Islamic Finance And Islamic Financial Experts

Islamic Finance And Islamic Financial Experts
In this section the reader should expect to see findings of data and opinions by Islamic financial experts. Facts and figures that have been collected
which will be presented.
Many people are sceptical about Islamic banks performances into the niche as newcomers to the market according to Samad, (2004). As previously
mentioned, Islamic finance operates in accordance with the Qur'an. Islamic banks are non–conventional financial institutions which completely
prohibit the action of 'Riba' (Interest) under Islamic Banking. As Islamic finance follows strict ethical practices in its dealing with jurisprudence to the
Qur'an, it is only natural that Islamic banks as new competitors face steep challenges in sharing deposit and credit markets ... Show more content on
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Islamic banking globally is already estimated to be $400 billion with potential to grow at minimum 15 percent to 20 percent globally per year, this
figure is already considerably faster than conventional financial institutions.
. The leading markets for Islamic finance are proven to be in Malaysia, Turkey, Saudi Arabia, Kuwait , UAE, and Qatar create up to 80 percent of the
market. Developing markets include UK, USA, , France, Germany and Netherlands. Financial institutions in Western markets are eyeing Islamic
Banking looking at the growth potential by opening of Islamic divisions. Hashmi (2014).
GDP is (gross domestic profit) it represents the income level of the particular country, and it also reflects the economic growth. GFCF stands for (Gross
fixed capital formation) which determines the GDP also.
Farani et al, (2012) highlights that a'GDP is a common statistic for representing the income level of a particular country within a certain time range.
Study about finance– growth nexus always use GDP as the principal variable reflecting economic growth. We use gross fixed capital formation
(GFCF) as a representation of investment in order to measure net new investment during an accounting period. It is to be noted that the financing
variable applied in this model is a portion of total financing in the economy provided by Islamic banks'. From table 1 and
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Islamic Industry Continues to Grow
The Islamic finance industry continues to grow following continued internationalisation efforts. Last year's growth was an impressive 16.5%,
accounting for 25.7% of total assets in the banking system. The foreign currency business also grew with assets amounting to RM 18.1 billion in 2013.
Meanwhile in the takaful sector, total assets of takaful funds grew by 10% to RM20.9 billion, while total takaful contributions accounted for 14% of
total premiums in the industry. To increase the potential return to contributors, takaful operators were allowed to invest abroad any amount of
investment–linked funds of resident clients. This is an increase from the previous limit of 50% of net asset value.
Bank Negara Malaysia gave the `Emas' status to ... Show more content on Helpwriting.net ...
To comply with liquidity requirements, the sukuk has been accorded regulatory recognitionas a liquid asset and a low–risk credit under the capital
adequacy framework applicable to banking institutions.
To increase the investor base of foreign sukuk, the government issued an inaugural GII of RM 4 billion in July 2013 based on the murabahah
concept. This was intended to replace the bai'inah concept which was used earlier. Under the new concept, the contract is a certificate of debt for a
deferred sale transaction of an asset based on Shari'ah principles. It is hoped this concept will attract more domestic and international investors and
increase the value of Malaysia's sukuk market. Fortunately it did when the issuance was over subscripted by nearly three times.
On 1 August 2013, the Prime Minister unveiled the Malaysia International Islamic Financial Centre's new brand ` Malaysia: World's Islamic Finance
Marketplace'. It promotes the rapidly expanding connectivity of Malaysia's Islamic financial institutions with the global banking community. A robust
financial infrastructure will enable better cross–border multi–currency transactions. In conjunction with the launch, the enhanced MIFC portal was also
rolled out. Major enhancements include Islamic finance news feeds, live market data, thematic analyses and

Islamic Terrorism And Islamic Finance Essay
With its assets estimated to total nearly $1 trillion globally, Islamic finance remains tiny compared to conventional finance with its tens of trillions of
dollars. The market in Islamic bonds, or sukuk, is believed to total about $50 billion, roughly 1 percent of global bond issuance. In view of the
financial crises which have been affecting the whole world, a solution in the name of Islamic finance could be introduced. As the global economic
slowdown becomes more severe and protracted, many countries will be seeking alternatives, and Islamic finance can seize these new opportunities by
offering standardized Islamic finance products with prudent regulations and supervisory arrangements. The beauty of the Islamic finance lies in its
balanced and integrated approach towards a development policy that is urgently called for in the current crisis, caused by the awesome importance
attached to the promotion of the financial sector alone. Islamic Finance is a viable alternative to conventional finance. What is Islamic Finance?
Islamic finance is any finance that is compliant with the principles of Islamic law Shari'ahs. In terms of finance, Shari'ah explains in detail the ethical
concepts of money and capital, the relationship between risk and profit and the social responsibilities of financial institutions. A distinctive feature of
Islamic finance is that it does not allow the creation of debt through the direct lending and borrowing of money or other financial assets. The debts

The Role And Development Of The Global Islamic Economy In...
Global Islamic Economy
Asia
Malaysia – is the most developed market for SukЕ«k at both the primary and secondary market levels. As of mid–2013, Malaysia was responsible for
USD148 billion of outstanding SukЕ«k, or 60.4% of the total global value. Other jurisdictions in Asia that are active SukЕ«k issuers include
Indonesia, Pakistan, Singapore and Brunei. In 2012, Indonesia accounted for 7.0%, and Pakistan for 1.5%, of global issuances. Malaysia is also
leading the Asian region in asset management, with 80.7% of Islamic fund assets under management and a total of 188 funds worth USD13.1 billion in
2012. Next is Indonesia, with USD1.4 billion under management spread across 54 funds. Other Islamic fund markets in the region include Pakistan, ...
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Omani financial regulatory bodies have finalised the amended regulatory framework for Islamic banking in the Sultanate. Alongside the GCC–based
Islamic finance favourites, the reformed Islamic financial jurisdictions of MENA are entering into the limelight. Other regional developments in
non–GCC countries in MENA include the Iraqi government, which has approved the establishment of the country's first state–owned Islamic bank, the
Two Rivers Islamic Bank, with an initial capital of USD21.5 million. Iraq and Libya are in the midst of designing Islamic banking legislation. Tunisia's
Islamic finance industry is expected to grow further with the efforts undertaken by that country's government. Meanwhile, the Government of Yemen is
structuring a SukЕ«k programme for 2014.
Africa
Thanks to the growing national economies in need of alternative investments and financing, and a large Muslim population of about 250 million (in
Sub–Saharan Africa), the region is a budding market with new Islamic finance opportunities. Behind the regional pioneer Sudan, leading the pack of
fresh entrants is Nigeria, followed by Kenya and South Africa. While the former two countries have already made considerable strides in regulatory
reforms (for Islamic banking, SukЕ«k and TakДЃful), South African tax regulators are expected to put the finishing touches on their rules later this year.
There are currently 38 Islamic banks operating within the African continent.

