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Islamic finance must move from personality to institutionalisation

The Islamic finance industry must put in place well-planned and transparent succession programmes to reduce the risk that is a result of reliance on key people

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MAKING NEWS HEADLINES

PM Niksic and President of IDB on development of Islamic Banking in BiH Prime Minister Niksic thanked for the contribution and assistance Islamic Development Bank and its member in BiH Bosna Bank International (BBI) in restoration and development of economy of our country, stressing the need for stronger development of principles of the Islamic banking in BiH financial sector. ... more

Waqf Fund to boost resources at library MANAMA: The Waqf Fund, a Bahrain-based special fund to support Islamic finance training, education and research, reviewed its ongoing programmes at a key meeting. At its 16th board of trustees meeting, the fund expressed its satisfaction that training was being delivered to Islamic banking professionals and Sharia resources at Islamic banks under the Graduate Sponsorship Programme, Sharia Reviewer Development Programme and Advanced Diploma in Islamic Commercial Jurisprudence Programme. ... 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

Corporate News
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.

Islamic Glossary

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