Islamic finance conference to be carbon-neutral
The 3rd Annual Islamic Wealth Management Event, to be held April 24-25, 2007, will be carbon neutral (using a carbon offsetting service from Carbonfund.org). The conference, organized by Michael Gassner Consultancy, Ltd., is the first conference in Islamic finance to be carbon neutral and, I believe, the first step in a trend of Islamic financial institutions adopting ideas from socially responsible investing (which are also present in Islamic belief) such as environmental impact awareness, fair labor standards and consciousness about how Islamic finance can be used as a way to help the poor and reduce poverty.
Bank Muamalat denies offering shares to Kuwait Finance House
Malaysian Islamic bank Bank Muamalat denied offering a portion of its shares, 70 percent of which are owned by Bukhari Capital Bhd, to Kuwait Finance House (KFH). The bank did not deny that it would look at any 'good' offers, but said that it was focused on asset growth. KFH is one of the few foreign-owned Islamic banks in Malaysia and is currently bidding for a controlling stake in Rashid Hussain Bhd, which owns the parent company of RHB Islamic Bank Bhd.
Improve corporate governance in mudaraba--SECP commissioner
The Securities & Exchange Commission of Pakistan (SECP) commissioner, Salman Shaikh believes that corporate governance in mudaraba-financed ventures should be improved. Speaking to top management of the Modaraba Association of Pakistan, he said "the basic modaraba model should be re-evaluated and newer model with enhanced shareholders’ rights, eviction of bad management, a clear separation of ownership and control should be considered."
Lloyds looks to Qatar
Lloyd's, the large insurance company, is looking at entering the market for Islamic insurance in Qatar.
Deyaar to go public
Deyaar, the real estate subsidiary of Dubai Islamic Bank, will make an initial public offering (IPO) in the first half of 2007, pending regulatory approval.