The Islamic finance industry has grown significantly in recent decades. It is currently estimated to be worth around $700 billion but is expected to reach $1.4 trillion by 2010. Islamic finance first developed in the 1960s and gained momentum in the 1970s due to oil wealth. It faced early criticisms for not having interest rates but responded that returns are determined after investment based on actual profits. The industry continued growing through the 1980s and 1990s as more institutions offered Islamic products. It was impacted by the 2008 financial crisis but overall fared better than conventional finance due to its risk-sharing principles. Looking ahead, forecasts show continued strong growth in Islamic finance as interest grows in both Muslim-majority and Western countries.
ISLAMIC BANKING AND FINANCE: MALAYSIA’S EXPERIENCE AND ACHIEVEMENTSbrighteyes
ISLAMIC BANKING AND FINANCE: MALAYSIA’S EXPERIENCE AND ACHIEVEMENTS 13 June 2006
Victoria University of Wellington
Presented by:
Bakarudin Ishak
Director
Islamic Banking and Takaful Department Bank Negara Malaysia
Presentation by Amirul HM & Penny Siew at the Asia-Europe Institute - University of Malaya for "Financial & Accounting Ratios for SMEs" subject, IMSME Programme. 2009.
lThis presentation includes the historical background of steps taken to implement Islamic Financial system in Pakistan. it also highlights the current challenges, probems and solutions
The History of Islamic Bank - Chap 1 (Islamic Banking)Izzuddin Norrahman
This is the first chapter of Islamic Banking course (FAB 1233), Astin College, Puchong. Using the book of Islamic Finance and Banking system by Sudin Haron and Wan Nursofiza Wan Azmi as the main reference.
ISLAMIC BANKING AND FINANCE: MALAYSIA’S EXPERIENCE AND ACHIEVEMENTSbrighteyes
ISLAMIC BANKING AND FINANCE: MALAYSIA’S EXPERIENCE AND ACHIEVEMENTS 13 June 2006
Victoria University of Wellington
Presented by:
Bakarudin Ishak
Director
Islamic Banking and Takaful Department Bank Negara Malaysia
Presentation by Amirul HM & Penny Siew at the Asia-Europe Institute - University of Malaya for "Financial & Accounting Ratios for SMEs" subject, IMSME Programme. 2009.
lThis presentation includes the historical background of steps taken to implement Islamic Financial system in Pakistan. it also highlights the current challenges, probems and solutions
The History of Islamic Bank - Chap 1 (Islamic Banking)Izzuddin Norrahman
This is the first chapter of Islamic Banking course (FAB 1233), Astin College, Puchong. Using the book of Islamic Finance and Banking system by Sudin Haron and Wan Nursofiza Wan Azmi as the main reference.
A detailed presentation on the theme, concept and benefits of Islamic Banking. The statistics however are old as the author presented it way back in 2005.
Details about the Islamic banking system in Pakistan and give an overview of Islamic banking in any Islamic country. It gives some help for the fresh students to learn about Islamic banking.
A detailed presentation on the theme, concept and benefits of Islamic Banking. The statistics however are old as the author presented it way back in 2005.
Details about the Islamic banking system in Pakistan and give an overview of Islamic banking in any Islamic country. It gives some help for the fresh students to learn about Islamic banking.
the presentation will help you in understanding diffrent terms of islamic banking. also it will help you in finding the answers of your critics about islamic banking.
Introduction to islamic banking and conventional bankingYousuf Ibnul Hasan
Conventional Banking institutions are limited to the monetary affairs and to the monetary markets with a purpose to gain monetary benefits in rightly or wrongly.
Islamic Banks & Financial institution with Islamic norm and directive as define for the betterment of socioeconomic development as the benefit of the society, with commercial viability of the monetary affairs, ventures and transaction in gaining and disposal of basic need and resources.
Islamic finance refers to the means by which corporations in the Muslim world, including banks and other lending institutions, raise capital in accordance with Sharia, or Islamic law. It also refers to the types of investments that are permissible under this form of law.
