08/11/2015

ByOmarMustafaAnsariandFaizanAhmedMemon|IslamicFinancenews

SignIn|Subscribe|TrialSubscription

FULLISSUES

NEWS

REPORTS

FEATURES

ANALYSIS

FATWA

DEALTRACKER

DATA

GLOSSARY

AWARDS

SUPPLEMENTS

By Omar Mustafa Ansari and Faizan Ahmed Memon

Is Islamic banking really Islamic?
InthiseraofdevelopmentandgrowthinIslamicfinanceandbanking,thatquestioninvariablyarisesatforums.Whileonthe
one hand we celebrate the achievements of Islamic banking, on the other, we should not ignore other relevant issues and
objectionsinordertoensurethattheindustryhasastrongfoundation.
WeshouldfirsttrytounderstandtheobjectivesofIslamicbanking,whichare:
1. To provide Shariah compliant and prudent banking opportunities hence providing an opportunity to Muslims to do their
bankingtransactionsinahalalmanner.Inotherwords,thisisjustanefforttoavoidribaandotherprohibitedelementspresent
incommercialandbankingtransactions,inordertoensurethatwedonothingthatisharamand
2.ToachievethegoalsandobjectivesofanIslamiceconomicsystem.
Giventhecircumstances,theIslamicbankingindustryismakingalleffortstoensurethefirstobjectiveisachieved,whilethe
second,althoughnolessimportant,doesnotappeartobeapriorityincurrentdayIslamicbanking.
HistoryofIslamicbanking
Modern banking was introduced in Muslim countries at a time when they were politically and economically enslaved by the
western world. Major western banks established their branches and subsidiaries in Muslim countries and territories to fulfill
requirementsofforeignbusiness.
The Muslim community generally avoided foreign banks for religious reasons but with the passage of time, it became
increasinglydifficulttoengageintradeandotheractivitieswithoutmakinguseofcommercialbanks.Eventhen,alargenumber
of Muslims confined their involvement to transactions such as current accounts or 100% cash margin letter of credits.
Borrowingsfromcommercialbanksorplacementoftheaccessfundsandsavingaccountswerestrictlyavoidedbypracticing
Muslimsinordertokeepawayfromdealingininterest,whichisprohibitedbyIslam.
However,duetothehighervolumeofcrossbordertransactionsandothersocioeconomicforcesdemandingmoreinvolvement
in national economic and financial activities, avoiding transactions with conventional banks soon became impossible. Local
banks were established in Muslim countries (including adopting names like MuslimCommercialBank(MCB Bank)) on the
same lines as the interestbased foreign banks and they began to expand within the country. Governments, businesses and
individualshadnooptionbuttodealwiththebanks.
This state of affairs drew the attention and concern of Muslim intellectuals, which gave emergence to contemporary Islamic
banking.Bythemiddleofthelastcentury,manyMuslimcountrieshadbeguneffortstoadopttheIslamiceconomicandbanking
system although scholars, economists and experienced bankers had different ideas on how to go about doing so. Those
experiencespavedthewayformodernIslamicbanking.
Nowadays,itiscommontoseeIslamicfinancialinstitutions(IFIs)eveninEuropeancountriesandtheUS.Theyareespecially
prominentinPakistan,theGCCcountries,Malaysia,SudanandIran.
Islamicbankingisaweakindustryintermsofresources,knowledgebases,knowledgeablehumanresourcecapital,availability
ofcommercialoptions,statesupport,aswellascommunitysupport,inrespectofthesincerityofstakeholders.Unfortunately,
certainweaknessesintheindustryhavenotonlybeensingledoutbyitscritics,theyhavealsobeenseverelycriticizedevenby
its supporters. As a consequence, there is a divergence of opinion among various quarters including certain revolutionary
Islamicmovements,certainrigidandhardcorereligiousscholars,andidealisticandutopianIslamiceconomists.
TherearetwofacetsastowhetherIslamicbankingisreallyIslamic.Thefirstisthatasatransactionperformedinthenameof
Islamicbankingappearstobesimilartothatdonebyaconventionalfinancialinstitution,thuscreatingdoubtinpeoplesminds,
onwhatgroundscanwecallitIslamic?AmajorityfeelthatIslamicbankingmerelyinvolvesachangeinnameanddocuments
andinfact,isnodifferentfromconventionalbanking.
The second facet, which deals with the socioeconomic factors associated with the overall Islamic financial system, is more
important.
http://www.islamicfinancenews.com/authors/omarmustafaansariandfaizanahmedmemon

