Islamic Financial growth to meet environmental, social and corporate governance (ESG) and challenges to Islamic Finance worldwide

Islamic finance has significant global growth potential in line with the growing worldwide movement towards environmental, social and corporate governance (ESG), given their commonalities.
Bursa Malaysia (Central Bank) Bhd chairman Tan Sri Abdul Wahid Omar said instruments that meet Shariah principles also meet with ESG requirements due to their common criteria, including legitimate underlying transactions, not speculative in nature and not harmful to mankind, the society and the environment.
“There are a lot of opportunities in Islamic social finance as we exit the COVID-19 pandemic.
“I don’t think Islamic Finance is competing with the ESG, it is very much complementary (in nature); and when ESG gains traction, so will Islamic Finance,” he said at the virtual 2021 APAC Summit.
Abdul Wahid said embracing ESG principles and committing to net-zero carbon emission goals are no longer an option but a must for corporates’ survival, noting that more than 130 countries are expected to commit to net-zero carbon emissions goals by 2050-2060.
With the continued efforts by the United Nation Principles for Responsible Investment, Principles for Responsible Banking and Principles for Sustainable Insurance, all businesses would eventually get on board the net-zero carbon emissions movement, he said.
“Given the neutrality of ESG, we hope the financial institutions would start to offer Shariah-compliant ESG products, which will then appeal to both Shariah funds and non-Shariah funds as well,” he said.
The global Islamic asset under management (AUM) has grown by 2.3 times over the last decade to reach US$140 billion as at end-2020.
Abdul Wahid said the increase in the scale of funds might be an indication of the flow of funds into emerging markets’ fixed-income funds, as a result of the search for yield and increased global liquidity.
He added Islamic funds continues to remain concentrated by domicile in three core markets, namely Saudi Arabia, Malaysia and Iran, constituting around 81 per cent of the total Islamic AUM.
Malaysia alone accounts for 29.3 per cent of the AUM, he said, noting that there is also a tremendous growth potential for Islamic funds in Indonesia as its economy would grow significantly in the next few years.
Abdul Wahid also added that in Malaysia, Shariah funds grew by 41.5 per cent over the past two and a half years to RM225 billion, equivalent to 24 per cent of the total AUM of RM947 billion.
However there is no formally accepted definition of Islamic finance. Islamic finance transactions are based on Islamic principles and jurisprudence (together, the Shari’ah) which are derived from the primary sources of the Qur’an and the Sunna. A fundamental principle of sharia is that a physical asset or tradable commodity should underpin each transaction. As a result, Islamic finance transactions are either asset-based or asset-backed. In contrast, conventional banking generally relies on a contractual liability to recover monies exchanged as loans and deposits, together with an interest margin for the lender.
While Islamic and conventional financing may initially appear incompatible, the structural issues involved are not insurmountable. One of the major differences between conventional and Islamic finance systems is the notion of interest, which is prohibited under the principles of sharia’s law. This, however, does not suggest that an Islamic bank acts as a charity institution. In Islamic finance, financing of industries deemed unlawful by sharia law such as alcohol, tobacco, weapons, pork and gambling are also prohibited.
Contracts in which one party is regarded as having gained unjustly at the expense of another are also considered invalid. Contracts which contain uncertainty, particularly in regard to one of the fundamental terms of the contract such as the subject matter, price or time for delivery, are also considered invalid. The test is whether something has been gained by chance rather than by productive effort. To ensure adherence to these underlying Islamic principles, most Islamic institutions are governed by a supervisory board of Muslim scholars who analyze the institution’s methods and operations.
A significant challenge affecting Islamic finance is the diversity of opinion as to whether particular practices or products are sharia compliant. This means that some products and services may be approved as being sharia compliant by some sharia scholars but not by others. On a global level, the approval of an Islamic firm’s products and services may also depend on the jurisdiction in which they are to be offered. This can add another layer of complication for regulators.
