Monday, July 23, 2007

Growth of Islamic finance in Scotland & Sri Lanka, Islamic finance education standards

One of the challenges in Islamic finance is education standards across the globe (Reuters), with different training programs in Malaysia, Bahrain and the U.K.

Islamic finance is growing in Scotland (The Scotsman, U.K.).

ABC Investments, a new Islamic investment group, will expand to other areas within Sri Lanka (Lanka Business Online, Sri Lanka) besides Colombo, the only area in which it currently operates. Mohammed Razeek, the firm's managing director, explaining a new plan for funding construction of middle-class housing describes "We will not go into providing luxury apartments as a lot of companies already have done that.”

Standard Chartered Bank Malaysia Bhd, the Malaysian subsidiary of the large U.K.-based bank, wants to expand its banking assets in Malaysia (Business Times, Malaysia)with a focus on Islamic banking.

"The Securities House [of Kuwait] announced that it has incorporated a wholly-owned public limited company in the UK, which is currently applying for a license from the Financial Services Authority (FSA) to act as a deposit taking banking entity within the UK regulatory environment. The new company intends to establish itself in London as a Shariah compliant wholesale investment bank, focusing on the Islamic capital markets, Islamic treasury business and asset management." Securities House Press Release, July 18, 2007

The Toronto Star (Canada) has an article about the growth of the halal industry in Canada over the past 30 years as the Muslim population has grown from 70,000 in the 1970s to 850,000 today. The potential for Canada to be a global hub in halal products will be difficult given the attention the halal industry receives from the Malaysian government.

No comments: