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Islamic finance: Attractive for nonMuslims?

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A time for transformation

Would a non-Muslim do better to back ethical rather than Islamic funds? Prof Dr. Volker Nienhaus, Adjunct Professor at INCEIF, explores the fascinating issue It is often claimed that Islamic finance is not only for Muslims. This has two meanings: (1) Islamic financial institutions will not turn away nonMuslim customers, and (2) nonMuslims can provide Islamic financial services. In practice, one can find examples in both directions.

The large number of nonMuslim participants in Takaful schemes in Malaysia is an oftenquoted example for the first and the asset management for Shari'ah-compliant funds an example for the second direction. But the message that Islamic finance is also for nonMuslims is often much more ambitious, namely that the market potential of Islamic finance is far greater than just the population of Muslim countries and Muslim minorities in nonMuslim countries. If Islamic finance is for all, the whole world is the potential market for Islamic finance, and growth could be virtually unlimited. This, however, implies that Islamic finance has to offer the world something that is superior (or at least not inferior) to what it already has. It is by no means selfevident what that could be: Shari'ah compliance as the constitutive element of Islamic finance is in itself rather irrelevant for nonMuslims. It could be macrosystemic or microcommercial or ethical implications of the observance of Islamic law which make it appealing to nonMuslims. THE SUPPLY SIDE For suppliers of Shari'ah-compliant financial services and infrastructure services (such as indexes, tax consultancy, asset management, stock screening, IT support, executive training, legal advice, rating services) Islamic finance obviously was an attractive option. Since most of the Shari'ah-compliant instruments are functional equivalents of conventional products, the necessary adjustments to serve Muslim clients was technically not too complicated for conventional financial institutions. Once they had learned the Shari'ah restrictions, conventional institutions tapped into an initially highly liquid and not too competitive market with good margins. They did this via Islamic subsidiaries, windows or special products for selected clients. Later the structuring and issuing of Sukuk were added to the service portfolio. The major challenges of banking, capital market and insurance (Takaful) products lay in taxation and in the structuring of contracts in such a way that they satisfy Shari'ah criteria and are enforceable under the law of the land. This became a very lucrative business for western tax consultants and (in particular British) law firms. DEMAND SIDE While it is mainly the profit motive on the supply side, it is far less obvious what might bring customers to Islamic financial institutions. There may be similar financial incentives that motivate western corporate clients to acquaint themselves with Islamic modes of financing: The oversubscription of most Sukuk indicates a high demand which, in turn, could translate into lower financing costs compared to conventional bonds (or even equitytype instruments). But what has Islamic finance to offer to the retail client? One argument is that the general observance of Islamic finance principles would create a more stable, efficient and just financial system. For a while it seemed that nearly everybody - politicians, businessmen and 'ordinary people' - was searching for a better alternative to the crashed "capital market capitalism". It is debatable whether Islamic finance would really be a superior alternative - at least as long as it is predominantly a replication of conventional techniques and Shari'ah engineers structure prototypes even of those complex derivatives that were held responsible for the collapse of the conventional system.

But even if one would accept the arguments of the proponents of a superior "true" Islamic financial system, one has to realise that the enthusiasm for a fundamental reform of the financial system has evaporated. Fundamental alternatives such as narrow banking or limited purpose banking were on the radar screen of politicians and central bankers only for a (very) short while (and were received with much scepticism in general and strong criticism by lobbyists of the old system in particular). Basel III (or 'Basel II+' as some commentators have called it) is definitely not a fundamental reform, and Wall Street is today occupied not by protesters but again by bankers and brokers. The persistently high unemployment and fiscal austerity measures are now on the top of protest agendas in many countries. So if it is not 'systemic superiority' that will attract nonMuslims, then there must be something in Islamic finance that the customers see as individual benefit for themselves. This "something" could be the pricing of Islamic products or their quality. PRODUCT PRICING The pricing of Islamic savings products (unrestricted investment accounts usually based on Mudarabah contracts) seems to be very much in line with competing conventional products, i.e. the rate of interest for savings or term deposits. But this implies that investment account holders do not get a compensation for the risk they have to take due to the profit and loss sharing character of the underlying contract. But even if one ignores this risk, savings products do not look particularly attractive for nonMuslim investors who can get the same return without the risk of the underlying contract. The practice of participatory contracts is such that not only downside risks are factually eliminated or ignored, but also upside chances for fund providers are curtailed in favour of the managers of funds. This is achieved, for example, by regular adjustments of profit sharing ratios (at the discretion of the bank) or by "incentive fees" by which all profits above a benchmark rate are skimmed off by the manager of the funds (which could be the bank in the case of investment accounts or the issuer of Musharaka Sukuk who runs the business). Such practices have factually turned nearly all Islamic savings and investment products into fixed income instruments (usually benchmarked against LIBOR or a national alternative from the conventional sector), and the participatory character of the original Islamic contracts are lost. The pricing of Islamic financing products is also more or less in line with conventional alternatives (as are required collateral). This is an achievement in view of the higher complexity of contractual and transactional arrangements (in particular in corporate finance) and of the additional costs of Islamic banks for securing the Shari'ah compliance of products and processes. However, during the last crisis customers of Islamic banks had to realise painfully that the complexity and implied rigidity of sales contracts used for financing purposes could drive the prices of longterm Islamic financing (in particular home financing) to excessive levels. An Islamic bank resells assets (e.g. a house) to the client at a price that is determined by the amount to be financed today (the 'loan' amount) and the cumulated financing markups (the

cumulated "interest" payments) for the full contracted financing period (e.g. 10 years). This sales price has to be paid in instalments over the whole financing period. If a client wants to terminate the financing prematurely, say after two years, the bank can claim the repayment of the initial amount and markups for two years plus a penalty for early termination, as it would in a conventional interestbearing loan contract. The sale contract entitles the bank to claim the full sales price which includes markups for periods in which the financing is no longer provided. Such claims were actually made by Islamic banks, and it was only by the interventions of courts and central banks that clients were protected against such claims which were deemed unfair and factually usurious. With such experiences, nonMuslims who can opt for a conventional loan may not be too enthusiastic over Islamic modes of longterm financing, even if the initial pricing looks competitive. PRODUCT QUALITY If it is not the pricing, then the product quality is left. In what respects could Islamic finance products be superior to conventional products? As long as Islamic finance products are intentionally structured as replications of conventional ones, and as long as even those genuine products such as Musharaka Sukuk which could have a unique risk/return profile are transformed into fixed income instruments, the difference in quality cannot be found in the product structures (ignoring the Shari'ah compliance, higher complexity and legal risks). If Shari'ah compliance does not alter the economic characteristics such as the (commercial) risk/return profile, nonMuslim will not look for qualitative differences in the instruments as such but in the types of transactions and businesses for which the instruments are applied. Here proponents of Islamic finance often underline the ethical qualities of Islamic banking and capital market products. One argument is that Islamic finance is more just and fair than conventional finance because providers and users of funds share returns and risks or profits and losses. It is considered unjust in conventional finance that the entrepreneurial partner bears all the financial risks while the provider of funds receives a risk free income. This violates the basic principle that rewards (from financing) are justified only if they are combined with risk. There are two problems with this position. The minor problem is that there is no ultimately riskfree income for financiers in conventional finance - companies and governments can go bankrupt, thus there is always a credit risk. The major problem is that participatory finance (i.e. the sharing of returns and risks or profits and losses) does factually not take place in Islamic finance (except contractually but not factually in the 'deposit business' of Islamic banks). FAIR FINANCE The other argument is that Islamic financial institutions observe ethical principles in their financing and investment decisions. No funds for Haram activities - this is taken seriously in Islamic finance, at least in principle. But is that enough to attract nonMuslims?