Objectives, Philosophy and Principles of Islamic BankingIzzuddin Norrahman
Objectives, Philosophy and Principles of Islamic Banking by Sudin Haron, W. Nursofiza, (2009). Islamic Finance and Banking System : Philosophies, Principles & Practices. Selangor, Malaysia. McGraw-Hill (Malaysia) Sdn. Bhd.
Islamic Banking: Inclusion in the Indian Banking SectorIOSR Journals
Innumerable changes have been witnessed in the Indian banking sector since last six decades. Various generations of financial sector reforms has changed the face and complexion of the Indian Banking Sector which is adopting various innovative practices with the focus on inclusive growth. Islamic banking is one such practice which is being considered in full fledged manner which otherwise has been practiced in an informal way. Islamic banking has set its foot on the path of rapid growth throughout the globe and India could not be isolated from it, looking at immense potential. The 1st Ernst & Young World Islamic Banking Competitiveness Report 2011 presented at the 18th Annual World Islamic Banking Conference stated that Islamic banking assets with commercial banks globally will reach US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion. The conventional banking as practiced by the Indian banking sector in its present form does stand in the way of the principles of Islamic banking which prohibits transaction on the basis of interest and operate on profit and loss based on Islamic principles. Introduction of interest free banking will require a lot of changes in the Banking Regulation Act.
Islamic finance current, future trends and challengesHosam alden
The purpose of this paper is to clarify, the current Islamic Finance development, principles, norms,
instruments, and growth period around the world. The second is the future Islamic finance opportunities.
The third is Challenges for Islamic Finance. The paper concluded to that, There are many of the motives that
led to the development of Islamic finance and growth, and there are many problems faced this system.
Despite the development achieved by the Islamic financial but, there are many challenges that face it.
Including the differences between theory and practice as well as variety of views held by practitioners and
financial experts pose big challenges
Interaction of islamic banking sector with indonesian economic growth for 200...An Nisbah
Abstract: This paper aims to analyze the dinamics interaction of islamic banking sector with Indonesian economic growth for 2000-2010. The methode of analyze used in this research is granger causality and Vector Error Correction Model (VECM). Besides that we use stationary test to chek wether the data have unit root or not. We use time series data of total islamic bank fnancing, fxed invesstment, trade and gross
domestic product. We found that in the short run there is evidence of
bidirectional relationship between fnancing of islamic bank, fxed
investment, trade and economi growth. Where as in the long run
there is relationship between islamic banking with economic growth
on Indonesian economy. To improve the role of islamic banking on
Indonesian economy, Bank Indonesia must push islamic banking to
expand their activity on riil sector and rural area.
Keywords: Islamic Banking sector, Financial Intermediary, Economic
Growth, Vector Error Corrrection Model
Analysis of Islamic Financial System in the Global Market: And Entry in Indiaiosrjce
Islamic finance has grown rapidly, even though it is still a small share of the global financial market.
The Islamic banking segment has increased its penetration in many countries. It has became systematically
important in Asia and Middle east, while the global issuance of Sukuk- the Islamic equivalent of bonds- is
expanding with remarkable international reach of issuers and investors. This trend is expected to continue,
driven, in particular, by strong economic growth in countries with large and relatively unbanked, Muslim
populations. The Islamic finance industry offers important potential benefits, the IMF stated in its IMF Research
June 15 bulletin.
