MIA Regional Conference 2009
|
|
- Charlotte Tate
- 5 years ago
- Views:
Transcription
1 Securing Funds During an Economic Downturn: Islamic Financing Another Option By Narita Naziree, Associate Director, PricewaterhouseCoopers Capital 10 August 2009
2 Explanatory Notice This document was prepared by PricewaterhouseCoopers Capital Sdn Bhd ( PwC Capital ) for the held on August 2009 in Kuching, Sarawak, Malaysia ( the Conference ). In parts of this document, we may make reference to PricewaterhouseCoopers or PwC. PricewaterhouseCoopers or PwC is a general reference to the PricewaterhouseCoopers network of entities in Malaysia and the World. PricewaterhouseCoopers Capital is a separate legal entity within the PwC network in Malaysia. Apart from PwC Capital, the other Malaysian PwC entities include: PricewaterhouseCoopers, PricewaterhouseCoopers Advisory Services Sdn Bhd, PricewaterhouseCoopers Taxation Services Sdn Bhd and PricewaterhouseCoopers etax.com Sdn Bhd. This document is protected as an unpublished work under the copyright laws of Malaysia and of the other countries in which PwC entities operate. This document contains information drawn from publicly available sources, PwC information databases and PwC analysis that is intended to provide reference and insight to the participants of the Conference. Such information cannot be disclosed, used or duplicated in whole or in part by any party, unless prior consent has been obtained by PwC Capital. For further information, please contact: Narita Naziree PricewaterhouseCoopers Capital Sdn Bhd Level 10, 1 Sentral, Jalan Travers Kuala Lumpur Sentral, PO Box Kuala Lumpur Malaysia Tel: +60(3) Fax: +60(3) narita.naziree@my.pwc.com 2009 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the individual members of the PricewaterhouseCoopers organisation in Malaysia each of which is a separate legal entity or, as the context requires, other member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
3 Presentation Objectives 1 To introduce the key principles behind Islamic finance; To introduce the key principles behind Islamic finance; 2 To provide a snapshot of Islamic banking and finance in Malaysia today; and To provide a snapshot of Islamic banking and finance in Malaysia today; and 3 To Toshare sharesome some thoughtson onthe financing opportunitiesfor forsmes SMEsand corporates.
4 Part 1 Key Principles of Islamic Finance Valuation & Strategy
5 Part 1 - Key Principles of Islamic Finance Islamic finance is premised on Shariah principles and promotes ethical and socially responsible investments and financing. 1 Prohibition of Haram transactions Principles of Islamic Finance 2 3 Prohibition of Riba Prohibition on Gharah (uncertainty) 4 Prohibition on Maisir (gambling) 2
6 Part 1 - Key Principles of Islamic Finance Islamic finance transactions are backed by tangible assets, and promote productive trade. Real assets underlying any transactions Some Features of Islamic Finance Transactions Sellers own assets prior to sale Genuine trade transactions Higher level of disclosures 3
7 Part 1 - Key Principles of Islamic Finance The conventional financial system is observed to be more focused on transferring excess income generated from application of funds. Depositor Individuals with surplus funds Earns a premium on funds lent to a bank. Financial Institution Financial intermediary Uses interest rates to attract depositors and borrowers Credit focus vs Growth focus. Net interest income generated by appropriating depositor funds. Borrower Individuals with deficit funds Incurs an expense on funds borrowed from a bank. 4
8 Part 1 - Key Principles of Islamic Finance In Islamic finance, the concept of partnership is an important feature that is aimed at promoting wealth-creation. Depositor Individuals with surplus funds. Assigns funds for safekeeping in return for a gift (hibah) Shares the risks and profits on certain accounts. Financial Institution Financial intermediary / partner / asset owner Generates profits through commodity transaction (cost plus a mark-up) or partnership (profit sharing). Borrower Individuals with deficit funds Assumes payment on a deferred / rental basis or dividends. 5
9 Part 1 - Key Principles of Islamic Finance On the back of these principles, the Islamic finance sector has demonstrated some resilience in the current economic climate. Guidedby by Shariah principlesinin the the developmentof ofthe theislamic financial system, it it forms formsthe thevery foundationthat that contributes towardsits itsoverall stabilityand and resilience. The The Shariah injunctionsrequire requirethat thatislamic financial transactionsare are supportedby byan an underlying economic activity. This Thisresults resultsinin aclose closelink link between financialand and productiveflows, which whichinin turn, turn, shields shieldsthe theislamic financialsystem systemfrom excessive leveraging, imprudentrisk risktaking and and speculative activities. Tan Sri Dato Dr Zeti Akhtar Aziz Governor of Bank Negara Malaysia, February
10 Part 2 An Overview of Islamic Finance in Malaysia Valuation & Strategy
11 Part 2 - An Overview of Islamic Finance in Malaysia Malaysia is the largest Islamic finance market outside the Middle East, as demonstrated by the size of its Shariah compliant assets. Country Total Shariah Compliant Assets (US$ mil) Iran $235, Saudi Arabia $88, Malaysia $66, Kuwait $63, UAE $49, Bahrain $37, Qatar $21, UK $17, Turkey $15, Pakistan $6, Bangladesh $5, Source: The Banker IFI Listing
