Monday, February 11, 2008

Islamic finance updates

Sent: Wednesday, February 06, 2008 1:06 AM
Subject: Islamic finance updates


1- Case study of Islamic Finance in Europe - Dec 2007
2- KL poised to launch region’s first Islamic ETF.
3- Sukuk (Islamic Bonds) Under Scanner
4- As Islamic banks boom Scholars are hard to find
5- Update from
http://dinarstandard.com
6- Books - Understanding Islamic Finance
7- Islamic Modes of Financing - various example of agreements
8- Islamic Investment Fund - by Maulana Taqi Usmani
9- Download e-learning from IRTI
10- Working paper series from Prof Sudin
11- Another London based Islamic Investment Bank is authorised by FSA
12- LSE public debate, Thursday 7 February 2008, London
Zifri

1- Case study of Islamic Finance in Europe - Dec 2007
2- KL poised to launch region’s first Islamic ETF.
Assalamualaikum
Ideally, Malaysia should have been the first in the world to issue syariah ETF, but i guess, better late than never.
Zifri
----- Original Message -----
From: Baharudin, Zifri
Sent: Friday, January 25, 2008 2:05 PM
Subject: Rival to BGI Syariah ETF

FYI

Rival to BGI Syariah ETF. Below will be managed by subsidiary of Khazanah, government investment arm [which is rival to Temasek Holdings]

Zifri

Investor Relations
News

KL poised to launch region’s first Islamic ETF.

Jan 17, 2008. Business Times. New Straits Times.

The launch of an Islamic Exchange Traded Fund will boost Malaysia's aspiration to become an Islamic financial hub, attract foreign funds and broaden the capital market.

The region's first syariah-compliant Exchange Traded Fund (ETF) will likely be introduced in Malaysia next week, and listed on Bursa Malaysia Securities Bhd by the end of the month, sources said.

ETF is a fund traded on a stock exchange and represents a basket of securities designed to track the performance of an index.

The syariah-compliant ETF is said to be managed by a government-linked fund management company owned by Khazanah Nasional Bhd, Permodalan Nasional Bhd and Kumpulan Wang Persaraan.

Prime Minister Datuk Seri Abdullah Ahmad Badawi announced at the Investment Malaysia Conference in March last year that government-linked investment companies would reduce their interests in government-linked companies by selling a portion of their portfolios to an ETF in exchange for units in the ETF.

The proposed ETF, with an initial fund size of RM3.5 billion, was aimed at improving free float in the market and encouraging greater retail participation in the equity market.

It is understood that there are currently only four Islamic ETFs worldwide, including the world's first listed on the London Stock Exchange last month.

The launch of a Malaysian Islamic ETF will boost the country's aspiration to become an Islamic financial hub, attract foreign funds and broaden the capital market.

It will also provide added diversity to Bursa Malaysia's offerings and bridge gaps between the exchange and other global Islamic markets.

Currently, 86 per cent of all securities listed on Bursa Malaysia are classified as syariah-compliant. This accounts for about RM591 billion, or 64 per cent, of the total market capitalisation.

Malaysia is also the world's largest Islamic bond market, accounting for about US$47 billion (RM153 billion), or two-thirds, of Islamic bonds outstanding.

Zifri Baharudin

3- Sukuk (Islamic Bonds) Under Scanner
----- Original Message -----
From: Sumit Jha
Sent: Tuesday, January 22, 2008 10:09 AM
Subject: RE:Sukuk (Islamic Bonds) Under Scanner
As Salaam Alaikum Dr. Farooq,

Mufti Taqi's article outlining his reasons for critizing most modern day sukuk was distributed on this list not too long ago - for your purposes and others who may have missed it - I am reattaching it.

The article was translated from an original Arabic research paper by Sheikh Yusuf Delorenzo, the arabic paper was widely circulated in Islamic Banks in the Middle East prior to Sheikh Yusuf's translation - so Mufti Taqi's condemnation is not something out of the blue. Mufti Taqi is very keen for his material to be widely distribited and inshaAllah through the wonders of technology we will very soon be finding a way it can be. Stay tuned, its only a matter of months now..but when it comes it - it will be big!!

