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Europe Worlds Poorest Nations Look to Islamic Banking to Stimulate Economic The tremendous growth
Middle East/Asia Growth in Islamic banking has
encouraged banks
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globally to move into
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Senegal, Pakistan and Afghanistan, among the world s 50 poorest
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nations, are turning to Islamic banking to spur economic growth by
Financial Deals encouraging people to take out loans and open savings accounts.
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Outstanding domestic bank lending accounted for 3.5 percent of Afghanistan s
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gross domestic product in 2008, 25 percent in Senegal, 27 percent in Nigeria
and 46 percent in Pakistan, according to data compiled by the World Bank.
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The rates compare with 224 percent in the U.S. and 115 percent in Malaysia, a
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global hub for finance that conforms with Shariah principles.
Developing Islamic nations have shunned banking in part because of the
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religion s ban on interest, limiting access to funds for project financing and
stunting business growth, according to the International Monetary Fund.
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Governments should improve regulations, products and institutions that comply
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with Shariah law to accelerate the industry s development, Patrick Imam and
Investment Kangni Kpodar, economists at the IMF, said in a telephone interview from
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Conference Washington on Sept. 14.
Event date: - 2010-09-28
Bank Kesharvarzi
 Islamic banks provide access to finance to a segment of the population that is
Swiss Re - Retakaful
underbanked, said Imam. Once  they start putting money in these banks you
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start a process of financial intermediation, where savings are channeled from Digital Global Islamic Finance
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individuals via Islamic banks to investments, he said. Global Risk Managment Group
Market Meeting
Overseas Trade Finance
Event date: - 2010-09-28
 Closer to Religion
Middle East Senegal is reviewing legislation that would allow lenders to set up Islamic units
Investments Summit in a nation where 94 percent of people don t have savings accounts, Birahim
Seck, chief executive officer of SYM International Finance Corp. in Dakar, said Latest Jobs
2010
in a Sept. 14 interview. Pakistan s central bank is pushing Shariah banks to
Event date: - 2010-10-03
boost financing to small- and medium-sized businesses, Saleem Ullah, the
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director of Islamic banking, said on Sept. 16.
Fund Forum Middle Location - Location
East 2010
Afghanistan is planning to issue three banking licenses, the first to offer a full
Islamic Finance Faculty
Event date: - 2010-10-03
range of financial services that comply with Muslim tenets, paving the way for
Location - Kuwait
its first sale of Shariah-compliant debt, Aimal Hashoor, a central bank
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Banking & Finance Litigation Associate
spokesman in Kabul, said in an interview on Aug. 15.
on Islamic Finance in Location - London
India Global sales of sukuk, which use asset returns instead of interest to pay
ISLAMIC BANKING 4-6+, TAX FREE
Event date: - 2010-10-04 investors, fell 24 percent to $10.7 billion so far this year, according to data
Location - Doha
compiled by Bloomberg. Issuance will increase in the second half as
More Events Add international market conditions improve, Standard & Poor s said in a statement
Saudi lawyers
on July 28.
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Location - Riyadh
 In poorer countries, people are generally closer to the religion so it is much Islamic finance; 2+ pqe; Dubai
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easier to attract them toward anything associated to their belief, Pervez Said,
Location - Dubai
chief executive officer of Dawood Islamic Bank Ltd. in Pakistan, said in a
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phone interview from Karachi on Sept. 14.
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Afghanistan had a per capita gross national income of $370, compared with
$590 in Bangladesh, $1,040 in Senegal, and $1,140 in Nigeria, according to
World Bank 2009 data published in July. In contrast, the figure was $47,240 in
http://www.globalislamicfinancemagazine.com/?com=news_list&nid=1071 2010-09-29
Islamic Finance and banking news Page 2 of 3
the U.S. and $7,230 in Malaysia. About 99 percent of Afghanistan s 33 million
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population practice Islam, while 95 percent of people in Senegal are Muslims,
according to the 2009 CIA World Factbook.
