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Fitch Ratings has assigned Salam III Limited's USD100m insurance-linked Sukuk programme an expected rating of 'BBB-(EXP)'. Fitch has also assigned a rating of 'BBB-(EXP)' to the proposed first USD20m tranche under the programme. ATLANTICLUX Lebensversi…
<p>European Central Bank, Occasional Paper No 146, June 2013</p>
<p>ABSTRACT</p>
<p>Islamic finance is based on ethical principles in line with Islamic religious law. Despite its low<br>
share of the global financial market, Islamic fi nance has been one of this sector’s fastest growing<br>
components over the last decades and has gained further momentum in the wake of the financial<br>
crisis.</p>
<p>The paper examines the development of and possible prospects for Islamic finance, with a special<br>
focus on Europe. It compares Islamic and conventional finance, particularly as concerns risks<br>
associated with the operations of respective institutions, as well as corporate governance. The paper<br>
also analyses empirical evidence comparing Islamic and conventional financial institutions with<br>
regard to their: (i) efficiency and profitability; and (ii) stability and resilience. Finally, the paper<br>
considers the conduct of monetary policy in an Islamic banking context. This is not uncomplicated<br>
given the fact that interest rates – normally a cornerstone of monetary policy – are prohibited under<br>
Islamic finance. Liquidity management issues are thus discussed here, with particular reference to<br>
the euro area.</p>
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<div>Source: </div>
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<p><a href="http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf" title="http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf">http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp146.pdf</a></p>
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José Graziano da Silva – Director-General of Food and Agriculture Organization – and Ilse Aigner – the German Minister of Food, Agriculture and Consumer Protection – have pointed out the importance of a significant increase in responsible investments in agriculture. Thus the issue of eradicating hunger and feeding a growing world population can be addressed. They further explained that investments in regions with severe rural poverty and hunger are still too low. Efforts should be concentrated on farmers because they play a key role in the rural environment.
Paper by Funds@Work regarding Islamic Finance vs. Sustainability from a network perspective insight; “Our aim was to show that we should never look at phenomena in an isolated manner. Islamic, ESG as well as conventional investors can greatly learn from each other by being more open. Islamic Finance should not be looked at from a religious perspective but rather from what it brings to the table from which ESG and conventional investors can profi t. Our fi nance and investment system globally will be more resilient if individual participants approach each other more openly and share ideas converging into a mainstream “sustainable fi nance system” which borrows the best of all worlds. From a network analytic perspective we should be aware that openness leads to greater innovation and stability and creates more opportunities to interact. In this context we need to address prejudices which stem from mere ignorance and act as barriers to cooperate. Because ultimately what the world needs is a greater integration of networks such as the Islamic Finance, ESG, and conventional investments communities to make their individual achievements accessible to a broader audience.
Kuveyt Turk has made an application for a a German banking licence. According to its Chief Executive – Ufuk Uyan – it thus aims to become the first Islamic bank in Germany. The company is now waiting for a response from German financial watchdog BaFin….
Dear Reader,
The German language book on Islamic finance by the Editor of IslamicFinance.de and Dr Wackerbeck from Booz Consultants is now translated to Chinese.
Please find the biographical information below:
Authors: Michael Gassner / Philipp Wacker…
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