1/5

08/11/2015

ByOmarMustafaAnsariandFaizanAhmedMemon|IslamicFinancenews

Merelyachangeinname?
ThemostcommonargumentagainstcontemporaryIslamicbankingisthatthereisnodifferenceatallbetweenconventional
and Islamic, that it merely involves a change in name and documents. The second, which is in fact an offshoot of the first
argument, is that even in Islamic banking, the most common products used, e.g. Murabahah, Musawwama, Salam, Istisna,
diminishingMusharakahandIjarahMuntahiaBittamleek,areonafixedreturnbasis.EventheMusharakahandMudarabah
basedproductsareengineeredsuchthattheprofitsarevirtuallyfixed.
OneshouldrealizethatunlesswecandistinguishanIslamicbankfromaconventionalbank,itwouldbedifficulttorelyonthe
same.Islamicbanksmaketheefforttoensurethattheirproductsaresimilartoconventionalonesinallaspects,evenifforthat
purposetheyhavetoincorporateafewprovisionsthatarenotconsideredgoodorareconsideredMakrooh.Inaddition,their
endeavors are focused on minimizing risk through every possible scenario and accordingly, the essence of Islamic finance
whichisbasedonrisktakingislost.
ItwillbeobservedthatmostIFIsmarkettheirproductsonmodelsthataresimilartothoseusedbyconventionalbanks.Asan
example, an Ijarah Muntahia Bittamleek transaction introduced by an IFI might be similar to a finance lease offered by a
conventionalleasingcompany,saveforTakaful/insurancecost,whichinShariahistobebornebythelesseeandaccordingly,
thesameisbuiltintotherentals.
Thebasicreasonbehindthissimilarityistoensurethreeobjectives.Thefirstone,whichcanbeconsideredthemoreimportant,
istoprovidealevelplayingfieldtoensurethesurvivalofIFIsinthefinanciallandscape.Thesecondistoensureshareholders
anddepositorsofIFIsarenotdeprivedofreturns,preferablyequivalenttothatinconventionalbanks.Andthethirdistoavoid
arbitrageamongIslamicandconventionalfinancialsystemswhichmaybeexploitedbyafewbiggunstotakeadvantageofthe
pricing difference between the two parallel financial systems. For such reason, time value of money concept is used for
performancemeasurementandpricingoffinancialproducts.
Moreimportantly,insomeareas,thereislittledifferencebetweenharamandhalal.Forexample,onlybyutteringthenameof
AllahAlmightyuponananimalatthetimeofslaughtermakesithalalandpermissiblewhilenotdoingmakesitharamorbyjust
afewwordsofacceptanceinNikah(solemnizationofmarriage),inthepresenceofafew,amanandwomanbecomehalalfor
each other. Similarly, if a transaction can be engineered in such a way that it becomes Shariah compliant, we should not
concludethatthesameisharamonlybecauseofitssimilaritytointerestbasedfinancing.
ItisalsopertinenttonotethatsincetheIslamicfinancialservicessectorisstillatinfancystage,itisnoteasytocomeupwitha
