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)

WORLD - FUNDAMENTAL DEBATE - Debate rages over Western role in Islamic finance

www.lse.co.uk - LONDON, Feb 23 (Reuters) - A controversial plan by Goldman Sachs to issue an Islamic bond has ignited a wider debate on whether conventional banks in the West should be allowed to engage in Islamic finance.

At a major conference of Islamic scholars and bankers in London this week, much of the public and private discussion was devoted to whether growing Western interest in Islamic finance could damage the industry by compromising its religious principles. (source) (see also)

EDUCATION - MBN Collaborates with IEF Trisakti

Jakarta, (29/4). In line with the needs of shariah human capital, Madani Business Network (MBN) collaborates with Islamic Economic and Finance (IEF) Universitas Trisakti, as one of the revolutionary road to robust the development of Islamic finance in Indonesia.

The MOU signing ceremony attended by the advisor of MDN Luthi Hasan and the chairman of program of the IEF Trisakti Prof. Dr Sofyan Syafri Harahap and IEF faculty members.

Prof  Dr Sofyan Syafri Harahap in his speech addressing that nowadays we are in need of excellent shariah human capital along with the rapid development of Islamic finance businesses, therefore we are in need of human capital in large numbers as well as public education in Islamic economic transactions. (full story)

CAPITAL MARKETS - Shariah-Compliant Hedging Derivatives Start in Malaysia: Islamic Finance

Standard Chartered Plc and Bank Islam Malaysia Bhd. plan to offer Shariah-compliant derivatives in Malaysia that will allow investors to hedge against interest rates and commodity prices.

Standard Chartered, the U.K. bank that earns most of its profit from emerging markets, will begin selling contracts in the first quarter that provide protection from fluctuations in the cost of items such as rice and oil, according to an e-mailed reply to questions yesterday. Bank Islam Malaysia, the country’s oldest Islamic lender, will offer swaps that allow two parties to exchange different forms of payments from an underlying asset.

FINANCE - IILM - Retooling Liquidity Management

Islamic repos, or repurchase agreements, provide a new tool in creating and managing liquidity in the Islamic interbank money market. SCOTT WEBER identifies what instruments are available in the market and the extent to which they are being utilized.

Islamic repos aim to provide Islamic financial institutions with an additional avenue to source their funding requirements, providing banks with relevant tools to effectively manage their liquidity needs allowing the banks to finance its asset inventory.

MICROFINANCE - KUR - Govt considering 100 pct insurance for smallholder`s credits

Jakarta (ANTARA News) - The government is considering providing 100 percent insurance for smallholder credits (KUR) in order to assure issuing banks of their funds, a cabinet minister said.

MICRO FINANCE - Ministry has high hopes for sharia microfinancing

The government forecasts a rapid growth in assets managed by Indonesian sharia-based microfinancing institutions, or baitul maal wat tamwil (BMTs), on the back of rising public trust, a minister said.

VIDEO - Islamic Finance Basics for Capital Markets Transactions (3/3)

From UFANA Conference 2010, Toronto, Canada - March 30 - 31, 2010

Dr. Aznan Hasan - Shariah Scholar, Malaysia

Dr. Aznan Hasan is an Assistant Professor in Islamic law and the former head of Islamic law Department, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia. He taught subjects such as Islamic Legal Theory, Islamic Commercial Law and Islamic Banking and Finance at both undergraduate and postgraduate levels.

VIDEO - Understanding Shariah Compliance (6/6)

From UFANA Conference 2010, Toronto, Canada - March 30 -31, 2010

Dr. Aznan Hassan - Shariah Scholar, Malaysia
Sheikh Nizam Yaqoobi -Shariah Scholar, Bahrain
Mufti Barkatullah - Shariah Scholar | Lecturer, Ebrahim College, London, UK

VIDEO - Dr. Aznan Hasan on basics of Islamic Finance (2 clips)

From UFANA 2010, Toronto, Canada - March 30 - 31, 2010

Dr. Aznan Hasan is an Assistant Professor in Islamic law and the former head of Islamic law Department, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia. He taught subjects such as Islamic Legal Theory, Islamic Commercial Law and Islamic Banking and Finance at both undergraduate and postgraduate levels.

BANKING - MICROFINANCE - Govt improving provision of microcredit loans to SMEs

The government is improving the provision for KUR microcredit as part of efforts to accelerate the disbursement of the targeted Rp 13.1 trillion (US$1.45 billion) this year, a senior minister said Thursday.

Coordinating Economic Minister Hatta Rajasa said better microcredit provision, both in terms of credit ceilings and financing schemes, had been adopted by government to accelerate the disbursement of microcredit loans for micro businesses.