This document provides an overview of Islamic finance principles and the growth of Islamic fund management. It discusses key features of Islamic finance including partnership and profit-sharing models, avoiding interest and speculative activities, and ensuring investments are backed by real assets. It outlines the regulatory framework and increasing institutional support driving the expansion of the Islamic finance industry. The document also highlights the experience and performance of the Oasis funds in Islamic equity and property investments on both local and global scales.
This document outlines a presentation on governance best practices for sovereign wealth funds. It discusses the Santiago Principles, which provide voluntary guidelines for sovereign wealth fund governance. However, the principles have limitations, such as being a "one size fits all" approach. The presentation recommends improving transparency, accountability, and governance structures for sovereign wealth funds, especially in Muslim-majority countries. It suggests developing an independent Shariah committee and governance framework to provide religiously-compliant oversight for such funds in line with Islamic principles. The goal is to transform sovereign wealth fund practices gradually according to a flexible yet faith-based model.
This document discusses the history and development of Takaful (Islamic insurance) globally and in Pakistan. It provides the following key points:
1. Takaful first emerged in the 1970s as an alternative to conventional insurance that is compliant with Islamic principles. The first Takaful company was established in Sudan in 1979.
2. Takaful gained regulatory recognition and support in the late 1980s and 1990s in countries like Malaysia. Pakistan introduced regulations for Takaful in the 2000s and the first Takaful operators launched there in 2004-2007.
3. The Wakalah and Wakalah + Waqf models are the most commonly used operational models for Takaful
The document discusses Ireland's opportunities in Islamic finance. Key points include:
- Ireland has established tax and regulatory equivalence between Islamic and conventional finance.
- Several large Islamic funds have established in Ireland, with over $1 billion in assets under management.
- Ireland hosts many leading aviation finance companies and over 50% of the global commercial aircraft fleet.
- Amanie Advisors, a major Islamic advisory firm, has opened an office in Dublin to facilitate potential Sukuk issuances.
The presentation outline summarizes Islamic agricultural finance products and takaful insurance. It discusses modes of financing like musharakah and mudarabah partnerships, as well as bai trade-based financing including murabaha and salam. It then covers the principles and models of takaful insurance. The document provides an overview of the growth of Islamic banking industries globally and within Pakistan.
The document discusses Islamic investment funds and Sharia-compliant investing. It notes that Sharia-compliant funds such as those available through UCITS platforms in Dublin and Luxembourg are growing in popularity with both Muslim and non-Muslim investors. Management fees for Sharia funds are comparable to conventional funds. The document also outlines the size and growth of the global Sukuk market as an important aspect of Sharia-compliant fixed income investing.
This document discusses opportunities for Islamic finance in Australia. It provides an overview of Crescent Investments Australasia, which focuses on Shariah compliant wealth management products. It notes that Australia's Muslim population is growing and represents over $3 billion in household purchasing power. The document outlines what Islamic finance entails, including prohibiting interest and emphasizing profit/loss sharing and asset-backed transactions. It acknowledges legislative challenges around taxation but highlights opportunities in areas like Islamic superannuation funds, which could represent $3-6 billion in assets. Overall the document argues there is significant potential to expand Islamic finance in Australia.
The document discusses Islamic investment funds and their growth globally. Some key points:
- Over 750 Islamic funds globally now manage $60 billion in assets across various classes like equity, real estate, commodities.
- Popular locations for Islamic funds include Luxembourg, Cayman Islands, and Bahrain which are used as distribution hubs for the Middle East.
- Islamic funds are growing in popularity not just with Muslims concerned with Sharia compliance, but also with non-Muslims seeking socially responsible and ethical investments with comparable or higher returns than conventional funds.
This document outlines a presentation on governance best practices for sovereign wealth funds. It discusses the Santiago Principles, which provide voluntary guidelines for sovereign wealth fund governance. However, the principles have limitations, such as being a "one size fits all" approach. The presentation recommends improving transparency, accountability, and governance structures for sovereign wealth funds, especially in Muslim-majority countries. It suggests developing an independent Shariah committee and governance framework to provide religiously-compliant oversight for such funds in line with Islamic principles. The goal is to transform sovereign wealth fund practices gradually according to a flexible yet faith-based model.
This document discusses the history and development of Takaful (Islamic insurance) globally and in Pakistan. It provides the following key points:
1. Takaful first emerged in the 1970s as an alternative to conventional insurance that is compliant with Islamic principles. The first Takaful company was established in Sudan in 1979.
2. Takaful gained regulatory recognition and support in the late 1980s and 1990s in countries like Malaysia. Pakistan introduced regulations for Takaful in the 2000s and the first Takaful operators launched there in 2004-2007.
3. The Wakalah and Wakalah + Waqf models are the most commonly used operational models for Takaful
The document discusses Ireland's opportunities in Islamic finance. Key points include:
- Ireland has established tax and regulatory equivalence between Islamic and conventional finance.
- Several large Islamic funds have established in Ireland, with over $1 billion in assets under management.
- Ireland hosts many leading aviation finance companies and over 50% of the global commercial aircraft fleet.
- Amanie Advisors, a major Islamic advisory firm, has opened an office in Dublin to facilitate potential Sukuk issuances.
The presentation outline summarizes Islamic agricultural finance products and takaful insurance. It discusses modes of financing like musharakah and mudarabah partnerships, as well as bai trade-based financing including murabaha and salam. It then covers the principles and models of takaful insurance. The document provides an overview of the growth of Islamic banking industries globally and within Pakistan.
The document discusses Islamic investment funds and Sharia-compliant investing. It notes that Sharia-compliant funds such as those available through UCITS platforms in Dublin and Luxembourg are growing in popularity with both Muslim and non-Muslim investors. Management fees for Sharia funds are comparable to conventional funds. The document also outlines the size and growth of the global Sukuk market as an important aspect of Sharia-compliant fixed income investing.
This document discusses opportunities for Islamic finance in Australia. It provides an overview of Crescent Investments Australasia, which focuses on Shariah compliant wealth management products. It notes that Australia's Muslim population is growing and represents over $3 billion in household purchasing power. The document outlines what Islamic finance entails, including prohibiting interest and emphasizing profit/loss sharing and asset-backed transactions. It acknowledges legislative challenges around taxation but highlights opportunities in areas like Islamic superannuation funds, which could represent $3-6 billion in assets. Overall the document argues there is significant potential to expand Islamic finance in Australia.
The document discusses Islamic investment funds and their growth globally. Some key points:
- Over 750 Islamic funds globally now manage $60 billion in assets across various classes like equity, real estate, commodities.
- Popular locations for Islamic funds include Luxembourg, Cayman Islands, and Bahrain which are used as distribution hubs for the Middle East.
- Islamic funds are growing in popularity not just with Muslims concerned with Sharia compliance, but also with non-Muslims seeking socially responsible and ethical investments with comparable or higher returns than conventional funds.