A minor problem is that Shari'ah boards in some jurisdiction have allowed "tolerance criteria" for investments in Haram activities, provided the Haram business is relatively small and a kind of byproduct of a basically permissible business (such as running an airline and serving or selling alcohol on board). However, such tolerance criteria can become tricky if they are too lax: suppose the tolerance level were set at 10 per cent of the turnover of a company. A company that generates 50 per cent of its turnover [e.g. $50 million of a total of $100 million] from the production of tobacco or alcohol or weapons could not be financed in a Shari'ah-compliant manner. But if this company is absorbed by another company of (at least) four times its size (i.e. a total turnover of $400 million) and so far zero prohibited business, the new larger company (with a total turnover 100 + 400 = $500 million) would generate only 10 per cent of its turnover from prohibited business. As a result, exactly the same business that was clearly Haram in the first instance can now be financed in a Shari'ah-compliant manner. A major problem is that the avoidance of a rather limited list of Haram businesses is not "much ethics" for those who should be attracted to Islamic finance because of its ethical dimension. First, the "old style prudent banker" (who is still alive in many places) would also shy away from the financing of many of the haram businesses. But more important: individual savers who look for ethical savings products or institutional investors who want to add responsible investments to their portfolios can find already a much wider and more sophisticated choice of products in the nonIslamic investment universe. ETHICAL INVESTING The avoidance of investments in "sin stocks" (shares of companies with businesses similar to those prohibited in Islam) and the observance of ethical criteria in faithbased banking finance have a long tradition dating back to the 19th century. But after business scandals in the 1990s and a strong growth of ecological movements in many western countries, ethics, social responsibility and sustainability ranked high on the agenda of international organisations such as the OECD and the UN system and gained considerable attention from financial institutions and asset managers. The now widely used term for the consideration of environmental, social and governance (ESG) criteria in investment decisions is "responsible investing". This generic term comprises a wide range of different approaches and strategies which are summarised by the European Sustainable Investment Forum as follows:

Sustainability themed investments are investments in themes or assets linked to the development of sustainability with a focus on specific or multiple issues related to ESG. BestinClass investment selection is an approach where leading or bestperforming investments within a universe, category, or class are selected or weighted based on ESG criteria. Normsbased screening is based on the screening of investments according to their compliance with international standards and norms, in particular those of the OECD and the UN system (including Global Compact, ILO, UNICEF, UNHRC).

Exclusion of holdings from the investment universe means that specific investments or classes of investment are excluded from the investible universe such as companies, sectors, or countries engaged in weapons, pornography, tobacco and animal testing; this approach is also referred to as ethical or valuesbased exclusions. Integration of ESG factors in financial analysis is the explicit inclusion of ESG risks and opportunities by asset managers into a traditional financial analysis and investment decisions based on a systematic process and appropriate research sources. Engagement and voting on sustainability matters is the active use of ownership rights through voting of shares and engagement with companies on ESG matters in order to improve their ESG performance; it is a longterm process, seeking to influence behaviour or increase disclosure. Impact investments are investments made into companies, organisations and funds with the intention to generate social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending upon the circumstances.

The responsible investment business is supported by a sophisticated infrastructure, including data and index providers, screening consultants, legal advisors, marketing companies, specialised asset managers, industry associations and lobby groups. Although the volume growth of the RI industry is mainly driven by an increasing engagement of institutional investors (especially pension funds), retail clients can find customisable and interactive webbased screenings of responsible investment funds and tests of their performance. The volume of responsible investments exceeds by far the global assets of the Islamic finance industry (estimated at $1.3 trillion by 2011): the volume of assets under management (AuM) in responsible investment funds in Europe alone is estimated at EUR 6.8 trillion by 2011 [Eurosif: European SRI Study 2012] which is half of the total European asset management industry (and the AuM of the European asset management industry accounts for approximately 33 per cent of the global AuM). Obviously, there is a huge market for investments with a 'responsible' dimension, and Islamic finance structures fit well into this scheme as an exclusion strategy. But to capture a wider share of this market, Islamic finance has to make considerable progress. Similarities in the structure (form) of processes in Shariah-compliant and responsible investing cannot hide the fact that there are fundamental differences in substance. Conventional and Islamic institutions apply an "exclusion" filter on the firstlevel of their screening process and exclude prohibited (haram) businesses. Islamic fund managers have to limit the investment universe further by filtering out companies with an unacceptable level of interestbased assets and liabilities. Such financial ratios are not a major concern for conventional responsible investors. What is a major concern is how the actual investment objects are chosen from those which passed the exclusion filter(s). Here lies the major difference: while Islamic financial institutions (like 'non-responsible' conventional institutions and responsible funds that apply only an exclusion strategy) decide on the basis of financial performance criteria, the majority of responsible investment funds (which combine exclusion with other strategies) take additional nonfinancial criteria such as the ESG performance into account. This is where the attraction

lies for individual and institutional investors (such as Western pension funds) who are looking for responsible investment opportunities. MORE INCLUSION, NOT EXCLUSION For the time being, Islamic finance has not much to offer in this area: The exclusion strategy alone is probably not the most appealing one of all responsible investing strategies. Given the widespread poverty in the majority of Muslim countries, themed investments with high relevance for poverty alleviation (e.g. sanitation, healthcare or renewable energy related themes) and impact investment strategies could make substantial contributions. Western funds have shown that such strategies can yield a satisfactory return on investment. Unfortunately, Islamic funds or financial institutions with such profiles are extremely difficult to find. If they do exist, they are virtually invisible for nonMuslims. While even universal banks with a strong investment banking arm rediscover the retail client and acquire deposit collecting institutions (such as Deutsche Bank who bought the German Postal Bank), Islamic retail business is scaled down - most visible by the closure of HSBC Amanah in the UK. This could be seen as an early warning sign. Given meagre market shares of 10 per cent or less of total bank deposits from the general public even in many Muslim countries where Islamic finance is operating since two decades or (much) more, it becomes apparent that Islamic finance as it is practiced today is not so well received by the average Muslim. Thus it may be a good idea not only to look for nonMuslim clients, but also to target the 90 per cent or more of Muslims who still prefer conventional finance. Maybe they have similar problems as nonMuslims have to appreciate a difference in substance that could compensate for increased contractual complexity and legal risks without higher returns or superior product qualities. The responsible investing movement is a great opportunity for Islamic finance, but also a great challenge at the same time. Islamic Business and Finance 2013
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Islamic Banking in Non-Muslim Countries

Islamic Economics
, by DR. WAQUAR ANWAR In this write up we shall be critical in our approach here. We shall classify the non-Muslim countries for the purpose in hand and see what is making Islamic Banking popular and shall try to understand whether these apparently positive aspects are actually desirable or not. After describing in brief the present financial conditions of the non-Muslim countries we shall conclude on the adjustment and changes that should be effected in the Islamic Banking as it is practised.

NONMUSLIM COUNTRIES The term nonMuslim countries are in vogue, generally, for nonOIC (Organisation of Islamic Conference) countries where Muslims are in minority. The Muslims in these countries are in minority with respect to the total population in those countries severally. Otherwise if we consider the case of total Muslim population on the globe, the situation will be much different. Relatively in a number of these so-called non-Muslim countries Muslims reside in greater numbers than many of the so called Muslim countries. Among the non-Muslim countries we may classify as the one with sizeable Muslim population and the other with low Muslim population. India, Alhamdulillah, falls in the first category. The importance of the classification based on size of Muslim population within a Muslim minority country is that anything that is concerned with Islam is concerned both with the four-fifth of them residing in Muslim countries and the one-fifth residue living in other areas. Islamic Banking draws its strength from its prefix Islam and almost all Muslims residing in any part of the globe are watching the developments with interest and concern, if not commitment and involvement. This is the basic strength of the system that a sizeable number of persons are looking at it with favourable opinions. Further, a sizeable section of this sizeable population is also yearning for its success. Muslims can be rightly considered to be the first clientele base of an Islamic Bank in a new place. Its benefits once becoming obvious other communities will not shy away as is evident from the participation of Christian and Buddhist Chinese businessmen of Malaysia who are dealing with the Islamic Banks there in good numbers. The set-up in which we are presently concerned is the non-Muslim countries both with sizeable Muslim population and relatively less Muslim population. A feature of these countries is that Muslims are relatively lower in financial, educational and social status as compared to other communities in most of these places. This is true about India too. Another characteristic feature is that Islam bating or Islamophobia is present in a vocal section of the society. Higher the Muslim population higher may be the phenomenon of hate-Islam. POPULARITY OF ISLAMIC BANKING In the backdrop of the above discussions let us discuss it despite all what makes Islamic Banking popular and acceptable. We often come across the dubious situation that Islamhaters too have a soft corner for this system. Islam is not acceptable, even the tiny piece of linen on the heads of Muslim women is not acceptable but the so-called system of Islamic finance that is presented by its die-hard propagators as an alternative to the present economic and financial system of the world is not only tolerated but is welcome. This dilemma needs to be understood; the quiz answered. We cannot afford to close our eyes to the uneasy query. Some possible reasons of the popularity and acceptability of the Islamic Banking are as under: 1 Evils of interest-based system have become so obvious that men are in search of an alternative, and Islamic economics, banking and finance have been accepted to be the much needed panacea. 2 The performance of Islamic Banking as practised in many countries has become so much attractive that the world is now craving for it. 3 Islamic Banking will add to the reach of banking activity, making a significant chunk of population bankable. 4 It will attract petrodollar. The first reason cited above has an element of truth that the interest-based economic and financial system in the world has caused havoc and that Islamic system has the ability to

prevent the recurrence of the global financial crisis and resolve all related issues. But the world is not ready to do away with the system it is following. The recent declarations of G-20 countries prove that the nations are not ready to discard the capitalistic system in vogue and all attempts to overcome the problems are based on continuity of the same old and existing methods. This is a separate topic and the scope here does not allow us to delve further upon the topic. The truth is that the Islamic system has not been fully and effectively introduced, presented and popularised in the world to merit any worthwhile attention towards it. Further, mere Islamic Banking is not the solution to the problems. An elaboration of the Islamic economics along with addressing other related issues is called for. The second reason described above is also not true. The system will not be noteworthy till it gets full support of Central banks and governments and its performance outweighs the conventional banking to such a degree that they are made redundant if not replaced by the onslaught of the new idea. The governments and central banks of most of the countries where Islamic Banks have any presence have not till date committed them seriously to the core idea of interest-free banking. Conventional banking continues to be the basic system in most of these places inter alia Iran, Pakistan, Sudan and Bangladesh. Islamic banks in these nations are in the can-also-exist mode or the system is accepting the fallacy of Islamic banking window/counter in conventional banks like Rooh Afza available in a beer shop! For example one may study the fate of Usury-free Banking Law and Islamic Banking System that became effective from 21st March, 1984, under Bank Markazi Jamhouri Islami Iran (Central Bank of Iran). It does not prove that there is any question mark on the commitment of these governments in introducing the Islamic Banking. It simply shows that system has not yet fully developed to take on the world head on. The third point noted above is relevant. The reach of banking activity in many of the nonMuslim countries like that in Muslim countries is very poor and a vast majority of population is not bankable. For example, it is estimated that not more than 15 per cent of Indians have any bank account. In other words the overwhelming majority of Indians, say 85 per cent, are outside the net of banking activities they are not bankable. This is a precarious situation for any country because normally when a person becomes bankable he also brings his savings in the main stream of economy. As Islamic Banking is genuinely expected to attract savings of Muslims living in non-Muslim countries it will increase the bank-ability in a country and will have direct positive effect on the economy of the countries. There are many devout and practising Muslims who are averse to conventional banking because they want to avoid interest. Islamic Banking will be a boon to them and this will benefit both them and society. It is said that introduction of Islamic Banking in any country will serve as the drain through which petrodollar will flow through. As the economy of the members of Gulf Cooperation Council (GCC) countries in particular and other members of Organisation of Petrol Exporting Countries (OPEC) in general is rentier-based, the fund saved in these countries is mostly invested outside their own respective countries. If Islamic banks are opened in non-Muslim countries, including India, such funds will be attracted and this will ultimately give a boost to economy and a fillip to the overall welfare of the states. The whole word, it appears, is vying for the savings available in GCC countries. The American and other Western countries are also encouraging these Arabs to provide them with the much needed liquidity in order to ease them out of the global financial crisis. A new method to attract these funds is to assure that these can be invested in their countries in a manner that is Shariah-compliant. Here we find a justification for the popularity of Islamic Banking and its sukuk schemes. There is no love lost for Islam or its Shariah but a gold rush to muster the funds in this manner. CASE FOR ISLAMIC BANKING