12 Part 2 - An Overview of Islamic Finance in Malaysia Malaysia s Islamic finance market is today made up of services in banking, capital market and non-banking financial services. TAKAFUL First takaful operator established in 1984, however market penetration is still low. PRIVATE EQUITY Low investment penetration but anticipated to grow. ISLAMIC FUNDS Funds have grown from 2 funds in 1993 to 149 in Focus on increasing international players. ISLAMIC FUNDS ISLAMIC BANKING / SUKUK ISLAMIC BANKING Islamic banking assets expected to represent at least 20% of total banking assets in the system by MICROFINANCE Low market penetration but potential growth area. MICROFINANCE TAKAFUL PRIVATE EQUITY SUKUK As at July 2009 Malaysia was largest issuer of sukuk globally with a 58% global market share. EMERGING GROWTH ESTABLISHED MATURE / SATURATION 9
13 Part 2 - An Overview of Islamic Finance in Malaysia Total Islamic financing recorded a CAGR of 16.3% between 2002 and 2008, in contrast with 5.9% for conventional financing. Total Financing (RM billion) June 2009 Conventional Banking Islamic Banking Total Banking Industry Source: Bank Negara Malaysia 10
14 Part 2 - An Overview of Islamic Finance in Malaysia Globally, Malaysia has been a market leader in sukuk issuance, representing 58% of total market share in terms of value in July. Sukuk issuance by country (Jan-Jul 2009) No. of issuances/value issued USD bil USD4.12 bil 0 USD0 bil 1 USD1.33 bil 2 USD0.67 bil USD0.75 bil 1 1 Malaysia UAE Saudi Arabia Indonesia Bahrain Pakistan USD0.19 bil No. of issuances Value USD billion Source: Dealogic Islamic League Tables 11
15 Part 2 - An Overview of Islamic Finance in Malaysia However, among the issues the industry faces is differentiation from a customer perspective. Islamic financing by purpose (June 2009) Conventional financing by purpose (June 2009) Purchase of nonresidential property 4.0% Personal use 9.4% Purchase of residential property 18.2% Others 7.8% Source: Bank Negara Malaysia Working capital 25.7% Purchase of transport vehicles 32.0% Purchase of nonresidential property 10.3% Personal use 7.4% Others 13.3% Purchase of residential property 28.5% Purchase of transport vehicles 13.0% Working capital 27.6% 12
16 Part 2 - An Overview of Islamic Finance in Malaysia From a product perspective, products typically mirror conventional offerings. Cash line facility-i Contract financing-i Equipment financing-i Factoring facility-i Industrial hire purchase-i Land financing-i Leasing-i Term financing-i Shope house financing-i Working capital financing-i Bai Inah, Bai Bithaman Ajil, Murabahah Murabahah, Bai Bithaman Ajil, Istisna, Musyarakah, Mudharabah, Ijarah Bai Bithaman Ajil Bai Dayn Ijarah Bai Bithaman Ajil Ijarah Bai Bithaman Ajil, Variable Rate Bai Bithman Ajil Bai Bithaman Ajil istisna Variable, Rate Bai Bithaman Ajil Murabahah, Bai Bithaman Ajil, Tawarruq/Murabahah, Musyarakah, Mudharabah. 13 Source: MIFC, Bank Negara Malaysia
17 Part 2 - An Overview of Islamic Finance in Malaysia Another issue is the dominant use of debt-financing structures such as Bai Bithaman Ajil, which has met with some controversy. Islamic financing by concept (June 2007) Islamic financing by concept (June 2009) Istisna' 1% Mudharabah 0% Musyarakah 0% Murabahah 9% Others 18% Bai Bithaman Ajil 41% Istisna' 1% Mudharabah 0% Musyarakah 1% Murabahah 17% Others 14% Bai Bithaman Ajil 33% Ijarah 3% Ijarah Thumma Al- Bai 30% Ijarah 1% Ijarah Thumma Al- Bai 31% Source: Bank Negara Malaysia 14
18 Part 2 - An Overview of Islamic Finance in Malaysia Moving forward, there are underlying signs that a shift in concept will enhance the role of Islamic finance institutions. Core Areas of Islamic Financing Debt-Financing Equity-Financing Contracts include Murabahah, BBA and Ijarah. Dominant structures used in term-financing products. More easily assimilated in an environment accustomed to conventional financing. Main contracts are Mudarabah and Musharakah (profit / loss sharing basis) Oriented towards a bank focusing on equity-financing and asset-management operating models. 15
19 Part 3 Islamic Financing Opportunities Valuation & Strategy
20 Part 3 - Islamic Financing Opportunities SMEs are a prime segment for Islamic banking institutions, and stand to benefit from an alternative style of financing. Key Features of SME market Constitute 99.2% of total businesses in Malaysia Provides employment to 5.6 million people Contributes 32% to GDP Financing to Small / Micro Companies Financing penetration estimated at 13% Average financing size of RM10,000 Limited Islamic finance providers Fundraising challenges Limited track record to meet Bank s criteria Higher cost of borrowing Sources: SME Annual Report 2007, BNM Annual Report 2007, National SME Development Council 17
21 Part 3 - Islamic Financing Opportunities Government support for SME financing is evident, and Islamic SME financing is the fastest growing segment. Total Financing (RM billion) Islamic SME financing CAGR % (conventional = 10.1%) Islamic SME financing penetration was 12.4% of total SME financing (June 2009) June 2009 Islamic consumer financing Islamic commercial financing Note: Islamic commercial financing has been estimated using the penetration rate of SME financing to total business financing as a proxy Islamic corporate financing Total Islamic financing Source: BNM Monthly Statistical Bulletin, SME Annual Report
22 Part 3 - Islamic Financing Opportunities However, Islamic equity-financing for SMEs and corporates can offer a new range of opportunities. Focus on company s potential Access to Liquidity Partnership support Investor s focus is on the potential of a company s venture, not solely on the creditworthiness of the company. Islamic funds are one of the fastest growing segments, and seek out projects and ventures with growth and economic potential. Some partnerships enable companies access to professionals and advisors to support the growth of the business/venture. 19