Question 1: Open Skies Agreement. . Open Skies Agreement
QUESTION 1: OPEN SKIES AGREEMENT. Open skies agreement is a covenant between the U.S and Gulf Nations. It is a document that binds and
enhances good relationship between U.S, Gulf nations and its Open Skies Partners, (Hannah E. Cline, 2016). Generally, the Legacy American Carriers
and the Gulf Carriers are related in terms of reliance on competitive market forces and on actual and potential competition. They both provide the
needed air transportation system, as well as encouraging efficient and well–management practices for high profitability. While the results of the Open
Skies policy have been overwhelmingly positive for consumers, 3 of the largest U.S. – based airlines, American Airlines (American), United Airlines
(United), and... Show more content on Helpwriting.net ...
They are relieved of having to impose taxation, which in turn means that they do not have to offer concessions to society such as a democratic
bargain or a development strategy Matthew Gray (2011). Oil is a very important factor using for both financing and consumption of the economy.
For instance, oil has gained prominence as the most used fuel in the world. In the West, among policymakers and even the public, there is a new
appreciation for the economic importance of oil, and the US reliance on it for economic growth and military power. Oil is also basically used to
finance studies through scholarship in the Middle East. Oil wealth creates new educated middle classes that demand political freedoms and
democracy. The Gulf Cooperation Council countries have positioned themselves as the highest remitters in the world to other MENA countries. The
aggregate official remittance outflows from the Gulf region crossed the $75 billion mark in 2012 which is 50 percent larger than the amount remitted
from the United States for the same year George et al. (2012). Remittance outflows in the region have been linked to local labor policies which
determine the source of foreign labor and provision of scholarship. Non–democratic: Late RST holds that, through both the repressive at the state's
disposal, the rentier state is completely non–democratic. Its control of

Case Study Of Tracoma Holding Berhad
Tracoma Holding Berhad (THB) was founded in year 1995 and in based in Shah Alam, Malaysia. THB, an investment holding company, engages in the
manufacture and sale of automotive components in Malaysia. In terms of operation, it also undertakes general contracting and engineering works
engages in die making and servicing business and provides parts and car design services. The Group is principally involved in the manufacture and
supply of automotive parts and components. The Group's products are principally sold to the national car manufacturers and assemblers such as
Proton, Perodua, Modenas, Tan Chong Motor Assemblers, Hicom Tech See, PHN Industry, Volvo and Toyota. Tracoma's infinite experience and good
track record as one of the leading local manufacturers of automotive components, and... Show more content on Helpwriting.net ...
In fact, sukuk hold a number of structures which distinguish them from conventional bonds and from the other sukuk structures in the part of
approved sukuk. We can say that sukuk is differ in product design, product offering and pay off to the investor. Back on the case of trachoma, it can
categorized that sukuk that was applied on Tracoma's is under the asset backed securities. Its represent the real form of securitisation as they expose
the sukuk investors to the real value and risk of the underlying asset. Under this structure, the investor can only expect the returns from the cash flows
of the underlying asset and there is no right of recourse to the owner of the assets. We can say that this is because under the asset backed sukuk would
require the owner of the asset to sell the company asset on a 'true–sale' concept to the sukuk investor without having any purchase undertaking in the
case the asset fails to generate the expected income to sukuk investor. Shortly, we can say that asset– backed sukuk are normally non–recourse sukuk
with the underlying asset in–term of profit and principal

Consumer Behaviour Towards the Islamic Banking вЂ“ вЂњCustomer...
1.0INTRODUCTION
In this current era, businesses play the most important role in developing a country's reputation. It is because a nation's wealth is determined by
concerning on certain aspects as one of it is the economical factor. As far as we know, businesses are the main sectors of a nation where it decides the
economical status of a nation.
Apart from that, banking operations are also one of the factors which contribute to the economical growth of a country. The main core business of the
banking corporation is being a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities,
either directly or through capital markets. Moreover, a bank also connects the customers ... Show more content on Helpwriting.net ...
Syariah prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money. The word
"Riba" means excess, increase or addition, which according to Syariah terminology, implies any excess compensation without due consideration
(consideration does not include time value of money). However, these principles may have been applied to historical Islamic economies and in the
late 20th century that a number of Islamic banks were formed to apply these principles to private or semi–private commercial institutions within the
Muslim community.
In early Islamic banking, a number of economic concepts and techniques were applied, including bills of exchange, partnership (mufawada) such as
limited partnerships (mudaraba), and forms of capital (al–mal), capital accumulation (nama al–mal), cheques, promissory notes, trusts, transactional
accounts, loaning, ledgers and assignments. Organizational enterprises independent from the state also existed in the medieval Islamic world, while the
agency institution was also introduced during that time. Many of these early capitalist concepts were adopted and further advanced in medieval Europe
from the 13th century onwards.
Besides that, Islamic Banking is growing at a rate of 10–15% per year in this modern era with the signs of consistent future growth. Islamic banks have
more than 300 institutions spread over 51 countries, including the United States

Staying Competive '
In Staying Competitve by Shahjanaz Kamaruddin discusses the development of Malaysia into becoming a full–fledged Islamic financial system that
shows Malaysia performed consistently well across five indicators which is quantitative development, knowledge, governance, CSR (corporate social
responsibility) and awareness. She presents this article in which she shares her analysis as a company secretary or writer where she offers strong legal
acumen and company secretarial skills garnered during 25 years of in–depth professional experience at leading public–listed companies. She brings
with her a sound and pragmatic understanding of governance and compliance issues and their practical application towards implementation of business
strategies in a highly competitive environment where time is of the essence. She is known for her exceptional consensual leadership style coupled with
strong communication skills which are diplomatic and persuasive in manner. Her goals are to apply her specialised and writing skills in a media or
marketing field either on a freelance basis or full time as an in–house talent within an organisation. This paper will review Shajanaz's review as well as
her main arguments, and will evaluate the quality of her writing and focus on any areas of weakness within it.
Summary ... Show more content on Helpwriting.net ...
Shahjanaz Kamaruddin begins this article by stating that Malaysia has developed into becoming a full–fledged Islamic financial system operating in
parallel to its conventional counterpart. Islamic finance is based on the Islamic principle of Syariah which is relevant in today's world. According to
the Islamic Finance Development (IFD) Report 2014, Malaysia is the undisputed in sukuk(bond) with a 63% of global market share. Malaysia
performs very well across 5 indicators which are quantitative development, knowledge, governance, CSR (corporate social responsibility) and

Islamic Financial System And Islamic Institutions
INTRODUCTION An Islamic Financial system could be simply defined as a financial system that is based on the principles and values of Islam
which mops up riba and guarantees a profit–sharing mechanism. Islamic Financial system has developed over past decades as an indication of Islamic
Worldwide view represented by the Shari'ah. The profound basis of Islamic financial system surpasses the interaction of factors of production and the
behaviour of the economy. (Iqbal 1997) Shari'ah is the foundation on which Islamic finance is built. The mainstay of the Islamic Financial system is
the linkage between economic activities in the Islamic financial system and the real sector. The constancy of currency is furthered in an Islamic
financial system because money is not regarded as a commodity. "Islamic finance is equity–based, asset–backed, ethical, sustainable, environmentally
and socially responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and
social welfare". (World Bank) Islamic financial system advocates the highest level of governance and transparency because it is guided by principles of
the Shari'ah. Generally, in any economy, financial systems (conventional and Islamic) exist in order to raise funds and channel these funds into
productive financial and economic activities. Thus, financial systems also perform the function of mobilising surplus funds from economic agents and
institutions and

