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Faith in Islamic finance on the rise

Islamic banking is gaining in popularity among non-Muslim customers. CNN’s Jim Boulden speaks with Harris Irfan, author of Heaven’s Bankers and MD of EIIB-Rasmala, Tirad Al Mahmoud, CEO of Abu Dhabi Islamic Bank, and Sultan Choudhury, CEO of Islamic Bank of Britain. This post was originally published in heavensbankers.com, on 26 November 2014.

Harris Irfan | February 14, 2015

Faith in Islamic finance on the rise

Faith in Islamic finance on the rise

Islamic banking is gaining in popularity among non-Muslim customers. CNN’s Jim Boulden speaks with Harris Irfan, author of Heaven’s Bankers and MD of EIIB-Rasmala, Tirad Al Mahmoud, CEO of Abu Dhabi Islamic Bank, and Sultan Choudhury, CEO of Islamic Bank of Britain. This post was originally published in heavensbankers.com, on 26 November 2014.

Harris Irfan | February 14, 2015

Living Islam

Courtesy of ALIWAY for Living Islam I had the pleasure of joining the UK’s largest gathering of Muslims earlier this month. Dubbed the Muslim Glastonbury by some elements of the press, it’s nothing of the sort. More like the Muslim Hay-on-Wye. With 5000 ticket holders, many of whom camped on site, the opportunity to rub shoulders with some of the UK’s leading Muslim (and non-Muslim) thinkers was too good to pass and as my book was being launched at the same time, the organisers kindly invited me to present on the subject of Islamic finance at a couple of sessions....

Harris Irfan | February 14, 2015

Living Islam

Living Islam

Courtesy of ALIWAY for Living Islam I had the pleasure of joining the UK’s largest gathering of Muslims earlier this month. Dubbed the Muslim Glastonbury by some elements of the press, it’s nothing of the sort. More like the Muslim Hay-on-Wye. With 5000 ticket holders, many of whom camped on site, the opportunity to rub shoulders with some of the UK’s leading Muslim (and non-Muslim) thinkers was too good to pass and as my book was being launched at the same time, the organisers kindly invited me to present on the subject of Islamic finance at a couple of sessions....

Harris Irfan | February 14, 2015

Inside the Hidden World of Islamic Finance

World Finance interview to find out whether Islamic finance can live up to its hype.  This post was originally published in heavensbankers.com, on 6 June 2014.  

Harris Irfan | February 14, 2015

Inside the Hidden World of Islamic Finance

Inside the Hidden World of Islamic Finance

World Finance interview to find out whether Islamic finance can live up to its hype.  This post was originally published in heavensbankers.com, on 6 June 2014.  

Harris Irfan | February 14, 2015

Poverty & Underdevelopment in the Muslim World (Part 1)

The harsh reality of the present day Muslim World is that despite being in possession of enormous potential and immense resources [1], most of the countries are at a lower level of development, barring a few exceptions , mostly the natural-resources-rich countries [2]. However, a major chunk of the global Muslim population continues to languish in abject poverty. A sizable number of populace in Muslim countries, with large populations, lives below the internationally defined poverty line; in some cases, this ratio is as high as 60 and 70% (Exhibit 1).  Exhibit 1: Population below Po...

Khalid Rahman | January 29, 2015

Poverty & Underdevelopment in the Muslim World (Part 1)

Poverty & Underdevelopment in the Muslim World (Part 1)

The harsh reality of the present day Muslim World is that despite being in possession of enormous potential and immense resources [1], most of the countries are at a lower level of development, barring a few exceptions , mostly the natural-resources-rich countries [2]. However, a major chunk of the global Muslim population continues to languish in abject poverty. A sizable number of populace in Muslim countries, with large populations, lives below the internationally defined poverty line; in some cases, this ratio is as high as 60 and 70% (Exhibit 1).  Exhibit 1: Population below Po...

Khalid Rahman | January 29, 2015

Indonesia: The Infrastructure and Bureaucracy Challenge

Economic powerhouse in waiting: Indonesia must address infrastructure and bureaucracy challenges to realise its potential. Antara/M. Agung Rajasa.Pencak silat is an Indonesian martial arts, initially developed around the Islands of Java and Sumatra. It represents diversity, with hundreds of different styles; and survival, with ancient Indonesian kingdoms settling rivalries and wars, using its various forms.The modern-day Indonesia is like pencak silat. Over 18,000 islands, inhabited by the world’s fourth largest population of almost 250 million people, speaking 300 local langua...

Shakeeb Saqlain | January 09, 2015

Indonesia: The Infrastructure and Bureaucracy Challenge

Indonesia: The Infrastructure and Bureaucracy Challenge

Economic powerhouse in waiting: Indonesia must address infrastructure and bureaucracy challenges to realise its potential. Antara/M. Agung Rajasa.Pencak silat is an Indonesian martial arts, initially developed around the Islands of Java and Sumatra. It represents diversity, with hundreds of different styles; and survival, with ancient Indonesian kingdoms settling rivalries and wars, using its various forms.The modern-day Indonesia is like pencak silat. Over 18,000 islands, inhabited by the world’s fourth largest population of almost 250 million people, speaking 300 local langua...

Shakeeb Saqlain | January 09, 2015

Waqf & Its Implications for the Modern Economy (Part 2)

Part 2: In this series of articles on IslamicBanker.com, renowned economist Murat Çizakça explores Waqf - one of the greatest institutions in Islamic history and how it can be revitalised. [Read Part 1 here] Some readers will have noticed by the similarity between the historical cash awqaf and modern Islamic banks: both were designed originally to operate through mudarabah and both ended up utilizing, from the Islamic perspective, less preferable instruments. This cannot be a mere coincidence. What then were (are) the reasons behind this undesirable situation?...