This Research Proposal was prepared by Mr Takkiddin , a Master of Islamic banking student at INSANIAH University College. He sores A+ for this excellence work.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. Outline Size of the Industry Overview of History and Development Islamic Finance and the Economic Crash of 2008 Islamic Finance vs. Conventional Finance 2
3. Industry Size & Composition Size: Current: 300+ institutions - US $700 billion Expected: $1.4 trillion industry by 2010 Composition: Islamic financial institutions $178.5 B Conventional banks’ Islamic window $200 B Islamic capital markets $300 B Takaful assets $20 B Non-banking financial institutions $ 9-12 B Source: The Islamic Financial Services Industry - Ten Year Master Plan (2006-2015) by IFSB, IRTI and IsDB IFSB: Islamic Financial Services Board, IRTI: Islamic Research & Training Institute, IsDB: Islamic Development Bank
5. Is Islamic Finance new? Based on the Quran and Sunnah An important branch of mu’amalat Impact of colonialism Post-colonial era and the need to provide halal alternatives 1.08
7. Is Islamic Finance new? 1.09 Primary motive: prohibition of Riba First experiments in Malaysia and Indonesia in 1960s Impact of oil wealth of the 1970s Key Question: How does an Islamic financial institution operate in a society where other Islamic systems are not in place?
9. Early Western criticisms 1.10 Infinite demand and zero supply for loanable funds Incapable of equilibrating demand for and supply of loanable funds No incentive to save No investment and no growth Monetary policy would not be feasible since instruments for managing liquidity would not exist Islamic finance would result in one-way capital flight
10. Response to criticisms 1.11 A modern financial system can be designed without the need for an ex ante positive nominal fixed interest rate and no satisfactory theory could explain the need for an ex ante positive nominal interest rate The failure to assume an ex ante positive nominal interest rate does not necessarily mean zero return on capital The return on capital is determined ex post, and the magnitude of the return is determined on the basis of the return to the economic activity in which the funds are employed The expected return is what determines investment
11. Response to criticisms The expected rate of return and income are determinants of savings Positive growth is possible in such a system Monetary policy would function as in the conventional system, its efficacy depending on the availability of instruments designed to manage liquidity In an open-economy macroeconomic model without an ex ante fixed interest rate, but with returns to investment determined ex post, the assumption of a one-way flight of capital is not justified
12. Response to criticisms In fact, the researchers and scholars argued, an Islamic financial system is superior to the conventional system because: It promotes symmetry of risks and rewards It is more stable Source: “Risk Analysis for Islamic Banks” by Hennie van Greuning and Zamir Iqbal (World Bank) 1.12
13. History of Islamic Banking (1) 1960s: 1961-64 Mitghamr Saving Associations Egypt 1967 Tabung Haji (Pilgrimage Fund) Malaysia 1970s: 1975 Islamic Development Bank (IsDB) Saudi Arabia Dubai Islamic Bank UAE 1976 1st Islamic Economics Conference Saudi Arabia 1977 Kuwait Finance House (KFH) Kuwait Source: The Islamic Financial Services Industry - Ten Year Master Plan (2006-2015) by IFSB, IRTI and IsDB IFSB: Islamic Financial Services Board, IRTI: Islamic Research & Training Institute, IsDB: Islamic Development Bank
14. 1980s: Pakistan, Iran, and Sudan announced to transform their overall financial systems to be in compliance with the Shariah 1981 - Islamic Research and Training Institute (IRTI) Saudi Arabia 1983 - 1st Islamic Bank in Malaysia established Malaysia 1984 – 1st Takaful (Islamic insurance) Operator Malaysia 1990s: Major financial institutions offer Islamic Finance (ie Citigroup, HSBC) Formation of AAOIFI, the 1st Islamic accounting body Bahrain Harvard Islamic Finance Forum established USA Launch of Islamic indices like Dow Jones Islamic USA History of Islamic Banking (2) Source: The Islamic Financial Services Industry - Ten Year Master Plan (2006-2015) by IFSB, IRTI and IsDB IFSB: Islamic Financial Services Board, IRTI: Islamic Research & Training Institute, IsDB: Islamic Development Bank