23 Part 3 - Islamic Financing Opportunities Islamic funds is a fast-growing segment of the financial services industry, with many funds listed under the equity-fund category. Net Asset Value of Mutual Funds in Malaysia and Islamic/Conventional Split Shariah based unit trust funds by category (June 2009) RM billion Conventional Islamic No. of funds/nav RM1.5 billion Balanced Fund 19 RM1.6 billion Sukuk Fund No. of funds RM12.0 billion Equity Fund 36 RM4.7 billion Others* Net Asset Value Sources: SC Annual Report
24 Part 3 - Islamic Financing Opportunities Islamic private debt securities is one area where equity-financing contracts are evident. Notable Sukuk Approved in 2008 Issuer Danga Capital Bhd Plus SPV Bhd Dewa Ringgit Sukuk Limited The Export-Import Bank of Korea Industrial Bank of Korea National Bank of Abu Dhabi Seafield Capital Bhd Lingkaran Trans Kota Sdn Bhd UMW Toyota Capital Sdn Bhd Tadamun Services Bhd Rim City Sdn Bhd GS Galtex Corporation Source: Securities Commission Shariah Principle Musyarakah Musyarakah Ijarah Conventional & Sukuk Conventional & Sukuk Conventional & Sukuk Musyarakah Musyarakah Musyarakah Ijarah, Istisna & Murabahah BBA Conventional & Sukuk Nominal Value (RM million) 10,000 4,000 3,500 3,000 3,000 3,000 1,500 1,145 1,000 1,000 1,000 1,000 21
25 Part 3 - Islamic Financing Opportunities Islamic REITs also represent another area of growth Malaysian ireits ranked as top three REITs by annual dividend yield. Islamic REITs Dividend distribution to unit holders (on sen) ireits Al-Aqar n/a Earns income from rental income and capital gains on asset portfolio. Structurally similar to conventional REITs [differs in governance requirements] Al-Hadharah Axis n/a n/a 4.7 Source: Bursa Malaysia, ireits; The Real Deal, Islamic Finance Asia, June/July
26 Part 4 Outlook for Islamic Finance Sharing PwC s Perspective on the Global Financial Crisis: The Day After Tomorrow Valuation & Strategy
27 Part 4 - Outlook for Islamic Finance Islamic finance has been an important mode in supporting capital flows between regions, a trend that is anticipated to continue. 1 Globalisation and transition to a multi-polar world will propel the development of Islamic finance Growing economic prominence of Asian countries such as China and India will see more trade and investments in the region. Emerging market countries will increasingly influence patterns of trade and investment to reflect their own natural resource requirements and the banking system will follow these flows. Islamic finance is primed to be a conduit to facilitate these capital flows. Alternative financial institutions such as Islamic financial institutions will emerge to challenge the hegemony of weakened Western banks. 24
28 Part 4 - Outlook for Islamic Finance As the industry relooks the operating models of conventional banks, Islamic banks can help to alleviate market gaps. 2 Global financial crisis has resulted in calls for reforms and the adoption of Nouveau Classic banking model Unsustainable, overleveraged structures will be replaced with simpler and more transparent forms of banking. Underlying values of Islamic finance promote such structures. Contraction in capital, credit and liquidity has created a monetary vacuum at the centre of the banking system. Islamic financial institutions have been well capitalised in the past and have not been as badly affected. 25
29 Part 4 - Outlook for Islamic Finance Islamic finance will be a viable and accessible avenue for fundraising in the future as the industry grows 3 Economic development in Malaysia will be less reliant on conventional sources of funds such as FDI Slowing foreign investment inflows to Malaysia means alternative funding will need to be sourced, either from the private sector or public sector to develop the economy. GLC s and Government bodies have played an instrumental role to sustain and develop corporates and SMEs by providing funds and incentives. Islamic finance is an avenue to tap these funding sources. Diversification and product innovation of Islamic financial institutions will see more choice for raising funds. 26
30 Part 4 - Outlook for Islamic Finance The Day After Tomorrow A PricewaterhouseCoopers perspective on the global financial crisis. Please visit the following site to access this document online: 27
31 Thank You For further information, please contact: Narita Naziree PricewaterhouseCoopers Capital Sdn Bhd Level 10, 1 Sentral, Jalan Travers Kuala Lumpur Sentral, PO Box Kuala Lumpur Malaysia Tel: +60(3) Fax: +60(3) narita.naziree@my.pwc.com Valuation & Strategy
Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road
Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at GIFF Investors & Issuers Forum:
More informationMalaysia s Islamic Capital Market (ICM) An Overview
Islamic Finance News Roadshow Sheraton Towers, Singapore 2 April 2008 Malaysia s Islamic Capital Market (ICM) An Overview Nik Ramlah Mahmood Securities Commission Malaysia 1 Malaysia s ICM offers a comprehensive
More informationISLAMIC FINANCE INDUSTRY OUTPERFORMS IN 2013
The global Islamic finance industry has sustained impressive double-digit growth in 2013 despite challenging global economic conditions, such as the emerging markets funds outflows in the light of tapering
More informationTakaful Business Challenges and Opportunities
Life Insurance Conference 2012 Takaful Business Challenges and Opportunities 9 November 2012 Amara Sanctuary Resort Sentosa, Singapore By: Hans De Cuyper Chief Executive Officer Etiqa Insurance & Takaful
More informationCOMMITMENTS AND CONTINGENCIES A28 10,194,763 6,822,999
(14328 - V) INTERIM FINANCIAL STATEMENTS AUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015 Note RM 000 RM 000 ASSETS Cash and balances with banks 3,225,149 2,652,849 Financial assets held-for-trading
More information8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits)
c ontents 8BURSA SUQ AL-SILA 10 SHARI AH COMPLIANT LISTED EQUITIES 2 THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE 4 BURSA MALAYSIA 6 ISLAMIC MARKETS 12 SUKUK 14 ISLAMIC REAL ESTATE
