BBC News Player - Muslims try out digital Koran
Digital Korans are proving popular in Indonesia, among Muslims who want to practice their religious recitals.

Click HERE to see the BBC Review

Reuters.com, 21-09-2007

By Ahmad Pathoni

Muslims across the country are marking Ramadan, the holiest month of the Islamic year, with charity and outreach programs.
The Council for American-Islamic Relations, the Washington-based advocacy and civil rights group, is urging Muslims to invite their non-Muslim neighbors to join them at an iftar— the evening meal when Muslims break their dawn-to-sunset fast during the 30-day holiday, which began Monday evening.

The idea, says spokesman Ibrahim Hooper, is to increase understanding of Islam by sharing the experience of Ramadan, when Islam's holy scripture, the Quran, was revealed. Observing the fast is one of the five pillars of the faith, along with submission to God, pilgrimage to Mecca, prayer and charity.

ON THE WEB: How Islamic Relief spends its money

Many Muslims make charitable gifts during the month of Ramadan, and service projects are also popular. This year, hundreds of Muslims around the nation will serve the hungry and homeless at Day of Dignity events in 18 U.S. cities. The events are coordinated by Islamic Relief USA, based in Buena Park, Calif.

Their goal for the events, which start Saturday in Las Vegas and Seattle, is to offer food and winter supplies to 25,000 people, up from 20,000 last year, says spokesman Mostafa Mahboob.

In Seattle, organizer Aziz Junejo says organizers expect to serve meals and distribute supplies such as ponchos, blankets, socks and hygiene kits to 1,000 people at a downtown day-labor center. The event is underwritten by personal donations and 20 area mosques.

"We want to show people respect, not just give them handouts. We take time to talk with them and hear their stories," Junejo says.

Source usatoday.com

Why Attend?
Assets of Islamic financial institutions now approach US$400 billion. Islamic financial products are now sold in more than 75 countries. It is predicted that the Islamic market will continue growing at annual rates averaging 15% in the next decade.

The Islamic market has become extremely sophisticated as well as increasingly competitive. Today, virtually all large Western financial institutions are involved in Islamic finance whether through Islamic subsidiaries, "Islamic windows" or the marketing of Islamic products.

Course Objectives
This comprehensive course emphasises the evolutionary and interconnected nature of Islamic finance. Practitioners must understand the underlying religious principles and their interpretation. They must also be aware of the diversity and adaptive mechanisms of Islam. Since first coming into existence in the 1970s, Islamic finance has undergone major changes. Today the fastest growing segments of the industry are outside traditional banking products and in areas that were initially dismissed as Islamically unacceptable - such as Islamic bonds ("sukuk") or insurance ("takaful") - or that barely existed at the time - Islamic mutual funds, for example.

The first day of the course will introduce the principles and practice of Islamic finance: religious principles and
their interpretations (riba, gharar, zakat, and the "moral economy" of Islam): the two aggiornamentos of Islamic
finance; country differences.

The second day will explore Islamic financial products. It will cover Murabaha and other cost-plus products, Ijara, Islamic project finance, Islamic derivatives and tradeable instruments, Islamic mutual funds, Islamic real estate funds, Islamic equity funds, Islamic micro-finance, Islamic insurance and Islamic Sukuks, with a special focus on the process of transforming conventional products into Islamic ones.

The third day will provide an overview on Islamic strategic issues and challenges: Islamic ALM, accounting and auditing principles, political, taxation and regulatory issues will be discussed.

This three-day course enables participants an allround understanding to Islamic Banking and Finance. It is designed to help participants:

• Understand the fundamental religious principles underlying modern Islamic finance
• Manage Islamic institutions
• Create Islamic units, divisions and subsidiaries
• Meet the strategic and regulatory challenges facing Islamic institutions
• Become familiar with the full range of Islamic products and instruments
• Create and market new Islamic financial products
• Transform conventional products into Islamic ones
• Devise marketing and growth strategies
• Anticipate the future of Islamic finance

Who Should Attend?
Anyone involved in any aspect of Islamic finance (commercial or investment banking, insurance, mutual funds etc.); anyone considering entering the field, or creating and marketing Islamic products; professionals who deal or intend to deal with Islamic institutions; regulators; international bankers; emerging market specialists.

Course page at EuroMoney.