newfinancialtooljustforthesakeofcomplementingitsconventionalcousin.Forexample,whererunningfinanceandoverdraft
is used as a financing tool, in Islamic banking, this takes the form of Istijrar with Murabahah or Musharakahbased running
finance. Similarly, where finance leases are used, we have the Shariah compliant Ijarah Muntahia Bittamleek or diminishing
Musharakah.Theseareonlytwoexamples,butthetallyispracticallyveryhighandforeachinterestbasedfinancialproduct
exceptforthoseexplicitlyharam,morethanonealternatehasbeenengineered.
The objective of this discussion was to emphasize that merely an amortization schedule similar to the one offered by a
conventionalbankisnotabasisfordeclaringahalalproductasharam.Ifapricingmodelorthesimilarityofacashflowmodel
alonemakesthetransactionharam,whataboutaconventionalloanofferedatapricethatismuchhigherormuchlowerthan
prevailing market rates for which the pricing model and the cashflow model are not similar to those generally applied in the
industry? Does anybody think that such dissimilarity will make it halal? Accordingly, under Shariah principles, it can be
concluded that it is the substance of a transaction that makes it halal or haram, and not a pricing model used to price the
transactionorthecashflowmodelusedforthepaymentsandrepaymentsinmonetaryterms.
Socioeconomiceffects
ThesecondmostsignificantargumentbycertainIslamiceconomistsandcertainIslamicrevolutionarymovementsconcernsthe
socioeconomicfactorsofIslamicbanking.TheyfeelthatsinceIslamicbankingisalsobasedonprofitmotiveandinitspresent
form, it generally works on a virtually fixed return basis, the same cannot contribute anything positive towards the socio
economicchangesthatIslamdesires.ThisisacrucialquestionandwebelieveeveryconscientiousMuslimwillhavethesame
concernsalbeitreachingdifferentconclusions.
Nobodycanarguethatvirtuallyfixedreturnbasedbanking,whileShariahcompliant,isnotwhathasbeendesiredbyIslamas
acompletewayofliving.Inaddition,moderndayIslamicbankingemphasizesconsumerfinanceascomparedtofinancingthe
SMEsector,agriculturalsector,andmoreimportantly,onmicrofinancehence,itisnotcontributingenoughtowardsthejust
andequitablemonetarysystemthatIslamneeds.
Having due regard for these arguments, the Islamic economic system is not something that can work in isolation from the
geopolitical and legislative system. Societys attitude towards the injunctions of Islamic Shariah in personal and collective
matters is another factor. Accordingly, if in an economy most businessmen are not honest about presenting the financial
statements of their businesses in a fair manner, it would be difficult to introduce a profit and losssharingbased financial
solution.
http://www.islamicfinancenews.com/authors/omarmustafaansariandfaizanahmedmemon