More informationLegal Documentation. Islamic Finance Seminar. Abdul Jabbar, Dato Dr Nik Norzrul Thani & Megat Hizaini Hassan Tuesday, 13 September 2005
Islamic Finance Seminar Legal Documentation Abdul Jabbar, Dato Dr Nik Norzrul Thani & Megat Hizaini Hassan Tuesday, 13 September 2005 1 Principles In Drafting Documentation 1.Experience of Drafting Conventional
More informationA Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets
The Investors Conference 2005 - in conjunction with the 30 th Annual Meeting Islamic Development Bank 22 nd June 2005 A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets
More informationCompany No T. OCBC AL-AMIN BANK BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2017 Domiciled in Malaysia Registered Office: 19th Floor Menara OCBC 18 Jalan Tun Perak 50050 Kuala Lumpur UNAUDITED
More informationMAYBANK ISLAMIC BERHAD ( M) (Incorporated in Malaysia)
APPENDIX A CONDENSED FINANCIAL STATEMENTS UNAUDITED INCOME STATEMENTS FOR THE FINANCIAL HALF YEAR ENDED 30 JUNE 2015 2nd Quarter Ended Cumulative 6 Months Ended 30 June 30 June 30 June 30 June Note Income
More informationZeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment
Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the State Street Islamic
More informationINTERIM FINANCIAL STATEMENTS AUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
(14328 - V) CONDENSED INTERIM FINANCIAL STATEMENTS AUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 Note RM 000 RM 000 ASSETS Cash and balances with banks 2,127,231 3,636,868 Financial assets
More informationBank Negara Malaysia Hosts Global Islamic Finance Forum 2010
SIARAN AKHBAR Ref No.: 04/10/01 EMBARGO: For immediate release Bank Negara Malaysia Hosts Global Islamic Finance Forum 2010 Bank Negara Malaysia is pleased to host the second Global Islamic Finance Forum
More informationAN INTRODUCTION TO ISLAMIC FINANCE AND THE MALAYSIAN EXPERIENCE
AN INTRODUCTION TO ISLAMIC FINANCE AND THE MALAYSIAN EXPERIENCE by Renuka Bhupalan, Director, TAXAND MALAYSIA 1. Introduction Islamic financing is a burgeoning area in the field of banking and finance.
More informationAnalysis of Profits Obtained from Sukuk Investment using Ijarah and Musyarakah Mutanaqisah Concepts
Menemui Matematik (Discovering Mathematics) Vol. 32, No. 2: 25 34 (2010) Analysis of Profits Obtained from Sukuk Investment using Ijarah and Musyarakah Mutanaqisah Concepts Noor Zaini Yasok and Mawarliza
More informationINTERIM FINANCIAL STATEMENTS AUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
(14328 - V) CONDENSED INTERIM FINANCIAL STATEMENTS AUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 Note RM 000 RM 000 ASSETS Cash and balances with banks 651,382 3,225,149 Financial assets
More informationINTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE
(14328 - V) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 Note RM 000 RM 000 ASSETS Cash and balances with banks 1,927,247 3,636,868 Financial assets
More informationCompany No T. OCBC AL-AMIN BANK BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2016 Domiciled in Malaysia Registered Office: 19th Floor Menara OCBC 18 Jalan Tun Perak 50050 Kuala Lumpur UNAUDITED
More informationMAYBANK ISLAMIC BERHAD ( M) (Incorporated in Malaysia)
APPENDIX A MAYBANK ISLAMIC BERHAD CONDENSED FINANCIAL STATEMENTS UNAUDITED INCOME STATEMENTS FOR THE FINANCIAL HALF YEAR ENDED 30 JUNE 2017 Second Quarter Ended Cumulative 6 Months Ended 30 June 30 June
More informationAmIslamic Bank Berhad (Company No U) (Incorporated in Malaysia)
() Interim Financial Statements For the Financial Period 1 April 2007 to 30 September 2007 (In Ringgit Malaysia) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED BALANCE SHEET AS AT 30 SEPTEMBER 2007 Note
More informationAmIslamic Bank Berhad (Company No U) (Incorporated in Malaysia)
(Company No. 295576 U) Interim Financial Statements For the Financial Period 1 April 2007 to 31 December 2007 (In Ringgit Malaysia) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED BALANCE SHEET AS AT
More informationMAYBANK ISLAMIC BERHAD ( M) (Incorporated in Malaysia)
CONDENSED FINANCIAL STATEMENTS UNAUDITED INCOME STATEMENTS FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2017 Third Quarter Ended Cumulative 9 Months Ended 30 September 30 September 30 September 30 September
More informationAmIslamic Bank Berhad (Company No U) (Incorporated in Malaysia)
(Company No. 295576 U) Interim Financial Statements For the Financial Period 1 April 2006 to 31 December 2006 (In Ringgit Malaysia) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED BALANCE SHEET AS AT
More informationEnhancing the Resilience and Stability of the Islamic Financial System
Enhancing the Resilience and Stability of the Islamic Financial System Regulators Forum Global Islamic Finance Forum 2010 Special Session on Islamic Finance and Financial Stability Report Dr. Zeti Akhtar
More informationSukuk Market Overview & Structural Trends
Sukuk Market Overview & Structural Trends IIFM Industry Seminar on Islamic Capital Market, Liquidity Management & Risk Mitigation Instruments Morning Pre-Conference Day Session, 19 th Annual World Islamic
More informationGLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014
Insights GLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014 Global Primary Sukuk issuances have soared in 1H2014, with some notable events adding new opportunities to the sukuk marketplace. The world s
More informationBANK MUAMALAT MALAYSIA BERHAD Company No W (Incorporated in Malaysia)
Company No. 6175-W UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31 DECEMBER 2017 (12 RABIUL AKHIR 1439H) Company No. 6175-W BANK MUAMALAT MALAYSIA BERHAD Contents Page Unaudited Statement