Advantages And Disadvantages Of Bonds
Bonds act as an investment instrument which the investors invest their money to the bonds and bonds can provide a means of preserving capital and
earning a predictable return. While many investments provide some form of income, bonds tend to provide the highest and most reliable source of
income. Even at the time of low interest rates, there are still plenty of options (such as high–yield bonds and emerging market bonds), investors can use
it to construct a portfolio that will meet their income needs. The most important thing is diversified bond portfolio can provide decent yields with lower
volatility than equities and higher income than money market funds or bank instruments. Thus, for those who need to live off of their investment
income bond is a popular choice. In Malaysia, the only party can trade the bonds is financial institutions but not individuals. There are some types of
investors in Malaysia who is pension fund, insurance company and asset management institutions. Under pension fund, the largest provident fund is ...
The first way is auction. Bank Negara Malaysia (BNM) undertakes the auction for government bonds and the Principal Dealers undertake it for
BNM notes. (Team, 2012) Both are undertake the competitive auction. In competitive auction, each bidder is limited to 35% of the offering amount
and a bidder can specify the rate, yield, or discount margin. After making announcement, the banks will submit a certain amount of bids and the
bonds are allocated according to the level of demand. The level of bids will determine the rates. According to the lowest yields offered, the
successful bidders are determined and coupon rate is fixed at the weighted average yield of successful bids. (Team, 2012) Moreover, the second way
is direct placement or tender. The issuers just sell the bond to the investors directly. The tender bond which also known as bid bond act as an assurance
or security to the

Living by Numbers
LIVING BY NUMBERS
Question 1
Determine the economic earnings of MarineCorp Sdn. Bhd., Green Port Sdn. Bhd and Sungai Emas Port Sdn. Bhd.
| Economic Earnings| MarineCorp Sdn Bhd| RM 14,274,611| Green Port Sdn Bhd| RM (14,588,232)| Sungai Emas Port Sdn Bhd| RM 5,030,563|
Green Port will have negative economic earnings and the other two will have positive economic earnings.
Positive Earnings = provides higher return than the cost of capital
Negative Earnings = the value of the company was destroyed and investment should be avoided from this company because it indicates that the
company failure to provide higher returns than the cost of capital.
Question 2
Rank the companies in terms of their performance.
We ... Show more content on Helpwriting.net ...
Here a few suggestion:
Cash in MarineCorp and Sungai Emas Marine Copr and Sungai Emas possess a huge amount of cash. In addition, they do not have much long term
obligation to worry about. However, the cash are there only for the purpose of earning interest in order to generate more additional income to increase
the profit. The cash increased from year to year and yet it does not utilized for other purpose than earning interest. We suggest the available cash in
MarineCorp and Sungai Emas to be used for investment purposes in order to generate more profit to the MarineCorp as well as Sungai Emas. The
companies can invest in securities such as shares, sukuk or even in property which will give long term benefits to the company. Despite the higher risk
compare to the interest earning, it can give higher profit for the companies in which will improve the performance of those companies. Moreover, a
right investment could give a long term performance benefit to the company.
Green Port switch from "owner–operator" to "operator" mode Green port operate under "owner–operator" mode where all its tangible assets are funded
by SURIA. Due to this arrangement, Green Port record a very high capital charged which lead to negative economic earning which means destroying
value. SURIA should convert Green Port from "owner–operator" to "operator" mode.

Advantages Of Sukuk In Islamic Capital Market
Islamic Capital Market is a major part of the overall Islamic Financial System especially in providing the component of liquidity to the otherwise
illiquid assets. One of the most popular instruments used today in Islamic Capital Market is Sukuk. The structures of Sukuk based on Ijarah,
Musharakah, Mudharabah and hybrid forms have evolved. Under any circumstances, these innovations have appeal to many Shari'ah issues and
arguments. Therefore, this article aims at analyzing the challenges of realizing Maqasid al–Shari'ah in the Islamic capital market, focusing on sukuk
instrument. In particular, this study evaluates on the approach of one of the most popular sukuk structure, namely, sukuk al–Ijarah in the light of the
perspective of Maqasid ... Show more content on Helpwriting.net ...
An accurate analysis and comprehensive of the Shari'ah rulings entails an understanding that Shari'ah objective at preserving and protecting public
interests (maslahah) in all aspects and segments of life. Many Shari'ah though make known clearly the resolution behind certain Shari'ah rulings,
propose that every ruling in Shari'ah approach with objective, which is to accommodate the mukallaf (accountable person). For reference, when
Quran prescribes Qisas, it speaks of the rationale of it, that applying retaliation prevents further killing "There is life for you in Qisas" . Similarly,
when Quran prohibits wine it says that wine is the works of devil as it causes quarrel and instills hatred and enmity among Muslims "The devil only
wants to excite hatred and enmity between you in intoxicants and gambling and hinder you from remembrance of Allah and from prayer"

Advantages Of Waqf
Waqf, an Effort to Substantiate Capacity and Mitigate Poverty Introduction Poverty is a complex phenomenon which occurs in the most of societies
and communities around the world. Economic scholar, Sirageldin (2000), Manan (1998) and Kankwenda et al. (2000: 11, 63–64) points out that
poverty can be identified from inequality income distribution, inability to access basic education, health service, and inadequate productive human
resources (poverty Muslim spirit)to build capacity to the poor. This crucial challenge is no exception faced by the Muslim world as well, in particular,
the Middle East (Kuran, 2004: 71–72). Considering the enormity of poverty in the Muslim world, we cannot lie in the government activities which
occur deficit fund.... Show more content on Helpwriting.net ...
For example, emerging more than 8000 educational institutions for training courses in Bangladesh (Sadeeq, 2002). Another success story of waqf is
Bencoolen Street in Singapore, which consists of commercial complex and service apartments, and a mosque from Musharakah Sukuk (Karim, 2007:
17). Multiplex of higher towers named Zam–zam tower in Saudi Arabia also derived from waqf–Sukuk al–intifaa (Kasri & Saeran: 2016). Waqf
concept also spread to the West which many universities were established such as Oxford University, the University of Cambridge in the UK and
the University of Harvard and Yale in the USA (Gaudiosi, 1998; Г‡izakГ§a, 1998; Stibbard, QC & Bromley, 2012; Mahamood & Rahman, 2015).
Further, by implementing cash waqf, everybody can contribute to cash waqf because it does not require a lot of wealth, generate more funds which
can use to develop asset such as undeveloped waqf land for business and agricultural purposes (Mannan, 1998; Antonio, 2002). However, the flexibility
and development cash waqf are debated by Muslim jurists and scholar due to certain conceptual argument concerning perpetuity and inalienability
(Mohammad et al., 2005). Because of the property must be tangible property (maal) and capable of being used without being consumed. This situation
was clarified by the Waqf Validating Act of 1913, which permitted a waqf of "any property" including the movables, i.e., shares in joint stock
companies, notes and even cash (Suhrawardy, 1991). This figure illustrates the mechanism effect of waqf

The Challenges Of The Sukuk Industry
2.3.5 Challenges in the Sukuk Industry There are challenges in the Malaysian sukuk market. An important component for the growth of Islamic capital
markets is the conception of a secondary selling platform for the capital market instruments. This will supply investors with flexibility in supervising
their liquidity requirements. The creation of a continuous supply of Islamic papers and instruments need to advertise them greater depth in the market.
There also necessarily to be greater diversity in the type and maturity of the sukuk in the market for Islamic financial institutions and portfolio managers
to supervise their funds effectively. The Malaysian government regularly issues sukuk with different maturities in order to produce a benchmark yield
curve. Another challenge to the growth of the market cares pricing issues. For the Islamic security to be efficiently priced and believable, further
initiatives need to be undertaken to originate its own indicator. It would then fluctuate depending on the demand and supply for that property. It will
then give a true reflection of the price of the underlying asset (Aziz, 2007).... Show more content on Helpwriting.net ...
With regard to sukuk development, the asset securitisation law in Indonesia is not in line with Shari'ah dictates, as the draft of the asset securitisation
law clearly states that securitisation can only be structured through debt. Meanwhile, Malaysia, which is the most active Islamic capital market, has
robust regulatory standards as framed by the Securities Commission

If Cash Dividend Announcements Affect The Stock Prices Of...
Abstract In this study, we used the event study methodology to examine if cash dividend announcements affect the stock prices of companies listed on
the Palestine Exchange. We studied 62 events announced from 1/1/2006 to 31/12/2015. Appropriate statistical tests were used to examine if the
cumulative abnormal return is statistically significant around the announcement day, namely, 10 days before and 10 days after the event day. Results
reveal that statistically significant differences exist between cumulative abnormal returns and zero. Thus, investors could realize abnormal returns
during the event window for the study period. The findings also indicate that a statistically significant negative relationship exists between dividend...
The distribution of profits are predicated on a few methods, the majority of which are in the form of cash or bonus shares or shares owned by
companies in other companies being distributed in the form of goods produced by the company Nour (2003). However, it should also be pointed out
that psychological factors are crucial vis–Г –vis the method of distribution; shareholders are more inclined towards cash distribution, as they see it as
an acceptable form of compensation from the risk they are obliged to bear from being the owner of stocks. The link between dividends and firm's
value and share price has been the subject of study for a few decades. However, the influence of dividends on the value firms' value and price remains
unresolved. Some studies pointed out that stock prices remain unaffected by the announcement of dividends (Sharma, 2011; Pan et al., 2014), while
others reported otherwise, whether positively (Liu and Chi, 2014; Perepeczo, 2014) or negatively (Abbas, 2015; Mamun, 2013). Information signaling
theory, the free cash flow hypothesis, and the dividend clientele effect hypothesis are the three major theories that explains the influence of dividend
announcements upon share prices (KadД±oДџlu et al., 2015; Nour, 2003). Event study is regarded as an important research tool in the context of
economics and finance. It is entrenched in the capital markets for the analysis of events on stock prices. The study of an

Case Study On Sukuk
A.REVIEW JOURNAL 1.Title "The Effect of new AAOIFI standards on Sukuk in choosing the most authentic Islamic principles" based on the title
itself wanted to show how the changes of the new AAOIFI standard effecting industry players of Sukuk not to stress on Sukuk matters. 2.Originality
and Share Reviews The originality of this study it is acceptable that the advisor contribute their best on making efforts in order to lessen debated
pronouncement as to suit present financial practices. In this research of the information is based on the previous data or information that supports the
researcher information. This study of researcher have founded that there are six companies in this world finance world that using Sukuk but facing
different problem on issuance in order to have... Show more content on Helpwriting.net ...
Sukuk was issued in order to raise money. Principle that been use in this Sukuk is Murabahah (Commodity Murabahah). Issue that arise is tradability of
Sukuk which been traded at discount. Another issue is leakage of fund to non–compliance activity. Based on Shariah, riba is prohibited from Islamic
finance, but in this issue, there is some profit which is using riba basic. Sixth company is Saudi Electricity Company. As mentioned that this company
was issued Sukuk at par value without discount or premium. Issue that arise on this company is issue of ownership, benchmarking with conventional
banking rate, issue if tradability of Sukuk, and issue of repurchasing asset for its nominal value. 3.Literature review The research has the literature
reviews of the secondary sources which is not much depend on the related journal and sources that have the same title and same purpose of the study.
Researcher is using a different reference that is books, articles, internet resources and hadiths. The format of the citation is APA Edition. Researcher
wanted to know more on the issue of issuance that mostly effecting on the industry player of Sukuk. 4.

Case Study Of ICB
A.Ingress Corporation Berhad Ingress Corporation Berhad (ICB) was founded in year 1991 and based in Kuala Lumpur, Malaysia. ICB is an
investment holding company with the main activity of manufacturing and selling automotive components for the carmakers in Malaysia as well as the
ASEAN region. After ICB has been awarded by the Nissan and Honda, they had expand their business further to Thailand. Together with another
opportunity where the ASEAN Free Trade Area in 2003 has opened the market for liberalization for the automotive industry, it gives another support for
the organization. The unexpected demands results to the company might shortfall of. Resulting that ICB decided to take a first step in issuing ijarah
sukuk through the acquisition of RM 160 million sukuk al–ijarah in order to finance the Ingress group's existing debt and other general funding. ...
And due to that, Ingress Sukuk Berhad (ISB) was act as a Special Purpose Vehicle (SPV) to govern the whole operation related to the ijarah sukuk.
The ijarah sukuk issued by ICB commencing in July 2004 and expected to be mature at July 2011, a 7 years of ijarah sukuk maturity. But unfortunately,
Ingress Sukuk Berhad (ISB) ijarah sukuk defaulted on 13th July 2009 due to few reasons. There were 9 well–known companies at that time were listed
as the sukuk holders for this sukuk issuance of ISB which are CIMB Berhad, Maybank Berhad, Petronas Berhad, RHB Berhad, ING Berhad, MAA
Berhad, KWAP, AFFIN Bank Berhad and HSBC Berhad. Figure 2 explained the ijarah sukuk structure applied by

Investment Vehicles For Emerging Muslim Economy
Investment Vehicles for Emerging Muslim Economy: Which is which? Introduction Capital market play vital role in financial growth. Mutual fund is
one of the securitization vehicles that commonly practice in today's modern economics environment. Levy and Post (2005) mentioned investors,
regardless of the type of investment they choose, have one common goal which is to get return out of their investment. Investors often have risk and
return trade–off in determining their desire return. Thus, it is important to understand the financial stance of the investors in order to determine types of
investments that suit them. This essay's aim first to discuss 2 types of mutual funds, open end and close end investment. Going further is to relate them
with the emerging Muslim's economy conditions. It is believed that Muslim's economy is way far behind due to their weakness in the capital market.
Honohan (2008) discovered more than 70% Muslims do not utilize financial services due to their concern of the financial instrument principle which
seems to them contradict with the Islamic law. Second to suggest the type of funds that suitable for the emerging Muslims economy in order to
promote social wealth and long–suffered poverty issues amongst the country. Open–end Vs Close–end Fund Diagram 1.0 Overview of Mutual Funds
Diagram 1.0 illustrated overview of mutual funds type available in the market. This section will compare and contrast in 5 dimensions, the advantages
and disadvantages

Teaching Assistant
11 January 2010
Global Sukuk Market
Global Sukuk Update
The sukuk market was not spared from the effect of the global financial crisis. After expanding robustly in 2007 (by 90% yoy by total value of sukuk
issued), the sukuk market experienced a marked slowdown in 2008 and 1H09 due to the following reasons: Challenging market conditions and drying
up of liquidity Wide credit spreads and shortages of USD funding in issuing countries Challenging economic environment in the GCC countries,
particularly in the UAE
Nevertheless, as the overall market conditions improved, the primary sukuk market rebounded in 2H09. Third quarter issuance was up by 162.5% yoy
and 61.9% qoq to USD8.8bln, followed by a strong issuance of USD8.1bln in ... Show more content on Helpwriting.net ...
In addition, Islamic bonds are still far superior as compared to conventional binds, underpinned by the following factors: Fairness and transparency.
The financier and customer share the risks and rewards based on an agreed profit–sharing ratio. The roles and responsibilities of the parties to a
contract are also explicitly disclosed and transparent. Asset–backed transactions. Islamic financial transactions must be backed by an underlying
tangible asset or legitimate productive activity. This discourages over–exposure of the financing facility beyond the value of the underlying asset, and
hence provides continuous security to the investors Ethical investment. Islamic finance prohibits the charging or paying of interest, and imposes
restrictions on unethical and speculative financial activities
3
Global Sukuk Update

Disclaimer & Disclosure
By accepting this publication you agree to be bound by the foregoing terms and conditions. Kuwait Finance House Research Limited ("KFH Research")
has prepared this publication for general information purposes only and this does not constitute a prospectus, offering document or circular or offer,

Case Study Of Sukuk Defaults
Methodology used in this report is explanatory research case study and qualitative research method where data regarding the sukuk defaults and shariah
issues in Sukuk Asset–Based and Sukuk Asset–Backed are being collected. From these data collection, the development of theory can be focused
through an approach of case studies and this method can relate to the growing issues of sukuk defaults. (Eisenhardt, 1989; Yin, 1994). An explanatory
method is used among other qualitative approaches in conducting a research because it can prove the real default cases that happened in Sukuk through
the reasons behind it. Besides, it also can give more meaning to this research report. Qualitative method is easier method to be used because data
regarding... Show more content on Helpwriting.net ...
Wa'ad which is the promise to repurchase the underlying asset at par in substance is a guarantee of principal without the actual performance. The Wa'ad
is totally acceptable Islamic financial instrument if used by its own but status from Amanah based will change to debt security when comingled with
other credit enhancements. Whether in the case of the venture is beneficial or not, the borrower (originator) has to pay that this situation can create an
injustice. AAOIFI also state in its Sukuk standard that there shouldn't be any axiom that depicts the stipulation of bounding the originator to repay at
par or he must pay predetermined and an uninterrupted return erstwhile than negligence is proven. (Hidayat,

The Advantageous Of Petrodollar And Islamic Finance...
3.7.The advantageous of Petrodollar to Islamic Finance
Petrodollar flows have been among the major factors supporting the growth of the Islamic finance industry ever since the 1960s GIFF (2010). The
rising petrodollar flows in global markets imply continued and increasing petrodollar investments in the Islamic finance sector. This has led to a surge
of interest in the Islamic Finance sector, with more and more countries positioning themselves as strategic locations to tap into part of this abundant
pool of funds. For instance, a number of countries worldwide have announced their plans to issue Sukuk (Islamic bonds) and thus meet their financing
needs by attracting high net worth investors (HNWIs) and wealth from the Middle East region. HNWIs are particularly on the look–out for efficient and
secure jurisdictions for investing their funds, more so in the context of the present economic downturn . Operating in a facilitative business
environment and reducing cost of operations are deemed instrumental factors for market players. Accordingly, a number of jurisdictions have actively
encouraged the development of their Islamic capital markets as a key strategy for attracting both HNWIs and Islamic finance businesses . In particular,
it has been observed that jurisdictions from across the world are developing their Islamic capital markets by utilising the efficiency provided by
Offshore Financial Centres (OFCs) to structure Shari'ah compliant products which adhere to the

Challenges Of Islamic Finance Industry
CHALLENGES TO ISLAMIC FINANCE INDUSTRY
Many authors agree that Islamic finance industry has a long way to become globally successful industry. To achieve its potential for solid growth,
Islamic finance must improve number of areas including: improving regulatory supervision in the industry, adaptation of tax treatment to Islamic
banking products, establishing liquidity control, introducing risk management tools, supporting standardization of financial products and others.
Prasad (2015) mentions necessity of protection of investments accounts, regulation in relation to Islamic contracts and treatment of investments
accounts and risk management. He also highlights liquidity, as the critical issue. There is a lack of management instruments in central banks to
manage liquidity in Islamic banks. The Sukuk market is expected to continue to expand very rapidly, and its development will give Islamic banks
access to the high–quality liquid assets needed to comply with international liquidity standards. Tax regulation is needed in countries which have only
regulations for conventional finance system, because some of Islamic products can face double taxation from their nature, especially investment
income from Sukuks. There is also problem with multilayered transactions, which can cause higher taxation. All these taxation aspects may put Islamic
finance at a disadvantage.
The recent global financial crisis highlighted the importance of policymakers in responding system wide to risks

Shariah Financial Market Statement
TAKAFUL IKHLAS GROWTH FUND FUND OBJECTIVE: To invest in Shariah–compliant listed equities to provide the capital growth over the
medium to long term through the diversified, but growth–oriented portfolio. TARGET MARKET: Suitable for the investors who is mainly interested
ingrowth and willing to take and accept higher risk in investment return. FUND MANAGER: Takaful Ikhlas Berhad. Appointed External Fund
Manager: CIMB–Principal Islamic Asset Management Berhad. TOTAL RETURNS: 1 MONTH6 MONTHS1 YEAR3 YEARS5 YEARS GROWTH
(%)3.5113.0916.137.7830.23 BENCHMARK (%)0.252.952.71–6.059.28 FUND PERFORMANCES: ASSET ALLOCATIONS: For Asset Allocation,
the investment portfolio is subjected to the following: Up to 98% of the Portfolio... Show more content on Helpwriting.net ...
Malaysia's macroeconomic fundamentals remain strong as Gross Domestic Product (GDP) for the second quarter come in at 5.8% following a 5.6%
expansion in the first quarter. Consequently, various economists have upgraded their full year GDP forecast for Malaysia to 5.2%–5.5% while the
government estimate 4.3%–4.8%. Meanwhile, inflation continues to moderate to 3.2% in July after peaking at 5.1% in March. Bank Negara
Malaysia (BNM) is expected to keep the Overnight Policy Rate unchanged at 3.00% for the rest of 2017. Ringgit Malaysia (RM) has established at
c.4.30 to the US Dollar despite a sizeable government bond maturity during the month. Takaful Ikhlas expect the market to trade sideways despite the
external headwinds from geopolitics and central banks normalisation plans as well as the net foreign outflows recorded in August for Bursa (June:
+RM359m, July: +RM419m, August: –RM241m). Second quarter earnings were non–inspiring but we are hopeful that the 2H17 results will recover.
Although Takaful Ikhlas expect that the markets to trade sideways, various key themes still present the good opportunity for returns. They

Essay On Islamic Money Market
Islamic Capital Market
Current Position of ICM in Bangladesh
Islamic Money Market
The Bangladesh Bank introduced an Islamic money market – that is, the Islamic Interbank Fund Market – in 2012 to help address the temporary and
short–term liquidity problems and facilitate the liquidity management of Islamic banks. The central bank acts as custodian in the market. Interbank
transactions, limited to overnight tenors, are based on a pre–determined profit–share ratio decided by a central bank committee using Islamic banks'
deposit rates as a starting reference.
Islamic Funds
A recent development in the equity market was the introduction of the Alliance S&P SharД«`ah Index Fund in September 2013. This open–end mutual
fund is the first Islamic ... Show more content on Helpwriting.net ...
Domestic financing is projected to account for 90.7% of total investments. Bangladesh's demographic profile also presents significant opportunities for
the development and growth of ICM. With a total population of about 160 million of whom about 90% are Muslims, demand for SharД«`ah–compliant
personal investment and financing products and services may grow substantially in the medium to long term, particularly as the economic growth in
the country contributes to an expansion of the middle–income segment.
Challenges in Islamic capital market
The challenge for Muslim countries like Bangladesh is to overcome its late entry into the market against well–established jurisdictions all over the
world. Another subsequent challenge would also be to educate the masses and the other industry stakeholders regarding Islamic Problems and
Prospects of Islamic Capital Market In Bangladesh 59 financial principles, products and investments. The challenge for them is to motivate authorities
to provide favorable platforms and policies to make such initiatives viable. The Islamic financial operations are subjected to strange rules different from
the ones applicable to the conventional operations; there are a number of challenges being faced by ICM. For instance, in many cases, the Islamic
capital market has had to comply with the regulatory provisions meant for the conventional system which has an entirely different underlying objective
and approach. Additionally, it should be noted that the