Is Islamic Finance really the value proposition it claims to be? Assessment a...saydfarook
This presentation provides a stocktake of where the Islamic Finance industry is currently positioned and what are the long term prospects for the industry. It also provides a short-medium term broad overview of what can be expected from Islamic Finance.
20161102 the mostpresingissuesfordevelopment f islamicfinance_presentation_dj...Abubaker Mayanja
The document discusses the advancement of Islamic finance in Africa. It identifies some of the most pressing issues as the lack of a central hub, diverse legal systems across countries, and governance challenges for Islamic financial institutions. It proposes strategies like strengthening multilateral cooperation through organizations like the Islamic Development Bank, encouraging private sector engagement, and developing country-to-country partnerships to help boost Islamic finance. Establishing hubs in OIC member states and aligning with the IDB strategy could help attract funding and technical support. Key trends in Africa like emerging markets and the middle class present opportunities for Islamic finance to grow.
This document provides an overview of the global distribution of Irish UCITS funds as of October 2009. Some key points:
- Ireland is one of the major centers for domiciling cross-border UCITS funds, with over 3,000 Irish-domiciled funds and a net asset value of EUR 542 billion.
- 80% of Irish-domiciled funds are UCITS funds. 353 fund promoters from over 50 countries have established Irish-domiciled funds.
- Distribution is key to the success of UCITS funds. Irish UCITS funds are distributed heavily in Europe, Asia, South America, and the Middle East. The top non-EU markets are Switzerland, Singapore, Chile
The document provides an introduction to Islamic microfinance. It discusses the differences between conventional and Islamic microfinance, highlighting that Islamic microfinance prohibits interest and is based on risk sharing. It also outlines some of the popular financing modes used in Islamic microfinance like murabaha, ijara, and musharaka. The document further discusses the demand for Islamic microfinance worldwide and provides examples of institutions implementing Islamic microfinance in various countries.
1) The document analyzes the performance of Islamic mutual funds compared to conventional funds using data from 46 Islamic mutual funds between 1997-2002.
2) It finds that during the market boom period, Islamic equity funds demonstrated high positive returns, even higher than their benchmarks. However, during the market decline in 2000-2001, Islamic fund returns dropped along with the overall market decline.
3) The analysis uses various performance measures to compare returns of Islamic funds to market benchmarks and evaluates funds by investment category. The results show Islamic funds perform similarly to conventional funds, with no significant outperformance or underperformance.
Topic i. introduction of islamic finance and banking(1)SaudBilal1
Islamic finance refers to financial transactions and investments that adhere to Shariah (Islamic law). The key principles of Islamic finance include prohibitions of riba (interest), gharar (excessive uncertainty), and investing in haram (forbidden) activities. Transactions must be backed by real assets and involve profit/loss sharing between financiers and entrepreneurs. The foundations of Islamic finance are based on guidelines from the Quran and hadith. Permissible financial structures include mudarabah, musharakah, ijara, and sukuk.
Dissertation -Shariah-Compliant Stocks Screening and Purification-FMG - July ...Farid Gamaleldin
This document provides an overview of Shariah-compliant stock screening and purification methods. It discusses the objectives of the research, which are to study and compare screening rules used by various indices, analyze the rationale behind criteria, propose a screening framework that fulfills Shariah objectives, and study purification processes. The literature review covers past studies that analyzed specific screening criteria, compared criteria between indices, and outlined criteria used in Malaysia. The document introduces concepts relevant to Shariah-compliant investing and discusses growth in Islamic finance assets.
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase stocks, bonds, and other securities. There are three main types of mutual funds: open-end funds that must purchase back shares daily at net asset value, closed-end funds that trade on an exchange, and unit investment trusts that have a fixed portfolio. Mutual funds provide advantages like diversification, liquidity, and professional management, but also have disadvantages like fees and less control over taxes. The first mutual funds were established in the 1700s in Europe and gained popularity in the US in the 1920s. Today, the largest mutual fund companies are Vanguard, Fidelity, and American Funds.
This document discusses Islamic real estate investment trusts (REITs) and provides an overview of REITs globally. It outlines the advantages of investing in REITs, including tax benefits, liquidity, diversification, and high dividends. Issues with Islamic REITs are discussed, such as lower reinvestment rates leading to slower growth. The document also describes Malaysia's guidelines for Islamic REITs, including the first Islamic REIT launched there in 2006. In conclusion, universal regulatory frameworks and Shari'a consensus on asset types are needed to further develop Islamic REITs as a viable investment alternative.
Financial infrastructure comprises of the resources, public policy support, protection, facilities and utilities that make the use of the financial architecture beneficial for developing an inclusive, dynamic and resilient financial system.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, is a pioneer in the field of Shariah compliant credit and political risk insurance and reinsurance.
ICIEC was established in 1994 as an international institution with full juridical personality and with the objective of increasing the scope of trade transactions of its Member Countries, and to facilitate foreign direct investments (FDI) into the same countries. ICIEC fulfills these objectives by providing appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.
Website: www.iciec.com
This document provides an overview of the growth and current state of Islamic finance. Key points include:
1) Islamic finance has grown significantly in recent decades, fueled by rising oil revenues in Gulf nations that have increased liquidity and investment.
2) Acceptance of Islamic finance is also growing beyond predominantly Muslim regions as its principles of risk-sharing and asset-backed investments appeal to more investors.
3) Countries like Malaysia have been pioneers in developing Islamic finance through regulatory frameworks and educational institutions to establish themselves as hubs for the industry.
This presentation discusses modaraba investment fraud in Pakistan. It provides an overview of common Islamic finance contract types like murabaha, ijara, and musharakah/mudarabah. Mudarabah is described as a partnership where one partner provides capital while the other provides management. The presentation then outlines several major fraud schemes totaling over 655 billion rupees, including the Spadix, Elixir, and Sami textile groups. Officials from these groups are currently in custody. Over 850 citizens filed claims of over 500 million rupees with the National Accountability Bureau against a sham modaraba company run by muftis.
IFC is a member of the World Bank Group that promotes private sector investment in developing countries. This document discusses IFC's mining investment division and the impact of investment and risk climate on mining investment in Asia. It provides context on IFC's role in the mining sector, current portfolio, and ways it adds value through risk mitigation, environmental and social advisory services, and promoting sustainable development practices. The document also summarizes some of the key political, environmental, and social risks faced by mining projects and strategies to manage stakeholder relations and community impacts.
Islamic Finance In The Kingdom Of Bahrainiqbal.jusoh
The document summarizes recent developments in Islamic finance in the Kingdom of Bahrain. It discusses the establishment of the Central Bank of Bahrain (CBB) as the sole financial regulator, the introduction of a new Trust Law, and the development of new Islamic banking institutions, capital markets through indexes, and Takaful insurance companies in Bahrain. It also notes infrastructure projects like the Bahrain Financial Harbour to support the growth of Bahrain as a center for Islamic finance.
Financial architecture comprises of the globally acceptable core principles,best practice guidelines and standards that are need for the inclusiveness, effectiveness, resilience and sustainability of the financial system.