More informationShare capital 400, ,045 Reserves 493, ,675 TOTAL EQUITY 893, ,720 TOTAL LIABILITIES AND EQUITY 9,888,437 9,893,351
Condensed Interim Financial Statements Unaudited Statement of Financial Position as at 31 December 2017 ASSETS Note Cash and short-term funds 156,671 170,255 Financial assets held-for-trading A12-40,694
More informationStandard Chartered Saadiq Berhad (Company No K) (Incorporated in Malaysia) Financial statements for the nine months ended 30 September 2009
Standard Chartered Saadiq Berhad (Company No. 823437K) Financial statements for the nine months ended 30 September 2009 Domiciled in Malaysia Principal place of business Level 16, Menara Standard Chartered
More informationDRIVES NEW DEVELOPMENT IN AFRICA
ISLAMIC FINANCE Insights FINANCE DRIVES NEW DEVELOPMENT IN AFRICA Opportunities for Islamic finance abound across Africa, as development proceeds apace across the continent. Africa is fast becoming an
More information31 March 31 December ASSETS Note RM'000 RM'000
INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2011 ASSETS Note Cash and cash equivalents 715,843 604,280 Deposits and placements with financial institutions - 4,624
More informationIslamic Finance : Work done in 2014
Agenda paper 7.1 Islamic Finance : Work done in 2014 [Malaysia, Lead Country, AOSSG Islamic Finance Working Group] 1 Key activities in 2014 Study of financial statements of Islamic financial institutions
More informationInnovation in Islamic Retail Products - A Comparative Update Between Malaysia and GCC
Innovation in Islamic Retail Products - A Comparative Update Between Malaysia and GCC Presented to The International Islamic Finance Forum 2008 Presented By Ruslena Ramli April 14, 2008 Presentation Outline
More informationThe State of the Islamic Capital Market & Future Prospects
The State of the Islamic Capital Market & Future Prospects Ijlal Alvi CEO IIFM Contents Global Market Perspective The Islamic Capital Market OIC Equity Market Malaysian Capital Markets Way Forward Future
More informationINTERIM FINANCIAL STATEMENTS FOR THE FINANCIAL QUARTER ENDED 31 MARCH 2016
FOR THE FINANCIAL QUARTER ENDED INTERIM FINANCIAL STATEMENTS 31 MARCH 2016 Registered Office Ground Floor, East Block Wisma Selangor Dredging 142-B Jalan Ampang 50450 Kuala Lumpur INTERIM FINANCIAL STATEMENTS
More informationBANK MUAMALAT MALAYSIA BERHAD Company No W (Incorporated in Malaysia)
PUBLIC BANK MUAMALAT MALAYSIA BERHAD Company No. 6175-W UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31 DECEMBER 2016 (01 RABIUL AKHIR 1438H) Company No. 6175-W BANK MUAMALAT MALAYSIA
More informationStandard Chartered Saadiq Berhad (Company No K) (Incorporated in Malaysia) Financial statements for the nine months ended 30 September 2016
Standard Chartered Saadiq Berhad (Company No. 823437K) Financial statements for the nine months ended 30 September 2016 CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENT OF FINANCIAL POSITION
More informationHSBC AMANAH MALAYSIA BERHAD (Company No X) (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS 31 MARCH 2015
HSBC AMANAH MALAYSIA BERHAD (Company No. ) (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS 31 MARCH 2015 Domiciled in Malaysia. Registered Office : 2, Leboh Ampang, 50100 Kuala
More informationPage 1 of 23 MALAYSIA BUILDING SOCIETY BERHAD (Company No K) EXPLANATORY NOTES FOR FINANCIAL QUARTER ENDED 31 MARCH 2015
Page 1 of 23 A1. Basis of Preparation The unaudited condensed interim financial statements for the financial quarter ended 31 March 2015 have been prepared under the historical cost convention except for
More informationAssalamualaikum and a very good morning, Your Excellencies, Tan Sri-Tan Sri, Dato - Dato, Distinguished guests, Ladies and gentlemen,
KEYNOTE ADDRESS BY DATO YUSLI MOHAMED YUSOFF CHIEF EXECUTIVE OFFICER OF BURSA MALAYSIA GLOBAL ISLAMIC FINANCE FORUM 2010 EQUITIES & FINANCIAL MARKETS DAY THURSDAY, 28 OCTOBER 2010 MANDARIN ORIENTAL HOTEL,
More informationAmIslamic Bank Berhad (Company No U) (Incorporated in Malaysia)
(Company No. 295576 U) Interim Financial Statements For the Financial Period 1 April 2008 to 30 June 2008 (In Ringgit Malaysia) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED BALANCE SHEET AS AT 30 JUNE
More informationOpportunities for SMEs in the New Era of Islamic Financing
Opportunities for SMEs in the New Era of Islamic Financing ABAC Malaysia - SME Finance Forum Workshop on Innovative Financing for SMMEs InterContinental Kuala Lumpur, Malaysia May 2015 Ahmed Rostom Financial
More informationCompany No T. OCBC AL-AMIN BANK BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2017 Domiciled in Malaysia Registered Office: 19th Floor Menara OCBC 18 Jalan Tun Perak 50050 Kuala Lumpur UNAUDITED
More informationDISCOVER LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
DISCOVER LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE LABUAN IBFC IS THE OFFICIAL AGENCY SANCTIONED BY THE MALAYSIAN GOVERNMENT TO MARKET LABUAN AS THE PREMIER INTERNATIONAL BUSINESS AND FINANCIAL
More informationThe Role of Sukuk in Islamic Capital Markets
The Role of Sukuk in Islamic Capital Markets Islamic Fund Management Presented by Dr Marjan Muhammad (ISRA) and Ruslena Ramli (RAM Ratings) Dr. Marjan Muhammad and Ruslena Ramli 11 th Meeting COMCEC Financial
More informationDelivering Growth Through
www.muamalat.com.my Muamalat Malaysia Berhad (6175-W) Menara Bumiputra, Jalan Melaka, 50100 Kuala Lumpur Delivering Growth Through Annual Report 2012 CONTENTS 04 10 Years Financial Highlights 06 Statements
More informationBank Islam Malaysia Berhad (98127-X) (Incorporated in Malaysia) Unaudited Interim Financial Statements
Statements of Financial Position as at 31 March 2017 31.03.2017 31.12.2016 31.03.2017 31.12.2016 Note Assets Cash and short-term funds 9 1,515,601 3,963,417 1,515,068 3,963,268 Deposits and placements