Murat Cizakca | December 06, 2014

Waqf & Its Implications for the Modern Economy (Part 2)

Waqf & Its Implications for the Modern Economy (Part 2)

Part 2: In this series of articles on IslamicBanker.com, renowned economist Murat Çizakça explores Waqf - one of the greatest institutions in Islamic history and how it can be revitalised. [Read Part 1 here] Some readers will have noticed by the similarity between the historical cash awqaf and modern Islamic banks: both were designed originally to operate through mudarabah and both ended up utilizing, from the Islamic perspective, less preferable instruments. This cannot be a mere coincidence. What then were (are) the reasons behind this undesirable situation?...

Murat Cizakca | December 06, 2014

Islamic Finance in France

Take-off delayed: Despite favourable demographics, France lags behind its European neighbours in the development of the Islamic finance industry. Photograph: Shutterstock.  With approximately 5 million residents, France has a large Muslim population, more than any other European country, originating mostly from the Maghreb countries (Algeria, Morocco, and Tunisia). However, despite the favourable demographics, France is falling behind its European rivals in courting the Islamic finance industry. As the United Kingdom basks in the success of its maiden sovereign Sukuk issuance an...

Ezzedine Ghlamallah | November 30, 2014

Islamic Finance in France

Islamic Finance in France

Take-off delayed: Despite favourable demographics, France lags behind its European neighbours in the development of the Islamic finance industry. Photograph: Shutterstock.  With approximately 5 million residents, France has a large Muslim population, more than any other European country, originating mostly from the Maghreb countries (Algeria, Morocco, and Tunisia). However, despite the favourable demographics, France is falling behind its European rivals in courting the Islamic finance industry. As the United Kingdom basks in the success of its maiden sovereign Sukuk issuance an...

Ezzedine Ghlamallah | November 30, 2014

Waqf & Its Implications for the Modern Economy (Part 1)

In this series of articles on IslamicBanker.com, renowned economist Murat Çizakça explores Waqf - one of the greatest institutions in Islamic history and how it can be revitalised. Pious foundations are known in the Islamic world as awqaf, boniyad or habs. Whereas the latter two terms are used primarily in Iran and North Africa respectively, the former is known, with slight variations, in the rest of the Islamic world. The word waqf and its plural form awqaf are derived from the Arabic root verb waqafa, which means causing a thing to stop and stand still. The second meani...

Murat Cizakca | November 01, 2014

Waqf & Its Implications for the Modern Economy (Part 1)

Waqf & Its Implications for the Modern Economy (Part 1)

In this series of articles on IslamicBanker.com, renowned economist Murat Çizakça explores Waqf - one of the greatest institutions in Islamic history and how it can be revitalised. Pious foundations are known in the Islamic world as awqaf, boniyad or habs. Whereas the latter two terms are used primarily in Iran and North Africa respectively, the former is known, with slight variations, in the rest of the Islamic world. The word waqf and its plural form awqaf are derived from the Arabic root verb waqafa, which means causing a thing to stop and stand still. The second meani...

Murat Cizakca | November 01, 2014

Poverty and Economic Growth: Does Pro-Growth mean Pro-Poor?

Poverty can grind down countries and people. Almost 15 years on from the Millennium Development Goals (MDGs), the debate rages on, with causes and remedies still surrounded by contention. The question many development economists are asking is: do pro-growth economic policies mean pro-poor? For if the answer is yes, then we can argue that poverty reduction policies should have an economic growth bias and the implications can be far reaching, affecting some of the most vulnerable people in society. To underline the scale of the problem, globally, poverty remains remarkably high, with lit...

IB Insights | October 03, 2014

Poverty and Economic Growth: Does Pro-Growth mean Pro-Poor?

Poverty and Economic Growth: Does Pro-Growth mean Pro-Poor?

Poverty can grind down countries and people. Almost 15 years on from the Millennium Development Goals (MDGs), the debate rages on, with causes and remedies still surrounded by contention. The question many development economists are asking is: do pro-growth economic policies mean pro-poor? For if the answer is yes, then we can argue that poverty reduction policies should have an economic growth bias and the implications can be far reaching, affecting some of the most vulnerable people in society. To underline the scale of the problem, globally, poverty remains remarkably high, with lit...

IB Insights | October 03, 2014

“Africa rising”: Sukuk appetite spreads

A new frontier seems to be opening for the global sukuk market. With conventional investors appetite for African bonds waning, governments in the region are looking at the Sukuk market to diversify their funding base and finance the big infrastructure projects. South Africa recently announced plans to issue its first sukuk, aiming to become only the second non-Muslim country sukuk issuance after the United Kingdom. The move comes as governments are facing an increasingly challenging debt markets. Once the US Federal Reserve announced that it would start tapering it’s quantitativ...

IB Insights | September 01, 2014

“Africa rising”: Sukuk appetite spreads

“Africa rising”: Sukuk appetite spreads

A new frontier seems to be opening for the global sukuk market. With conventional investors appetite for African bonds waning, governments in the region are looking at the Sukuk market to diversify their funding base and finance the big infrastructure projects. South Africa recently announced plans to issue its first sukuk, aiming to become only the second non-Muslim country sukuk issuance after the United Kingdom. The move comes as governments are facing an increasingly challenging debt markets. Once the US Federal Reserve announced that it would start tapering it’s quantitativ...

IB Insights | September 01, 2014