This document provides an overview of hedge funds and Islamic finance from the perspective of Bank Negara Malaysia. It discusses background topics such as the history and current state of hedge funds, including that there are over 8,000 hedge funds managed by nearly 3,000 managers globally. The document then defines what a hedge fund is, describing their common characteristics, legal structures, fee structures and key participants. It also discusses hedging, risk management strategies employed by hedge funds, and the various investment strategies they utilize. The case for hedge funds is made by contrasting them with mutual funds. In conclusion, the document examines issues facing Islamic investors and possible alternatives to conventional hedge funds.
M khaleequzzaman third conference al_huda_mainstreaming islamic microfinance_...snb9899
1. The document discusses mainstreaming Islamic microfinance as an inclusive approach to address issues with conventional microfinance such as weakening social collateral, mistargeting of the poorest, and high costs.
2. It recommends downscaling Islamic banks and commercial banks to provide microfinance services according to Sharia principles through linkage models with MFIs and establishing full-fledged Islamic microfinance banks.
3. Involving cooperatives and utilizing tools like zakat and sadaqah can help include the poorest clients in Islamic microfinance programs.
Regulated Funds In Ireland Ucits Non UcitsOmer_Khan
Ireland is a leading domicile for UCITS funds. UCITS funds established in Ireland can obtain a "European passport" allowing distribution throughout the EU. They are subject to strict investment eligibility criteria and restrictions under the UCITS directive. Common legal structures for Irish UCITS include unit trusts and investment companies. Regulatory approval typically takes 4-6 weeks, while overall establishment takes around 3 months.
Derivation of Aquatic Life Screening Values | Harmonization of Office of Wate...Loren Larson, CHMM, CPEA
Presentation Slides: This is a technical presentation discussing the harmonization of water quality standards/screening procedures used by the EPA Office of Water for establishing water quality criteria under the Clean Water Action and the EPA Office of Pesticide Programs for evaluation of the potential impacted of pesticide products under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA).
This document discusses context-free grammars and parsing. It defines context-free grammars and how they are used to specify the syntactic structure of programming languages. Key points include:
- Context-free grammars use recursive rules and regular expressions to define a language's syntax.
- Parsing involves using a context-free grammar to derive a syntax tree from a sequence of tokens.
- Derivations show how strings of tokens are generated from a grammar's start symbol through replacements.
- The language defined by a grammar consists of all strings that can be derived from the start symbol.
Is Islamic Finance really the value proposition it claims to be? Assessment a...saydfarook
This presentation provides a stocktake of where the Islamic Finance industry is currently positioned and what are the long term prospects for the industry. It also provides a short-medium term broad overview of what can be expected from Islamic Finance.
20161102 the mostpresingissuesfordevelopment f islamicfinance_presentation_dj...Abubaker Mayanja
The document discusses the advancement of Islamic finance in Africa. It identifies some of the most pressing issues as the lack of a central hub, diverse legal systems across countries, and governance challenges for Islamic financial institutions. It proposes strategies like strengthening multilateral cooperation through organizations like the Islamic Development Bank, encouraging private sector engagement, and developing country-to-country partnerships to help boost Islamic finance. Establishing hubs in OIC member states and aligning with the IDB strategy could help attract funding and technical support. Key trends in Africa like emerging markets and the middle class present opportunities for Islamic finance to grow.
This document provides an overview of the global distribution of Irish UCITS funds as of October 2009. Some key points:
- Ireland is one of the major centers for domiciling cross-border UCITS funds, with over 3,000 Irish-domiciled funds and a net asset value of EUR 542 billion.
- 80% of Irish-domiciled funds are UCITS funds. 353 fund promoters from over 50 countries have established Irish-domiciled funds.
- Distribution is key to the success of UCITS funds. Irish UCITS funds are distributed heavily in Europe, Asia, South America, and the Middle East. The top non-EU markets are Switzerland, Singapore, Chile
The document provides an introduction to Islamic microfinance. It discusses the differences between conventional and Islamic microfinance, highlighting that Islamic microfinance prohibits interest and is based on risk sharing. It also outlines some of the popular financing modes used in Islamic microfinance like murabaha, ijara, and musharaka. The document further discusses the demand for Islamic microfinance worldwide and provides examples of institutions implementing Islamic microfinance in various countries.
1) The document analyzes the performance of Islamic mutual funds compared to conventional funds using data from 46 Islamic mutual funds between 1997-2002.
2) It finds that during the market boom period, Islamic equity funds demonstrated high positive returns, even higher than their benchmarks. However, during the market decline in 2000-2001, Islamic fund returns dropped along with the overall market decline.
3) The analysis uses various performance measures to compare returns of Islamic funds to market benchmarks and evaluates funds by investment category. The results show Islamic funds perform similarly to conventional funds, with no significant outperformance or underperformance.
Topic i. introduction of islamic finance and banking(1)SaudBilal1
Islamic finance refers to financial transactions and investments that adhere to Shariah (Islamic law). The key principles of Islamic finance include prohibitions of riba (interest), gharar (excessive uncertainty), and investing in haram (forbidden) activities. Transactions must be backed by real assets and involve profit/loss sharing between financiers and entrepreneurs. The foundations of Islamic finance are based on guidelines from the Quran and hadith. Permissible financial structures include mudarabah, musharakah, ijara, and sukuk.
Dissertation -Shariah-Compliant Stocks Screening and Purification-FMG - July ...Farid Gamaleldin
This document provides an overview of Shariah-compliant stock screening and purification methods. It discusses the objectives of the research, which are to study and compare screening rules used by various indices, analyze the rationale behind criteria, propose a screening framework that fulfills Shariah objectives, and study purification processes. The literature review covers past studies that analyzed specific screening criteria, compared criteria between indices, and outlined criteria used in Malaysia. The document introduces concepts relevant to Shariah-compliant investing and discusses growth in Islamic finance assets.
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase stocks, bonds, and other securities. There are three main types of mutual funds: open-end funds that must purchase back shares daily at net asset value, closed-end funds that trade on an exchange, and unit investment trusts that have a fixed portfolio. Mutual funds provide advantages like diversification, liquidity, and professional management, but also have disadvantages like fees and less control over taxes. The first mutual funds were established in the 1700s in Europe and gained popularity in the US in the 1920s. Today, the largest mutual fund companies are Vanguard, Fidelity, and American Funds.
This document discusses Islamic real estate investment trusts (REITs) and provides an overview of REITs globally. It outlines the advantages of investing in REITs, including tax benefits, liquidity, diversification, and high dividends. Issues with Islamic REITs are discussed, such as lower reinvestment rates leading to slower growth. The document also describes Malaysia's guidelines for Islamic REITs, including the first Islamic REIT launched there in 2006. In conclusion, universal regulatory frameworks and Shari'a consensus on asset types are needed to further develop Islamic REITs as a viable investment alternative.