More informationGlobal Islamic wealth. management: trends and opportunities
Global Islamic wealth management: trends and opportunities Sohail Jaffer says there are several reasons why the Islamic niche of the industry is expected to outgrow conventional wealth management over
More informationZeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub
Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the ASLI s World Islamic Economic
More informationShare capital 300, ,000 Reserves 230, ,942 CAPITAL AND RESERVES ATTRIBUTABLE TO OWNER OF THE PARENT A24
ALLIANCE ISLAMIC BANK BERHAD (776882-V) Condensed Interim Financial Statements Unaudited Statement of Financial Position as at 31 December 2011 Note ASSETS Cash and short-term funds 517,070 149,234 Deposits
More informationBANK MUAMALAT MALAYSIA BERHAD Company No W (Incorporated in Malaysia)
BANK MUAMALAT MALAYSIA BERHAD Company No. 6175-W UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 30 JUNE 2017 (06 SYAWAL 1438H) Company No. 6175-W BANK MUAMALAT MALAYSIA BERHAD Contents
More informationShare capital 400, ,000 Reserves 476, ,892 TOTAL EQUITY 876, ,892 TOTAL LIABILITIES AND EQUITY 11,633,729 11,371,991
Condensed Interim Financial Statements Unaudited Statement of Financial Position as at 30 June 2018 ASSETS Note Cash and short-term funds 906,556 1,290,567 Financial assets at fair value through profit
More informationAttendance at the Singapore Due Diligence 2012 is strictly by invitation only. The content of this presentation is intended solely for invited guests
should not be reproduced or distributed to persons other than the invited guests. Overview of Islamic Finance Hanifah Hashim Head of Fixed Income (Malaysia) Franklin Templeton Investments September 26,
More informationISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE INVESTMENT (SRI)
ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE INVESTMENT (SRI) ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE Islamic finance is embedded on the principles of fairness, equality and ethics that lead to
More informationInvestor Day 19 March 2013
Investor Day 19 March 2013 Muzaffar Hisham Chief Executive Officer, Maybank Islamic Head, Group Islamic Banking Table of Contents Introduction 3 About Maybank Islamic 9 Financial Performance 16 Prospects
More informationTrim Size: 6in x 9in Kureshi ftoc.tex V2-12/10/2014 9:38am Page vii. Foreword. Acknowledgments. Product Offerings. Introduction 1
Trim Size: 6in x 9in Kureshi ftoc.tex V2-12/10/2014 9:38am Page vii Contents Foreword Preface Acknowledgments Product Offerings xv xvii xxi xxiii Introduction 1 CHAPTER 1 The Islamic Finance Space 5 Modern
More informationINTERIM FINANCIAL STATEMENTS FOR THE FINANCIAL QUARTER ENDED 31 MARCH 2017
FOR THE FINANCIAL QUARTER ENDED INTERIM FINANCIAL STATEMENTS 31 MARCH 2017 Registered Office Ground Floor, East Block Wisma Selangor Dredging 142-B Jalan Ampang 50450 Kuala Lumpur INTERIM FINANCIAL STATEMENTS
More informationThe asset side of Takaful and implications on product design
building value together 13 November 2012 The asset side of Takaful and implications on product design Hassan Scott Odierno, FSA Istanbul www.actuarialpartners.com Conventional bonds Bonds are the backbone
More informationWealth Management and Islamic Finance: Synergies and Opportunities
Wealth Management and Islamic Finance: Synergies and Opportunities Dato Stewart LaBrooy CEO Axis REIT Managers Bhd INCEIF Inaugural Colloquium Sime Darby Convention Centre 19 th December, 2013 Program
More informationZeti Akhtar Aziz: Strategic positioning in a changing environment
Zeti Akhtar Aziz: Strategic positioning in a changing environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 2006 Dialogue Session with Insurers and Takaful
More informationEXPLORING GROWTH OF TAKAFUL MARKET IN PAKISTAN. Muhammad Kashif Siddiqee, ACA Joint Director - SECP
EXPLORING GROWTH OF TAKAFUL MARKET IN PAKISTAN Muhammad Kashif Siddiqee, ACA Joint Director - SECP 1 2 THE NEED FOR INSURANCE All humans and/or Organizations inevitably are exposed to various types of
More informationThe Role of Sukuk in Islamic Capital Markets
The Role of Sukuk in Islamic Capital Markets Islamic Fund Management Presented by Dr Marjan Muhammad (ISRA) and Ruslena Ramli (RAM Ratings) Ruslena Ramli and Dr. Marjan Muhammad 11 th Meeting COMCEC Financial
More informationCITIBANK BERHAD AND ITS SUBSIDIARY COMPANIES (Company No M) (Incorporated in Malaysia) UNAUDITED CONDENSED FINANCIAL STATEMENTS 31 March 2016
UNAUDITED CONDENSED FINANCIAL STATEMENTS 31 2016 Domiciled in Malaysia Principal place of business : Menara Citibank 165 Jalan Ampang 50450 Kuala Lumpur UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT
More informationIslamic Capital Market Review
Islamic Capital Market Review Tugu Peringatan Selangor, Shah Alam by Mohammad Aminullah Basir OVERVIEW The ICM has emerged as a significant area of growth and become part and parcel of the broader capital
More informationCIMB ISLAMIC BANK BERHAD CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2017
0 0 0 0 Company Number :671380-H CIMB ISLAMIC BANK BERHAD CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2017 The Group The Bank 31 March 31 December 31
More informationEXPANDING ISLAMIC FINANCE HOW REGULATORS ARE CHANGING THE WORLD
HOW REGULATORS ARE CHANGING THE WORLD By implementing reforms and amendments to national financial legislations, many of the world s regulators and government institutions are creating environments for
More informationJ. P. M O R G A N I S L A M I C F I N A N C E
Islamic Finance Overview May 2014 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L English_General 2013 JPMorgan Chase & Co. All rights reserved. These materials herein are provided for informational
More informationSUKUK Islamic Bonds. by Mr. Hamad Rasool.