15. Year 2000 and beyond: Issuance of 1st Global Sukuk Bonds Malaysia Islamic Infrastructure institutions established: Islamic Financial Services Board (IFSB) in Malaysia International Islamic Financial Market (IIFM) International Islamic Rating Agency (IIRA) (General) Council of Islamic Banks and Financial Institutions (CIBAFI) Arbitration and Reconciliation Centre for Islamic Financial Institutions (ARCIFI) History of Islamic Banking (3) Source: The Islamic Financial Services Industry - Ten Year Master Plan (2006-2015) by IFSB, IRTI and IsDB IFSB: Islamic Financial Services Board, IRTI: Islamic Research & Training Institute, IsDB: Islamic Development Bank
16. Rise in popularity 1940s and 50s: development of theory 1960s: first Islamic banking efforts 1970s and 80s: more organized commercial banking, trade finance, syndication, Islamic conglomerates 1990s: Concentrations of Islamic banks growing in selected countries, hard asset private equity fund management 2000s: Structured sukuk and capital market development, mega project finance, large commercial banks, Islamic derivatives 16
19. Historical Growth Factors 1975 – 1990 Resource boom Theoretical musings and experimentation Response to challenges 1991 – 2000 Regulatory recognition and encouragement Growth of tiger economies Development of infrastructure 2001 – 2007 Resource wealth and surplus liquidity Sukuk market development Islamization and religiosity Real estate boom Further infrastructure development 19
26. Why did it fare better? Conventional Finance Interest creates an artificial money supply Sell money when you have none Sell assets before they exist Push all the risk to the borrower Islamic Finance Interest free system that forces risk sharing No profit without risk Money advanced is always backed by real assets and services Contractual certainty
27. Where do we go from here? Strong rebound in the Islamic finance market No signs on interest in Islamic finance abating – in fact, it is growing Growth rate forecasts of 20 to 30 percent per annum for the near term future Western world increasingly looking at Islamic finance Western governments Financial institutions Corporations 27
28. Why in the West? Better business model? More fair and equitable? A growing Muslim population? Dollars and cents? Capital in the Middle East?
-Commercial code is Islam was developed based on certain principles laid down in the primary sources-Islamic financial law was dealt with and developed as a branch of mu’amalat by Muslim scholars in the Middle Ages-While banks and other financial institutions existed in the medieval Muslim countries, it was not until the colonial era that Muslim countries were first introduced to the modern Western bankThe traditional modes of financial institutions in Muslim countries largely disappeared under the colonial onslaught and were replaced by Western banks-In the post-colonial era the need was felt to revive Islamic finance—especially in the context of banking—to provide a halal alternative to the Muslim populous-Muslim scholars and activists started discussing an interest-free banking system in the late 19th century Muhammad ‘Abdu and Rashid Rida (1890s)Hasan Al-Banna and Abul ‘Ala Mawdudi (1940s)
Minority opinions have existed to allow paying or taking of interest, but have been denounced by the greatest majority of jurists in every eraEbusuudEfendi, the Mufti of Istanbul between 1545 and 1574 CE allowed for interest-taking by awqaf as a practical matter of necessity. Muhammad SayyidTantawi, Grand Mufti of Egypt and now Sheikh-al-Azhar, in 1989 and again recently.First Islamic institutions established in Malaysia and Egypt in the 1960sA number of small ‘Islamic banks’ mushroomed all over the Middle East in the 1970sResulted in a concentrated scholarly effort to research and develop the theoretical foundations of modern Islamic finance and bankingKey issue: how does an Islamic financial institution operated in a society where other Islamic systems are not in place (refer back to the Traditional Islamic Conception)First commercial Islamic bank in UAE in 1974Islamic Development Bank in Saudi Arabia in 1975Though the primary principles of Islamic finance were well established, operating in the modern global economy poses new challenges to Islamic finance and Muslim jurists resulting in constant debate and development in the field of Islamic financial law
Based on “Risk Analysis for Islamic Banks” by Hennie van Greuning and Zamir Iqbal (World Bank)With the establishment of first Islamic banks, western economists and analysts made a number of arguments against the feasibility of a banking system that operates without interestZero interest would result in infinite demand and zero supply for loanable fundsSystem would be incapable of equilibrating demand for and supply of loanable fundsZero interest would mean no incentive to saveZero interest would mean no investment and no growthMonetary policy would not be feasible since instruments for managing liquidity would not exist without a predetermined, fixed rate of interestCountries implementing Islamic finance would see one-way capital flight