Financial infrastructure comprises of the resources, public policy support, protection, facilities and utilities that make the use of the financial architecture beneficial for developing an inclusive, dynamic and resilient financial system.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, is a pioneer in the field of Shariah compliant credit and political risk insurance and reinsurance.
ICIEC was established in 1994 as an international institution with full juridical personality and with the objective of increasing the scope of trade transactions of its Member Countries, and to facilitate foreign direct investments (FDI) into the same countries. ICIEC fulfills these objectives by providing appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.
Website: www.iciec.com
This document provides an overview of the growth and current state of Islamic finance. Key points include:
1) Islamic finance has grown significantly in recent decades, fueled by rising oil revenues in Gulf nations that have increased liquidity and investment.
2) Acceptance of Islamic finance is also growing beyond predominantly Muslim regions as its principles of risk-sharing and asset-backed investments appeal to more investors.
3) Countries like Malaysia have been pioneers in developing Islamic finance through regulatory frameworks and educational institutions to establish themselves as hubs for the industry.
This presentation discusses modaraba investment fraud in Pakistan. It provides an overview of common Islamic finance contract types like murabaha, ijara, and musharakah/mudarabah. Mudarabah is described as a partnership where one partner provides capital while the other provides management. The presentation then outlines several major fraud schemes totaling over 655 billion rupees, including the Spadix, Elixir, and Sami textile groups. Officials from these groups are currently in custody. Over 850 citizens filed claims of over 500 million rupees with the National Accountability Bureau against a sham modaraba company run by muftis.
IFC is a member of the World Bank Group that promotes private sector investment in developing countries. This document discusses IFC's mining investment division and the impact of investment and risk climate on mining investment in Asia. It provides context on IFC's role in the mining sector, current portfolio, and ways it adds value through risk mitigation, environmental and social advisory services, and promoting sustainable development practices. The document also summarizes some of the key political, environmental, and social risks faced by mining projects and strategies to manage stakeholder relations and community impacts.
Islamic Finance In The Kingdom Of Bahrainiqbal.jusoh
The document summarizes recent developments in Islamic finance in the Kingdom of Bahrain. It discusses the establishment of the Central Bank of Bahrain (CBB) as the sole financial regulator, the introduction of a new Trust Law, and the development of new Islamic banking institutions, capital markets through indexes, and Takaful insurance companies in Bahrain. It also notes infrastructure projects like the Bahrain Financial Harbour to support the growth of Bahrain as a center for Islamic finance.
Financial architecture comprises of the globally acceptable core principles,best practice guidelines and standards that are need for the inclusiveness, effectiveness, resilience and sustainability of the financial system.
This document provides an overview of hedge funds and Islamic finance from the perspective of Bank Negara Malaysia. It discusses background topics such as the history and current state of hedge funds, including that there are over 8,000 hedge funds managed by nearly 3,000 managers globally. The document then defines what a hedge fund is, describing their common characteristics, legal structures, fee structures and key participants. It also discusses hedging, risk management strategies employed by hedge funds, and the various investment strategies they utilize. The case for hedge funds is made by contrasting them with mutual funds. In conclusion, the document examines issues facing Islamic investors and possible alternatives to conventional hedge funds.
M khaleequzzaman third conference al_huda_mainstreaming islamic microfinance_...snb9899
1. The document discusses mainstreaming Islamic microfinance as an inclusive approach to address issues with conventional microfinance such as weakening social collateral, mistargeting of the poorest, and high costs.
2. It recommends downscaling Islamic banks and commercial banks to provide microfinance services according to Sharia principles through linkage models with MFIs and establishing full-fledged Islamic microfinance banks.
3. Involving cooperatives and utilizing tools like zakat and sadaqah can help include the poorest clients in Islamic microfinance programs.
Regulated Funds In Ireland Ucits Non UcitsOmer_Khan
Ireland is a leading domicile for UCITS funds. UCITS funds established in Ireland can obtain a "European passport" allowing distribution throughout the EU. They are subject to strict investment eligibility criteria and restrictions under the UCITS directive. Common legal structures for Irish UCITS include unit trusts and investment companies. Regulatory approval typically takes 4-6 weeks, while overall establishment takes around 3 months.
Derivation of Aquatic Life Screening Values | Harmonization of Office of Wate...Loren Larson, CHMM, CPEA
Presentation Slides: This is a technical presentation discussing the harmonization of water quality standards/screening procedures used by the EPA Office of Water for establishing water quality criteria under the Clean Water Action and the EPA Office of Pesticide Programs for evaluation of the potential impacted of pesticide products under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA).
This document discusses context-free grammars and parsing. It defines context-free grammars and how they are used to specify the syntactic structure of programming languages. Key points include:
- Context-free grammars use recursive rules and regular expressions to define a language's syntax.
- Parsing involves using a context-free grammar to derive a syntax tree from a sequence of tokens.
- Derivations show how strings of tokens are generated from a grammar's start symbol through replacements.
- The language defined by a grammar consists of all strings that can be derived from the start symbol.
The document discusses major challenges facing Islamic banking and finance, including building capacity and awareness, developing proper legal and regulatory frameworks, addressing issues from globalization, establishing accounting and auditing standards, and ensuring compliance with Islamic principles prohibiting interest, speculative risk, and sinful activities. It emphasizes the need to build talent and expertise through education and training to strengthen the foundations and allow further growth of the industry.
IFRS and Aaoifi, Harmonisation or Convergence?Nik Hasyudeen
The document discusses the convergence of accounting standards between the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Accounting Standards Board (IASB). It notes that while AAOIFI has developed Shariah-compliant standards, working with IASB could help further integrate Islamic finance into global standards. The document also recommends that Malaysia establish a committee to facilitate the application of IFRS to Islamic finance and position the country as a leader in the field.
The document discusses accounting standards for Islamic banking as established by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI prepares Shariah-compliant accounting, auditing, governance and ethics standards for Islamic banks. It aims to standardize practices according to Shariah principles and rules to support the growth of the Islamic finance industry. The standards address general presentation and disclosures requirements in financial statements for Islamic banks, including additional statements on restricted investments, zakat and qard funds. They also require disclosures on Shariah advisory roles, prohibited earnings, investment account types and allocation of profits.
This document provides an overview of Islamic banking in Pakistan, including:
1. It briefly discusses the historical development of Islamic banking in Pakistan from the early 20th century through various government initiatives starting in the 1970s-1980s.
2. It outlines the current strategy being pursued, which takes a gradual phased approach to transitioning to an interest-free economy through expanding Islamic banking options.
3. It discusses the establishment of the State Bank of Pakistan Shariah Board to advise on Islamic banking regulations and oversee Shariah compliance.
Fundamental of Islamic Banking - Framework of Islamic Financial SystemMahyuddin Khalid
This document provides an overview of the development of Islamic banking and finance in Malaysia. It discusses the historical milestones and stages of development of Islamic banking, takaful (Islamic insurance), the Islamic capital market, and the roles of the Shariah Advisory Council and Labuan International Offshore Financial Centre in developing the Islamic financial system. The framework established in Malaysia has served as a model for the development of comprehensive Islamic financial systems internationally.