2/5

08/11/2015

ByOmarMustafaAnsariandFaizanAhmedMemon|IslamicFinancenews

ThecompletetransitiontoanIslamiceconomicsystemispossiblewhenandonlywhenoverallconsensusisreachedon
thepracticalapplicationofShariahinallfacetsofhumanlife,includinggovernmental,politicalandlegislativestructures.
DespitesuchanunsatisfactoryandratherdiscouragingattitudetowardstheapplicationofIslamicShariah,itshouldbenoted
thatsuchasituationdoesnotrelieveaMuslimoftheapplicabilityofShariahprinciples,butratherincreaseshisresponsibilities
inthatitbecomeshisdutynotonlytotrytoabidebyallapplicableShariahrequirementsinhispersonalcapacitybutalsotoput
hisenergyintotheimprovementofsuchasystem.TheresponsibilitiesoftheMuslimummahasawhole(orofthestate)cannot
beexpectedtobebornebyasinglesectoronly.
Isitheelabanking?
From the Shariah perspective, a heela is an option utilized to disobey the divine guidance through engineering the
circumstancesandplayingwiththefactsandintentions.ThefoundationoftheIslamicfinanceindustryhasbeenbuiltusingthe
pillars derived from the Holy Quran, Sunnah and Fiqh. It is worth noting that a heela is mostly applied in the execution of
ratherthanthedesigningofatransaction.Inotherwords,applicationofheelasinIslamicbankingisnotaweaknessinthe
theoriesofIslamicbanking,butactuallyisamatterofmisuse/misinterpretationofbasicShariahguidanceinrespectofvarious
Shariahcompliantfinancialtransactions.
Accordingly, to support the growth of Islamic banking and finance on the right footing, we need to strengthen the Shariah
compliance mechanism. In addition, in the longer run, we need to eliminate the Islamic financial products which have the
potentialofmisuse.
Halaltouseinterestrateasabenchmark?
Critics, including scholars and economists, allege that most IFIs, while providing financing by way of any of the halal
transactions, determine their profit rate on the basis of the current interestrate benchmarks prevailing in the conventional
money market. Scholars believe that by applying these benchmarks, the Islamic banking industry makes their transactions
similar to interestbased transactions and as a consequence, these transactions become doubtful from a Shariah point of
view.
ItmaybeworthwhiletotakealookattheargumentsbytheIslamicbankingfraternityforabetterunderstandingofthepricing
issue.Theygenerallygivethefollowingexamples:SupposeyouenterasupermarketintheUKandseethatthepork,thebeef
andthehalalbeefareallbeingsoldfor2perkg.Doyouthinkthatthissimilarityinpriceorthefactthattheseproductsare
beingsoldunderthesameroofrendersthehalalbeefasharam?
Or,inthesamestore,younoticethattheyusethesameweighingscaleforallthreetypesofmeat.Doyouthinkthatusingthe
samescalewillrenderthehalalbeefasharam?Ifnot,thenweshouldbetterunderstandtheprinciplethatitisthesubstance
andlegalformofthetransactionthatmakesithalalorharamandnotitspricing,rateorthecashflowmodelortheinstitution,or
eventheenvironmentthatofferssuchtransaction.
This issue, however, needs to be addressed by the government as well as the market players. A strong Islamic interbank
marketwill,InshaAllah,provideusopportunitiestodevelopourownbenchmarksforIslamicbankingoperations.
Islamicversusconventionalbanks
AnotherstrongargumentagainstIslamicbankingisagainstdealingwithconventionalbanks.Thesedealingsareoftwotypes
i.e. sharing of services and commercial transactions. As far as services are concerned, these encompass the Islamic bank
assisting customers of the foreign businesses or helping their customers transfer money from safe channels. For these
services, the remuneration or expense of Islamic banks connotes a service charge, which is allowed by Shariah jurists,
althoughtheyrecommendthatsuchinteractionshouldbeavoidedwhereverIFIsareavailable.
The second argument which is stronger concerns the commercial transactions with conventional financial institutions. These
transactions generally relate to the treasury side of the bank, whereby either the IFIs place their excess liquidity with the
conventional banks or obtain financing from them to meet their own liquidity requirements. For placement of funds with
conventional banks most Islamic banks in Pakistan use commodity Murabahah or they invest in certain halal assets of the
conventionalfinancialinstitutions.Ontheotherhand,theynormallyobtainfinancingfromtheconventionalbanksonthebasis
ofprofitandlosssharing,althoughtheprofitratesareonceagainvirtuallyfixed.
AlthoughmostShariahscholarswouldhavenoobjectionstothesetransactions,nobodycansaythatitisamusttoavoidall
suchtransactions.Forthispurpose,however,weneedtostrengthentheIslamicinterbankmarketandtoprovidemoreliquidity
managementoptionstotheIFIs.ThesecouldbeintheformofstrongShariahcompliantgovernmentsecuritiesandastable
capitalmarketwithplentyofhalalinvestmentoptions.Alldealingswithconventionalfinancialinstitutionsshouldbelimitedto
thenecessitieswhichreachtheextremesofcompulsion.
TherearethosewhohaveseriousdoubtsonthehonestyandintegrityofIFIs.Theyfeelthatthesebanksareusingtheterm
Islam to make an extra buck as compared to the conventional banks. On the financing side, their charges are higher than
http://www.islamicfinancenews.com/authors/omarmustafaansariandfaizanahmedmemon

