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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...
World Politics ·  Vietnam says human ‘traffickers must be strictly dealt with’ Vietnam said on 2nd Nov that human traffickers must be strictly dealt with as the Southeast Asian country was informed that several of its citizens were among the 39 people who died in a truck container in Britain last week. “The...
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...
World Politics · Bangladesh sentences 16 to death for killing teenager girl The principal of a religious school in Bangladesh was among 16 people sentenced to death on 24th Oct for the murder of a teenage girl who refused to withdraw a complaint of sexual harassment against him, the public prosecutor said. The perpetrators...
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...
World Politics · Typhoon Hagibis: Death toll hits 66 as rescuers slog through mud The death toll in the worst typhoon to hit Japan for decades climbed to 66 on 15th Oct as rescuers slogged through mud and debris in an increasingly grim search for the missing, and as thousands of homes remained without...
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...
World Politics ·Turkey hits Kurdish targets in Syria for third day as thousands flee Kurdish civilians have been fleeing key towns in northeastern Syria as Turkish forces continue to bombard targets for a third consecutive day. US president Donald Trump has also raised the possibility of imposing sanctions on Ankara. There were reports on Friday of air...
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...
World Politics ·North Korea confirms it tested submarine-launched missile North Korea has confirmed it tested a new submarine-launched ballistic missile, calling it a “significant achievement” in its efforts to contain external threats and bolster its military power. The test-firing on 2nd Oct was North Korea’s first of a submarine-launched missile in three years...
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...
World Politics ·US intelligence committee releases whistleblower report on Trump-Ukraine dealings White House tried to ‘lock down’ records of Ukraine phone call, whistleblower says. Report alleges president used office to solicit interference in 2020 election from a foreign country The US House Intelligence Committee on 26th Sept released a declassified version of...
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)...
World Politics At least 30 civilians were killed and 40 injured in an air strike conducted by the Afghan security forces, backed by US air support, in eastern Afghanistan, officials said on 19th sept. The attack on 18th Sept night was aimed at destroying a hideout used by Islamic State (IS)...
As anticipated  State Bank of Pakistan (SBP) held its main policy rate at 13.25 per cent on 16th September monetary policy decision taking a pause from a series of hikes as expectations have arisen from their angle for a stabilization of inflation rate. The bank last lifted rates in July by 100...
  Islamic Banking in Pakistan as of June 2019 Market share of Islamic banking assets in the overall banking industry by the end of last fiscal year rose to 14.4 per cent in June 2019 compared to 12.9pc in June 2018, said the State Bank’s Islamic Banking Bulletin The market share of...
World Politics ·1,300 people are listed as missing nearly 2 weeks after Hurricane Dorian hit the Bahamas The number of missing in the Bahamas following Hurricane Dorian has dropped significantly, to 1,300, providing a bit of rare good news in one of the nastiest storms the archipelago has ever faced. The government said 11th...
What are important for Prudential and Structural Islamic Indicators and how they need to be maintained and monitored internationally by IMF and IFSB and country wise by their Central Banks   First of all a  credible, consistent and accurate database for Islamic finance is important for the purpose of micro- and...
World Politics · Boris Johnson’s attempt to call election is thwarted by MPs British MPs have thwarted a motion to hold an early general election next month, after it was submitted by British Prime Minister Boris Johnson on 3rd September night. Members of the House of Commons voted by 298 votes to 56 for...
What can be the benchmark rates for Islamic banks and Islamic financial Market The State Bank of Pakistan (SBP) has recently issued guidelines for the Modaraba-based Islamic refinance scheme for the working capital financing of small and low-end medium enterprises. The subsidized rate will be six per cent as opposed...