Mushtak Parker | Arab News

LONDON: The London-based ABC International Bank's Islamic Asset Management (IAM) entity, both of which are subsidiaries of the Bahrain-based consortium bank, Arab Banking Corporation (ABC), has launched the first retail Shariah-compliant capital-protected equity product in the UK under its 'Alburaq' brand.

The savings product, which has a minimum subscription of just £500 and is a Shariah-compliant alternative to a conventional guaranteed equity bond, adds to an increasing number of retail Islamic financial offerings in the UK market, which now includes mortgages, Takaful (insurance), pensions, current and deposit accounts and even escrow accounts for money transfers. Other Shariah-compliant retail products in the process of being launched include ISAs (investment savings accounts) and child trust accounts
The product was structured by ABC International Bank and is offered in partnership with the Bank of Ireland, which has a long history of providing guaranteed equity bonds to UK consumers. ABC Group is one of the largest banks in the Arab world with assets totaling around $32.7 billion at the end of December 2007. The group announced net profits of $125 million for the year 2007.

The government of Prime Minister Gordon Brown has been very supportive of developing the Islamic finance sector under the Labor Party's social and financial inclusion policies. At the same time, it is the stated policy of the UK to develop London into an international hub for Islamic finance, investment and trade. Only yesterday at the Jeddah oil summit, Brown reiterated that oil producers in the GCC states should divert some of their record liquidity surpluses to investment in the developed countries in renewable energy initiatives and other sectors. These funds could be channeled through sovereign wealth funds; through conventional or Islamic capital flows. Bahrain-based Arcapita Bank, for instance, was one of the first Islamic financial institutions to invest in alternative energy in the UK in a wind farm project developed by Innogy.

The UK Treasury and Financial Services Authority (FSA), however, are only too aware that the Islamic finance industry in the UK needs to improve customer access to and awareness of Islamic retail financial products. UK Economic Secretary and City Minister Kitty Ussher, who is effectively in charge of Islamic finance at the treasury, at a meeting of the Islamic Finance Experts Group (IFEG) at the treasury earlier this year, stressed that "the UK is at the forefront of developments in Islamic finance and London continues to seize new opportunities. We have made tremendous inroads in the wholesale markets...But there is also an important domestic market, which we want to be accessible and open.

"There are nearly two million Muslims living in the UK and, thanks in part to legislative changes introduced by this government, the Islamic mortgage market is now worth over £500 million. Going forward, the government and industry want to continue to do all it can to see the retail market flourish and ensure that everyone - regardless of faith - has equal access to competitive financial products," he said.

ABC International Bank claims that the Alburaq savings plan provides a new way for those wishing to invest in accordance with their faith and provides savers easy exposure to potentially unlimited returns linked to shares in major companies, all with the added comfort of capital protection and Shariah compliance.

According to Keith Leach, head of Alburaq at ABC International Bank, said, "Alburaq is very excited to be the first to bring a Shariah compliant capital protected product to the retail market in the UK. Over the past few years the UK has seen an increase in the availability of Islamic home finance products, but there remains very few options for Muslims wishing to save money in accordance with their religious beliefs. This new account is also an easy way for Muslim savers to gain exposure to the equity markets, in a secure way. While it is considered permissible within Islam for Muslims to own shares, there are restrictions on the type of companies that are considered allowable. The companies must not be over-reliant on debt nor must they be engaged in activities that conflict with the principles of Shariah. Many of these principles will be similar to those required by ethical investors."

Savers will be able to deposit funds with the Bank of Ireland for five years in an account structured under the Wakala contract. At maturity, savers will receive their initial capital back together with 100 percent of any gain in the performance of a basket of 20 shares in global companies selected from the Dow Jones Islamic Market (DJIM) Titans 100 Index.

Des Crowley, chief executive of the Bank of Ireland UK Financial Services, is confident that "this is a highly innovative product, which is the first of its kind and directly addresses the saving needs of the Muslim community. We have been working with Alburaq for four years providing Islamic Home Finance and (this product) should be seen as the next stage in our development of Shariah compliant products."

The Alburaq fixed-term savings product offer closes on Sept. 5 2008 and investors will have their funds tied up for five years. The maximum opening deposit is £1 million and the promoters stress that there is no cap on the returns; in other words customer's enjoy 100 percent of the calculated return.

Capital protected funds are not new in the market. Several institutions - such as HSBC, the National Commercial Bank, Al-Rajhi Bank, Deutsche Bank and others - have launched Shariah-compliant capital protected funds in the Middle East.

