The Shariyah Review Bureau was granted a licence by the Central Bank of Bahrain. The organization is an external Shari'ah auditor. Currently most Islamic financial institutions hire their own Shari'ah boards (except in Malaysia which has a national Shari'ah board).
The Islamic Development Bank is partnering with the World Islamic Economic Forum to work on the integration of Islamic economies.
Banks in the Netherlands are exploring how to enable Muslims to purchase homes in a way that is Shari'ah-compliant way within the financial regulatory environment in the country.
Kuwait Finance House will open a new subsidiary to trade sukuk on the secondary market. Although sukuk issuance is growing rapidly, the growth in the sukuk secondary markets lag significantly behind. The company is as yet unnamed.
Hong Kong will host a seminar from January 15th - 16th, 2008 about Islamic finance. It will be organized by the Islamic Financial Standards Board (IFSB), the Malaysian standard-setting organization, and the Hong Kong Monetary Authority.
Showing posts with label Netherlands. Show all posts
Showing posts with label Netherlands. Show all posts
Tuesday, September 25, 2007
Monday, July 16, 2007
Islamic finance may enter the Netherlands, IDB/ICIEC, Brunei issues 1-year sukuk & offshore banking
The Dutch goverment will look into ways to attract Islamic finance to the Netherlands, a country which has seen its Muslim population grow significantly to almost 6% of the total population.
The Islamic Corporation for Investment Guarantees and Export Credit (ICIEC) opened its first office outside of Saudi Arabia in Dubai. The Islamic Development Bank (IDB) approved grants for projects including education and healthcare totaling $833.8 million.
Brunei issued $30 million of one-year Islamic bonds. The issue is the first of one-year bonds; previous Islamic government bonds were 91-day issues.
Current structure of Islamic finance has encouraged competition between offshore hubs for registration of the special purpose vehicles (SPVs) and asset management firms. By allowing dual English-Arabic registration the Cayman Islands has increased the appeal of it over other offshore locations.
The Islamic Corporation for Investment Guarantees and Export Credit (ICIEC) opened its first office outside of Saudi Arabia in Dubai. The Islamic Development Bank (IDB) approved grants for projects including education and healthcare totaling $833.8 million.
Brunei issued $30 million of one-year Islamic bonds. The issue is the first of one-year bonds; previous Islamic government bonds were 91-day issues.
Current structure of Islamic finance has encouraged competition between offshore hubs for registration of the special purpose vehicles (SPVs) and asset management firms. By allowing dual English-Arabic registration the Cayman Islands has increased the appeal of it over other offshore locations.
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