Interview originally published in Australia & New Zealand Property Journal, 3/11/2015ALMIR COLAN, director of the Australian Centre for Islamic Finance (AusCIF), comments on the state of Islamic finance in Australia today, and the economic benefits that more widespread implementation could provide. I started AusCIF a couple of years ago primarily to educate the community and businesses about the rules and opportunities of Islamic finance, specifically in the Australian context. Since then we’ve seen start-ups and new products developed in home financing, investment an...

Nairobi, Kenya: Central business district of Nairobi viewed from the roof of Kenyatta International Conference Centre (KICC). Image courtesy of Shutterstock. Kenya had its first REIT offer the Stanlib Fahari I-Reit on 25th October 2015. This is the first REIT offering after The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013 vide legal notice no. 116 came into effect on18th June, 2013. The same regulations also provide for the rules to govern Islamic REIT’s. This is an important and promising asset class for sharia complaint invest...

Samina Akram, launch of the Women in Islamic & Ethical Finance Forum (WIEFF) in London. July 2015.Last week saw the UK Government launch a special report led by Lord Davies entitled "Improving the Gender Balance on British Boards". The 5 year summary states "There are more women on FTSE 350 boards than ever before, with representation of women more than doubling since 2011 - now at 26.1% on FTSE 100 boards and 19.6% on FTSE 250 boards". The report claims there has been "a dramatic reduction in the number of all-male boards. There were 152 in 2011. Today there are no all-male boards...

Riyadh, Saudi Arabia: Lessons from the United States. Image courtesy of Shutterstock.Every week, we read about the housing crisis in the Kingdom of Saudi Arabia.  An important recent development is the conversion of the Saudi Real Estate Fund into a real estate bank. The purpose of the fund is to expand homeownership for Saudi Arabians. In any country with low home ownership, the economy tends to perform less well than one with relatively high home ownership.  And, homeownership is a catalyst for economic, social and political cohesion.  When the middle class believe...

You may be aware that we recently put out a white paper based on data provided by Thomson Reuters that seeks to propel Dubai to the forefront of the Islamic asset management industry.Discussed on CNBC Arabiya from minute 3 onwards The full paper is here:http://www.rasmala.com/productfiles/TransformingWhitePaper.pdfKey points: Despite huge international potential, the Islamic asset management sector remains greatly underdeveloped.The industry has failed to take root amongst its core demographic. Total AUMs represent a tiny fraction of global funds and product offering is narrow, p...

Impact Investing: Exploring the potential rewards. Image courtesy of Shutterstock.Impact investing is an exciting and large-scale opportunity for the Islamic investment industry. In many ways, the transition “from compliance to impact” represents a next generation for the industry to enhance its relevance, expand its scale, and demonstrate its authenticity.This article offers four observations on this strategic transition: There is a journey from compliance to impact;Impact investing is best suited for certain contexts;Impact investing requires an expansion of...

The Problem with GDP: Is GDP a reliable measure of the economy and a country's well-being?GDP is a big deal. Public spending targets around the world are linked to it; Indonesia has a 15 year economic plan based on it; and it is one of the primary indicators used by investors. Gross domestic product (GDP), over the last few decades, has become a proxy for economic progress, being used to measure not just economic output, but also the health of nations, with governments rising and falling based on the release of these numbers. Economists are also gushing in their praise. Nobel Lau...

Edinburgh, Scotland: The location for the Global Ethical Finance Forum (GEFF), this week. Image courtesy of Shutterstock. Sporting a no-nonsense air of authority and a bristling moustache, the master of ceremonies looks like the kind of man you’d want on your side in a fight.  His life journey is etched on his face and his stance and assured bearing clearly mark him out as ex-military.  Under the magnificent timbers of the Great Hall he steps onto the dais, draws himself up to his full height, bangs the lectern and intones in a booming Scottish brogue, "HUMZA YUNUS, MSP"...

Islamic gold dinar: exploring the myths and reality.   There has been an increasing amount of publications, conferences, even a campaign, about the re-introduction of the Islamic gold dinar. The proponents of this idea, known as the denarists, particularly active in Malaysia, advocate that this country as well as the whole Islamic world “urgently” return to the Islamic gold dinar (Meera, 2002, pp.88-89). They argue that if this return is achieved, nearly all the ills of modern economies such as rampant inflation, credit crunches, stagnation, unemployment etc., which the...

Sharjah: Giving a boost to the Islamic finance industry. Image courtesy of Shutterstock.  Liquidity is a financial institution’s capacity to readily meet its cash and collateral obligations at a reasonable cost. When it comes to managing their liquidity, conventional credit institutions have at their disposal well-developed interbank markets that can be tapped for short-term funding, as well as a plethora of instruments.Islamic financial institutions (IFIs) face great difficulties in managing their liquidity. The dearth of financial instruments at the disposal of IFIs makes for...