Tuesday, May 22, 2007

IsDB Poverty Reduction Fund, Islamic financial innovation & Canadian Islamic finance

Shaikh Mohamed bin Jassem Al Thani, the Chairman of CORECAP, which launched an Islamic private equity fund yesterday, estimated that the Islamic financial industry is currently at $800 billion in size and growing 15-20 percent per year.

The Islamic Development Bank fund for development (the 'Islamic Solidarity Fund for Development') will be launched at the annual meeting in Dakar, Senegal on May 29-30.
• This conference is listed on the IHI conference listing page.

Soud Ba'alawy, Executive Chairman of Dubai Group, speaking in a panel on Islamic finanace in the World Economic Forum at the Dead Sea, Jordan, said that Islamic finance needs to see further development of new innovative products in order to become mainstream. He described that innovation could be achieved by converting conventional structures to Shari'ah-compliant products.

At the launch of the "Regulation and Supervision of Islamic Banks" course, the development of Islamic finance in Brunei is described. The new course is jointly offered by the Islamic Research & Training Institute and the South East Asian Central Banks (SEACEN) Research & Training Centre.
• September 29, 1991: First Islamic financial institute opened, the Perbadanan Tabung Amanah Islam Brunei (TAIM) or Brunei Islamic Trust Fund

• January 13, 1993: International Bank of Brunei Berhad converted into an Islamic bank and renamed the Islamic Bank of Brunei Berhad

• July 2000: Another government bank, the Development Bank of Brunei is converted into the Islamic Development Bank of Brunei Berhad

• 2006: Two banks merge to become the Bank Islam Brunei Darussalam (BIBD)

• 2006: Brunei begins issuing 91-day sukuk al-ijarah. Six have been issued with a cumulative size of $730 million.

• January 17, 2006: Syariah Financial Supervisory Board Order launched

Ittihad Capital is hosting a dinner before the Islamic Finance World North America to try and attract more Islamic financial firms to the country.

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