Advantages And Disadvantages Of Sukuk Rating
5.0RATING
5.1 RATING DEFINITIONS
Similar to the conventional securities, Sukuk can be rated on a sovereign and corporate basis. The rating analyst or the rating agency will mainly focus
on the credit rating of the instrument and any expected default or losses, the agency will give high priority to the legal, the structure and the underlying
assets of the Sukuk.
According to Malaysia Sukuk Market Handbook it said that credit rating especially focus in credit risk, analyse situation where one financial obligation
or commitment may become lost based on a change in capacity and obligation underwriter readiness meet the financial commitment on time and in line
with transaction terminology. As risk payment measurement refuse, sukuk consider place various sukuk type in market in their relative default risk
matter.
Based on conditions Shariah commands sales contract, issuers of sukuk Bai Bithaman Ajil and Murabahah sukuk obliged to make timely and full
payment in price buy like marked by face value. Same too, based on Shariahprovisions in exchange contract, issuers of sukuk Ijarahis task tied will
make full ... Show more content on Helpwriting.net ...
This is because all debt securities including Sukuk produces in Malaysia required to be completed by one credit rating at all times. Usually, a free
third party, for example credit rating (CRA) agency responsible to make a credit rating in Malaysia. Credit rating agency makes an assessment in
corporate manufacturer capacity refuse in the debt repayment based on the credit repayment history for all local banks in country. It only regard debt
repayment tool from credit worthiness overall or corporate manufacturer financial position. Rating will contemplate various increase tool including
guarantee, sinking fund, letter of credit or any their other mechanism reduce specific default risk of issues. In this way, company firm may be given
rating categories that are different for different debts in time that is

Swot Analysis Of Omantel
The Oman telecommunication company is the most reliable and major international hub for internet service provider in Pakistan, which is known as
Omantel. The main headquarters of Omantel is in Muscat. Sultan bin Hamdoun Al Harthyis the chairman of the board and Talal Said Marhoon Al
Mamari is (CEO) of this biggest telecommunication industry. Omantelhas also brought very innovative communications services in– postpaid and
prepaid plans for mobile phones, fixed lines, internet connection, using ADSL technology, data transfer, roaming, etc. The main focus of the company
is on operating, maintaining fixed and mobile telecommunication services. Its services target is in three consumer groups: residential, corporate and
government. They started business in June 1996 and introduced first payphone and named WorldCall Payphones Limited. It was a fundamental shift
in technology and industry from Cable Broadband to Wireless Broadband, Cable TV to Video Conferencing, LDI services and fiber optic network to
wireless local loop telephony in this way company has crossed a number of milestones. The Omantel offers an array of services under three major
service categories that is –Data, Entertainment and Voice(OmanTelecommunications Company , 2017). ... Show more content on Helpwriting.net ...
Omantel has a strong financial performance with top line growth of 6.9%, which was also the highest in the last four years.
2.Omantel is the leading telecommunication in Oman in mobile network in both in subscriber and revenue.
3.With the Government support Oman being a major stakeholder they have a lot of resources available to confirm that they have the best and latest
infrastructure.
4.The investment in the Oman data park extends its level across the other areas.
5.Quickly enhance your understanding of because it has a wide area of external and internal resources(Linton, 2017).
6.Gain information for better understanding of internal and external factors which can give the best impression on the

Introduction of Malaysia Bond Market
INTRODUCTION
1.1 WHAT IS BOND?
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a
debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the
maturity. Interest is usually payable at fixed intervals (semi–annual, annual, and sometimes monthly). Very often thebond is negotiable, i.e. the
ownership of the instrument can be transferred in the secondary market.
Thus a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is
the interest. Bonds provide the ... Show more content on Helpwriting.net ...
More importantly, Malaysia, among the key Islamic financial centres, offers a wide variety of Islamic bonds that are based on Shariah compliant
concept. As at end–Dec 2010, Islamic bonds accounted for 39% of total bond outstanding.
1.3 BOND MARKET DEVELOPMENT IN MALAYSIA * With the shift in public policy in the 1980s to consolidate public sector activities and
promote the private sector as the engine of growth, a new financing pattern emerged. With this transformation of the economy, the decline of public
sector borrowing was compensated by an increase in financing by the private sector. The private sector has relied on the banking system for its
financing needs, of which a large portion was intermediated through the banking system – the ratio of bank credit to gross domestic product (GDP) in
Malaysia was high at 149% in 1997. Nevertheless, the ratio of bank deposits to GDP was also high at 154% and therefore banks were able to finance
their lending operations from their deposits. * As the banking sector was heavily exposed to the economic crisis that struck the nation in 1997, it was
very cautious in extending new credits. In the post–crisis period, loan growth was low; for example in 1998 and 1999, growth was less than the target
of 8% proposed by the government. * The malignancy of the Asian financial turmoil was derived from the externally–driven currency crisis with the
internally induced banking crisis. In other

Advantages Of Bursa Market Place
Bursa Malaysia has undertaken a few measures to increase retail participant in Bursa Marketplace. Those measures are introducing e–community
platform, new investment products and services to attract more participants and introduction of ASEAN Post Trade Services.
Bursa Malaysia introduced e–Community platform which is the Bursa Market Place in which it is a place for new investors to learn, practice, understand
and get started to trade in the market place. This market place is to provide latest and accurate financial information to traders or investors. Investors
can trade like a savvy trader via this Bursa Market Place. Hence, the launched of this market place is able to encourage more retail participants to
trade as the Bursa Market Place is so convenient and safe for traders to trade besides, investors can actually gain insights regarding the stock market
shares and research on trading charts for different period. On the other hand, another purpose of Bursa Market Place is to encourage Generation Y to
participate in this capital market and to build the interest of Generation Y to trade or to be an... Show more content on Helpwriting.net ...
The objective of this policy is to develop and invest in the developed area in order to boost the economy. This programme is to encourage
development of the capital market by focusing in infrastructure in order to increase efficiency, boost economy and increase the competitiveness in
the capital market. Therefore, in 2012 market development was achieved and many new products and services were launched to give investors more
opportunities, more benefits and are able to attract more new retail investors. Therefore, this policy manage to overcome the number of retail
participants from year 2000 to 2012 which is much little compare to year 2014. Take for example, the investment in palm oil grew by 46% in year
2014 compared to year 2013 which is only by

Notes On Amana Growth Fund Essay
Amana Growth Fund (AMAGX) is an Islamic Growth Fund that favors large–cap investments. AMAGX seeks high–quality companies with
sustainable growth rates, with free cash flows, and strong balance sheets. Companies free of excess debt are more likely to have low price volatility and
constant rising dividends. Amana Growth Fund advocates ethical investing to avoid crises of reputational damage, higher costs, lost production, and
fraudulent operations. Amana Growth Funds Trust is the first and largest client of Saturna. The Fund follows Islamic principles and imposes
restrictions on the securities that the Trust may invest in. The Amana Growth Fund invests in large–cap value investments. The Fund favors businesses
with an expected higher growth than the economy. The ethical investments increase the positive impacts of an organization (Amjad, R., Ashiq, H.,
Hassan, M., Inam, H., Kausar, A., Lodhi, M., Nasar, H. 2012). The minimum initial investment for Investor Shares is $250 and for Institutional Shares
is $100,000. The annual fund operating expenses under the Amana Growth Fund for Investor Shares (AMAGX) has a management fee of 0.81%,
distribution (12b–1) fee of .25%, and other expenses of .03%; in total an annual fund operating expense of 1.09%. As for the Institutional Shares
(AMIGX), the management fee is .81%, the distribution (12b–1) has no fee, and other expenses of .04%; in total an annual fund operating expense of
.85%. There is a redemption Fee of 2% if Fund is held

