New Egypt Eyes to Be Islamic Finance Hub

Following the overthrow of President Hosni Mubarak, prospects are rising for Egypt to become a new hub for the booming Islamic finance.

Although Egypt is considered the birthplace of Islamic finance, its growth has lagged due to past corruption scandals. Under Mubarak’s 30-year rule, the country sought to enforce a more secular financial system. But after Mubarak’s ouster in a popular revolution two months ago, prospects are rising for the country to become another thriving center of Islamic finance.

Lack of Relevant Laws Constrains Growth in Islamic Finance

With Islamic banking and insurance gaining ground in the country, there are calls for new legislation by banking and insurance regulators to enable the companies to invest in Sharia-compliant securities. Two banks – Gulf African and First Community – are operating fully pursuant to Sharia-compliant banking principles, although up to five other commercial banks are also offering Sharia-compliant banking products alongside conventional products.

Affin sees potential of Islamic banks in Indonesia

Jakarta (APBankers) Affin Holdings Bhd expects to complete the conversion of PT Bank Ina Perdana of Indonesia into a syariah-compliance bank in two years once the acquisition of the bank is completed in the second half of this year. Chairman Tan Sri Mohd Zahidi Zainuddin said the group was in the midst of getting an …

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Bank Sarasin urges a stronger focus on Islamic Financial Planning

In its second annual Islamic Wealth Management Report, Bank Sarasin urges the Islamic banking community to take a stronger focus on Islamic Financial Planning. Bank Sarasin also calls for the industry to move forward by developing the Sharia framework, diversifying products and differentiating its offerings. Islamic Financial Planning, a religious obligation requested in the Qu’ran, involves the acquisition, preservation and philanthropic distribution of wealth.

Data sharing – free of charge

Question: Some educational institutions like ours, do not have access to data banks, due to lack of funds. We need data of a) market prices of current and past sukuk, bonds, and mutual funds as well as b) their issuance prospectuses. These are required for research purpose. Any leads, input / help in this regard …

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Deutsche Bank erhält Lizenz für Islamic Banking

Die Deutsche Bank hat eine Islamic-Lizenz von der malaysischen Zentralbank erhalten. Damit ist die Bank nun befugt Islamic Banking Dienstleistungsgeschäfte zu tätigen. Um die Konformität ihrer Produkte mit den Scharia-Prinzipien zu gewährleisten arbeitet die Deutsche Bank mit islamischen Wissenschaftlern. Desweiteren gab die Deutsche Bank bekannt, dass sie sich stärker auf dem Markt für islamische Finanzprodukte …

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