SINGAPORE - ARTICLE - Is There Room for Singapore to be an Islamic Finance Hub?

www.businessislamica.com -  Islamic finance was marked with exponential developments globally over the three last decades, spurring enormous demand for Shari’ah-compliant schemes. Although relatively new, Islamic finance has, ever since inception in the late 1960s (Halabi. et.al. 2004), proven to be one of the fastest growing elements of the global financial system. According to the Global Islamic Finance Report 2011, the Islamic finance industry reached $1.14 trillion in total value of assets and has been consistently growing at an average rate of 10%. In addition, there are over 300 Islamic financial institutions that are operating in about 75 countries across the globe, comprising of banking, takaful and capital market sectors.
Interestingly, the attention for Islamic finance is not only coming from Muslim countries but also from non-Muslim ones as well. Indeed, some non-Muslim countries are aiming at becoming the hub for Islamic finance. Hongkong for example aspires to be an Islamic finance gateway to China, while the UK aims to entrench London as a global gateway for Islamic finance. Last but not least, Singapore also aspires to be the main center for Islamic finance in Asia. This article tries to further analyze on the future development of Islamic finance in Singapore. (source)

INDONESIA - EVENTS - IDB: Islamic Finance Must Focus of Economic Development

www.investor.co.id - BANDUNG - The strengthening of Islamic finance in sustainable economic development should focus on efforts to promote inclusive economic development and not on short-term trade financing.
Thus the assertion of President Islamic Development Bank (IDB) Ahmad Mohammed Ali at the opening of the international Islamic finance seminar in Bandung on Monday. Ali said, inclusivity in the development of Islamic economics and finance, among others in the Islamic banking sector, stock market products, micro-insurance, financial institutions, especially Islamic Zakat and waqaf institutions.
"In the last 10 years have proven the Islamic financial systems of a significant opportunity to open up and improve public access. Though small, Islamic microfinance industry has shown good growth," he said.  (source)

INDONESIA - EVENTS - Islamic Finance in West Java Reaches 5%

www.investor.co.id - BANDUNG, West Java Governor Ahmad Heryawan said the Islamic financial system has been used about 5% in the economy in West Java.This amount is higher than the percentage of use of the concept of Islamic economics in the national economy reached 4.2%."Islamic financial system has been used for more than five percent in West Java, is higher than the national percentage for the composition of a large Muslim population in West Java," said Ahmad at the residence of the governor office in Bandung West Java, on Sunday night (6/5). (source)

INDONESIA - BANKING - Islamic Banking Grows 40.2 Percen

WWW.REPUBLIKA.CO.ID, BANDUNG - Bank Indonesia (BI) noted the Islamic banking industry in Indonesia grew 40.2 percent in the last five years in the conventional banking growth over the same period of 16.7 percent. BI deputy governor Halim Alamsyah in his speech at the opening of the International Seminar on Islamic Finance in London on Monday (7/5).
With such developments, the Islamic banking Halim believes contributed to the national banking industry will increase from 4.1 percent currently to 15-20 percent in the next 10 years. Until 2011, total assets reached Rp 214 trillion sharia, or about 23.8 billion U.S. dollars made up 69.5 percent of the assets of Islamic banking and sukuk 18.7 percent. (source)

INDONESIA - EVENTS - IDB President: The growth of Islamic finance in Indonesia remarkable

www.bisnis.com - BANDUNG: The role of the Islamic financial sector in sustainable economic development can be strengthened by promoting inclusive economic development.
Islamic Development Bank President Ahmad Mohamed Ali said there has been a trend-based Islamic financial sector to focus on short-term trade financing.
According to Ahmad, inclusiveness and Islamic finance in the economy can be seen in the banking industry, capital markets products, micro insurance, micro finance institutions, and endowments and charity institutions. (source)

WORLD - BOOK REVIEW - Islamic Finance: A Practical Guide (Book Review)

Budiman, M.A. (2010, Islamic Finance: A Practical Guide (Book Review), IIUM Journal of Economics and Management 18 (1), 127-32.

Rahail Ali (Editor), Islamic Finance: A Practical Guide

ISBN13: 9781905783137

ISBN: 1905783132

Published: March 2008

Publisher: Globe Law and Business

Country of Publication: UK

Format: Hardback

Islamic finance has seen unprecedented growth in recent years and the pace of this growth is accelerating. This is evidenced not only by the size of the Islamic financial market, but also by the increasing range of sophisticated products and services. (source)

INDONESIA - FINANCE - Moratorium will have a great impact for Remittance Services

Jakarta, (07/07). The government regulation for Indonesian migrant workers in Saudi Arabia will have a great impact in decreasing fee based income in conventional an Islamic banks from their remittance services.

The general secretary of Ikatan Ahli Ekonomi Islam Indonesia (IAEI) Agustianto, said that the new moratorium policy will have a huge impact for our Islamic banking system in developing remittance services ”our migrant workers in Saudi Arabia has contributed USD 7.1 billion”, “ it is a very significant number if the moratorium is applied”, explained Agustianto. (source)

FINANCE - IDB members urged to support ISFD

JEDDAH: A meeting of experts at the Islamic Development Bank (IDB) on Wednesday urged member countries to fulfill their pledges to the capital of the Islamic Solidarity Fund for Development (ISFD), which was established for poverty alleviation in the Islamic world.