While this product is new in the UK, Islamic equity funds per se are not, although they have had a very mixed record. Al-Madina Equity Fund, the Al-Safa Equity Fund and the Parsoli Global Equity Fund, which were launched at different times over the last decade or so, have all dismally failed. The first two were closed soon after they were launched. The latter has failed to make any impact. The reasons are manifold - the wrong promoters, wholly inadequate marketing strategies and resources, and perhaps the wrong timing.

Source: arabnews.com

Source: arabnews.com

Conference On Marketing & Product Development For Islamic Financial Services

HIJAB IN THE WORKPLACE

Q&A (Source from islam101.com)

Q. What are the requirements for Muslim women's dress?

         A: Rules regarding Muslim women's (and men's) attire are derived from
              the Quran, Islam's revealed text, and the traditions (hadith) of the
              Prophet Muhammad (peace be upon him). In the Quran, God states: "Say to
              the believing men that they should lower their gaze and guard their
              modesty...And say to the believing women that they should lower their
              gaze and guard their modesty; that they should not display their beauty
              and adornments except what (must ordinarily) appear thereof; that they
              should draw their veils over their bosoms and not display their beauty
              except to their husbands, their fathers...(a list of exceptions)"
              [Chapter 24, verses 30-31] Also, "O Prophet! Tell thy wives and
              daughters, and the believing women, that they should cast their outer
              garments over their persons...that they should be known and not
              molested." [Chapter 33, verse 59]

              In one tradition, the Prophet Muhammad is quoted as saying: "...If the
              woman reaches the age of puberty, no part of her body should be seen but
              this --- and he pointed to his face and hands."

              From these and other references, the vast majority of Muslim scholars
              and jurists, past and present, have determined the minimum requirements
              for Muslim women's dress: 1) Clothing must cover the entire body, with
              the exception of the face and the hands. 2) The attire should not be
              form fitting, sheer or so eye-catching as to attract undue attention or
              reveal the shape of the body.

              There are similar, yet less obvious requirements for a Muslim male's
              attire. 1) A Muslim man must always be covered from the navel to the
              knees. 2) A Muslim man should similarly not wear tight, sheer,
              revealing, or eye-catching clothing. In addition, a Muslim man is
              prohibited from wearing silk clothing (except for medical reasons) or
              gold jewelry. A Muslim woman may wear silk or gold.

              (References: "The Muslim Woman's Dress," Dr. Jamal Badawi, Ta-Ha
              Publishers; "Hijab in Islam," Maulana Wahiduddin Khan, Al-Risala Books;
              "The Islamic Ruling Regarding Women's Dress," Abu Bilal Mustafa
              Al-Kanadi, Abul-Qasim Publishing; "Islamic Dress," Muslim Women of
              Minnesota; "Your Hijab and U.S. Law," North American Council for Muslim
              Women)

         Q. Is Islamic dress appropriate for modern times?

              A: Islamic dress is modern and practical. Muslim women wearing Islamic
              dress work and study without any problems or constraints.
 
 

         Q. Does Islamic dress imply that women are submissive or inferior to men?

              A: Islamic dress is one of many rights granted to Islamic women. Modest
              clothing is worn in obedience to God and has nothing to do with
              submissiveness to men. Muslim men and women have similar rights and
              obligations and both submit to God.
 

         Q. But aren't there Muslim women who do not wear Islamic Dress, or hijab?

              A: Some Muslim women choose not to wear hijab. Some may want to wear it
              but believe they cannot get a job wearing a head scarf. Others may not
              be aware of the requirement or are under the mistaken impression that
              wearing hijab is an indication of inferior status.
 

         Q. Why is Islamic dress becoming an issue for personnel managers and
         supervisors?

              A: The Muslim community in American is growing rapidly. Growth factors
              include conversions to Islam, immigration from Muslim countries and high
              birth rates for Muslim families. As the community grows, more Muslim
              women will enter the work force. In many cases, these women wish both to
              work and to maintain their religious convictions. It should be possible
              to fulfill both goals.
 

         Q. What issues do Muslim women face in the workplace?

              A: Muslim women report that the issue of attire comes up most often in
              the initial interview for a job. Some interviewers will ask if the
              prospective employee plans to wear the scarf to work. Others may
              inappropriately inquire about religious practices or beliefs. Sometimes
              the prospective employee, feeling pressure to earn a living, will take
              off the scarf for the interview and then put it on when hired for the
              job. Modest dress should not be equated with incompetence.

              Other issues include unwanted touching or pulling on scarves by other
              employees, verbal harassment or subtle ostracism and denial of
              promotion. Many Muslims also object to being pressured to attend
              celebrations of other religious traditions or to attend
              employer-sponsored celebrations at which alcohol is served.
 

         Q. What can an employer reasonably require of a woman wearing hijab?

              A: An employer can ask that an employee's attire not pose a danger to
              that employee or to others. For example, a Muslim woman who wears her
              head scarf so that loose ends are exposed should not be operating a
              drill press or similar machinery. That employee could be asked to
              arrange her hijab so that the loose ends are tucked in. An employer can
              ask that the hijab be neat and clean and in a color that does not clash
              with a company uniform.
 
 

         Q. What are the legal precedents on this issue?

              A: Many cases have demonstrated an employee's legal right to reasonable
              accommodation in matters of faith. Examples: 1) The failure of other
              Muslim employees to wear headscarves is legally irrelevant. The employee
              need only show sincerely-held religious beliefs. (E.E.O.C. v. Reads,
              Inc., 1991) 2) There are no health or safety concerns at issue. (Cf.
              E.E.O.C. Dec. No. 82-1, 1982, also E.E.O.C. Dec. No. 81-20, 1981) 3)
              Companies cannot give effect to private biases. In other words, just
              because an employer believes customers will be prejudiced against a
              woman in a scarf, that does not mean the employee can be fired. (Palmer
              v. Sidoti, 1984, also Cf. Sprogis v. United Air Lines, Inc., 1971) 4) An
              employer must demonstrate "undue hardship" caused by the wearing of
              religious attire. (TWA v. Hardison, 1977) Hardships recognized by the
              courts include cost to the employer or effect on co-workers. 5) Dress
              codes can have disproportionate impact on certain faiths. (E.E.O.C. Dec.
              No. 71-2620, 1971, also E.E.O.C. Dec. No. 71-779, 1970)

Source from islam101.com

The Islamic Veil or Hijab

For Muslim men and women, for believing men and women, for devout men and women, for true men and women, for men and women who are patient and constant, for men and women who humble themselves, for men and women who give in charity, for men and women who fast (and deny themselves), for men and women who guard their chastity, and for men and women who engage much in God's praise -- for them has God prepared forgiveness and great reward.   [ Quran 33:35 ]

Opening the eyes of the spirit takes a certain courage and a moment of decision...The moment of realization that maybe it is all real is where submission to God begins. It is not the end of the story by any means, but only the beginning. -- Ruqaiyyah Waris Maqsood, Thinking About God

• Why wear Hijab?
• Hijab Protects
• Hijab- Questions and Answers
• Liberation by the Veil
• Hijab: A lesson to be learned
• Only For Allah
• My Body is My Own Business
• The War of the Women
• Thinking about Hijab...some steps to consider?
• Some advice to a young sis who wants to wear hijab
• Veiled? One Muslim woman on her choice to veil
• Poem on hijab!
  
  
  Source jannah.org

From Wikipedia, the free encyclopedia (wikipedia.com)

Hijab or ?ijab (????, pronounced [hi'd?æ?b]) is the Arabic word for "curtain / cover" (noun), based on the root ??? meaning "to cover, to veil, to shelter". In popular use, hijab means "head cover and modest dress for women" among Muslims, which most Islamic legal systems define as covering everything except the face and hands in public.[1][2] According to Islamic scholarship, hijab is given the wider meaning of modesty, privacy, and morality[3] the word for a headscarf or veil used in the Koran is khimar (????) and not hijab. Still another definition is metaphysical, where al-hijab "refers to the veil which separates man or the world from God."[2]

To read more Click HERE

Islamic Clothing
By Huda, About.com

See More About:

Introduction:

Islam has set minimum standards for personal modesty, which are reflected in the various styles of clothing worn among Muslims. While such standards may seem out-dated or conservative to some people, Muslims view these values of public decency as timeless.

• What are the Islamic religious requirements for covering the body?
• At what age do young people begin to adopt modest dress?
• Don't you feel hot in all that clothing?

Malaysia's RHB launches Islamic tawarruq productWed
Aug 12, 2009 4:16am EDT
Source: reuters.com

KUALA LUMPUR, Aug 12 (Reuters) - Malaysian sharia bank RHB Islamic launched an Islamic tawarruq financing instrument on Wednesday that uses telecommunication airtime as its underlying asset.