SUKUK Islamic Bonds by Mr. Hamad Rasool 1 2 Sukuk is the Arabic name for a financial certificate, Islamic alternative to conventional bonds, Sukuk is a Trust certificate in which investor returns are derived
More informationKUWAIT FINANCE HOUSE (MALAYSIA) BERHAD
Interim Report for the Period Ended 30 Sept 2018 Interim Condensed Statements of Financial Position 1 Interim Condensed Consolidated Income Statements 2 Interim Condensed Consolidated Statements of Comprehensive
More informationStatements of Financial Position as at 30 September 2012
Statements of Financial Position as at 30 September 2012 30.09.2012 31.12.2011 1.1.2011 30.09.2012 31.12.2011 1.1.2011 Note Assets Cash and short-term funds 9 2,000,448 3,364,180 2,519,695 1,976,021 3,355,764
More informationPROSPECTS & OPPORTUNITY IN ISLAMIC CAPITAL MARKETS. Baljeet Kaur Grewal Group Chief Economist/ Head, Global Research 30 th April 2008
PROSPECTS & OPPORTUNITY IN ISLAMIC CAPITAL MARKETS Baljeet Kaur Grewal Group Chief Economist/ Head, Global Research 30 th April 2008 1 ISLAMIC FINANCE: A GLOBAL VIEW Global Deployment of Islamic Products
More informationSUSTAINABILITY AND ISLAMIC FINANCE
15th Kuala Lumpur Islamic Finance Forum SUSTAINABILITY AND ISLAMIC FINANCE Zainal Izlan Zainal Abidin Securities Commission Malaysia 9 April 2019 Essence of Sustainability Meeting the needs of the present
More information30 September 31 December ASSETS Note RM'000 RM'000
INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2011 ASSETS Note Cash and cash equivalents 375,591 604,280 Deposits and placements with financial institutions
More informationRM 000 RM 000 RM 000 RM
Statements of Financial Position as at 31 March 2018 31.03.2018 31.12.2017 31.03.2018 31.12.2017 Note Assets Cash and short-term funds 10 4,798,683 4,185,697 4,760,682 4,185,561 Financial assets held-fortrading
More informationFINANCIAL COOPERATION
FINANCIAL COOPERATION OIC/COMCEC-FC/34-18/D(..) CCO BRIEF ON FINANCIAL COOPERATION COMCEC COORDINATION OFFICE April 2018 2017 0 CCO BRIEF ON FINANCIAL COOPERATION Financial Cooperation among the Member
More informationTatagroprombank. Talk on Islamic Finance. Kazan -17 June Alberto G. Brugnoni - ASSAIF
Tatagroprombank Talk on Islamic Finance Kazan -17 June 2013 Alberto G. Brugnoni - ASSAIF CONTENTS OF THE TALK WHAT IS ISLAMIC FINANCE ISLAMIC MODES OF FINANCE AVAILABLE TO SMEs ISLAMIC TRADE FINANCE ISLAMIC
More informationZamani Abdul Ghani: Malaysia s role as an international Islamic financial centre
Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre Keynote address by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the International Takaful
More informationDEVELOPMENT OF LIQUIDITY MANAGEMENT INSTRUMENTS: CHALLENGES AND OPPORTUNITIES
DEVELOPMENT OF LIQUIDITY MANAGEMENT INSTRUMENTS: CHALLENGES AND OPPORTUNITIES By Abdul Rais Abdul Majid Chief Executive Officer International Islamic Financial Market (IIFM) International Conference on
More informationRHB ISLAMIC BANK BERHAD ( V) (Incorporated in Malaysia)
UNAUDITED INTERIM FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2013 Unaudited Audited Note 30.09.2013 31.12.2012 RM'000 RM'000 ASSETS Cash and short-term funds 2,444,426 2,881,135
More informationHSBC AMANAH MALAYSIA BERHAD (Company No X) (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS 30 JUNE 2016
HSBC AMANAH MALAYSIA BERHAD (Company No. ) (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS 30 JUNE 2016 Domiciled in Malaysia. Registered Office : 2, Leboh Ampang, 50100 Kuala
More informationGlobal Sukuk and Liquidity Market Evaluating the future of global Sukuk markets
Global Sukuk and Liquidity Market Evaluating the future of global Sukuk markets 6 th Kuala Lumpur Islamic Finance Forum 2 nd -6 th November 2009 Ijlal A Alvi, Chief Executive Officer, IIFM Contents 1.
