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Islamic finance in 2013: beyond the growth

Year upon year, the Islamic finance industry posts stellar growth figures. However, as large Western lenders withdraw from the sector, is Islamic finance in as healthy a shape as the figures suggest? The Banker asks a number of experts in the field what the future holds for sharia-compliant banking. Read More.

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MAKING NEWS HEADLINES

Malaysia Can Assume Leadership Role In Islamic Finance, Says Banker KUALA LUMPUR, Dec 3 (Bernama) -- Malaysia can assume the leadership role in Islamic finance, where wakaf and zakat management offered growth potentials, said Fajr Capital Ltd chief executive officer, Iqbal Khan. ... more

CBO selects Islamic finance training scheme consultant Muscat: As part of major preparations for the launch of Islamic financial services in the Sultanate of Oman, the Central Bank of Oman (CBO) has delivered an inaugural, dedicated Islamic finance training programme for its officers. ... more

QUOTE

SHARIA UMEX HAS BEEN TIMELY SAYS SHEIKH HUSSAIN HAMID HASSAN – CHAIRMAN OF THE SHARIA COMMITTEE OF DUBAI ISLAMIC BANK "Having been through its early days, it is now time for the Islamic banking and finance sector to strengthen and expand industry infrastructure to ensure sustainable global operations," said Sheikh Hussain Hamid Hassan, a prominent Sharia scholar and chairman of Sharia Supervisory Board of Halal Industries Group. "Sustained growth results only from a stable and level playing business environment. Restricted access to capital markets, for the SME sector in particular, means inefficient and less sustainable economic backstay – the recent global crisis is testimony to that. UMEX is indeed a much needed and timely initiative.Such a platform would provide easy access to SMEs as well as encourage businesses to operate in an ethics-driven manner (making them inherently Islamic, as justice and ethics are among the ultimate objectives propagated by Sharia)," Sheikh Hussain continued ... more

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What is Sharia?

Sharia (meaning "way" or "path") provides guidelines as to the requirement by which Islamic life should be conducted; this includes standards for food, family life, and business as well as daily financial dealings and transactions. The restrictions of Sharia such as the prohibition of investing in companies involved in alcohol, tobacco and gambling mean that there is a very close association between Sharia investment and ethical investment.

Additionally Sharia finance prohibits Riba - (Usury - or interest), whereas the sharing of risk and rewards in financial transactions is encouraged.

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