The Evolution of Islamic Finance and Financial Institutions
The evolution of Islamic finance now takes place in most of the countries, whether in Muslim countries or non–Muslim countries. Islamic finance
institutions perform the same essential functions as financial institutions do in the conventional system, except that there is a need for them to carry
out their transactions in accordance with the rules and principles of Islam. One of the most growing parts of the Islamic finance is Islamic equity market.
In principle, Islamic equity market is characterized by the absence of interest based transactions, doubtful transactions and unlawful stocks of
companies which deal in non–shariah compliance activities or items. Its market activities must be free from any of unethical or immoral elements.
The emergence of several Islamic indices such as the Dow Jones Islamic index has offered better screening processes to both Muslim and
non–Muslims investors. The existence of the shariah screening process in the stock market will enable Muslim investors to invest into companies that
run the permissible activities in the businesses. The Dow Jones Islamic Market Index (DJIM), launched in 1999 in Bahrain, was first benchmark to
represent Islamic–compliant portfolios and for investors seeking investments in compliance with Muslim Shariah law. The DJIM in essence is a
specialized ethical index that screens out prohibited stocks, as defined by Shariah law, and it is monitored by Muslim scholars. Malaysia is recognized as
one of the dynamic

Advantages And Disadvantages Of Sukuk Bonds
Presently, the East Cameron has business partner relationship with the Macquarie Bank, such that the latter owns 50% equities of the East Cameron.
However, Macquarie soon intends to withdraw its investment in the business, initiating Campbell Evans (CEO of East Cameron Partners LP) to look
for other alternative options to regain full control of the business. With high demands and increasing prices of oil and gas, Evans wants to take these
advantages in gaining finances to buy out Macquarie and diversify its investment portfolio (Sapp, 2010, p. 1). The proposed sukuk bonds compels high
interests on the part of East Cameron, being that it can be a solution for the company to reverse the financial conditions that previously characterize
their investment relations with Macquarie. Under this term, the equity rights are gradually repurchased by the East Cameron upon... Show more content
on Helpwriting.net ...
AdvantagesDisadvantages
1Enough finances to buy Macquarie's 50% equity in the company and procure high returns from "bond–like instruments" (Sapp, 2010, p. 2). In this
way, the current relationship of East Cameron with Macquarie can be reversed by being able to buy Macquarie's 50% equity stakes. Moreover,
adequate finances can be secured that can enable East Cameron to engage with further exploration of the two oil/ gas properties (Sapp, 2010, p. 6).A
new kind of financial investment in the North American markets (Sapp, 2010, p. 4)
2High returns from booming prices of gas and oil market and acquire higher level of control on the company (Sapp, 2010, p. 3)Smaller cash outflows
to investors at an estimated rate of 11.25% (Sapp, 2010, p. 5)
3No concept or application of interest rates, because interest or riba (in Arabic / Islam) is against the Shariah law (Sapp, 2010, p. 3) Based on the
traditional practices and concepts of financing (Sapp, 2010, p.

Disadvantages Of Ijarah Sukuk
Ijarah sukuk
Ijarah sukuk represent the ownership of an equal share in the usufruct of an asset that is well existing, known and defined, tied to an Ijarah contract as
defined by Shari'ah. The owner of the sukuk have the right to receive rent, own the underlying assets, and dispose the sukuk without any impact on
the sukuk issuer's right to use the asset. The owner have to bear all costs related to the basic characteristics of the assets and the lessee is responsible
for bearing the cost of maintenance or damage (Manaf, 2007; Al–Amine, 2001; Ayub, n.d., Billah, n.d.).
According to Al–Amine (2001:6), Ijarah sukuk has four characteristics:
1. Ijarah bonds is able to be trade in the market at prices determined by market forces, such as economic conditions and general market, opportunity
cost, the financial market and the price of real investment.
2. Since the maintenance and insurance expenses cannot be perfectly known in advance, the expected ... Show more content on Helpwriting.net ...
Also the corporate starts to buy Musyarakah shares of the SPV on a periodic basis.
1)Corporate contributes land or other physical assets to the Musyarakah.
2)SPV contributes cash for example the issue Proceeds received from the investors to the Musyarakah.
3)The Musyarakah appoints the Corporate as the agents who will be in charge of developing the land with the cash injected in Musyarakah sukuk and
lease or sell the developed assets on behalf of the Musyarakah.
4)The agent will get a fixed agency fee and a variable incentive fee payable as return.
5)Profits will be distributed as per their respective shares to the sukuk holders.
6)The Corporate irrevocably starts to buy at a pre–agreed price the Musyarakah shares of the SPV with semi–annual basis and at the end of the fixed
period the SPV would not have any shares anymore in the

Islamic Law And Islamic Banking
Forty years ago, the Islamic banking industry was created, on a modest scale, to fill a gap in a banking system that was not listening to the fervent
Muslim believers. Morocco has been following the same development in offering Islamic finance services to its citizens through Islamic windows in
conventional banks. In parallel to this development of the Islamic financial industry in Morocco, it seems very crucial to evaluate critically based on
Maliki law school the previous experience of Islamic windows in conventional banks. Taking into considerations, the differences between schools in
the interpretation and implementation of Islamic law in economy life, the objective of this paper was to critically analysis the practice of Islamic
banks in Morocco. This paper aimed at analyzing the characteristics of different schools of Islamic law and how this would affect Islamic banking. The
final aim of this paper was to highlight the importance of jurisprudence/ new interpretations in developing Islamic banking. Qualitative methodology
based on semi directive interviewees was the main approach for this paper. Three levels of gaps have been found out. These gaps are related
respectively to Murabaha, Musharaka and Ijara. Three recommendations have been advised to fill the gaps: Absolute isolation of Fund, Sharia auditing
committee And Compliance with AAOIFI Standards
Introduction
1. Background of research
1.1 Islamic finance industry
Forty years ago, the Islamic banking industry

The Islamic Finance and The Sukuk Market
CHAPTER 1: INTRODUCTION
1.1 OVERVIEW
The Islamic finance industry has been evolving and growing rapidly for the past decade. The recent global financial meltdown has open opportunity to
Islamic finance to offer a new outlooks and effective solutions to economics problems. Economists are now looking to the east, learning lessons and
seeing advantage of Islamic finance. Since then, serious research on Islamic financial system has been carried out and Islamic financial system has
been an interesting area of discussion.
Today, Islamic finance has shown impressive performance with the Islamic finance industry's assets are estimated to have amounted to $1.8 trillion as
at end–2013, recording an over 16% y–o–y growth according to KFH–Research. In a newly released report "Islamic Finance Outlook 2014" by Kuwait
Finance House Research Limited (KFHR), the Islamic finance industry is forecasted to continue to chart tremendous double digit growth rates across
all sectors, with total industry assets estimated to reach approximately $2.1 trillion as at end–2014.
The Sukuk market has been one of the most popular sectors in Islamic finance over the past few years. According to Zawya, 2011 was a record year for
these relatively young assets which reached $84.4 billion. In 2012 Sukuk issuance is already shaping up to be a record year with $68 billion issued
in the first half, an increase of 55% over the same period of 2011. Sukuk is an Islamic alternative of conventional bonds based on