3/5

08/11/2015

ByOmarMustafaAnsariandFaizanAhmedMemon|IslamicFinancenews

conventional banks. In other words, the internal rate of return on Islamic financial products is higher than the conventional
products.
On the contrary, it is observed that on the deposit side, they pay less than conventional banks. In addition, it is generally
observed that the expected rates, as well as the actual rates of return offered by these financial institutions, are almost the
sameas(generallyslightlylessthan)theratesbeingofferedbyconventionalfinancialinstitutions.
AjustificationagainstthefirstargumentisthatsinceIFIsaresubjecttothecommodityrisk,assetdestructionandholdingrisks
andthepricerisk,aswellastheirrelevantcostse.g.Takafulexpenses,inadditiontotherisksandcoststhatabankfaces,they
arejustifiedintheirdemandi.e.ahigherinternalrateofreturn.Nevertheless,financialexpertshavegenerallyfeltthatevenif
thesefactorsareconsidered,thepricingbythesebanksisonthehigherside.
Ontheotherhand,inaprofitandlossbasedmodel,itisagreeablethattheyassignweightagetodifferenttypesofdepositsina
mannerthatthetotalreturnoninvestmentandfinancingpoolsisallocatedamongvariousdepositorsandthebank(workingas
apartner).Eventhen,itisgenerallynotedthatIFIsarepayinglessthanthemarket.
Wecanonlyhopethatinthenearfuture,withincreasingcompetitionintheIslamicbankingindustry,thiseffectwillminimize
becauseofmarketforcesexcepttotheextentofpricingagainstactualadditionalriskelements.
MarketingapproachofIFIs
Anothervalidargumentisthemarketingapproachbeingusedbythesefinancialinstitutions,whichadverselyaffectsthepublic
reliance on this mode. People raising objections on the marketing approach of IFIs have two grounds. The first one is the
general marketing approach being applied by a few IFIs which include advertisement and other publicity materials including
involvementofwomenandtraditionalmarketingandadvertisementstylesforpromotionofIslamicbankingbusiness.
Second is the marketing strategy in which sometimes it is felt that false statements are made for promotional purposes. An
example is the claim by a leading Islamic bank that all its daytoday activities are monitored by its Shariah adviser. Just
imagine,ifitishumanlypossible,aparttimeShariahadviseroverseeingalldaytodayactivitiesofafullfledgedbankwitha
numberofbranchesevenlocatedatothercities.
AnotherexampleistheclaimbyanIslamicmutualfundthatitisthefirstofitskindinthecountry,whereasanotherfundhad
operatedinthecountryaboutayearearliertosubscriptionforsuchmutualfund.
Generally,uponenteringthebranchorofficeofanIFI,youwontfeelitisthatmuchdifferentfromaconventionalbank.Some
haveventuredtheopinionitshouldlooklikeasacredplaceinsteadofacommercialoffice.Theyfeelmanagementmayhave
goneoverboardwiththefurniture,decorandpublicity,whichapparentlyisagainsttheinjunctionsofIslam.Andtheirimpression
isreinforcedwhentakingintoaccounttheoverallenvironment,theattitudeofpersonnelandmostsignificantly,therearefemale
employeeswhodonotwearthehijaborevenappropriateattire(inlinewiththedresscodeofaMuslimwomanasdefinedby
Shariah).AlthoughafewmoderateenlightenedMuslimswillnotseecredibilityinthisobjectionatall,nevertheless,itshould
beborneinmindthatacommonMuslimcannotdigestIslamicbankingwhilehefeelsthatotherfactorsofbusinessarenot
reallyIslamic.
WecantarguewiththeseobjectionsasthesehavedueweightageandthemanagementofIFIsshouldtaketheseobjections
seriously.However,weshouldnotforgetthattheprimeobjectiveofIslamicfinanceistoensurethatfinancialmattersaredealt
withinlinewithIslamicShariah.Inotherwords,environmentdoesnotmakeanythingharam.Needlesstosay,fromaShariah
perspective,onecanalwaysbuyahalalproductfromastorewhereeverythingelseisharamalthoughthesameneedstobe
avoidedifotheroptionsareavailable.
IslamicbankersdontknowIslamicbanking
This argument, once again, has key significance from the perspective of the overall control environment of these banks with
regardtotheapplicabilityofShariahprinciples.Particularly,itisastonishingwhenyoudealwithanIslamicbankerwhoknows
very little about Islamic banking, but unfortunately, this is not uncommon. The main reason is that most IFIs have hired
conventionalbankersandgenerallythereisnoorverylittleconsiderationtoensurethattheyarewellversedwiththeShariah
requirements with regard to the modes of finance being used by these banks. Similarly, the IFIs do not spend enough on
resourcebuildingforShariahcomplianceandtrainingoftheirstaff,incomparisontowhattheyspendonmarketing.
HavingtrainedIslamicbankersandperformedShariahcompliancereviews,wemaysafelyconcludethatthisobjectionisnot
without substance. This, accordingly, is a strong indicator that the IFIs should allocate more resources to staff training and
Shariahcompliance.
Another objection concerns the appointment of Shariah boards and advisers. People have largely noted that the major
contributioninthisfieldinPakistanislimitedtoasmallgroupofjurists,mostofwhomarerelatedtoasinglefamilyandtheir
pupils(asinglereligiousuniversity).
http://www.islamicfinancenews.com/authors/omarmustafaansariandfaizanahmedmemon

