Islamic Insurance (Takaful) on its way
Manzar Naqvi
Presently Malaysia, Saudi Arabia and the nations of the Gulf Cooperation Council (GCC) are the countries where Takaful has the greatest prevalence. As of late, its popularity has grown in other countries such as Indonesia, Jordan, Pakistan and Nigeria. Big multinationals from the conventional finance...
World
Politics-
· Trump signs bill to reopen government for 3 weeks.
Late 25th January night, President Donald Trump signed a bill passed by Congress that officially reopens the federal government for three weeks while lawmakers negotiate border security funding with the president -- ending the longest government shutdown in U.S. history....
Home Financing in Islamic Finance
Muhammad Arif
Islamic banking practitioners (with the help of Islamic scholars) have utilized a number of instruments that are acceptable within Shari’a to offer Islamic home finance products in a modern day economic system. The commonly used methods for the purchase of property are ijara (lease)...
Politics-
· Mexican fuel pipeline explosion leaves at least 66 dead.
At least 66 people were killed after a pipeline ruptured by suspected fuel thieves exploded in Mexico, authorities said on 19th January. The latest death toll comes as Mexican president Andres Manuel Lopez Obrador defended the army despite its failure...
Defining Riba-Historical perspective
Muhammad Arif
A debate is still going on about defining riba. Though it is banned in all its forms but to define it in the current economic scenario where time value of money or inflation has become the central point of any economic system have become bit difficult....
World
Politics-
• Violence erupts in France as yellow vests take to the streets.
Police in Paris fired water cannon and tear gas to repel gilets jaunes (yellow vest) demonstrators from around the Arc de Triomphe monument on 12th January. This is the ninth straight weekend of protests against French president Emmanuel...
Liquidity Issues of Islamic Banks in Pakistan
Muhammad Arif
Shariah-compliant banks in Pakistan, the world’s second most populous Muslim nation, hold only 13.6 % of total banking assets in Sept 2018. That is well below levels of around 29.1 % seen in Gulf Arab states.
Pakistan’s government believes it can pull more...
World
Politics-
What will the Middle East look like in 2019?
As we start the tenth year after the onset of the Arab uprisings, there is, sadly, little hope that there will be peace, democratic transition and stability in the Middle East. 2019 will not bring much positive change to the region....
Islamic Products are required for National Savings Schemes in Pakistan
Muhammad Arif
While the Islamic Banking industry in Pakistan has been growing at a pace ever since its re-launch in 2002, but efforts should also be made to develop an alternate system for all segments of the banking industry.
It is being...
Week ended 30th December, 2018
World
Politics-
·Turkey 'determined' to drive out Syrian Kurdish forces.
Turkey says it is working with the United States to coordinate the withdrawal of American forces but remains "determined" to clear U.S.-allied Kurdish fighters from northeastern Syria. For weeks, Turkey has been threatening to launch a new offensive...
Sukuk Market and Sukuk Developments
Manzar Naqvi
Global Sukuk (Islamic Bond) issuance is expected to reach US$90 billion to US$100 billion in 2018 (one year), with more volume expected from Malaysia and Indonesia in the second half of the year, However the issuance of Sharia-compliant bonds in the Arabian Gulf region...
World
Politics-
· Turkey, Iran vows to work closer on Syria
Turkish President Recep Tayyip Erdogan and Iranian counterpart Hassan Rouhani on 20th Dec vowed to work closer to end the fighting in Syria. But the two leaders made no comment on US President Donald Trump's shock announcement that he was pulling US...
Indonesia on Financial Inclusion and Islamic Finance
Manzar Naqvi
The Islamic Financial Services Board (IFSB) and Bank Indonesia successfully conducted a joint public seminar and workshop on financial inclusion and Islamic finance on 11 December 2018, in Surabaya, Indonesia. The seminar was themed as “Broadening Economic Frontiers and Reducing Income-Gaps through...
World
Politics-· Ruling Hindu nationalists suffer major losses in state elections. Rahul Gandhi’s Congress Party ‘revived’ ahead of next year’s national poll.
In Madhya Pradesh, Rajasthan and Chhattisgarh, Congress Party has won. In Mizoram and Talangana, Mizo National Front and Telangana Rashtra Samithi, two regional parties have won.
Indian Prime Minister Narendra Modi’s...
Islamic Financial Services Board’s (IFSB) Strategic Performance Plan (SPP) for 2019-2021
Manzar Naqvi
The Islamic Financial Services Board (IFSB) is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined...
World
Politics-
After 6,815 days a tearful Angela Merkel stepped down as leader of Germany’s ruling Christian Democratic Union (CDU).
After 6,815 days and a final, 10-minute standing ovation, a tearful Angela Merkel bowed out on Dec 07 as leader of Germany’s ruling Christian Democratic Union (CDU). Hamburg, the city...
What shape Meezan Bank Pakistan is going to acquire in future
Muhammad Arif
Since some time three banks in Pakistan i.e. Bank Alfalah (BAFL), Meezan Bank (MEBL), and Faysal Bank (FABL) owned by foreigners from the Gulf are looking to sell them off as they want to seek exit opportunity from...
World
Politics-
Former President George H.W. Bush dead at 94.
The 41st president of the United States, has died at age 94.The president's health had been in decline in recent months. "George Herbert Walker Bush, World War II naval aviator, Texas oil pioneer, and 41st President of the United States of America,...
Takafuk (Islamic Insurance) in 2018
Muhammad Arif
The global Takaful market reached US$ 19 Billion in 2017. The market is further projected to exceed US$ 40 Billion by 2023, at a CAGR of 13% during 2017-2023.
Takaful refers to a sharia-compliant insurance system through which members mutually contribute a sum of money,...
World
Politics-
Trump: I’m Not Going to ‘Destroy the Economy’ Over Khashoggi Killing.
President Trump told reporters the U.S. would not “give up hundreds of billions of dollars” by retaliating against Saudi Arabia in the wake of a CIA report that Washington Post reporter Jamal Khashoggi’s brutal murder was ordered by...