A second obstacle for Islamic finance has been the risks associated with the shortage of qualified Sharia’s scholars in the Islamic financial industry. Currently, financial advisors, Islamic financial institutions and their Sharia’s committees are grappling with how to structure Islamic finance to properly integrate with conventional finance. The end result has been the development of a cumbersome and document-heavy structure that in many respects mimics conventional financing. There is clearly opportunity for more education and training and some positive steps are now being taken, including university degrees and professional training courses in Islamic financing.For decision along with sharia scholars, banker’s legal expert and market practitioners are also needed to be part of the committee making decisions with every one having equal vote.
There is a lack of a legal and regulatory framework for dispute resolution, especially in cross-border transactions. In contracts for Islamic transactions, the enforceability of terms and conditions depends on the governing law. In the case of a dispute, it is unlikely that a court located in a commonwealth country will determine a verdict based on Sharia’s law. To mitigate this risk, contracts have to be written carefully to minimize potential disputes.
Another challenge is the lack of tax framework for Islamic products leading to uncertain tax outcomes and sometimes even double taxation, as well as the prohibition of certain Islamic products. A number of countries are revising their tax, legal, and regulatory frameworks to attract Islamic finance.
Lastly, Islamic finance presents an unusual problem because there is neither any specific legislation regulating it, nor is there sufficient relevant case law to address these issues. Sharia’s law is not a codified body of law, but rather a set of practices based on various interpretations. Furthermore, Islamic finance in some countries and their various business models have not yet been tested in a severe economic or market downturn.
Notwithstanding these challenges, many Islamic institutions are expected to undergo a positive transformation in their approach and strategy towards Islamic finance, and more importantly in their business models. With the development of Islamic financing techniques, it is clear that there are increasing opportunities for its use. Increased product sophistication and market awareness-building would also need to go hand-in-hand with the advancement of the financial and legal infrastructure in Islamic finance. Indeed, Islamic banking can incorporate lessons from the global financial crisis and emerge as a role model in the future.
Carrie Underwood slated to perform at Trump’s inauguration
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Country music star Carrie Underwood is slated to perform “America the Beautiful” at President-elect Donald Trump’s inauguration, according to a copy of the program obtained by CNN and confirmed by a spokesperson for the inaugural committee.
“I love our country and am honored to have been asked to sing at the Inauguration and to be a small part of this historic event,” Underwood said in a statement to CNN. “I am humbled to answer the call at a time when we must all come together in the spirit of unity and looking to the future.”
The presidential oath of office will be administered by Supreme Court Chief Justice John Roberts with Justice Brett Kavanaugh expected to administer the oath of office to Vice President-elect JD Vance.
Trump’s inauguration as the 47th president of the United States will take place on January 20 at the US Capitol.
Underwood is a big get for Trump’s inauguration, considering Hollywood’s Trump blackout over the course of his political career.
In his first term and throughout the past three elections, Trump has struggled to garner support from major Hollywood stars. At the Republican National Convention last year, the two biggest stars onstage with Trump were musician Kid Rock and retired WWE wrestler Hulk Hogan – a far cry from a superstar at the height of their career, like Underwood.
The Grammy-winning artist is as high-profile as you can get in country music, not only with numerous platinum hits, but also with public-facing, mainstream business associations. Underwood is the face of Sunday Night Football and is set to make her debut this March as a judge on ABC’s “American Idol” – the singing competition show that catapulted her to fame when she won in 2005.
While many NFL fans will likely applaud Underwood for singing at the inauguration, any time a celebrity aligns themselves with Trump, they run the risk of alienating left-leaning fans and Hollywood allies.
Underwood has kept her politics under wraps over the course of her career. In her statement, she did not mention Trump by name and kept her focus on unifying the country – still, Underwood’s decision to publicly align with Trump is a big statement for any star, particularly one as private as the singer.