4/5

08/11/2015

ByOmarMustafaAnsariandFaizanAhmedMemon|IslamicFinancenews

Another question is that generally the honorariums, consultancy fee and other benefits offered to such jurists by the IFIs in
Pakistanandabroadarequitehighandmayjeopardizetheirindependence.Inaddition,theyappeartobetheonlyoneswho
arewhollyandsolelyresponsibleforShariahcompliance.Theyapprovetheproducts,reviewthetransactionsandintheend,
theyperformtheShariahauditthemselves.Thisgivesrisetoaconflictofinterest(withoutcastinganydoubtontheirpersonal
independenceandintegrity).
ThosefamiliarwiththebusinessandoperationsofIslamicfinancedisagreewiththisobservationbecausethecontributionof
thesepeopletotheindustryasawholeisremarkableandtheydeservemorethanthat.ThegeneralconceptthataMoulvi
shouldbepaidtheminimumforhislifeisnotjustifiable.Ifyouarebenefitingfromtheirefforts,knowledgeandskills,thenthey
shouldbejustifiablyrewarded.
Havingsaidthat,thewriterssubmitthattheopinionsofjuristsfromotherschoolsofthoughtshouldalsobesoughtandthey
shouldnecessarilybeprovidedopportunitiestoenterthefield.Forthispurpose,thepropositionfromtheStateBankthatajurist
shouldnotbeallowedtoholdmorethanoneremunerativepositionasaShariahadviserormemberofaShariahboardisa
goodone.ThiswillensurefreshbloodwhichwilleventuallyimprovetheoverallShariahcomplianceinthefieldaswellashelp
theseinstitutionstoinnovatefreshproducts.
TherearealsoclaimsthatIFIsuseconventionalinsurance.Thisisavalidobjection.Itwasarealissuethataccordingtolegal
requirements, as well as derived from real compulsion, the banks were required to obtain insurance coverage from
conventionalinsurancecompaniesandthispracticewasallowedbytheShariahadviserstotheextentofcompulsiononly.This
situation,Alhamdulillah,haschangedfollowingtheintroductionofIslamicinsurance,orTakaful,inPakistan.
Unfortunately,someIFIsstillhavenotbeguntoofferTakaful.Todate,threeTakafulcompaniesandafamilyTakafulcompany
havecommencedoperationsinPakistanandnowthislameexcuseofcompulsioncannotapplyanymore.Itshightimethatthe
StateBankandtheShariahadviserstakestepstoensurethattheIFIsdonotpatronizeanyconventionalinsurancecompany
eitherinrespectofownedassetsoragainstassetsheldundersecurity.
ShouldwestillpreferIslamicbanking?
Inconclusion,onemaysaythatwearerequiredbyourreligiontoimplementacompleteIslamicwayoflivinginourindividual
and collective lives and the society and the government as well. The Islamic banking and financial system is part of such a
systemandisnotconstruedtobeapplicableinisolationwhileotherlawsandcustomsrepugnanttotheShariahrequirements
arestillinforce.
However,forourownbenefit,inordertoavoidinterestbyourselveswithaviewtoprovidinginterestfreeopportunitiestoour
brothers and sisters in Islam, we should promote and support Islamic banking and finance in the country to the best of our
ability.Weshouldnottrytopullthelegsofaninfantwhoisjusttryingtotakehisfirststeptowardsalongjourney.However,we
shouldtrytoensurethathecommenceshisjourneytherightway,onastrongfooting.
SuchformofIslamicbankingmaynotbeperfect,butcanprovideusareprievefrominterestbasedtransactionsfornow,and
might support us in augmenting a truly Islamic financial system. More appropriately, it will serve us well when we are in a
positiontoimplementthecompleteIslamicwayofliving.

OmarMustafaAnsariisacharteredaccountantbyprofession,andcurrentlypartneroftheIslamicfinancialservicesgroupat
Ford Rhodes Sidat Hyder & Co (a member firm of Ernst & Young Global Limited). Faizan Ahmed Memon is manager of
Islamicfinancialservicesatthesamefirm.
Omar has vast experience in audit, Shariah compliance and providing related services to the Islamic finance industry in
Pakistan, and is the author of Managing Finances A Shariah Compliant Way. Faizan has worked on Shariah audits and
productdevelopment.HewaspreviouslyaShariahcoordinatorandShariahauditorataleadingIslamicbank.
READMORE

LOGIN

or

REGISTER

topostcomments

AboutUs

Advertise

Products

Subscribe

Partners

TheCompany

Advertisewithus

Newsletter

SubscribeNow

Dealogic

Contactus
InthePress

ArticleContribution
MediaPartners

Supplements
Roundtables

TrialSubscription
PaymentMode

IdealRatings
Eurekahedge

EventsDiary
Feedback&Enquiries

Books
Awards&Polls

SampleIssue
ClientList

Careers
IFNCorrespondents

Reprints

http://www.islamicfinancenews.com/authors/omarmustafaansariandfaizanahmedmemon

5/5