Presented by Dr. Nissar Ahmed Yatoo at the 4th Annual East Africa Finance Summit
1.Interest Free Transactions
2.Sharing of associated risks and profits
3.No scope for uncertainty
4.Emphasis on Ethical Investment
5.Tangible and identifiable underlying assets to back-up financial transactions
This document summarizes a student project on the future prospects of Islamic financial institutions in Malaysia. The objectives are to examine Islamic finance principles and products, study the role and functions of Islamic banks in Malaysia, and investigate opportunities and challenges. It outlines the principles of Islamic finance including prohibitions on interest and uncertainty. It also discusses Islamic banking products, regulations supporting the industry, and challenges around developing new services in line with changing needs.
Presentation by Amirul HM & Penny Siew at the Asia-Europe Institute - University of Malaya for "Financial & Accounting Ratios for SMEs" subject, IMSME Programme. 2009.
This document provides an introduction to Sukuk, which are Sharia-compliant financial certificates that are an alternative to conventional bonds. It discusses the types of Sukuk, including Sukuk al-Ijara (lease-based), Sukuk al-Salam (advance purchase), Sukuk al-Murabaha (cost-plus), and others. For each type, it outlines the basic transaction structure, steps involved, and examples of Sukuks that have been issued using that structure. The document aims to explain the underlying principles and structures of various Sukuk models for practitioners in the Islamic finance industry.
Hum Securities presents Pakistan's premier Islamic financial brokerage services. They offer Shariah-compliant professional brokerage services through their department, Hum Islamic Brokerage Services (HIBS). HIBS aims to provide profitable and Shariah-compliant investment options like stocks, Islamic investment pools, and expert advisory services. Stocks provide a liquid and interest-free investment option when screened according to strict Shariah principles. The KMI-30 index tracks the performance of 30 Shariah-compliant stocks and serves as a benchmark for Islamic investments in Pakistan. HIBS products include brokerage services conducted according to Islamic rules, zero-commission investment pools, and profit/loss sharing investment pools.
Al-Faysal Investment Bank is Pakistan's largest investment bank with paid up capital of Rs.978.7 million and total equity of over Rs. 24.5 billion. It is part of the Dar Al Maal Al Islami Group, an international network of Islamic financial institutions. Al-Faysal Investment Bank provides a range of corporate finance and advisory services and has played a leading role in major infrastructure projects in Pakistan. The bank has a presence across Pakistan with offices in Karachi, Lahore, and Islamabad and employs over 100 staff across various departments.
Islamic finance (Revolution in the Making) 2014Adel Abouhana
This document provides an overview of Islamic banking and takaful (Islamic insurance) globally and in various countries. It discusses the key principles, products and modes of Islamic banking including mudarabah, musharakah, murabaha, ijarah, and sukuk. For takaful, it explains the origins and alternatives to conventional insurance, such as the mudarabah, wakalah and waqf models. It also outlines the major markets for Islamic banking and takaful, including Malaysia, GCC countries, Pakistan and the challenges and future growth prospects of the industry.
The document discusses various types of Islamic investment funds that have emerged globally, including equity, sukuk, money market, real estate, and private equity funds. It notes that as of 2012, over 750 Islamic funds globally managed $60 billion in assets, with the most popular being equity funds. The document outlines the characteristics and examples of different Islamic fund types and concludes that Islamic funds provide socially responsible and ethical investment opportunities for both Muslim and non-Muslim investors.
This document discusses the challenges of developing Islamic capital markets. It notes that while Islamic finance has grown significantly over the past few decades, the Islamic capital markets still face several challenges including a lack of regulatory support, limited liquidity management tools, and differences in scholarly opinions that have prevented standardization. It recommends establishing a strong regulatory framework, developing new sharia-compliant financial products, and increasing cooperation between industry players and institutions to help the Islamic capital markets continue growing.
This document discusses operational risk management in Islamic banking and finance. It begins by introducing operational risk and noting that it is complex to quantify. It then outlines four generic risks facing all banks and provides examples of how risks transform under different Islamic contracts. The document focuses on operational risk definitions and frameworks from the Islamic Financial Services Board. It discusses causes, examples, and management of operational risks, including Sharia, legal and fiduciary risks. Quantitative approaches like the Basic Indicator Approach and Standardized Approach are described and criticized for their limitations in fully capturing operational risk. The role of effective management in mitigating operational risk is emphasized.
The document provides information about an upcoming conference on Islamic banking and finance in the Commonwealth of Independent States (CIS) countries. The conference will explore the untapped potential of Islamic banking in the CIS region, and provide insights into global trends and innovations in Islamic banking, takaful, sukuk, and financial inclusion. It will take place on May 2-4, 2019 in Tashkent, Uzbekistan and include sessions on regulatory frameworks, investment opportunities, and a post-event workshop on Islamic banking, takaful and microfinance.
Short look at the requirement for developing a structure for Islamic Bank, moving away from the conventional bank requirements. Outlines the various structures available such as Islamic Banking Windows, Islamic Banking Subsidiary and Islamic Banks
The document provides an overview of the Solidarity Group, a leading international Islamic-oriented financial services group. It discusses the group's subsidiaries and areas of specialization, which include general and family takaful, asset management, and investments. The document also outlines the group's financial performance, product lines, future plans, and positive views from customers, shareholders, and regulators regarding its position as a leading sharia-compliant takaful operator.
This document discusses Islamic investment funds. It notes that as of 2012, over 750 Islamic funds globally managed $60 billion in assets across equity, real estate, commodities and other asset classes. Popular locations for Islamic funds include Luxembourg, Dublin and the Cayman Islands which collectively make up 12% of total Islamic funds. The document discusses the growth of Islamic funds in various regions and notes they are no longer seen as alternative but competitive with conventional funds. It outlines reasons for non-Muslim investment in Islamic funds such as socially responsible investing and comparable long-term returns. Overall the document provides an overview of the Islamic funds landscape and types of Shariah-compliant funds available.
This document provides an overview of Sukuk (Islamic bonds) and the Islamic finance industry. It discusses the evolution and growth of Islamic finance since the 1970s across commercial banking, equity funds, and other areas. It then focuses on the Islamic capital markets, noting that Sukuk issuance has grown significantly in recent years and is projected to continue growing. However, the secondary market for Sukuk is still developing due to issues like limited supply and investor hold strategies. The document concludes by recommending steps to further develop the Sukuk market and Islamic finance industry overall, such as standardization, regulatory frameworks, and infrastructure development.
The document discusses several key international institutions in Islamic finance:
1. The International Islamic Financial Market (IIFM) works to standardize Islamic capital and money market products and documentation.
2. The International Islamic Liquidity Management Corporation (IILM) aims to enhance cross-border investment flows and financial stability in Islamic finance. It is headquartered in Kuala Lumpur and governed by several central banks.