The Islamic Banking should be built upon its own ingrained features. At this stage when nonMuslim countries are also interested in the idea there is a need to assess the past developments and adjust the system and make it appeal suitable to these countries. We are hereunder describing some such issues with the suggestion to consider the same before preparing a project profile of the case for non-Muslim countries. 1. Islamic Banking in a non-Muslim country, including India, cannot grow on the strength of Muslims alone. It has to be made attractive for others too. The whole justification of Islamic Banking emanates from denunciation of riba (interest). The original blueprints of the system, as proposed by scholars like Dr. Nejatullah Siddiqi and Dr. Umer Chapra, were prepared on the basis of replacing profit for interest. So we find that shirkat (partnership) and mudharabat (sleeping partnership)plays a vital role in those proposals. The later development whereby murabaha (cost plus contract), ijara (leasing) and istiqna (hire purchase), etc. took the place of murabaha was not any improvement of the original proposition but a dilution of the core idea of riba being replaced by profit. Instead of approaching the challenges head on, the practitioners of Islamic Banking have chosen the easy route. It is reported that the share of mark-up financial instruments of Islamic Banks is between 70 per cent and 86 per cent. Such mark-up financing documents include trade finance by murabaha and investment finance by leasing. The overwhelming reliance on these financing instruments goes against the profit and loss sharing (PLS) system of Islamic economics. There is the need to address this fallacy at the earliest and present the case of Islamic Banking with blemish free and unimpeachable theoretical stand. 2. The focus of Islamic Banking should be serving the maqasid-e-shariah (higher goals of law in Islam) of preserving Faith, Life, Intellect, Posterity and Wealth. We may add to the list of our concern in this regard Poverty Alleviation and Preservation of Environment for Quality and Continuity of Life on Earth. There can be no other justification for introducing any branch of the Islamic system if these basic concerns are not addressed properly. This is particularly true when we talk about Islam and project any derivative therefrom before the non-Muslim world. The Islamic Banking as practised till date has not to report home about in this area. Following excerpts from an article of Dr. Nejatullah Siddiqi highlights the dismal performance. (Obstacles to Islamic Economic Research; www.siddiqi.com/mns) Consider the current focus of Islamic economics on Islamic finance and dearth of Islamic economic literature on poverty removal, inequality and development. Among the billion plus Muslims of the world how many are bothered about banking and finance? How many of the over six billion inhabiting the planet care about Islamic finance, considering the fact that Islamic economics is for all? .... We have already noted the anomaly of Islamic economic research relegating poverty removal to the backburner and bringing investing rich peoples surpluses for making them richer to the fore. That is how the essence is overwhelmed by the peripheral. 3. The economy of GCC countries is mostly rentier-based whereas in the majority of nonMuslim countries the Islamic Banking will have to deal with production based economy. The developments of systems are more towards the concerns of the former economy than towards the latter. Solutions for problems like equity participation, term lending, working capital finance, and cash-credit accommodation shall have to be addressed afresh. The solutions available till date are not sufficient for a vibrant economy like India. 4. Banking is a part of total economy and the concerns of economy like justice, equity and growth should also be its concern. In other words banking should have its human and social face. Serving merely the interest of the investors will not suffice. For example, the need in India today is to percolate economic activities to the masses. Schemes like self help groups and microfinance are the buzz words. Incentive for savings, arrangement of collecting tiny deposits, providing expertise, information, guidance and credits for entrepreneur development

and taking care of persons in need like qarz-e-hasan (good loan) for emergencies and insurance coverage for contingencies are required under a single window. Islamic Banks in non-Muslim countries should provide that single window.

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Home Islamic Finance Artikel berita 12 Mei 2013 artikel lebih dari Keuangan Islam : Menarik untuk non - Muslim ? Google Plus Facebook Twitter LinkedIn Email ke Teman Cetak Halaman Ini Save as PDF Tambah ke Daftar Bacaan Terkait Waktu untuk transformasi ________________________________________ Apakah non -Muslim berbuat lebih baik untuk kembali etis daripada dana Islam ? Prof Dr Volker Nienhaus , Adjunct Profesor di INCEIF , mengeksplorasi isu menarik Hal ini sering mengklaim bahwa keuangan Islam tidak hanya untuk umat Islam . Ini memiliki dua makna : ( 1 ) lembaga keuangan Islam tidak akan berpaling pelanggan non -Muslim , dan ( 2 ) non - Muslim dapat menyediakan layanan keuangan syariah . Dalam prakteknya , orang dapat menemukan contoh di kedua arah . Banyaknya peserta non - Muslim dalam skema asuransi syariah di Malaysia adalah contoh yang sering dikutip untuk pertama dan manajemen aset untuk dana syariah - compliant contoh untuk arah kedua . Namun pesan bahwa keuangan Islam juga untuk non - Muslim sering jauh lebih ambisius , yaitu bahwa potensi pasar keuangan Islam jauh lebih besar dari sekedar populasi negara-negara Muslim dan kaum minoritas Muslim di negara-negara non Muslim. Jika keuangan Islam adalah untuk semua , seluruh dunia adalah pasar potensial bagi keuangan Islam , dan pertumbuhan bisa hampir tak terbatas . Ini, bagaimanapun , menyiratkan bahwa keuangan Islam yang ditawarkan dunia sesuatu yang lebih unggul ( atau setidaknya tidak kalah ) dengan apa yang sudah dimilikinya. Hal ini tidak berarti jelas apa yang bisa : kepatuhan syariah sebagai elemen konstitutif keuangan Islam itu sendiri agak

tidak relevan untuk non - Muslim . Ini bisa menjadi implikasi makro sistemik atau mikro komersial atau etika ketaatan hukum Islam yang membuatnya menarik bagi non - Muslim . THE SUPPLY SIDE Untuk pemasok jasa keuangan syariah - compliant dan layanan infrastruktur ( seperti indeks , konsultasi pajak , manajemen aset , screening saham , dukungan IT , pelatihan eksekutif , nasihat hukum , layanan rating ) keuangan Islam jelas merupakan pilihan yang menarik . Karena sebagian besar dari instrumen syariah - compliant adalah setara fungsional dari produk konvensional , penyesuaian yang diperlukan untuk melayani klien Muslim secara teknis tidak terlalu rumit untuk lembaga keuangan konvensional . Begitu mereka telah belajar pembatasan syariah , lembaga konvensional menyadap pasar awalnya sangat likuid dan tidak terlalu kompetitif dengan margin yang baik . Mereka melakukan ini melalui anak perusahaan Islam , jendela atau produk khusus untuk klien yang dipilih . Kemudian penataan dan penerbitan Sukuk ditambahkan ke portofolio layanan . Tantangan utama perbankan , pasar modal dan asuransi ( Takaful ) produk terletak pada perpajakan dan penataan kontrak sedemikian rupa sehingga mereka memenuhi kriteria syariah dan diberlakukan di bawah hukum negara . Ini menjadi bisnis yang sangat menguntungkan bagi konsultan pajak barat dan ( khususnya Inggris ) firma hukum . PERMINTAAN SIDE Sementara hal ini terutama motif keuntungan di sisi penawaran , jauh kurang jelas apa yang mungkin membawa pelanggan ke lembaga keuangan Islam . Mungkin ada insentif keuangan serupa yang memotivasi klien perusahaan Barat untuk memperkenalkan diri dengan mode Islam pembiayaan : The oversubscription paling Sukuk menunjukkan permintaan yang tinggi yang , pada gilirannya , bisa diterjemahkan ke dalam biaya pendanaan yang lebih rendah dibandingkan dengan obligasi konvensional ( atau bahkan ekuitas - tipe instrumen ) . Tapi apa yang memiliki keuangan Islam untuk menawarkan kepada klien ritel ? Salah satu argumen adalah bahwa ketaatan umum prinsip-prinsip keuangan Islam akan menciptakan sistem keuangan yang lebih stabil , efisien dan adil. Untuk sementara tampaknya bahwa hampir semua orang - politisi , pengusaha dan ' orang biasa ' - sedang mencari alternatif yang lebih baik untuk jatuh " kapitalisme pasar modal " tersebut. Hal ini diperdebatkan apakah keuangan Islam akan benar-benar menjadi alternatif yang unggul - setidaknya selama itu umumnya merupakan replikasi teknik konvensional dan syariah insinyur struktur prototipe bahkan dari orang-orang derivatif yang kompleks yang bertanggung jawab atas runtuhnya sistem konvensional . Tetapi bahkan jika seseorang akan menerima argumen dari para pendukung "benar" sistem keuangan Islam yang unggul , kita harus menyadari bahwa antusiasme untuk reformasi mendasar sistem keuangan telah menguap . Fundamental alternatif seperti perbankan sempit atau tujuan terbatas perbankan berada di layar radar politisi dan gubernur bank sentral hanya untuk sementara waktu ( sangat ) singkat ( dan diterima dengan banyak skeptisisme kritik umum dan kuat dengan pelobi dari sistem lama khususnya) . Basel III ( atau ' Basel II + ' karena beberapa komentator telah menyebutnya ) jelas bukan reformasi mendasar , dan Wall Street saat ini ditempati bukan oleh demonstran tapi sekali lagi oleh para bankir dan broker . Pengangguran tetap tinggi dan langkah-langkah penghematan fiskal sekarang di bagian atas agenda protes di banyak negara . Jadi jika tidak ' superioritas sistemik ' yang akan menarik non - Muslim , maka harus ada sesuatu dalam keuangan Islam bahwa pelanggan melihat manfaat sebagai individu untuk diri mereka sendiri . Ini " sesuatu " bisa menjadi harga produk Islam atau kualitas mereka . PRODUK HARGA Penentuan harga produk tabungan syariah ( rekening investasi terbatas biasanya didasarkan pada kontrak Mudarabah ) tampaknya sangat sejalan dengan bersaing produk konvensional , yaitu suku bunga untuk tabungan atau deposito . Tapi ini berarti bahwa pemegang rekening

investasi tidak mendapatkan kompensasi untuk resiko mereka harus mengambil karena profit and loss sharing karakter waktu kontrak . Tetapi bahkan jika seseorang mengabaikan risiko ini , produk tabungan tidak terlihat sangat menarik bagi investor non - Muslim yang bisa mendapatkan pengembalian yang sama tanpa risiko kontrak. Praktek kontrak partisipatif adalah sedemikian rupa sehingga tidak hanya risiko penurunan yang faktual dihilangkan atau diabaikan , tetapi juga peluang upside bagi penyedia dana yang dibatasi dalam mendukung manajer dana . Hal ini dicapai , misalnya, dengan penyesuaian berkala bagi hasil rasio ( pada kebijaksanaan bank ) atau dengan " biaya insentif " dimana semua keuntungan di atas suku bunga acuan skim off oleh pengelola dana (yang bisa menjadi bank di kasus rekening investasi atau penerbit Sukuk Musyarakah yang menjalankan bisnis ) . Praktek-praktek seperti ini faktual berubah hampir semua tabungan syariah dan produk investasi ke instrumen pendapatan tetap (biasanya mengacu kepada LIBOR atau alternatif nasional dari sektor konvensional ) , dan karakter partisipatif kontrak Islam asli hilang . Penentuan harga produk pembiayaan syariah juga lebih atau kurang sesuai dengan alternatif konvensional ( seperti yang diperlukan agunan ) . Ini merupakan prestasi mengingat kompleksitas yang lebih tinggi dari pengaturan kontrak dan transaksi ( khususnya di perusahaan keuangan ) dan biaya tambahan bank syariah untuk mengamankan kepatuhan syariah produk dan proses . Namun, selama pelanggan krisis terakhir dari bank-bank Islam harus menyadari menyakitkan bahwa kompleksitas dan kekakuan tersirat dari kontrak penjualan digunakan untuk tujuan pendanaan bisa mendorong harga pembiayaan syariah jangka panjang ( dalam pembiayaan rumah tertentu ) ke tingkat yang berlebihan . Sebuah bank Islam kembali menjual aset - ( misalnya rumah ) kepada klien dengan harga yang ditentukan oleh jumlah yang akan dibiayai hari ini (yang ' pinjaman ' jumlah) dan kumulatif pembiayaan mark- up ( yang terakumulasi " bunga " pembayaran ) untuk periode pembiayaan penuh dikontrak ( misalnya 10 tahun ) . Harga jual ini harus diangsur selama jangka waktu pembiayaan keseluruhan . Jika klien ingin mengakhiri pembiayaan prematur , mengatakan setelah dua tahun , bank dapat mengklaim pembayaran dari jumlah awal dan mark-up selama dua tahun ditambah denda untuk terminasi dini , karena akan di kontrak pinjaman berbunga konvensional . Kontrak penjualan hak bank untuk mengklaim harga jual lengkap yang mencakup mark- up untuk jangka waktu di mana pembiayaan tidak lagi tersedia . Klaim tersebut benar-benar dibuat oleh bank syariah , dan itu hanya dengan intervensi dari pengadilan dan bank sentral bahwa klien dilindungi terhadap klaim tersebut yang dianggap tidak adil dan faktual riba . Dengan pengalaman seperti itu, non - Muslim yang dapat memilih untuk pinjaman konvensional mungkin tidak terlalu antusias atas mode Islam pembiayaan jangka panjang , bahkan jika harga awal terlihat kompetitif . KUALITAS PRODUK Jika tidak harga, maka kualitas produk yang tersisa . Dalam hal apa yang bisa produk keuangan Islam menjadi lebih unggul untuk produk konvensional ? Selama produk keuangan Islam yang sengaja disusun sebagai ulangan dari yang konvensional , dan selama bahkan mereka produk asli seperti Sukuk Musyarakah yang bisa memiliki profil risiko / return yang unik diubah menjadi instrumen pendapatan tetap , perbedaan kualitas tidak dapat ditemukan dalam struktur produk ( mengabaikan kepatuhan syariah , kompleksitas yang lebih tinggi dan risiko hukum ) . Jika aturan Syariah tidak mengubah karakteristik ekonomi seperti ( komersial ) profil risiko / return , non -Muslim tidak akan mencari perbedaan kualitatif dalam instrumen seperti tetapi dalam jenis transaksi dan bisnis yang instrumen diterapkan . Berikut para pendukung keuangan Islam sering menggarisbawahi kualitas etika perbankan dan pasar modal produk

syariah . Salah satu argumen adalah bahwa keuangan Islam lebih adil dan fair dibanding keuangan konvensional karena penyedia dan pengguna dana saham return dan risiko atau keuntungan dan kerugian . Hal ini dianggap tidak adil dalam keuangan konvensional yang mitra kewirausahaan menanggung semua risiko keuangan sedangkan penyedia dana menerima risiko penghasilan gratis . Ini melanggar prinsip dasar bahwa penghargaan ( dari pembiayaan ) dibenarkan hanya jika mereka digabungkan dengan risiko. Ada dua masalah dengan posisi ini . Masalah kecil adalah bahwa tidak ada penghasilan akhirnya bebas risiko bagi pemodal dalam keuangan konvensional - perusahaan dan pemerintah bisa bangkrut , sehingga selalu ada risiko kredit . Masalah utama adalah bahwa pembiayaan partisipatif ( yaitu pembagian return dan risiko atau keuntungan dan kerugian ) yang secara faktual tidak terjadi dalam keuangan Islam ( kecuali kontrak tetapi tidak secara faktual dalam ' bisnis deposito ' bank syariah ) . FINANCE FAIR Argumen lain adalah bahwa lembaga keuangan Islam mengamati prinsip-prinsip etika dalam pembiayaan dan keputusan investasi . Tidak ada dana untuk kegiatan Haram - ini dianggap serius dalam keuangan Islam , setidaknya pada prinsipnya . Tapi apakah itu cukup untuk menarik non - Muslim ? Masalah kecil adalah bahwa papan syariah di beberapa yurisdiksi telah memungkinkan " kriteria toleransi " untuk investasi dalam kegiatan Haram , asalkan bisnis Haram relatif kecil dan jenis produk sampingan dari bisnis pada dasarnya diperbolehkan ( seperti menjalankan sebuah maskapai penerbangan dan melayani atau menjual alkohol on board) . Namun, kriteria toleransi tersebut dapat menjadi rumit jika mereka terlalu longgar : misalkan tingkat toleransi yang ditetapkan sebesar 10 persen dari omset perusahaan . Sebuah perusahaan yang menghasilkan 50 persen dari omset [misalnya $ 50 juta total sebesar $ 100 juta ] dari produksi tembakau atau alkohol atau senjata tidak dapat dibiayai dengan cara syariah - compliant . Tetapi jika perusahaan ini diserap oleh perusahaan lain dari (setidaknya ) empat kali ukuran ( yaitu total omset sebesar $ 400 juta ) dan sejauh ini nol bisnis yang dilarang , perusahaan baru yang lebih besar ( dengan total omset 100 + 400 = $ 500 juta) akan menghasilkan hanya 10 persen dari omset dari bisnis dilarang . Akibatnya , bisnis yang sama persis yang jelas Haram dalam contoh pertama sekarang dapat dibiayai dengan cara syariah - compliant . Masalah utama adalah bahwa penghindaran daftar agak terbatas dari bisnis Haram tidak " banyak etika " bagi mereka yang harus tertarik untuk keuangan Islam karena dimensi etika . Pertama, " gaya lama bijaksana bankir " ( yang masih hidup di banyak tempat ) juga akan menghindar dari pembiayaan banyak usaha haram . Tapi yang lebih penting : penabung perorangan yang mencari produk tabungan etis atau investor institusi yang ingin menambahkan investasi yang bertanggung jawab untuk portofolio mereka sudah dapat menemukan pilihan yang jauh lebih luas dan lebih canggih dari produk di alam semesta investasi non - Islam. INVESTASI ETIKA Menghindari investasi dalam "dosa saham " ( saham perusahaan dengan bisnis serupa dengan yang dilarang dalam Islam ) dan ketaatan kriteria etis di bidang keuangan perbankan berbasis agama memiliki tradisi kencan panjang kembali ke abad ke-19 . Tapi setelah skandal bisnis pada tahun 1990 dan pertumbuhan yang kuat dari gerakan ekologi di banyak negara Barat , etika , tanggung jawab sosial dan keberlanjutan peringkat tinggi dalam agenda organisasi internasional seperti OECD dan sistem PBB dan mendapat perhatian yang cukup besar dari lembaga keuangan dan aset manajer . Istilah ini sekarang banyak digunakan untuk pertimbangan lingkungan, sosial dan tata kelola

( ESG ) kriteria dalam keputusan investasi adalah " investasi yang bertanggung jawab " . Istilah umum ini terdiri dari berbagai macam pendekatan yang berbeda dan strategi yang dirangkum oleh European Sustainable Investment Forum sebagai berikut : Keberlanjutan investasi bertema adalah investasi dalam tema atau aset terkait dengan pembangunan berkelanjutan dengan fokus pada isu-isu tertentu atau beberapa yang berkaitan dengan ESG . Pilihan investasi Best- in -Class adalah sebuah pendekatan di mana investasi terkemuka atau berkinerja terbaik dalam alam semesta , kategori , atau kelas yang dipilih atau tertimbang berdasarkan kriteria ESG . skrining Norma berbasis didasarkan pada skrining investasi sesuai dengan kepatuhan mereka dengan standar internasional dan norma-norma , khususnya orang-orang dari OECD dan sistem PBB ( termasuk Global Compact , ILO , UNICEF , UNHRC ) . Pengecualian kepemilikan dari alam semesta investasi berarti bahwa investasi tertentu atau kelas investasi dikecualikan dari alam semesta dapat diinvestasikan seperti perusahaan , sektor , atau negara-negara yang terlibat dalam senjata , pornografi , tembakau dan pengujian hewan , pendekatan ini juga disebut sebagai etika - atau pengecualian berbasis nilai . Integrasi faktor ESG dalam analisa keuangan adalah dimasukkannya eksplisit risiko ESG dan peluang oleh manajer aset ke dalam analisis keuangan tradisional dan keputusan investasi didasarkan pada proses yang sistematis dan sumber penelitian yang sesuai . Keterlibatan dan voting mengenai masalah-masalah keberlanjutan adalah penggunaan aktif hak kepemilikan melalui voting saham dan keterlibatan dengan perusahaan mengenai hal-hal ESG dalam rangka meningkatkan kinerja ESG mereka , yang merupakan proses jangka panjang , berusaha untuk mempengaruhi perilaku atau meningkatkan pengungkapan . Dampak investasi adalah investasi yang dilakukan dalam perusahaan, organisasi dan dana dengan tujuan untuk menghasilkan dampak sosial dan lingkungan di samping keuntungan finansial . Dampak investasi dapat dibuat di kedua pasar negara berkembang dan dikembangkan , dan target berbagai keuntungan dari bawah pasar untuk menilai pasar , tergantung pada keadaan . Bisnis investasi yang bertanggung jawab didukung oleh infrastruktur yang canggih , termasuk data dan indeks penyedia , konsultan skrining , penasihat hukum , perusahaan pemasaran , manajer aset khusus , asosiasi industri dan kelompok lobi . Meskipun pertumbuhan volume industri RI terutama didorong oleh meningkatnya keterlibatan investor institusi ( terutama dana pensiun ) , nasabah ritel dapat menemukan pemutaran berbasis web disesuaikan dan interaktif dana investasi yang bertanggung jawab dan tes kinerja mereka . Volume investasi yang bertanggung jawab melebihi jauh aset global dari industri keuangan Islam ( diperkirakan mencapai $ 1.3 triliun pada 2011) : volume aset kelolaan ( AUM ) dana investasi yang bertanggung jawab di Eropa saja diperkirakan mencapai EUR 6,8 triliun pada tahun 2011 [ Eurosif : Eropa SRI Study 2012] yang merupakan setengah dari total industri manajemen aset Eropa ( dan dana kelolaan dari rekening industri manajemen aset Eropa untuk sekitar 33 persen dari AUM global) . Jelas, ada pasar yang besar untuk investasi dengan dimensi 'bertanggung jawab' , dan struktur keuangan Islam sangat cocok dengan skema ini sebagai strategi pengecualian . Tetapi untuk meraih pangsa yang lebih luas dari pasar ini , keuangan Islam telah membuat kemajuan yang cukup besar . Kesamaan dalam struktur ( bentuk ) dari proses dalam syariah dan bertanggung jawab investasi tidak dapat menyembunyikan fakta bahwa ada perbedaan mendasar dalam substansi . Lembaga konvensional dan syariah menerapkan " pengecualian " filter pada tingkat pertama dari proses penyaringan mereka dan belum termasuk dilarang ( haram ) bisnis . Fund manager Islam harus membatasi alam semesta investasi lebih lanjut dengan menyaring perusahaan dengan tingkat yang dapat diterima dari aset dan kewajiban berbasis bunga .

Rasio keuangan tersebut tidak menjadi perhatian utama bagi investor yang bertanggung jawab konvensional . Apa yang dimaksud dengan perhatian utama adalah bagaimana objek investasi yang sebenarnya dipilih dari orang-orang yang melewati filter pengecualian ( s ) . Di sinilah letak perbedaan utama : sementara lembaga keuangan Islam ( seperti lembagalembaga konvensional ' non - jawab ' dan dana yang bertanggung jawab yang hanya berlaku strategi pengecualian ) memutuskan berdasarkan kriteria kinerja keuangan , sebagian besar dana investasi yang bertanggung jawab ( yang menggabungkan pengecualian dengan lainnya strategi ) mengambil kriteria non - keuangan tambahan seperti kinerja ESG ke rekening. Di sinilah daya tarik terletak untuk individual dan institusional investor ( seperti dana pensiun Barat ) yang mencari peluang investasi yang bertanggung jawab . KESATUAN LEBIH , TIDAK PENGECUALIAN Untuk saat ini , keuangan Islam memiliki tidak banyak yang ditawarkan di daerah ini : Strategi pengecualian sendirian mungkin bukan yang paling menarik dari semua strategi investasi yang bertanggung jawab . Mengingat kemiskinan yang meluas di sebagian besar negara-negara Muslim , investasi bertema dengan relevansi yang tinggi untuk pengentasan kemiskinan ( misalnya tema sanitasi , kesehatan atau energi terbarukan terkait ) dan strategi investasi dampak bisa membuat kontribusi besar . Dana Barat telah menunjukkan bahwa strategi tersebut dapat menghasilkan pengembalian yang memuaskan atas investasi . Sayangnya , dana Islam atau lembaga keuangan dengan profil tersebut sangat sulit untuk menemukan . Jika mereka ada, mereka hampir tak terlihat untuk non - Muslim . Sementara bahkan bank universal dengan lengan investasi perbankan yang kuat menemukan kembali klien ritel dan memperoleh lembaga mengumpulkan deposito ( seperti Deutsche Bank yang membeli Jerman Postal Bank ) , bisnis ritel syariah diperkecil - paling terlihat oleh penutupan HSBC Amanah di Inggris . Hal ini bisa dilihat sebagai tanda peringatan awal . Mengingat pangsa pasar sedikit dari 10 persen atau kurang dari total deposito bank dari masyarakat umum bahkan di banyak negara Muslim di mana keuangan Islam beroperasi sejak dua dekade atau lebih (banyak) , menjadi jelas bahwa keuangan Islam seperti yang dipraktekkan saat ini tidak sehingga diterima dengan baik oleh Muslim rata-rata. Jadi mungkin ide yang baik tidak hanya untuk mencari klien non -Muslim , tetapi juga untuk menargetkan 90 persen atau lebih dari umat Islam yang masih lebih suka keuangan konvensional . Mungkin mereka memiliki masalah yang sama seperti non - Muslim harus menghargai perbedaan dalam zat yang bisa mengimbangi kompleksitas kontrak meningkat dan risiko hukum tanpa keuntungan yang lebih tinggi atau kualitas produk unggulan . Gerakan investasi yang bertanggung jawab adalah kesempatan besar bagi keuangan Islam , tetapi juga tantangan besar pada saat yang sama . Islamic Bisnis dan Keuangan 2013 Google Translate for Business:Translator ToolkitWebsite TranslatorGlobal Market Finder Turn off instant translationAbout Google TranslateMobilePrivacyHelpSend feedback
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World Islamic Banking Competitiveness Report 2013-14

13 Dec, 2013

Islamic banking assets with commercial banks globally are set to cross US$1.7t in 2013 suggesting an annual growth of 17.6% over last four years. However, there is a noticeable slowdown caused by two major developments 1. The continuing economic and political setbacks in some of the frontier Islamic finance markets 2. The large-scale operational transformation that continues to consume focus and investment Six rapid growth markets, together with Bahrain, are important to the future internationalization of the Islamic banking industry:

Qatar Indonesia Saudi Arabia Malaysia UAE Turkey

We refer to these markets as QISMUT. They hold a large pool of financial and intellectual capital of the industry that will drive the next wave of development across existing and new markets. Islamic banks are already serving c. 38 million customers globally, two-thirds of whom reside in QISMUT. We expect Islamic banking assets with commercial banks to grow at a CAGR of 19.7% over 201318 across the QISMUT countries to reach US$1.6t by 2018 (2012: US$567b). Internationalization will be an important growth driver, bringing in new challenges to these Islamic banks. Trade patterns are shifting decisively in favor of RGMs, and QISMUT will be the major beneficiaries. Key findings 1. Connectivity: key to sustainable growth 2. Customers: with growth comes added complexity 3. Operational transformation: long-term value to Islamic banks
Ooooooooooooooo Durham durham---

# Conferences and Events Poverty Alleviation and Islamic Economics & Finance: Current Issues and Future Prospects

21-22 May 2013 at Durham University, UK

It is widely acknowledged that poverty continues to be an essential problem prevailing in large parts of the world including in the industrialised countries, despite the manifold increases in the overall global income levels during the last century. In an attempt to construct a developmentalist discourse, Islamic economics and finance has essentialised poverty alleviation as one of the main thrust of its existence, as identified with its human-centred economic development strategy. As part of this discourse, Islamic banks and financial institutions were considered as the institutional response to developmentalism need in the Muslim world. Indeed, since the establishment of the first Islamic bank in the mid-1970s, the Islamic financial sector has developed with global financial assets reportedly rising up to over $1.2 trillion in 2012 and contributed to increasing welfare of Muslim societies.

However, despite the growth in assets, operations and institutionalization of Islamic banking and finance, poverty levels in numerous Muslim countries as well as in the global level remain high. Therefore, in responding to prevalence of poverty and failed impact of Islamic banking and finance, there is a need to re-consider poverty alleviation more seriously conceptually as well as practically within Islamic economics and finance discourse and practice, so that strategies towards poverty eradication can be developed as essentialised by Islamic economics. To that end, research related to poverty alleviation and Islamic finance strategies are pivotal.

This conference provided a platform to share current research with the objective of discussing issues and future prospects of Islamic economics and financial institutions, and strategies towards mitigating poverty. Previous conferences and events International Conference on Business Ethics and Corporate Social Responsibility: Ideals vs Realities

12-14 April 2012, Istanbul, Turkey

Organized jointly by IGIAD (Society for Economic Entrepreneurship and Business Ethics [Iktisadi Girisim ve Is Ahlaki Dernegi]), Istanbul, Turkey & Durham Centre for Islamic Economics and Finance, Durham University, UK

This conference aims to contribute to the debate on aspirations and realities in relation to business ethics and corporate social responsibility by providing a forum for academics, researchers, scholars, managers, entrepreneurs and business executives to share their research and knowledge empirically or discursively in relation to the changing and expected dynamics of business ethics and CSR.

