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 - High level conference : Significant Potential For Shariah-compliant Instruments, Says Zeti

JAKARTA, July 18 (Bernama) -- The favourable reception by the international market to Malaysia's recent Wakala global sukuk indicates significant potential for Shariah-compliant instruments, said Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz.

"The RM2 billion sukuk was huge and oversubscribed 4.5 times. There is significant demand and potential for Shariah-compliant instruments," she said at the "Joint High Level Conference on Islamic Finance by Bank Negara and Bank Indonesia: Enhancing Financial Linkages Towards Economic Prosperity", here, today. (source)

INDONESIA - EVENTS - High level conference - Potential of Syariah securities touted

THE favourable reception by the international market to Malaysia's recent Wakala global sukuk indicates significant potential for Syariah-compliant instruments, said Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz.

"The RM2 billion sukuk was huge and oversubscribed 4.5 times. There is significant demand and potential for Syariah-compliant instruments," she said at the "Joint High Level Conference on Islamic Finance by Bank Negara and Bank Indonesia: Enhancing Financial Linkages Towards Economic Prosperity" yesterday.  (source)

INDONESIA - EVENTS - High level conference - RAJA NAZRIN: Indonesian and Malaysian financial centers can look into products for lower income groups

JAKARTA, July 18 (Bernama) – The Indonesian and Malaysian Islamic financial centres can look into developing productive Syariah-based instruments such as micro-financing tools, incorporating Qardhul Hassan (or benevolent loans), Zakat and Sadaqah to channel financing to and facilitating the economic participation of the lower income groups, said the Raja Muda of Perak, Raja Dr Nazrin Shah. (source)

EDUCATION - New scholarships are available for September 2011 full-time CIFP students (deadline July 5, 2011)

A limited number of scholarships is available for all nationalities of all religious denominations. Applicants will be assessed on academic performance and future contributions to the Islamic finance industry.

Those applying for the full-time CIFP programme September 2011 intake will be automatically considered for the scholarship provided the applicants meet the following criteria :

• a Bachelor’s degree from ANY discipline from a recognised institution of higher learning, achieving  at least a CGPA of 3.00 or a Second Class Upper or its equivalent. Graduates from Shariah, Sciences, Mathematics and Engineering disciplines are encouraged to apply.
• Must be proficient in English.
• Applicants should not be in receipt of any other scholarship awards.

Completed online application forms must be submitted by 5.30pm on 5 July 2011. Only short-listed applicants will be notified and considered for an interview.

For enquiries, please contact Marketing and Communications at info@inceif.org or call 03-2781 4000.

►  Apply here now

FINANCE - Murat Cizakca (Inceif-Malaysia) - Islamic Countries Should Continue To Use Paper Currency

KUALA LUMPUR, Monday 17 January 2011 (Bernama) -- Islamic countries should continue to use paper currency instead of gold dinar as history has shown that the return to the coinage system could increase interest rates and inflation would be difficult to control.

Professor of Comparative Economic History at International Centre for Education in Islamic Finance (INCEIF), Dr Murat Cizakca, said money should serve as a medium of exchange, not as a commodity.

"We need to continue with paper currency, and the central banks controlling paper currency should have full autonomy," he said.

COUNTRY REVIEW - FRANCE - most prominent mover 2010

Most of you will know that I do follow up close what is happening in the greater European space in the field of Islamic finance.

I just made a short review about the most prominent mover over the year 2010.

France managed to adapt following tax regulations for the introduction of Islamic (finance) contracts : Murabahah, Ijara, Istisna and there were specific changes to allow Sukuk.

EDUCATON - New Malaysia measures to boost talent pool - Special Employment Pass SEP

Malaysia has introduced several measures to boost the development of human capital in the Islamic finance industry under the Malaysia International Islamic Finance (MIFC) initiative. Developing the next generation of Islamic finance executives and experts remains a major priority of the government and the Bank Negara Malaysia, the central bank.