3. Other organizations mentioned include the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) which issues standards and guidelines for the industry.
The document provides an outline for a presentation on Islamic banking and Takaful (Islamic insurance). It discusses various Islamic banking products and financing mechanisms, including Musharakah, Mudarabah, and Bai (buying and selling). It also covers the principles and models of Takaful, including Wakalah and Mudarabah models. The document reviews the growth and geographical spread of Islamic banking and Takaful internationally and in key markets like Malaysia, GCC countries, and Pakistan. It identifies some challenges in standardizing Takaful business models internationally.
Emergence of islamic Finance in Malaysia (2017) & Career in Islamic FinanceAmir Alfatakh
The Emergence of Islamic Finance, career opportunities in Islamic Finance, and what the industry is looking for (Career briefing to International Islamic University of Malaysia IIUM in April 2017)
The global Islamic finance industry has grown rapidly over the past decade and now manages over $1 trillion in assets. Several factors are driving continued growth, including increased capital from Muslim-majority countries, the rise of Islamic multinationals, and growing retail demand. While the industry has potential to tap into the large Muslim population worldwide, it still needs to educate customers and differentiate itself more from conventional finance. Regulatory challenges and a lack of skilled professionals could hamper further expansion.
This document summarizes a presentation on the strategic positioning of telecommunications operators in information and communications technology (ICT) value networks. It discusses the convergence of telecom, software, hardware and media industries and increasing complexity of ICT ecosystems. It analyzes the quantitative relationships between telecom activities and other industry segments using cluster analysis. The results show telecom activities are most strongly associated with software and media activities, and less associated with hardware components. Governance of relationships ranges from market-based to strategic cooperation, depending on the level of interdependency between industries.
This document provides an overview of Islamic banking, including:
- Defining Islamic banking and comparing it to conventional banking.
- Describing common Islamic financing techniques like Murabaha, Musharakah, and Mudarabah.
- Explaining how Islamic banks currently operate and the sectors they typically finance, with many relying heavily on Murabaha contracts.
This document discusses the risk characteristics of Islamic financial products and banking. It identifies 50 different types of risks that Islamic banks may face, such as liquidity risk, interest rate risk, commodity risk, communication risk, equity risk, operational risk, religious risk, and language risk. The document emphasizes that Islamic banking involves the same types of risks as conventional banking, but in some cases the risks may manifest differently due to Islamic banking principles forbidding interest and certain types of investments. Key risks discussed include liquidity, interest rates, commodities, unclear communication, and determining what is religiously permissible.
The document provides an overview of investment banking, including what investment banks do, their objectives, organization, opportunities, and roles within the industry. It discusses that investment banks raise capital for clients, advise on deals and restructurings, create and sell securities, and manage money for clients. It also outlines the various product areas and groups within investment banking and global markets.
This document provides an economic and commercial real estate market outlook for 2009-2010. It summarizes that the US economy is in a decline/trough phase that could last up to 7 years, with commercial real estate values expected to decline 30-50% and sales volumes to drop 75-95% over the next 1-2 years. It also discusses trends in key economic indicators such as GDP, employment, housing prices, and inflation expectations. Target investment markets highlighted are urban infill areas in major cities like San Francisco, San Jose, and the East Bay.
The document provides an overview of the educational components and opportunities for members of the UCREC (University of Chicago Real Estate Club) during the winter quarter of 2010. It includes details on finance basics sessions, REIT presentations, company presentations, mentoring programs, networking events, and scholarship opportunities. Accomplishments from the previous fall quarter are also summarized, including company presentations and panel discussions.
The document discusses the history and development of Islamic banking and finance in Malaysia. It outlines key laws governing Islamic banking in Malaysia, including the Islamic Bank Act of 1983 which regulates the licensing and operations of Islamic banks. The Act established requirements for capital reserves, assets, audits, and governance. It also imposed restrictions on activities like lending limits and dividend payments.
1. Inflation is increasingly being driven by global factors like rising food and fuel prices rather than domestic monetary policies. As trade and capital flows have integrated globally, inflation has become more volatile and persistent across countries.
2. 'Asset inflation' caused by speculative investment treating commodities like food and oil as assets contributes to high and volatile price levels beyond temporary spikes. High growth in global financial assets is channeling capital into financial markets rather than productive investment.
3. Countries like Brazil are vulnerable to speculative capital flows that can rapidly appreciate and depreciate their currencies, with inflationary impacts. Coordinated macroeconomic, exchange rate, and capital control policies are needed to manage such financial instability.
This document provides information about Singapore, including contact details for the Singapore International Chamber of Commerce and the Law Society of Singapore. It also summarizes key changes to Singapore's Companies Act, including relaxing capital maintenance rules, liberalizing financial assistance restrictions, allowing share buybacks, and introducing treasury shares. Recommended law firms are also listed for banking, insolvency and restructuring, capital markets, and mergers and acquisitions.
This document summarizes a presentation by Start Consult, a management consulting firm. It provides an overview of the company's experience in various sectors including financial services, private equity, and key client projects. The document discusses Start Consult's expertise, team background, and case studies working with clients on strategies, mergers and acquisitions, research studies, and business plans across multiple industries.
The document discusses issues and suggestions for OIC (Organization of Islamic Cooperation) Shari'ah compliant stock market indexes. It provides an overview of the growth of Islamic funds and indexes over time. Dow Jones Islamic Market Indexes are highlighted as a leading provider of Islamic financial indexes and products that screen companies for Shari'ah compliance. Sector breakdowns of various Islamic indexes are shown, noting differences compared to conventional indexes that could impact OIC countries.
The document provides an overview of the real estate finance industry, including investment banking and private equity roles. It discusses typical activities like advising on M&A transactions, pitching deals to clients, and performing due diligence for acquisitions. Private equity funds invest in real estate assets and companies. The document also describes the experiences of summer associates at an investment bank and private equity firm, including working long hours on deals and developing financial modeling skills. It concludes with a case study of Tishman Speyer and Lehman Brothers' $13.5 billion purchase of Archstone-Smith Trust.
The document provides an overview of a real estate finance course, including information about course materials, assignments, and key concepts. It discusses conditions in real estate contracts, illusory contracts, the duty of good faith, and cases examining financing contingencies and what is required to satisfy good faith in obtaining financing. It also covers variables that determine debt service, loan to value ratios, appraisal methods, and gross rental multipliers.
Al Rajhi Bank is the largest Islamic bank in the world with over $28 billion in assets. It has received several awards and recognition for being the best bank in Saudi Arabia and the Middle East. The bank focuses on serving clients in Saudi Arabia and contributing to the country's development according to Islamic principles. It has a large presence across Saudi Arabia and has recently expanded to Malaysia. The Corporate Banking Group provides various financing products and services to corporate and commercial clients within Islamic guidelines. Some of the major sectors and deals financed by the group include energy, infrastructure, and telecommunications projects.
The document discusses Islamic finance and S&P's approach to rating Islamic financial institutions and sukuk (Sharia-compliant bonds). It provides an overview of Islamic finance principles, notes that Islamic banks were not directly affected by the financial crisis but may be exposed to real estate risks. It also outlines S&P's views on the sukuk market, including its slowdown in 2008 and signs of recovery. S&P evaluates Islamic banks and assesses risks such as exposure to real estate sectors and reliance on wholesale funding.
CMS Bureau Francis Lefebvre is a French law firm with over 700 employees including 450 lawyers. It is part of the international CMS alliance network of law firms with over 2000 lawyers across 47 offices worldwide. CMS Bureau Francis Lefebvre provides legal services in business law, tax law, and employment law both within France and internationally through its offices and partnerships.
The document summarizes the keynote speech by P.K. Gupta on financing real estate and housing. It discusses topics like housing as a percentage of GDP in India, growth in housing credit, demand drivers for housing, the role of the National Housing Bank, issues in rural housing, the residential mortgage backed securities market, and ways to move housing finance forward such as land reforms. It concludes with an industrialist's views on the need for land and tax reforms to boost the housing and retail sectors in India.
1) The document discusses financing real estate and housing in India, noting that HDFC is India's first specialized mortgage company established in 1977 and has approved loans of Rs. 914 billion.
2) It outlines factors driving the growth in housing demand such as rising incomes, low interest rates, and urbanization, but also notes there is a shortage of 19.4 million housing units in India.
3) The document advocates for policy measures to further develop the real estate market such as tax reforms, streamlining approvals processes, and establishing securitization to improve funding.
Luxembourgthe international hub_for_financial_services (1)tapask7889
Luxembourg is an international hub for financial services. It is the leading investment fund center in Europe and leading wealth management center in the Eurozone. Financial services make up 45% of Luxembourg's GDP. Luxembourg has competitive advantages due to its highly skilled multi-lingual workforce, political and economic stability, and membership in the EU which allows passporting of financial services.
Local bond markets as a cornerstone of developmenttapask7889
The document discusses the importance of developing domestic bond markets for economic development. It notes that bond markets contribute to efficient financial intermediation and economic growth. However, bond markets in the Middle East are underdeveloped compared to other regions. The document recommends that governments issue bonds across maturity spectrums to develop yield curves and provide liquidity. It also recommends establishing primary dealers and allowing bonds to trade on exchanges and over-the-counter. The DIFC provides an infrastructure that can help develop the regional bond market through its legal system, trading platforms, and NASDAQ Dubai exchange.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. Investment
Embracing
Shari’ah Principles
JSE – September 2006
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2. Contents
1. What is Islamic Finance?
2. Development of Islamic Fund Management
3. The Oasis Experience in Islamic Fund
Management
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3. What is Islamic Finance?
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4. Features of Islamic Finance
• Partnership - sharing Risk & Reward
• discourage debt & situations of credit default
• Real Assets back every transaction
• discourage financial hybrids and derivatives
• Avoids investing in ‘the sins’
• e.g. pork, alcohol, tobacco, gambling, etc.
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5. A low risk investment alternative
• Speculation avoidance
• no derivatives etc.
• Debt avoidance
• reduced interest rate risk
• Asset backed investments
• endure bear markets
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6. Development of
Islamic Finance
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7. Support & growth of Islamic finance
• Gordon Brown pledged support for the
growth of Islamic finance
• Sukuk market had grown to $41 billion*
- Expect $9 bil new sukuk’s in next 6 months*
• Western Institutions are getting involved
- ₤3.3 billion for Dubai Ports project - underwritten
by Barclays Capital
* source: Financial Times (July 2006)
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8. Growth in Islamic financial institutions
• Fastest growing global financial sector
300
250
Institutions
200 + 55% growth
150
100
50
0
1997 2006
• In more than 75 countries (Bahrain & Malaysia the largest hubs)
• Total assets exceed $250 billion and are growing at 15% a year
Source: Institute for International Research, Institute for Islamic Banking & Finance
Please refer to General Council of Bank and Islamic Financial Institutions, IMF (F&D 2005)
the Legal Disclaimer
9. Reasons for growth in Islamic finance
• Strong demand for these products
• modern investment products facilitate greater choice
• low risk investment alternative avoids:
increased market volatility
high-risk speculative activity
greater potential to erode capital
• Growth in wealth & education of investors
• particularly in oil rich & industrialized countries
• increased wealth facilitates improved education
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10. Fostering growth in Islamic finance
REGULATION
CREDIBLE
BENCHMARKS
SPECIALISATION
Foundation for AND CO-
universal OPERATION
application
Promoting ENHANCED
accountability and PRODUCT
transparency
Increased participation
of service providers
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11. Regulation and transparency
The Islamic Finance Framework provides:
REGULATION TRANSPARENC
Y
• Highest global standards • Reporting performance, etc.
• Increased credibility • Promotes accountability
Foundation for universal application of
GLOBAL FUND MANAGEMENT OPERATION
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12. Regulatory and institutional standards
Saudi
1985 Organisation of the Islamic Conference (Islamic Fiqh Academy) Arabia
Accounting and Auditing Organisation of Islamic Financial
1989 Bahrain
Institutions (AAOIFI)
Saudi
1999 Islamic Corporation for Economic Development Arabia
General Council for Islamic Banks and Financial Institutions
2001 Bahrain
(GCIBFI)
2002 Islamic Financial Services Board (IFSB) Malaysia
2002 Islamic International Rating Agency (IIRA) Bahrain
2002 International Islamic Financial Market (IIFM) Bahrain
2002 Liquidity Management Centre Bahrain
• Collaboration with regional regulatory bodies
• Aligning regulatory standards globally
• Co-operating with world governing institutions (IMF, IOSCO, WB)
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13. Product Innovations in Islamic Finance
• Islamic mutual funds (diversified across asset classes)
• Equity investment products
• Sukuks (Islamic bonds)
• Real estate investment products
• Islamic hedge funds
• Short term investment instruments
• Takaful (Islamic insurance)
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14. Growth in Islamic Mutual Funds
• Islamic equity fund assets grew ± 25% between 1997 to 2003
• Total of 330 listed Islamic Investment Funds*
• Products include:
• Equity funds
• Real estate and property funds
• Murabaha funds (contract for purchasing asset by bank at cost +
profit)
• Commodity funds
• Leasing funds
* source: Eurekahedge.com
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15. Oasis experience
in Islamic Fund Management
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16. At Oasis regulation is KEY…
• Highest form of European Regulation - (UCITS)
• Regulatory Oversight
• Irish Financial Services Regulatory Authority (IFSRA)
• South African Financial Services Board (FSB)
• Johannesburg Stock Exchange (FTSE/JSE)
• South African Reserve Bank (SARB)
• Institutes & Affiliations
• CFA Institute (Global)
• Dublin Funds Industry Association (Ireland)
• Institute of Retirement Funds (South Africa)
• Association of Collective Investments (South Africa)
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17. … as is its Shari’ah regulation …
External regulation
• Accounting & Auditing Organization for Islamic Institutions
(AAIOFI)
• International Association for Islamic Economics (IAIE)
• Islamic Financial Services Board (ISFB)
• General Council for Islamic Banks & Financial Institutions (GCIBFI)
Internal regulation
• Independent Shari’ah Advisory Board
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18. … and investment skills are KEY KEY KEY!
