<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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<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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Speaking at the Middle East Investment Conference in Dubai, Ibrahim Warde, adjunct professor at Tufts University in the United States and a noted author on Islamic finance, argued that since the 1990s Islamic finance has gained much more international …
<p>Issues raised and discussed at length during “International Workshop on Zakat, Waqf and Islamic Microfinance” and the idea of “Strengthening Islamic Social Finance Sector” were presented by Arshad Ajmal, Vice President of Sahulat Microfinance Society, at a programme organised by Forum for Discussion on Economic Issues. The event is a joint forum of Sahulat and Radiance Viewsweekly which was held in the national capital on 26 May. Mr. Ajmal, who was the only person invited from India as a resource person on Islamic Microfinance, shared his experience which he gathered and the points he raised during the workshop. Another notable point discussed was whether an Islamic Microfinance institution should and can be treated as a banking institution. Moreover, it was pointed out that Islamic finance places itself heavily on debt instruments and less on equity instruments.</p>
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<p><a href="http://www.radianceweekly.com/362/10757/maharashtra-ats-cbi-x-rayed-will-nia-retain-confidence-of-people-with-its-unbiased-terror-probe/2013-06-09/report/story-detail/need-to-strengthen–islamic-social-finance-sector.html" title="http://www.radianceweekly.com/362/10757/maharashtra-ats-cbi-x-rayed-will-nia-retain-confidence-of-people-with-its-unbiased-terror-probe/2013-06-09/report/story-detail/need-to-strengthen–islamic-social-finance-sector.html">http://www.radianceweekly.com/362/10757/maharashtra-ats-cbi-x-rayed-will…</a></p>
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<p>At the 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013) in Singapore, Bahrain based international standard-setting body the International Islamic Financial Market (IIFM) announced the launch of IIFM Inter-Bank Unrestricted Master Investment Wakalah Agreement. This global standard document is supplemented with an Operational Guidance Memorandum. It is developed to be used in the Islamic inter-bank market between financial institutions in order to manage their liquidity requirements. It is also aimed to minimise the over reliance on the use of the Commodity Murabaha in the inter-bank market transactions. The key main features of this Agreement is that the Investor, the Muwakkil, will appoint the Wakil as its Agent to invest its funds in a Shari’ah compliant manner in exchange for a fee.</p>
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<p><a href="http://www.tripolipost.com/articledetail.asp?c=11&i=10303" title="http://www.tripolipost.com/articledetail.asp?c=11&i=10303">http://www.tripolipost.com/articledetail.asp?c=11&i=10303</a></p>
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Dubai World has sold one of its UK assets as part of its efforts to repay creditors. A unit of Toronto-based investment company Brookfield Asset Management has bought logistics warehouse developer Gazeley from Dubai World subsidiary Economic Zones Worl…
<p>The initiative to transform Dubai into the world’s capital of the Islamic economy is progressing steadily towards the goals as scheduled, said Mohammed Abdullah Al Gergawi, Chairman of Dubai’s Islamic Economy Higher Committee. During its meeting, the committee viewed the work of its major teams tasked with implementing the initiative. The meetings provide an opportunity to discuss the role of these sectors in the implementation of the initiative, he added. All strategic partners and experts are included in these meetings and workshops so as to exchange views and ideas on the initiative, and reach a form of fruitful and constructive cooperation. Dubai’s Islamic economy platform includes finance instruments, insurance, contracts arbitration, Islamic food industry and trade standards (halal food), and quality management standards.</p>
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<p><a href="http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/June/uaebusiness_June131.xml&section=uaebusiness" title="http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/June/uaebusiness_June131.xml&section=uaebusiness">http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/…</a></p>
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