Latest News

Why Brexit (Probably) Won't Happen

 Summary: the nature of western representative democracy and vested interests makes Brexit highly unlikely. The only way it is likely is if markets stage a large recovery.The last few days have seen a maelstrom of opinions and recrimination after the shock referendum decision to leave the EU. The lack of a concrete plan of action for an exit has shocked markets, leaving even those who avoid politics worried about the future. However, looking at the structure of western democracy a departure from the EU is very unlikely.At Ecstrat our focus is on the intersection of politics, governa...

Emad Mostaque | June 28, 2016

Why Brexit (Probably) Won't Happen

Why Brexit (Probably) Won't Happen

 Summary: the nature of western representative democracy and vested interests makes Brexit highly unlikely. The only way it is likely is if markets stage a large recovery.The last few days have seen a maelstrom of opinions and recrimination after the shock referendum decision to leave the EU. The lack of a concrete plan of action for an exit has shocked markets, leaving even those who avoid politics worried about the future. However, looking at the structure of western democracy a departure from the EU is very unlikely.At Ecstrat our focus is on the intersection of politics, governa...

Emad Mostaque | June 28, 2016

Ramadan Reflections 1437

Taking stock of our spiritual health is the first part of Ramadan. So much drains away from us during the year. After some time it seems that we only have dunya on our minds. The balance of akhira in our hearts seems to have dropped to an all time low. The business of the world with its crashing din and clutter, put strain on our hearts. The peace of the heart seems so far away.In kindness, Allah the most merciful has given us a chance to open the two storerooms and evaluate the shelves. How did our mind get so filled with useless jumbles and desires? How did the hearts inventories flit aw...

Abdulkader Thomas | June 25, 2016

Ramadan Reflections 1437

Ramadan Reflections 1437

Taking stock of our spiritual health is the first part of Ramadan. So much drains away from us during the year. After some time it seems that we only have dunya on our minds. The balance of akhira in our hearts seems to have dropped to an all time low. The business of the world with its crashing din and clutter, put strain on our hearts. The peace of the heart seems so far away.In kindness, Allah the most merciful has given us a chance to open the two storerooms and evaluate the shelves. How did our mind get so filled with useless jumbles and desires? How did the hearts inventories flit aw...

Abdulkader Thomas | June 25, 2016

The Origins of "EPL Theory"

Ramadan Kareem!This month I thought I would reflect on something that I have used for well over a decade. The phrase Education, Perception and Liquidity (EPL) is one that I have used since 2005 and thought you might find it interesting how this came about.Sadly, there was not any profound logic or deep rooted strategic thinking that gave birth to the statement. Closer to the truth would be a knee-jerk reaction to a question. So let me share how it all started and how the discussion grew.I recall taking on my first Managing Director role at a newly formed Islamic banking subsidiary, of...

Daud Vicary | June 18, 2016

The Origins of "EPL Theory"

The Origins of "EPL Theory"

Ramadan Kareem!This month I thought I would reflect on something that I have used for well over a decade. The phrase Education, Perception and Liquidity (EPL) is one that I have used since 2005 and thought you might find it interesting how this came about.Sadly, there was not any profound logic or deep rooted strategic thinking that gave birth to the statement. Closer to the truth would be a knee-jerk reaction to a question. So let me share how it all started and how the discussion grew.I recall taking on my first Managing Director role at a newly formed Islamic banking subsidiary, of...

Daud Vicary | June 18, 2016

Dynamics of Rural Growth in Bangladesh

Bangladesh is booming. In a decade of global economic gloom, the country has seen poverty fall by one-third and economic growth of almost 6 percent, per year, with the agriculture sector leading the charge in reducing poverty. A recent joint study by the World Bank and Bangladesh Planning Commission, outlines exactly how agriculture can benefit poor people and lead to sustainable development in the country. The research, “Dynamics of Rural Growth in Bangladesh: Sustaining Poverty Reduction”, published last month, reveals a number of important findings: The analysis provide...