Just a final comment - I do however think that before we insinuate anything other than sincere devotion to Allah on behalf of the scholars of this ummah, we should pause and always assume the best, isnt that after all what we are commanded to with our fellow believers - let alone the Inheritors of the Prophet (which is what the prophet referred to the Ulema as)

Mufti Taqi, for those who know him, is rightly an inheritor of the prophet, not just in his outward knowledge but in his approach to the Sharia which is borne out by his personal life and the Tawfeeq that Allah has given him. It is a far cry from the 'every person opininated with his or her own opinion' attitude we are used to in the west. It is also a far cry from the 'being novel for the sake of it' attitude that is often engendered in Western Academic institutions.

Differences may exist between Ulema as they existed between the Sahabas and Ulema of previous generations but before we bring Fiqhi differences down to the level of ego, we should realise that the sanctity of a Muslim is sacred and Allah has preserved this religion through his scholars.

Maasalaam,

Yusuf
See attached.
4- As Islamic banks boom Scholars are hard to find
See attached.

2007 DS100 Ranking of Top 100 Companies of the Muslim World
http://dinarstandar d.com/rankings/ ds100/analysis. htm

Questioning "Shari'ah Conversion Technology": Yusuf Talal Delorenzo
http://dinarstandar d.com/finance/ DeLorenzo012308. htm

Zain: A New Look with a Global Vision
http://dinarstandar d.com/rankings/ ds100/Zain. htm

Emaar Rises With Mohamed Bin Ali Alabbar's Inspired Leadership
http://dinarstandar d.com/rankings/ ds100/AliAlabbar .htm

Ulker Group Strikes with Belgian Chocolatier GODIVA's Acquisition
http://dinarstandar d.com/rankings/ ds100/Ulker. htm

"Sovereign Wealth Funds" not "Sub-Prime" Marked 2007
http://dinarstandar d.com/finance/ SovereignWealthF und012108. htm
6- Books - Understanding Islamic Finance
Cover image for product 0470030690
Understanding Islamic Finance
ISBN: 978-0-470-03069-1
Hardcover
542 pages
October 2007
£30.99 / €43.40 Add to Cart

This price is valid for United Kingdom. Change location to view local pricing and availability.

7- Islamic Modes of Financing - various example of agreements
8- Islamic Investment Fund - by Maulana Taqi Usmani

9- Download e-learning from IRTI
They have various e-learning materials on Islamic finance
10- Working paper series from Prof Sudin
11- Another London based Islamic Investment Bank is authorised by FSA
This one got the authorisation only recently: http://www.europeanfh.com/html/news-1.asp
12- LSE public debate, Thursday 7 February 2008, London
Thank you M Gassner for sending this:
LSE public debate
Advancements in Contemporary Islamic Finance: from practice to scholarship
Date: Thursday 7 February 2008
Time: 6:30-8pm
Venue: New Theatre, East Building
Speakers: Usman Ahmed, Shaykh Nizam Yaquby
Chair: Professor Ross Cranston

This event reflects on the current developments and initiatives in
Islamic finance and explains how this faith based form of finance
continues to enhance modern finance and law.

Usman Ahmed is Citigroup CEO of Global Islamic Banking. Shaykh Nizam
Yaquby is an Islamic Sharia scholar.

This event is free and open to all with no ticket required. Entry is
on a first come, first served basis. For more information, email
events@lse.ac. uk or call 020 7955 6043.

Media queries: please contact the Press Office if you would like to
reserve a press seat or have a media query about this event, email
pressoffice@ lse.ac.uk or call 020 7955 7060.

If you are planning to attend this event and would like details on how
to get here and what time to arrive, please refer to Coming to an
event at LSE
Zifri


*****.*****

Daripada Abu Umarah iaitu al-Bara' bin 'Azib radhiallahu anhuma, katanya: "Kita semua diperintah oleh Rasulullah s.a.w. untuk melakukan tujuh perkara, iaitu meninjau orang sakit, mengikuti janazah, menentasymitkan orang yang bersin, menolong orang yang lemah, membantu orang yang teraniaya, meratakan salam dan melaksanakan sumpah."

(Muttafaq 'alaih)

Ini adalah salah satu dari berbagai riwayat Imam Bukhari.
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