Rushdi Siddiqui's latest article in Gulf News deals with Venture Capital, specifically the lack of it within Islamic fiannce. I wholeheartedly agree with him on that point.
Lahem al-Nasser of Asharq Al-Awsat has a dream for Islamic finance:
"I have a dream that one day Islamic financial institutions will operate based on the principle of partnership rather than debt in the sense that all parties would share both risk and profit. I have a dream that Islamic financial institutions will not base profit on usury that will cause them to be weak and fragile.
"I have a dream that one day Islamic financial institutions will have clear strategies to set up important development projects in their societies in a way that contributes to reducing unemployment, increasing productivity in society, improving technology and adopting and strengthening creative ideas. I have a dream that Islamic financial institutions will create genuine products rather than alternative ones through which they could change the conventional view of the financial institution. I have a dream that the joint Islamic financial market will be based on relying on its own tools away from imitating derivatives, bonds or other tools of Islamic banking.
"I have a dream that Islamic financial corporations will be able to convey Islam's civilized message to the world just as our merchant Muslim ancestors did. I have a dream that one day Muslim businessmen will make this dream come true.
- The government of Dubai formed a committee of creditors as we enter a week that will see the maturity of one of Nakheel's sukuk (Thursday).
- Malaysia may sell 10-year dollar-denominated bonds in June, although it was not specified whether these would be conventional bonds or sukuk.
- Emirates Steel is close to receiving $2 billion in loans, of which $1.5 billion is expected to come in the form of Islamic finance facilities. The closing is expected in June.
- An article describes the limited clarity in takaful that has hampered the industry's growth.
- Nomura International plc entered into a $50 million commodity murabaha transaction as its debut transaction in Islamic finance.
- The Islamic Development Bank is planning to boost cooperation with India, which is not an OIC member.