Tawarruq is an asset sale to a purchaser with deferred payment terms. The purchaser then sells the asset to a third party to get funds.

The structure allows Islamic banks to create financing transactions which involve specific assets, fulfilling Islam's demand that deals must involve real economic activity.

"In the past, commodities such as precious metals and crude palm oil have been used as the intermediary asset for tawarruq," RHB Islamic said in a statement.

"Due to its nature and the environment that it operates, it presents a barrier for a wider application of tawarruq. The commodity requires huge storage and logistics cost, and is subject to price and forex fluctuations as well as governed by its spot market regulations."

Tawarruq is widely used by Islamic banks but there has been recent debate about the permissibility of some of its forms under the sharia.

Industry body the International Council of Fiqh Academy had earlier ruled organised and reverse tawarruq to be "a deception" that tries to disguise the use of usury.

Several prominent sharia scholars, including Sheikh Nizam Yaquby and Mohd Daud Bakar, have disagreed with the Fiqh Academy.

RHB Islamic is the sharia banking arm of Malaysia's fourth-largest lender RHB (RHBC.KL). (Click on [ID:nISLAMIC] for more Islamic finance stories and ISLAMIC for a speed guide) (Reporting by Liau Y-Sing; Editing by Kim Coghill)

Saturday February 27, 2010

StanChart Islamic arm to expand SME products

By DALJIT DHESI

FUELLED by a wider product range, branch expansion and marketing campaigns, Standard Chartered Saadiq Bhd expects to at least maintain a double digit compounded annual growth rate for its small and medium enterprise (SME) business over the next few years.

Saadiq is the wholly-owned Islamic banking arm of Standard Chartered Bank Malaysia Bhd.

Without breaking down figures due to the bank’s close financial period, its chief executive officer Azrulnizam Abd Aziz says, in order to support the growth of SME business, the bank will be promoting alternative solutions based on Islamic values.

It, therefore, plans to introduce more new products in the first quarter of this year.

He adds that SME is one of Saadiq’s important revenue streams and is confident it will continue to progress well this year.

“Currently we have six SME products covering both the financing and cash management as well as investment needs.

“By the first quarter, we hope to introduce three SME products in the area of trade working capital, foreign exchange contract and investment,” he says.

Standard Chartered Saadiq currently has one full fledge Islamic banking branch and plans to open several more this year to fortify its foothold in the SME market.

Azrulnizam says apart from increasing the network of branches nationwide, the bank will also leverage on its marketing campaign across the country, one of which will be by participating in the The Star Outstanding Business Awards (SOBA).

The awards is to inspire up-and-coming local companies and (SMEs) towards greater success and serves as a platform to showcase their achievements.

He says Saadiq has the experience to provide comprehensive solutions in the growing Islamic finance industry as Standard Chartered was among the first bank in Malaysia to establish an Islamic banking window in all its branches back in 1993.

The bank’s global presence and positioning has also allowed it to have international linkages within the group globally.

Coupled with the improving economic growth, he expects Saadiq to progress and perform well this year, he noted.

Stressing on the importance of SMEs, he adds: “They are an important key component (engine) of the country’s economy transformation.

“This initiative (the transformation) is in line with the national agenda to move the economy up the value chain and to raise capacity for knowledge, innovation, quality and distinctive products and services.

“It is critical that governments, public agencies and banks collaborate to achieve this national agenda. As a financial Institution, we recognise our role and want to be part of this transformation, providing SMEs the financial assistance and viable solutions to theirs business needs.”

Some of bank’s products are Saadiq Biz Current Account-i, Saadiq Business$aver-i, Special General Investment Account-i and Biz-Financing-i.

Saadiq Biz Current Account-i Local is a currency cheque account facilities for customers to settle their financial obligations and eliminate the need to carry cash.

It is based on the Wadiah concept whereby the bank is allowed to pay a discretionary “Hibah” (gift) to the account holder.

Saadiq Business$aver-i offers the opportunity for the bank’s customers to earn higher return from their deposit account as it is based on the Mudharabah concept or profit sharing.

The returns or dividends paid to account holders would be based on agreed profit-sharing ratio between the bank and the customer.

Companies with an annual turnover of more than RM2mil but not exceeding RM25mil can seek financing under Biz Financing-i for their working capital requirements and business expansion, among others.

It offers a fixed profit rate and no collateral is required.