• Tremendous growth in Islamic finance has resulted
in a dearth of Shari’ah fund management skills
• Oasis has honed its Shari’ah investment skills over
the last nine years – evidence of its success may be
gauged from its performance
• Developed infrastructure to invest in any geographic
region
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19. The Crescent product range of Oasis
• South African Products
Equity Property Balanced
• Global Products
Equity Property
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20. Oasis Crescent Equity Fund - Performance
Aug 98 YTD Since
to 1999 2000 2001 2002 2003 2004 2005 2006 Inception
Dec 98 July Cum Ann
Oasis
Crescent
Equity 15.5 79.9 12.5 52.6 18.1 20.1 26.9 34.6 15.8 899.1 33.3
Fund*
FTSE / JSE
All Share (19.9) 70.8 0.4 32.6 (8.3) 16.1 25.5 47.3 17.0 319.1 19.6
Index
Ave
General
Equity (21.7) 50.7 (3.5) 21.5 1.6 22.6 38.6 36.9 12.0 262.8 16.6
Fund
* # 1 since inception to July 2006
Source: S&P Micropal
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21. Oasis Crescent Equity Fund - Performance
Sortino Sharpe Info
Ratio Rank Ratio Rank Ratio Rank
Oasis Crescent
5.2 1 2.6 1 2.0 2
Equity Fund
FTSE-JSE All Share
Index/ Average 0.9 5 0.6 14 0.4 9
Competitor (Info)
Source Data: S&P Micropal & Bloomberg; Since inception to July 2006
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22. Oasis Crescent Equity Fund - Value Add
R100 Investment in the Oasis Cresent Equity Fund
(Inception to July 2006)
1,200
1,000 R 999.1
Oasis Crescent Equity Fund
800 FTSE/JSE All Share
Average General Equity Fund
Rands
600
400 R 419.1
R 362.8
200
-
Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06
Source: S&P Micropal; August 98 – July 2006
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23. Oasis Crescent Equity - Performance
Oasis 899.1
900
FTSE/JSE All Share Index
700
Overall
96 months
Return (%)
500
Bear Bull
41 months 55 months 319.1
300
100
(0.4) 4.6 6.0
(4.0)
(100)
Source: S&P Micropal; August 98 –July 2006
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24. Crescent Global Equity Fund – Ratings
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25. Crescent Global Equity Fund – Ratings
Risk/Reward Miscellaneous 3 year 5 year
Vs Benchmark 3 Year 5 Year 10 Year Stnd Deviation 9.8 12.5
1
Sharpe Ratio 1.9 1.0
Alpha 5.5 10.5 -
Sortino Ratio 4.3 1.7
Beta 1.0 0.8 -
R-squared (%) 82.5 81.4 -
Tracking Error 4.1 5.9 -
Info Ratio 1.6 1.8 -
Excess Return 6.6 10.5 6.1
Ratings at of 2006-07-31
Morningstar Overall 3 Year 5 Year 10 Years
Rating 4* 4* 4* -
Risk - 1.1 1.8 -
Return - 15.8 11.2 -
Investments Rated 135 135 95 -
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26. Crescent Global Equity Fund - Performance
YTD Since
Dec Inception
2001 2002 2003 2004 2005 2006
2000
(Aug)
Cum Ann
Crescent Global
0.0 (2.0) (0.7) 33.4 21.7 11.5 16.8 105.7 13.4
Equity Fund
(21.5
Dow Jones IM Index (0.3) (19.2) 30.2 10.6 10.1 7.6 7.8 1.3
)
(19.5
MSCI World Index 1.6 (16.5) 33.8 15.2 10.0 9.9 27.2 4.3
)
Source: S&P Micropal; Dec 2000 – Aug 2006
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27. Crescent Global Equity Fund - Performance
Sortino Sharpe Information Ratio
Ratio Ranking* Ratio Ranking* Ratio Ranking*
Crescent Global Equity Fund 1.22 8th 0.98 7th 1.42 10th
Dow Jones IM Index / Average
(0.15) 269th 0.01 264th 0.46 127th
Global Equity Fund (Info ratio)
MSCI World Index / Average
0.10 137th 0.22 125th (0.30) 191st
Global Equity Fund (Info ratio)
Source: S&P Micropal; Dec 2000 – Jul 2006
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28. Crescent Global Equity Fund - Value added
2.3
Crescent Global Equity Fund
$2.0m n
2.0 MSCI World Index
Average Global Equity Fund
1.8
$ Millions
1.5
1.3 $1.2m n
$1.1m n
1.0
0.8
0.5
Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06
Source: S&P Micropal; Dec 2000 – Jul 2006
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29. Crescent Global Equity Fund – Performance
105 97.7
OASIS Overall
85 MSCI Index 68 months
65
Return (%)
45
Bear Bull
30 months 38 months 23.9
25
3.1 2.8
5
(1.7) (3.6)
(15)
Source: S&P Micropal; Dec 2000 – Aug 2006
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30. Listing of first Shari’ah
compliant property fund
OASIS CRESCENT PROPERTY FUND
Listed on Alt-X in November 2005
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31. Social contribution - Crescent Fund Trust
A charitable trust uses Non-Permissable Income (NPI) to
develop and promote:
Dermatology Unit
Health Care: Red Cross Children’s Hospital
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32. Social contribution - Crescent Fund Trust
Education: As Salaam
• An initiative which aims to help
communities accelerate the
education and training of the
youth through self help
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33. The future of Islamic Finance
• Young rapidly growing sector
• Opportunities are great
• The demand is in place
• The regulatory framework is in place
• Prolific development of product
• Products are innovative, highly regulated and transparent
• The lower risk proposition is attractive
• Attractive proposition for a global audience
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34. Legal Disclaimer
Past performances are not necessarily an indication of future
performances. No guarantees are provided. Any calculations made
are approximations, meant as guidelines only, which you must
confirm before relying on them and also at the time of finalising any
transaction. Oasis will therefore not be held responsible for any
inaccuracies in calculations supplied. All the information appearing
on the slides is provided without a representation or warranty
whatsoever, whether express or implied. Oasis makes no
representation or warranties about the correctness or the suitability
of any products or service that appear nor the soundness of any
general advice offered. Oasis shall not be responsible and disclaims
all liability for any loss, liability, damage (whether direct, indirect,
special or consequential) or expense of any nature whatsoever,
which may be suffered as a result of or which may be attributable,
directly or indirectly, to the use of, or reliance upon any information,
links or service provided, or any actions and/or liability for
consequential or incidental damages. Oasis Asset Management and
Oasis Crescent Capital Management are authorised Financial
Services Providers.
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