Further Information is available from the conference website Understanding Islamic Securitization, Sukuk Structures and Documentation

23-25 April 2012, at DIFC Centre of Excellence, Dubai - UAE

Organized by Hawkamah, the Institute for Corporate Governance in Partnership with Durham Centre for Islamic Economics and Finance, UK, and Dar Al-Sharia.

Hawkamah, the Institute for Corporate Governance has partnered with Dar Al Sharia Legal & Financial Consultancy LLC, and UK's Durham University, to offer a 3 day course in Islamic securitization and Sukuk structures. A half day Pre Workshop Seminar is also being held on "Principles of Islamic Finance and Islamic Financing Structures" is being held on April 22, 2012 for those who are new to Islamic Finance.

This course will benefit professionals working within the finance industry who seek to better understand the functional comparison between conventional and Islamic finance. The participants will benefit from a unique curriculum that teaches simultaneously the academic and practical elements of Islamic finance (focusing on securitization and Sukuks), including the role of corporate governance in Islamic finance, providing the participants an overall understanding of how Islamic finance operates.

Certificates will be awarded jointly in the name of Hawkamah, Dar Al Sharia and Durham University, UK.

Further information Previous guest speakers and research seminars include: 'Social Responsibility at Islamic Banks: The Kuwait International Bank Experience' 26th April 2011, 12:30 to 14:00, Room 201, The Al-Qasimi Building, Elvet Hill Road

A lecture by Dr Sadeq Abdul, Manager of Economics Research Department & Board Secretary, Kuwait International Bank

Sandwich lunch will be available form 12.30: All welcome --Konferensi dan Acara Pengentasan Kemiskinan dan Ekonomi & Keuangan Islam : Current Issues dan Prospek Masa Depan

21-22 Mei 2013 pada Durham University, UK

Sudah secara luas diakui bahwa kemiskinan tetap menjadi masalah penting yang berlaku di sebagian besar dunia termasuk di negara-negara industri , meskipun meningkat manifold dalam tingkat pendapatan global secara keseluruhan selama abad terakhir . Dalam upaya untuk membangun wacana developmentalis , ekonomi dan keuangan Islam telah essentialised pengentasan kemiskinan sebagai salah satu kekuatan utama dari keberadaannya , seperti yang diidentifikasi dengan strategi pembangunan ekonomi yang berpusat pada manusia ' nya . Sebagai bagian dari wacana ini , bankbank Islam dan lembaga keuangan dianggap sebagai respon kelembagaan untuk kebutuhan developmentalisme di dunia Muslim . Memang , sejak berdirinya bank syariah pertama di pertengahan 1970-an , sektor keuangan Islam telah berkembang dengan aset keuangan global dilaporkan naik hingga lebih dari $ 1,2 triliun pada 2012 dan memberikan kontribusi untuk meningkatkan kesejahteraan masyarakat Muslim .

Namun, meskipun pertumbuhan aset , operasi dan pelembagaan perbankan dan keuangan Islam , tingkat kemiskinan di sejumlah negara Muslim serta di tingkat global tetap tinggi . Oleh karena itu , dalam menanggapi prevalensi kemiskinan dan dampak gagal perbankan dan keuangan Islam , ada kebutuhan untuk mempertimbangkan kembali pengentasan kemiskinan lebih serius konseptual serta praktis dalam ekonomi Islam dan wacana keuangan dan praktek , sehingga strategi terhadap pengentasan kemiskinan dapat dikembangkan sebagai essentialised oleh ekonomi Islam . Untuk itu, penelitian yang berkaitan dengan pengentasan kemiskinan dan strategi keuangan Islam yang penting .

Konferensi ini memberikan platform untuk berbagi penelitian saat ini dengan tujuan membahas isuisu dan prospek masa depan ekonomi Islam dan lembaga keuangan , dan strategi mitigasi terhadap kemiskinan .

Konferensi dan acara sebelumnya Konferensi Internasional tentang Etika Bisnis dan Tanggung Jawab Sosial : Cita-cita vs Realitas

12-14 April 2012, Istanbul , Turki

Diselenggarakan bersama oleh IGIAD ( Society for Entrepreneurship Ekonomi dan Etika Bisnis [ Iktisadi Girisim ve Apakah Ahlaki Dernegi ] ) , Istanbul , Turki & Durham Centre for Islamic Economics and Finance , Durham University, UK

Konferensi ini bertujuan untuk memberikan kontribusi terhadap perdebatan tentang aspirasi dan realitas dalam kaitannya dengan etika bisnis dan tanggung jawab sosial perusahaan dengan menyediakan forum bagi akademisi , peneliti, akademisi , manajer , pengusaha dan eksekutif bisnis untuk berbagi penelitian dan pengetahuan mereka secara empiris atau diskursif dalam kaitannya dengan perubahan dan dinamika yang diharapkan etika bisnis dan CSR .

Informasi lebih lanjut tersedia dari situs konferensi Memahami Sekuritisasi Islam , Sukuk Struktur dan Dokumentasi

23-25 April 2012, di DIFC Centre of Excellence , Dubai - UAE

Diselenggarakan oleh Hawkamah , Institute for Corporate Governance di Kemitraan dengan Durham Centre for Islamic Economics and Finance , Inggris , dan Dar Al - Syariah .

Hawkamah , Institute for Corporate Governance telah bermitra dengan Dar Al Sharia Legal & Financial Consultancy LLC , dan Inggris Durham University, menawarkan kursus 3 hari di sekuritisasi Islam dan struktur Sukuk . Setengah hari Pre Lokakarya Seminar juga ditahan pada " Prinsip Keuangan Islam dan Struktur Pembiayaan Islam " diadakan pada tanggal 22 April 2012 untuk mereka yang baru untuk Islamic Finance .

Kursus ini akan menguntungkan para profesional yang bekerja dalam industri keuangan yang berusaha untuk lebih memahami perbandingan fungsional antara keuangan konvensional dan syariah . Para peserta akan mendapatkan keuntungan dari kurikulum unik yang mengajarkan secara simultan unsur-unsur akademis dan praktis keuangan Islam ( berfokus pada sekuritisasi dan Sukuk ) ,

termasuk peran tata kelola perusahaan di bidang keuangan Islam , memberikan peserta pemahaman menyeluruh tentang bagaimana keuangan Islam beroperasi .

Sertifikat akan diberikan bersama-sama atas nama Hawkamah , Dar Al Sharia dan Durham University, UK .

informasi lebih lanjut Pembicara tamu sebelumnya dan seminar penelitian meliputi: ' Tanggung Jawab Sosial di Bank Islam : The Kuwait International Bank Experience ' 26 April 2011 , 12:30-14:00 , Kamar 201, Al - Qasimi Building , Elvet Hill Road

Kuliah oleh Dr Sadeq Abdul , Manajer Ekonomi Departemen Riset & Dewan Sekretaris , Kuwait International Bank

Sandwich makan siang akan tersedia bentuk 12.30 : Semua menyambut