks who focus on ...

Muslim countries do not manage wealth properly – Mahathir Mohammed

By MUSHTAK PARKER | ARAB NEWS Published: May 10, 2010 01:20 Updated: May 10, 2010 01:20 Former Malaysian Prime Minister Mahathir Mohammed is arguably the most popular politician in the Muslim street. Even in retirement he still exudes that “street cred” and “wow” factor because he speaks his mind. Not surprisingly, when he delivered the ...

White House welcomes Shariah finance specialist

White House welcomes Shariah finance specialist
6.25.10 – The Obama administration has announced its appointment of 13 White House fellows – and the first person featured on its short list is a Muslim attorney who specializes in Shariah-compliant transactions. Obama selects Muslim expert in Islamic transactions as fellow “This year’s White House fellows are comprised of some of the best and ...

I Have a Dream

I Have a Dream 07/05/2010 By Lahem al-Nasser Riyadh, Asharq Al-Awsat – Great accomplishments begin with a dream, but dreams can only come true if they are supported by the will and determination to turn them into a reality. Dreams are the source of inspiration for humanity; I do not mean the dreams that we ...

Kenya alters bank laws for Islamic financing

Reuters/Nairobi Kenya has made adjustments to its banking sector to let Islamic finance institutions set up and prosper in the east African nation, the governor of the Central Bank of Kenya (CBK) said yesterday. Njuguna Ndung’u – whose statement was read to a conference in Nairobi – said Islamic finance had the “overwhelming support” of ...

Interest-free microfinance: Best tool for poverty eradication

By Abdul Aziz V. K for TwoCircles.net, The interest-free microfinance can be defined as provision of financial services to those people who are denied access to the financial market; opens new perspectives, and empowers people who can pursue projects with their own resources, and who lack assistance, subsidies and dependence. Besides, it provides financial services ...

Islamic finance – steady amid chaos

BOOK REVIEW Reviewed by Robert E Looney In 1936 in the depths of a world-wide economic depression, John Maynard Keynes described the decline of the world’s financial markets as a result of playing at a casino: “Short-term speculation with little regard to fundamentals.” A cursory examination of the current global financial crisis suggests little has ...