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Dubai to challenge London with Islamic financing platform

Reuters – Dubai will compete with London for a share of Islamic banks’ liquidity management business by offering a new platform for murabaha trading. Many Islamic banks around the world manage their short-term funds with murabaha, in which one bank acquires merchandise and another agrees to buy it at a mark-up. Traditionally, banks from the …

Daily News Egypt

Gulf ties could aid Islamic finance in Italy

Reuters – Bankers and academics in Italy are stepping up efforts to develop Islamic finance in the country, a campaign which could benefit from growing economic links between Gulf countries and the euro zone’s third largest economy. Islamic finance has so far made only marginal progress in continental Europe, mainly in France and Germany. But …

Daily News Egypt

A big question mark on the Islamic finance industry

By Muhammad Zubair Mughal Apparently, it is a matter of pleasure that global volume of Islamic finance industry has crossed $1.3tn approximately, which is, definitely, providing the best and compatible sources of finance with interest free modes.  According to a careful estimate, there are more than 2000 Islamic Financial Institutions offering Islamic Banking, Islamic Insurance …

Daily News Egypt

After Arab Spring, Islamists test religion in economics

By Farah Halime With the rise of political Islam across North Africa in the wake of the Arab Spring uprisings of 2011, Islamic finance is being touted as the solution to decades of unemployment and economic inequality. “We’ve tried socialism, we’ve tried capitalism, now we’re trying Islam,” cried supporters of Mohamed Morsi, when he was …

Daily News Egypt

Islamic finance pressured to join accounting mainstream

By Anjuli Davies / Reuters LONDON: Rapid growth of Islamic finance is increasing pressure for the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board (IASB), the global body which sets the tone for book-keeping in conventional finance. It would be a controversial move – by basing itself on religious …

DNE

Huge mandate for planned new Islamic bank

By Bernardo Vizcaino / Reuters DUBAI: Gulf institutions plan to spur development of the Islamic finance industry by setting up a bank that would boost liquidity in Sharia-compliant markets. But the mandate of the bank is so wide that it may struggle to have an impact early on. The Islamic Development Bank (IDB), a Jeddah-based multilateral …

DNE

Global Islamic finance assets hit $1.3 trillion, says study

By Anjuli Davies /Reuters LONDON: Islamic financial assets around the world hit $1.3 trillion in 2011, a 150 percent increase over five years as the industry expands into new countries beyond core markets in the Middle East and Malaysia, a report on Thursday estimated. Developed markets in Malaysia, Iran and the Gulf remain fertile ground for …

DNE

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