Shari'ah-compliant mortgages in Canada
The Toronto Star has a story on a financing company in Canada, UM Financial, that has been offering diminishing partnership mortgage products (musharaka mutanaqisa). The company has partnered with two companies, first the Credit Union Central of Ontario (CUCO), then recently also the McMaster Savings & Credit Union. The Shari'ah board of UM Financial is made up of local Islamic scholars and community leaders.
Increase appetite for risk in IFIs--Rushdi Siddiqi
Rushdi Siddiqi, Director of the Dow Jones Islamic Market Index Group, believes Islamic financial insitutions need to increase their appetite for risk. Mr. Siddiqi believes that Islamic banks need to increase their size in order to achieve the goal of higher appetite for risk.
Dow Jones Islamic Market Titans 100 Index launched
The first Islamic exchange traded fund (ETF) was licensed to be listed on the Swiss exchange. The ETF is issued by BNP Paribas and based on the Dow Jones Islamic Market Titans 100 Index (pdf), an index of the 100 largest companies that comply with the Shari'ah standards of the Dow Jones Islamic Market Index.
IIFM & ICMA to develop sukuk standards
The International Islamic Financial Markets (IIFM) and International Capital Market Association (ICMA) have agreed to cooperate in developing universal standards for sukuk to increase the appeal of the products.