Nigeria, which has 75 million Muslims accounting for 50 percent of the total
population, drafted Islamic banking guidelines last year, including the types of
Shariah-compliant products and risk recommendations for banks.
Jaiz International Bank, based in Abuja, Nigeria, has yet to start its Islamic
banking operations after receiving a license from the country s central bank
this year, Muhammad Mustapha Bintube, the lender s managing director, said
in an interview on Sept. 18.
 There are still some legal and regulatory issues to be sorted out, he said.
 There s a lack of skills and a lack of knowledge about the industry, he said,
adding that between 50 percent and 60 percent of the population don t use
banks.
Assets to Increase
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The Islamic Financial Services Board, a global standard- setting body, and the
Islamic Development Bank predicted in April that assets held by Islamic
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financial institutions may climb to $1.6 trillion by 2012 from about $1 trillion this
year. The IMF and the World Bank are members of the IFSB.
Introduction to Islamic Banking and
The United Arab Emirates accounts for 22 percent of total Islamic banking
Finance
assets, followed by Saudi Arabia, Bahrain and Kuwait, according to a
Author/Publisher: - Spiramus Press
September report from the IMF.
Islamic Money and Banking:
Sukuk have returned 10.6 percent this year, compared with 24 percent in the
same period in 2009, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Integrating Money in Capital Theory
Index. Debt in developing markets gained 12.6 percent, JPMorgan Chase & Author/Publisher: - Wiley Finance
Co. s EMBI Global Diversified Index shows.
Handbook of Islamic Banking
The spread between the average yield for Islamic bonds and the London
Author/Publisher: - Edward Elgar
interbank offered rate has narrowed 92 basis points this year to 375, according
Publishing Ltd.
to the HSBC/NASDAQ Index. The gauge climbed five basis points yesterday.
A basis point is 0.01 percentage point.
A Guide to Islamic Finance
Reward and Failure
Author/Publisher: - Munawar Iqbal
Malaysia s 3.928 percent dollar-denominated Islamic bonds due June 2015
have returned 4.2 percent this quarter, compared with 6.4 percent for the
Dubai Department of Finance s 6.396 percent sukuk, according to prices from
Understanding Islamic Finance
Royal Bank of Scotland Group Plc.
Author/Publisher: - Muhammad Ayub
The yield on Malaysia s note dropped two basis points to 2.7 percent today.
The rate on the Dubai bond climbed six basis points to 6.42 percent. The extra
yield investors demand to hold the Dubai November 2014 securities rather
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than Malaysia s widened seven basis points to 372. The gap has narrowed 45
basis points, or 0.45 percentage point, this quarter.
QUOTE of the week
Senegal would lure funds from the Middle East with a system to facilitate
Islamic financing, said Seck at SYM International. A lack of regulation and
'' A key remining industry issue is the
sufficient knowledge are hampering growth, said Seck, whose company helps
need to understand that the dogma of
bring investment from members of the Organization of the Islamic Conference
Islamic finance is not exclusively for
into West Africa.
Muslim; perhaps the market is not taking
 You have to have a strong system in place and most West African countries
initiative enough in the education of
do not have regulation that can allow Islamic banking to operate, he said.
people regarding the universality of
Islamic finance'' Editor in Chief
The concept of risk-sharing in Shariah banking that prohibits interest payments
would be more useful in Muslim countries because their economies are less
diversified, the IMF economists said.
 In the Islamic banking system, both the bank and entrepreneur share the
reward and failure, and in many developing countries such risk sharing might
allow entrepreneurs to undertake projects that they couldn t otherwise
contemplate, said Kpodar at the IMF.
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2010-09-29
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http://www.globalislamicfinancemagazine.com/?com=news_list&nid=1071 2010-09-29
Islamic Finance and banking news Page 3 of 3
The Chief Executive Officer (CEO) of Tamweel has revealed
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Ta ...
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2010-09-28
CIMB Group Holdings Bhd., Malaysia s second-biggest lender,
overtook HSBC Holdings Plc to become the to ...
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