INDONESIA - ARTICLES - Profit sharing scheme for micro entrepreneur: an ideas sharing (Edy Tri Sujarwadi)

ekonomisyariah.org - Profit sharing financing is one of Islamic financing schemes.  This scheme should be a main scheme in Islamic financing sector, because it represents fairness business scheme, which each partner will share both profit and loss.  But the reality is different.  Most of Islamic financing scheme in Indonesia is not profit sharing (mudharabah/musyarakah)2, but mark up financing (murabahah).  (source)

WORLD - Indonesia shared its experience on Islamic financing development with Russia

The delegation from Russia Muftis Council and representatives from Russian banks and financial institutions returned home after visiting Indonesia.

From the 10th to the 20th of June the delegation led by M. Kalimullina, director of Economic department at Russia Muftis Council, visited Indonesia to learn from the experience of Bank Muamalat Indonesia in the field of Islamic banking and finance development. (source)

MALAYSIA - Introduction of Bank Negara Monetary Notes-Istithmar

Bank Negara Malaysia wishes to announce the introduction of a new Islamic monetary instrument, the Bank Negara Monetary Notes-Istithmar (BNMN-Istithmar). 

Issuance of BNMN-Istithmar is based on the Istithmar (investment) concept which refers to portfolio investments into a combined structure of sale and lease-back of assets (Ijarah) and commodity mark-up sale transaction (Murabahah).(source)

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.

REGULATIONS - Malaysia - Concept Paper of Shariah Parameter Reference 5: Istisna Contract (SPR5)

New guideline on Shariah Parameter Reference 5: Istisna' Contract has been posted on Bank Negara Malaysia's website. 

Feedback is expected by Jan 28, 2011.  The actual concept paper can be accessed under 5.i. Attachment 1.

We give here the outstanding, existing links :

Shariah

1. Shariah Parameter Reference 1 - Murabahah **updated 2009/09/03
   1. Related attachment: Shariah Parameter Reference 1: Murabahah Contract (Frequently Asked Questions) **updated 2009/09/01
2. Shariah Governance Framework for Islamic Financial Institutions ** updated 2010/10/26
3. Concept Paper on Shariah Parameter Reference 4: Musharakah Contract ** NEW 2010/06/15
   1. Attachment 1: Draft of Shariah Parameter Reference 4: Musharakah Contract
   2. Attachment 2: Feedback Form on Draft of Shariah Parameter Reference 4: Musharakah Contract (SPR4)
4. Schedule of Shariah Advisory Council Meetings for 2011 ** NEW 2010/12/28
5. Concept Paper on Shariah Parameter Reference 5: Istisna' Contract ** NEW 2010/12/28
   1. Attachment 1: Draft of Shariah Parameter Reference 5: Istisna' Contract
   2. Attachment 2: Feedback Form on Draft of Shariah Parameter Reference 5: Istisna' Contract (SPR5) 
    
   

MALAYSIA - FINANCE - 2010 Stronger global Islamic finance hub status

THE year 2010 saw the expansion of Islamic finance in Malaysia as the Islamic banking, takaful and Islamic capital market grew, in line with the economic recovery.

During the year, the country strengthened its position as a global hub for Islamic finance, supported by the Malaysia International Islamic Financial Centre (MIFC) initiative.

The highlight of the achievements in the local Islamic finance sector last year (2010) has to be the recognition given to Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz locally and abroad.

Zeti was the first woman recipient, in 24 years, of the national-level Ma'al Hijrah award. She was recognised for helping pull the country out of the 1998 financial crisis, making Malaysia a financial hub and implementing Islamic banking.

FINANCE - Bay Al-Murabahah for Gold

Jakarta, (16/12). Murabahah contract for the sale of gold is one of hot topic at the Annual Meeting of Shariah National Board in Jakarta. The Sale contract of murabahah for gold is when the customer is willing to buy the gold with deferred payment.

“This bay al-murabahah for gold will simplify the process for the community to own the gold,” said Agustianto during his presentation.

FINANCE - Products: Offering grows in wake of crisis

By David Oakley, Capital Markets Correspondent Islamic finance investors love property.

The Shard of Glass, under construction in London, and Bahrain’s World Trade Centre, the Gulf states’ landmark twin-tower and luxury shopping complex, are two high-profile property developments out of thousands around the world financed by Islamic investors.

BANKING - MURABAHA FACILITY - HSBC Amanah Arranged USD 33 Million Murabaha Financing Facility for Krakatau Steel

Original message : http://islamicfinanceindonesia.blogspot.com/2010/09/islamic-trade-finance-murabaha.html#more - Sept 5, 2010

**Being the first bilateral financing for HSBC Amanah after amendment of VAT law in Murabaha** **Providing funds to finance the purchasing of Krakatau Steel’s raw material**

BELGIUM - SWIFT Sharia compliant for murabaha

SWIFT has announced that ISO 15022 message standards for the processing of treasury murabaha transactions have been certified compliant with the international Islamic finance standards issued by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). This certification paves the way towards the automated processing of murabaha treasury transactions, said to represent 60 percent of all Islamic financing.