What Is Liquidity Of The Stock Market
Domestic stock market – Size and liquidity
The Financial Markets in the UAE are rather unique in nature, they are fairly young with an extraordinary growth potential in the long–run. A wide,
diverse selection of securities is listed that can be traded in the Financial Market. These securities include "equities, securities, bonds, futures, mutual
funds, commodities, currencies, metals, stones, derivatives, and Sukuk (Islamic bonds)" (Financial Markets – Official Portal of UAE, n.d). The two
most important Financial Markets in the UAE are the ADX and DFM. The DFM and ADX are both regulated by the SCA. However, the ADX is
usually used as a benchmark to assess the overall stock size and liquidity as it provides a reflection on the overall ... Show more content on
Helpwriting.net ...
Banking system
The Central Bank of the UAE was established in 1980 (Crystal & Peterson,2017). It is the UAE's highest financial regulator. The Central Bank works
with the state by directing changes in Monetary, Banking, and Credit–based policies appropriately. It implements those policies in accordance to the
state's current Financial and Economic needs. Moreover, the Central Bank aims to stabilize the economy and the current exchange rate by maintaining
gold and other foreign currency reserves. The UAE Central Bank, "prohibits lending an amount greater than 7 percent of a bank's capital base to any
single customer" (United Arab Emirates – Banking System, n.d). Furthermore, Islamic banking in the UAE has shown a boundless level of progress
due to no interest fees per Sharia Law. The UAE Islamic Financial Sector was estimated to be worth around 127 Billion US Dollars in 2014, it is
also the third largest Islamic market by value after Saudi Arabia and Malaysia (John,2015). In November 2011, the Central Bank introduced the IBAN
system, its main purpose was to ease the process of automatic money transfers and improve the accuracy and speed of payment transactions (Standard
Chartered Bank of UAE, n.d).
Tax environment & Relevant Considerations
The UAE is tax–free country. There are no Federal or Municipal taxes on both income or wealth. Recently, the UAE has started implementing a 50

MIS Homework 1r Essay
Sara Al–Essa ID: 201002374 QSet1.1– Week 1&2 1. What are data, information and knowledge? Provide an example of transformation of data to
knowledge using as an example the Accounts Receivable (AC) in the accounting department or personnel data in the HR department. Data: Consist
of raw facts, such as an employee number, total hours worked in a week, inventory part numbers, or sales order. Example: Calculations, For example:
a compilation of sales invoices at the end of the day and see the numbers, types and sizes of goods sold. Information: A collection of facts organized
and processed so that they have additional value beyond the value of the individual... Show more content on Helpwriting.net ...
The article is routed to the appropriate approver or set of approvers, who either approve or reject it. Publish the completed draft to one or more
channels, depending on the audiences you've configured: the Articles tab in your Salesforce organization, a customer portal, a partner portal, or a
public knowledge base. You can schedule the article to be published on a future date. Update the article as needed. When modifying a published
article, you can either remove it from publication so that the original is no longer visible to users, or leave the original published and work on a copy
until you're ready to replace the original with your update. Archive the article when it is obsolete to remove it from publication. As with publishing an
article, you can archive immediately or on a future date. Delete the article as needed, or turn it into a draft and begin a new publishing cycle Creating
Articles Authors create articles by selecting an article type, writing content, assigning categories, and choosing one or more channels. Depending on the
article type, several fields may be available for different types of data. Supporting Multiple Languages With multiple languages for Salesforce
Knowledge you can lower support costs by translating articles into the languages your audience prefers. After an administrator selects your language
settings, two translation methods are available: translating articles in–house using the editing tool in the knowledge

Malaysia Economic Analysis
Malasyia
Country Report
3/7/2013
By: Zara Khurram
Economic Analysis of Malaysia
Malaysia is a multi–cultural Southeast Asian country with a federal constitutional monarchy. Malaysia originated from the Malay Kingdoms which
were subject to the British Empire for a long time. Malaysia gained independence in August 1957. Today, Due to Malaysia's natural resources, it has
an average GDP growth rate of 6.5% for around 50 years.
Malaysia has a very attractive GDP growth, due to its various strengths in its economy, healthcare, abundance of natural resources and literacy.
Malaysian economic strength is due to various factors including strong trading partners, controlled inflation, and positive balance of trade. ... Show
more content on Helpwriting.net ...
Furthermore, there is no value added tax and the corporate tax rate is 25%. This indicate that tax burden in individuals is very low. However, the large
government spending is recent years have led to a budget deficit and a public debt which is 53% of GDP. Malaysian Government has to improve its
budget planning otherwise it will be in deep trouble in the future.
Additionally, although the literacy rate is high, the innovation is missing from the society. According to Charles Santiago, Malaysia needs to improve
innovation, otherwise the economy would be paralyzed. Malaysia also needs to promote the export of value added products rather than primary
products. Therefore, Malaysians should focus on changing the curriculum in educational institutions in order to encourage creativity and boost
technological innovation.
Malaysia has a tremendous potential to grow due to its resources and the attractive and stable financial environment. However, it also has a lot of
challenges to overcome before it is able to become a stable economically strong country. The government needs to control the corruption in the country
by encouraging transparency; it needs to manage its spending, revise the education system of the country, and put more efforts into social welfare to
reduce inequality and nepotism. Only after these efforts could Malaysia move towards prosperity.
Citations
Malaysia Highlights Its Strength in

Mudharabah
DEFINITION OF MUDHARABAH A Mudharabah transaction is derived from a partnership based on risk and profit sharing. This partnership is a
collaboration between an investor (Rabbul Mal) and an entrepreneur (Mudharib) under which the former provides funds to the latter for the purpose of
investment and profit sharing. This is how it works in practice – you, the investor will deposit an amount of money with the bank, which acts as the
entrepreneur. This investment is utilised as business capital by the bank. In this contract we have no authority to interfere in the management of our
investment. On the other hand, the bank will have the right to manage our investments as it thinks fit by placing it into businesses that are permissible in
... Show more content on Helpwriting.net ...
Using the large coal deposits from nearby coal–fields in the Mukah–Balingian region, the Mukah power plant will be the third coal–fired power plant in
Sarawak, after the up–and–running 110 MW Sejingkat Power Plant (phase 2). The Sejingkat Power Plant is located on the outskirts of Kuching and
is 100% owned by SECB and SESCO. Upon completion, the Mukah power plant will be the largest power plant in the State, and it is expected to
provide approximately15% of Sarawak's power needs. MPG and SPG senior officials today signed financing agreements with RHB ISLAMIC,
formalising the issuances of up to RM950 million Sukuk Mudharabah and up to RM215 million Sukuk Musyarakah for the Mukah Power Plant
project, by MPG and SPG respectively. The two Sukuk programmes, structured along the true blue Syariah principles of Mudharabah and Musyarakah,
the Middle East syariah standards in Islamic financing. The Sukuk programmes, which provide an almost 100% financing to the Mukah power project,
with a paid–up capital of RM2 million, would be fully acceptable to the Middle East market. The signing ceremony was witnessed by the YAB Pehin
Sri Haji Abdul Taib Mahmud, the Chief Minister of Sarawak. Proceeds from the RM950 million Sukuk Mudharabah issuance will be utilised to part
repay shareholder's advances and part finance project

Islamic Finance And Islamic Financial Experts

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