IB Insights | June 11, 2016

Dynamics of Rural Growth in Bangladesh

Dynamics of Rural Growth in Bangladesh

Bangladesh is booming. In a decade of global economic gloom, the country has seen poverty fall by one-third and economic growth of almost 6 percent, per year, with the agriculture sector leading the charge in reducing poverty. A recent joint study by the World Bank and Bangladesh Planning Commission, outlines exactly how agriculture can benefit poor people and lead to sustainable development in the country. The research, “Dynamics of Rural Growth in Bangladesh: Sustaining Poverty Reduction”, published last month, reveals a number of important findings: The analysis provide...

IB Insights | June 11, 2016

Kuala Lumpur Declaration and Maqasid Al Shari'ah - Déjà vu?

A very warm welcome back to the second edition of my blog. I was torn between the above title and an alternative of “Back to the future”, but decided to show off my modest grasp of the French language! The point of the title is to draw your attention to something we have seen before and perhaps, have not paid as much attention to as we should. Let me continue.About a month ago I was having a detailed discussion with one of our senior professors on the state of play regarding Responsible Finance, Risk Sharing, and The Islamicity Index and fulfilling the objectives of Maqasi...

Daud Vicary | May 25, 2016

Kuala Lumpur Declaration and Maqasid Al Shari'ah - Déjà vu?

Kuala Lumpur Declaration and Maqasid Al Shari'ah - Déjà vu?

A very warm welcome back to the second edition of my blog. I was torn between the above title and an alternative of “Back to the future”, but decided to show off my modest grasp of the French language! The point of the title is to draw your attention to something we have seen before and perhaps, have not paid as much attention to as we should. Let me continue.About a month ago I was having a detailed discussion with one of our senior professors on the state of play regarding Responsible Finance, Risk Sharing, and The Islamicity Index and fulfilling the objectives of Maqasi...

Daud Vicary | May 25, 2016

Shari'ah Ratings on Islamic Financial Products

 What is Shari'ah rating:Shari'ah rating is a process the purpose of which is to provide the public with an independent appraisal that assesses the commitment of the management of a financial institution to follow Shari'ah injunctions in their business and to avail Muslims with an unbiased opinion on the Shari'ah quality of the Islamic banking and financial products offered to the public by that institution.Shari'ah rating is fundamentally different from traditional “credit rating” which assesses the ability of a bank, a company or a bond issuer to fulfill its obligation...

Mohamed Elgari | May 16, 2016

Shari'ah Ratings on Islamic Financial Products

Shari'ah Ratings on Islamic Financial Products

 What is Shari'ah rating:Shari'ah rating is a process the purpose of which is to provide the public with an independent appraisal that assesses the commitment of the management of a financial institution to follow Shari'ah injunctions in their business and to avail Muslims with an unbiased opinion on the Shari'ah quality of the Islamic banking and financial products offered to the public by that institution.Shari'ah rating is fundamentally different from traditional “credit rating” which assesses the ability of a bank, a company or a bond issuer to fulfill its obligation...

Mohamed Elgari | May 16, 2016

Riba (Interest) in Islam and Other Major Religions

Defining RibaThe Holy Qur'an did not give any definition for the term for the simple reason that it was well known to its immediate audience. It is like the prohibition of pork, liquor, gambling, adultery etc., which were imposed without giving any hard and fast definition because all these terms were well known and there was no ambiguity in their meaning. The case of riba was similar. It was not a term foreign to Arabs. They all used the term in their mutual transactions. Not only Arabs but all the previous societies used to practice it in their financial dealings and nobody had any...

Mohammad Nahid Imam | May 02, 2016

Riba (Interest) in Islam and Other Major Religions

Riba (Interest) in Islam and Other Major Religions

Defining RibaThe Holy Qur'an did not give any definition for the term for the simple reason that it was well known to its immediate audience. It is like the prohibition of pork, liquor, gambling, adultery etc., which were imposed without giving any hard and fast definition because all these terms were well known and there was no ambiguity in their meaning. The case of riba was similar. It was not a term foreign to Arabs. They all used the term in their mutual transactions. Not only Arabs but all the previous societies used to practice it in their financial dealings and nobody had any...

Mohammad Nahid Imam | May 02, 2016

STARS: A Framework for Islamic Finance Development

I have been active in the field of Islamic Finance for a number of years now and during that time have been asked many questions. The most frequent question has been “Do I have to be a Muslim to participate in Islamic Finance?” The answer to which, I am sure you all know, is NO you do not. Islamic Finance is for the benefit of all humanity.Leading on from this and probably the second most frequent question I get asked, goes along the lines of “What is it that you have to do to set up Islamic Finance in a country?” The answer to that is the subject of this, my firs...

Daud Vicary | April 20, 2016

STARS: A Framework for Islamic Finance Development

STARS: A Framework for Islamic Finance Development

I have been active in the field of Islamic Finance for a number of years now and during that time have been asked many questions. The most frequent question has been “Do I have to be a Muslim to participate in Islamic Finance?” The answer to which, I am sure you all know, is NO you do not. Islamic Finance is for the benefit of all humanity.Leading on from this and probably the second most frequent question I get asked, goes along the lines of “What is it that you have to do to set up Islamic Finance in a country?” The answer to that is the subject of this, my firs...

Daud Vicary | April 20, 2016

The Diary of a Shariah Scholar

Editor’s Note: This is an excerpt from the book “Shariah Minds in Islamic Finance” by Datuk Dr Mohd Daud Bakar. The recently launched book provides a unique and powerful insight into the world of Islamic Finance, by one of the leading Shariah scholars.I used to share the details of my travelling arrangements with some of my colleagues, friends and family members, and sometimes with the media. Most of them immediately responded, “We don’t envy your travelling commitments”. What a remark. This part of the scholar’s life, week in and week out, may not...

Dr. Mohd Daud Bakar | April 14, 2016

The Diary of a Shariah Scholar

The Diary of a Shariah Scholar

Editor’s Note: This is an excerpt from the book “Shariah Minds in Islamic Finance” by Datuk Dr Mohd Daud Bakar. The recently launched book provides a unique and powerful insight into the world of Islamic Finance, by one of the leading Shariah scholars.I used to share the details of my travelling arrangements with some of my colleagues, friends and family members, and sometimes with the media. Most of them immediately responded, “We don’t envy your travelling commitments”. What a remark. This part of the scholar’s life, week in and week out, may not...

Dr. Mohd Daud Bakar | April 14, 2016

The Instability of the Financial System and the Coming Financial Crisis

A webinar by Tariq Al-Rifai in March 2016, on the instability of the financial system and the coming financial crisis:

IB Insights | April 06, 2016

The Instability of the Financial System and the Coming Financial Crisis

The Instability of the Financial System and the Coming Financial Crisis

A webinar by Tariq Al-Rifai in March 2016, on the instability of the financial system and the coming financial crisis:

IB Insights | April 06, 2016

Recent Insights

Social Islami Bank: Condensed Consolidated Financial Statements - 31 March 2020

Social Islami Bank: Condensed Consolidated Financial Statements - 31 March 2020

IM Insights

Social Islami Bank: Annual Report 2019

Social Islami Bank: Annual Report 2019

IM Insights

Social Islami Bank: Consolidated Financial Statements - 31 December 2019

Social Islami Bank: Consolidated Financial Statements - 31 December 2019

IM Insights

Sukuk - Indicative Prices & Yields - 3 October

Sukuk - Indicative Prices & Yields - 3 October

IM Insights

GarantiBank International: Annual Report 2021

GarantiBank International: Annual Report 2021

IM Insights