More informationAnalysis of the Sukuk Market. Dubai, April 25, 2007
Analysis of the Sukuk Market Dubai, April 25, 2007 Overview Introduction What is a Sukuk? Types of Sukuk Composition of the Sukuk Market Breakdown of the Sukuk Market Expected Growth of the Sukuk Market
More informationAmIslamic Bank Berhad
Interim Financial Statements For the Financial Period 1 April 2014 to 30 June 2014 (In Ringgit Malaysia) UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 30 June 31 March 2014 2014 Note RM
More informationAmIslamic Bank Berhad
Interim Financial Statements For the Financial Period 1 April 2013 to 30 September 2013 (In Ringgit Malaysia) UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2013 Note RM 000 RM 000 ASSETS
More informationIndonesia Infrastructures & Sukuk Update
Indonesia Infrastructures & Sukuk Update IIFM Specialized Sessions on Islamic Finance at ISEF 7 November 2017, Surabaya Herwin Bustaman Head, Shariah Banking Maybank Indonesia Global Sukuk Update 1 No.
More informationRevisiting the Fundamentals
Islamic Financial Services Group trends and future direction Noor Ur Rahman Abid International Islamic Financial Market Board Meeting 4 February 2008 Revisiting the Fundamentals Investment avenues in conventional
More informationInternational Islamic Liquidity Management Corporation
International Islamic Liquidity Management Corporation An Overview of Liquidity Management Issues for Institutions Offering Islamic Financial Services March 9 th, 2016/ Jumada Al- Awwal 29, 1437 IRTI Eminent
More informationISLAMIC BANKS: INTRODUCTION AND COMPARISON WITH THE CONVENTIONAL BANKS Corresponding Author: Houssam Mabrouk
International Journal of Humanities and Social Science Invention (IJHSSI) ISSN (Online): 2319 7722, ISSN (Print): 2319 7714 Volume 7 Issue 05 Ver. II May. 2018 PP.65-71 ISLAMIC BANKS: INTRODUCTION AND
More informationCITIBANK BERHAD AND ITS SUBSIDIARY COMPANIES (Company No M) (Incorporated in Malaysia) UNAUDITED CONDENSED FINANCIAL STATEMENTS 31 March 2017
UNAUDITED CONDENSED FINANCIAL STATEMENTS 31 2017 Domiciled in Malaysia Principal place of business : Menara Citibank 165 Jalan Ampang 50450 Kuala Lumpur UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT
More informationBank Islam Malaysia Berhad (98127-X) (Incorporated in Malaysia) Unaudited Interim Financial Statements
Statements of Financial Position as at 31 March 2011 Note Assets Cash and short-term funds 9 2,307,430 2,519,695 2,291,082 2,509,483 Deposits and placements with banks and other financial institutions
More informationSecuritization and Structuring Sukuk
Securitization and Structuring Sukuk Workshop on Developing Sukuk Markets Arab Monetary Fund World Bank Group Abu Dhabi, UAE April 19, 2015 Zamir Iqbal, PhD. The World Bank Global Islamic Finance Development
More informationINT N RO R DU D C U T C ION N T O G LOBA B L A I SLAM A IC C F INA N N A C N E
JUNE 2010 INTRODUCTION TO GLOBAL ISLAMIC FINANCE CONTENTS Contents Section 1 Overview of the Islamic Financial Market Section 2 The Potential of Islamic Finance in Asia Section 3 Islamic Finance in Thailand
More informationCITIBANK BERHAD AND ITS SUBSIDIARY COMPANIES (Company No M) (Incorporated in Malaysia) UNAUDITED CONDENSED FINANCIAL STATEMENTS 30 June 2017
UNAUDITED CONDENSED FINANCIAL STATEMENTS 30 2017 Domiciled in Malaysia Principal place of business : Menara Citibank 165 Jalan Ampang 50450 Kuala Lumpur UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT
More informationLuxembourg A prime location for Sukuk issuance
Luxembourg A prime location for issuance Contents Islamic finance in Luxembourg listed in Luxembourg 5 Structuring transactions 6 al-ijara 8 Mixed-asset 9 al-musharaka 0 al-murabaha al-istisna al-salam
More informationIslamic Investment in Asia: New Pockets of Growth
Islamic Investment in Asia: New Pockets of Growth Siti Rosina Attaullah, Head of Islamic Capital Markets, KFH Research Ltd, Kuwait Finance House Excellence in Islamic Finance Research 6 NOVEMBER 214 INTERNATIONALISATION
More informationCIMB ISLAMIC BANK BERHAD CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2018
(0) (0) 0 Company Number :671380-H CIMB ISLAMIC BANK BERHAD CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2018 The Group The Bank 31 March 31 December
More informationTakaful: Concepts and Practical Issues
Takaful: Concepts and Practical Issues Singapore Actuarial Society Inaugural General Insurance Conference 06-07 May 2009, Singapore Hussain Ahmad, FCAS Consulting Actuary Towers Perrin Agenda What is takaful
More informationIslamic Finance Achievements and Prospects
Islamic Finance Achievements and Prospects Emeritus Professor Rodney Wilson Toronto University lecture, 30 th October 2014 The Second Annual Conference of Islamic Economics & Islamic Finance Venue: Chestnut
More informationComparative study between bonds and sukuks
University Abdelmalek Esaadi of Tetouan Master : Islamic Finance Islamique Comparative study between bonds and sukuks Presented by : Reda Harrak Omar El Kahlouni Ihsan Hadaf Anissa El Gazzouti Omar Ettafzi
More informationContribution of Islamic Finance to the 2030 Agenda for Sustainable Development (with special reference to infrastructure finance)
Contribution of Islamic Finance to the 2030 Agenda for Sustainable Development (with special reference to infrastructure finance) Habib Ahmed Durham University Business School, UK 1 Infrastructure Investment
More information