In total, Saadiq offers a comprehensive suite of 33 innovative syariah-compliant products and services for consumer banking and wholesale banking.

Azrulnizam agrees that the SME segment was a vibrant and a potential growth segment nonetheless it had hurdles to pave for future growth.

“Challenges in the SME segment come in many areas and can be subjective depending on the individual company’s situation. Some of these include business viability, performance, innovation, production capability, quality and efficiency issues.

“Fundamentally, the way to handle this is through proper planning, implementation and executions.

“With the current programmes including advisory, consultation and assistance initiated and available through government bodies and private entities, it will help SMEs to improve efficiency. productivity and profitability,” he says.

In the capital market arena, some of the notable deals which Standard Chartered Saadiq had undertaken include being the lead manager for Khazanah Nasional Bhd RM1bil Government guaranteed Sukuk Musyaraka, first Sukuk Ijarah for vessel via Alam Maritime Bhd’s RM500mil issuance, joint lead manager for Tesco Stores (M) Sdn Bhd’s RM3.5bil Islamic and conventional CP/MTN, joint lead manager/bookrunner for Tadamun Services Bhd’s RM1bil Islamic MTN and joint lead manager for Islamic Development Bank RM1bil first local currency Sukuk programme.

It was also nominated as the Best International Islamic Bank for 2009 by Euromoney.

Islamic finance short on wealth management -report

  * Islamic succession planning in need of an overhaul

* Too many real estate-based products limit diversification By Martin de Sa'Pinto

ZURICH, March 30 (Reuters) - Islamic banks are failing to cater for clients' wealth management and estate planning needs, pushing them to rely largely on traditional asset managers, said a report published by Bank Sarasin (BSAN.S) this week. Until very recently there were no dedicated Islamic wealth management services, the report said, and the few that have emerged offer restricted services and products that fail to completely satisfy Islamic investors' needs.

"You have Islamic products that try to mimic the behaviour of conventional instruments, but there is a shortage of products that are Islamic in spirit," Sarasin head of Islamic finance Fares Mourad told Reuters in an interview.

The Islamic Wealth Management report said there was a shortage in Islamic private banking services. Islamic succession planning is in need of an overhaul, it said, currently lacking mechanisms to ensure wealth preservation over generations.

"In the Muslim world hardly any financial planners address this issue, yet successful estate planning would ensure the wealth people have built is consolidated, as well as encouraging family unity," Mourad said.

"We would like to see a genuine partnership between Islamic bankers and their clients that aims for wealth accumulation and preservation over generations."

BROADER PRODUCT RANGE NEEDED

He also said some products currently offered create a conflict of banker-client interests, with the banker's remuneration more dependent on transaction fees than on the long-term viability of the client's investments.

Examples include the asset management units at Bahrain-based Gulf Finance House GFHB.BH and Arcapita, which amassed large transaction fees even though clients are now sitting on huge paper losses. [ID:nLDE61P1GV][ID:nLDE61200S]

"We don't want relationships based on product pushing so the banker can collect fees, but rather the long term provision of services in the spirit of a partnership," said Mourad. "Ultimately the success of the client will determine the success of the banker."

Mourad said the preponderance of real estate-based financial products exposes clients excessively to the vagaries of property markets, limiting diversification.

Even so, he said, many opportunities to diversify exist, for example financing commodities trading, ship building or timber. This gives clients involvement in long-term economic activity, rather than speculation, which is against Islamic, law he said.

"Only when you have a long-term aim can you determine short-term steps to ensure you reach that aim," said Mourad.

"In Islamic Finance, the long-term perspective of investment is still missing." (Editing by Rupert Winchester)

source: Reuters

Source: arabNews.com

Malaysia: Hub for Islamic fund firms

By MUSHTAK PARKER | ARAB NEWS

Published: Jul 11, 2010 23:25 Updated: Jul 11, 2010 23:25

Malaysia is fast establishing itself as the global hub for dedicated Islamic fund management companies. The Securities Commission Malaysia (SC), the securities regulator chaired by Zarinah Anwar, granted at the end of June 2010 the latest Islamic fund management license to Saturna Capital Corp., an American fund manager with a good track record in managing Shariah-compliant funds. This brings the number of dedicated Islamic fund management companies licensed in Malaysia to twelve.

 Source: arabNews.com

Singapore Targets Sukuk as Khazanah Plans Sale: Islamic Finance

August 03, 2010, 6:18 AM EDT