By 1988, these arguments were countered when research based on modern financial and economic theory showed:A modern financial system can be designed without the need for an ex ante positive nominal fixed interest rate and no satisfactory theory could explain the need for an ex ante positive nominal interest rateThe failure to assume an ex ante positive nominal interest rate does not necessarily mean zero return on capitalThe return on capital is determined ex post, and the magnitude of the return is determined on the basis of the return to the economic activity in which the funds are employedThe expected return is what determines investmentThe expected rate of return and income are determinants of savingsPositive growth is possible in such a systemMonetary policy would function as in the conventional system, its efficacy depending on the availability of instruments designed to manage liquidityIn an open-economy macroeconomic model without an ex ante fixed interest rate, but with returns to investment determined ex post, the assumption of a one-way flight of capital is not justified
It promotes symmetry of risks and rewardsConventional system has the debtor carrying the greatest risk with the lender having government support in enforcing the contractIt is more stableConventional system has an inherent maturity mismatch between liabilities (short-term deposits with guaranteed nominal values) and assets (long-term investments without guaranteed nominal values)
CitigroupHSBCDeutsche BankUBSABN AMROStandard Chartered Bank
In a surveyconducted in theUK,Omer (1992) found a high levelof ignorance among the 300 interviewedMuslimswith regard to what constitutes acceptable Islamic finance principles. He reported that the higherthe religious commitment and the lower the level of general education, the stronger the preference forIslamic over conventionalfinance.
Haron,Ahmad and Planisek (1994) found that the selectioncriteria ofMuslim bank customers inMalaysia was largely based on non-religious aspects, such as serviceefficiency, transaction speed, and the friendliness of bank personnel. Evenwith these results, some 40% ofthe respondents indicated that religionwas a prime reason for using Islamic banking services. They notedthat although therewas a high levelof awareness of Islamic products, there was a poor understanding ofthe differences between Islamic and conventional banking, as well asweak knowledge regarding Islamicproducts and services.Nasser, Jamal, andAl-Khatib (1999), surveying 206 bank customers on Jordan, added a bank’s reputationand perceived levelof confidentiality to this list of selection criteria noted in the Haron et al (1994) study.Again, as in the earlier case, the researchers noted a high level of ignorance regarding specific Islamicproducts,with70%of the respondents stating that religion was a very important reason for themto selectan Islamic bank.Similarly, Gerrard and Cunningham (1997) found no difference betweenMuslims and non-Muslims onbank selection criteria.They do note, however, that nearly 25%of the respondents indicated that religionwas to the sole basis for choosing an Islamic bank. These primary findings are in contrast to Metawa andAlmossawi (1998)who interviewed 100 Islamic bank customers in Bahrain and found that the singlemostimportant factor for the selection of an Islamic bank is the Sharia-based principles that govern thesefinancialinstitutions.Hamid andNordin (2001) surveyed Malaysian commercialbank customers, finding a a high awareness ofIslamic banking but poor self-reported knowledgeofspecific Islamic products, includingpoor understandingof the difference between Islamic and conventionalbanking. In another studyof Malaysian commercialcustomers and their views of Islamic financial services,AhmadandHaron (2002) noted that 65%of therespondents admitted to having limited knowledge of Islamic banking,while at the same time indicating thatthey believed the concept had good potential in theMalaysian market.
The last two years have had a devastating effect on economies of the world; A massive economic collapse led by the financial sector; One silver lining – it forced the world to take a hard look at the financial system that caused the crash and start asking: is there an alternative system that might be better? Are the assumptions that we have for so long taken as fact about how the economy is run, how the economy must be run, in fact true? Is there a better way of doing business?