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World Politics Australians are facing a terrifying start to the new year, as bushfires rip through popular tourist spots on the country's southeast coast, forcing thousands of people to take refuge on nearby beaches. Australians are facing a terrifying start to the new year, as bushfires rip through popular tourist...
World Politics ·Britain’s queen acknowledges ‘bumpy’ year for UK in Christmas speech Britain’s queen Elizabeth has had a trying year. In January, her husband, Prince Philip, apologized after he was involved in a car crash that left two women injured, sparking a public debate on older drivers. He agreed to relinquish his driver’s license....
Islamic Banking -Challenges in 2020 Sharia-compliant assets worldwide rose by 8.05% over the 2018-19. While Iran’s Islamic banking sector is the world’s largest, it remains (perhaps uniquely) susceptible to external shocks, with weak regulatory controls and a central bank that lacks independence being two examples of the challenges it faces. GCC and...
World Politics ·Hosting a summit of Muslim leaders, Malaysia's Prime Minister Mahathir Muhammad bemoaned the state of Islam and defended the meeting that has been shunned by Saudi Arabia and criticized for undermining the bigger Organization of Islamic Cooperation (OIC). Divisions in the Muslim world were self-evident as only about 20 countries...
World Politics ·‘Closure’ and ‘healing’ urged by victorious Boris Johnson in wake of landslide Conservative win Boris Johnson has called on both sides in the debate over Brexit to “let the healing begin” after a landslide election victory that has redrawn the political map of Britain. Speaking outside Downing Street, Mr. Johnson said...
The Islamic Finance Conference (IFC) 2019 themed as 'Emerging Trends in Islamic Finance' was held on 9th December 2019 in IBA auditorium Karachi in collaboration with the Islamic Finance Society and Academic Partners ,ISRA,INCEIF and LUMS.Mr Ahmed Ali and Ms Irum Saba were the main proponents 0f the conference.                                   ...
World Politics ·Death toll rises to 21 after gun attack on Mexican town Security forces shot dead seven more suspected cartel gunmen after a weekend attack on a northern Mexican town, authorities said Sunday, bringing the death toll to 21 and adding fuel to a debate about whether the gangs should be...
Islamic banking and finance in Saudi Arabia Everybody wants to know about Islamic banking and Finance in Saudi Arabia being main centre of Muslim world. Despite the trend in the Saudi Arabian banking market to convert to full-fledged Islamic Banks, only four among the 13 local licensed banks are considered to be pure Islamic banks....
Islamic banking and finance in Saudi Arabia Everybody wants to know about Islamic banking and Finance in Saudi Arabia being main centre of Muslim world. Despite the trend in the Saudi Arabian banking market to convert to full-fledged Islamic Banks, only four among the 13 local licensed banks are considered to be pure Islamic banks....
Basics of Islamic Banking and Finance                   Many of the products offered by Islamic financial institutions are comparable to Western or conventional finance even though interest and speculation are forbidden. Banks are by far the biggest players in Islamic finance — some of them are exclusively Islamic while others offer sharia-compliant products...
While CY 2020 has remained just one month away, the challenges to the macro economy have continued to persist. Specifically, fiscal deficit seems to further deteriorate and while the current account gap has relatively improved, its sustainability is still doubtful.  Meanwhile, CPI inflation averaging at 6.8 percent in the...
Main point to Remember in Development of Islamic Finance Normally it has been seen that high officials working in SBP or any commercial Bank use to avoid discussion on development of Islamic Finance with reference to its challenges. They normally say that what has been stated by the Muftis are...
Liquidity Management of banking system means to get funds from the central Bank in case of needs and to place money with the central Bank when banks have ample funds. Central Banks also use this mechanism to manage rates in the market to curb inflation or to spur country’s...
Growth of Islamic Finance in Central Asian States In the next five years from a very low base Islamic Banking driven by government initiatives would grow to a substantial level, Particularly in Central Asian states like Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. These countries have large Muslim populations, and are notable...
Use of Derivatives by Islamic Financial Institutions What are Derivatives? A derivative is a financial security with a value that is reliant upon or derived from, an underlying asset or group of assets—a benchmark. The derivative itself is a contract between two or more parties, and the derivative derives its price from...
Islamic Banking and Employment Islamic finance operates through the fundamental laws of Sharıah that pertains to the principles laid down in Holy Quran and the Sunnah of the holy Prophet (PBUH). The theoretical structure of Islamic finance guides the people to make their economic choices according to the core tenets...
Financial Risks in Islamic Banking Business   In practice, Islamic financial institutions follow fiqh al-muʻamalāt (Islamic commercial jurisprudence) which, among other things, incorporates a number of commercial contracts which provide methods of financing that avoid interest, but most of which do not share risk except in the limited sense of being...
How Monetary Policy can be formulated for Islamic Finance and Banking   Monetary policy is the policy adopted by the monetary authority of a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency. Further goals of a monetary policy are usually to...
Issues and modalities of Murhabah   Murabaḥah was originally a term of fiqh (Islamic jurisprudence) means for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold. In recent decades it has become a term for a very common form of Islamic financing, where the price...
Education on Islamic Economics, Banking and Finance In Pakistan Islamic banking industry consist of 22 Islamic banking institutions; 5 full-fledged Islamic banks (IBs) and 17 conventional banks having standalone Islamic banking branches (IBBs) by end June, 2019. Branch network of Islamic banking industry consist of 2,913 (spread across 113 districts)...