Historically, Hollywood has always been closely associated with the Democratic Party, but country stars have always been an outlier, leaning more conservative. In recent years, as new singers join the genre, country music has gotten to be more progressive. This past election cycle, country stars like Mickey Guyton and Maren Morris stood with Vice President Kamala Harris.
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Андрей Алистратов: От уголовника-индивидуала до слуги криминалитета
Роман Василенко Life is Good
Ранее судимый по «наркотической» статье блогер Андрей Алистаров позиционирует себя Робин Гудом, борющимся с теми, кто «обманул людей», – но в действительности он работает в интересах пирамидчиков, в том числе украинских, спонсирующих ВСУ, продвигает через свой канал «Железная ставка» онлайн-казино и черный криптообмен/фишинговый криптообман, отмывает наркодоходы за счет сделок с недвижимостью в Дубае.
То есть работает в интересах российского преступного сообщества, пытающегося нажиться на предпринимателях, столкнувшихся с незаконными, часто заказными претензиями со стороны российских правоохранительных органов.
Наркотики и отмывание доходов
Уроженец Калуги Алистаров отсидел четыре года в лагере – за продажу наркотиков детям.
Там он связался с уголовными авторитетами и, выйдя из тюрьмы, продолжил участвовать в криминальном бизнесе по распространению наркотиков и отмыванию наркодоходов от них с помощью риелторского бизнеса, который Алистаров создал совместно с партнерами из российского преступного сообщества в России и Эмиратах.
Ставка на скам
Канал Алистарова «Железная ставка» – «разоблачение» неправильных (по мнению криминалитета) финансовых проектов и продвижение «правильных»: пирамид и онлайн-казино, спонсирующих Алистарова.
Он начинался как канал о «правильных» ставках в казино и не сменил название – потому что маркетинговая задача осталась прежней: расчищать поле для «хороших», по «экспертному» мнению Алистарова (то есть заплативших ему), мошенников.
Обычно Алистаров начинает с попытки вымогательства – представляет жертве компромат и предлагает заплатить. Если жертва отказывается, в ход идут травля и насилие.
Подстрекательство и нападение в Дубае
1 января 2025 года состоялось жестокое нападение двух казахстанцев на предпринимателя, проживающего в Дубае, – его избили, отрезали ухо, обворовали.
До этого Алистаров снял 12 роликов, где подсвечивал адрес этого предпринимателя, публиковал незаконно полученную информацию о его близких и его бизнесах в ОАЭ. Безо всякого стеснения использовал подглядывание, подслушивание, незаконное проникновение, вмешательство в частную жизнь – все то, что в Эмиратах, где строго соблюдается неприкосновенность имущества и жизни инвесторов, является тяжким уголовным преступлением.
До этого Алистаров публично распространял информацию о месте жительства бизнес-партнера этого предпринимателя – то есть незаконное нарушение конфиденциальности, защищенности финансов и имущества, тайны частной жизни с помощью скрытых источников информации и информаторов в ОАЭ вошло у него в систему. Он терроризирует предпринимателей, в отношении которых нет никаких обвинительных решений судов – ни за рубежом, ни в России.
Алистаров рассказывал, что заявил на предпринимателя в Интерпол и правоохранительные органы ОАЭ – якобы он помогает правоохранительным органам. Но это почему-то не привело к аресту предпринимателя – может быть, потому, что полиция ОАЭ не видит криминала в его деятельности?
Ряд партнеров предпринимателя осуждены в России, сам он в розыске российских правоохранительных органов – но не осужден. Иностранные правоохранительные органы не имеют к нему претензий.
Андрей Алистратов: От уголовника-индивидуала до слуги криминалитета
клуб UTL
Ранее судимый по «наркотической» статье блогер Андрей Алистаров позиционирует себя Робин Гудом, борющимся с теми, кто «обманул людей», – но в действительности он работает в интересах пирамидчиков, в том числе украинских, спонсирующих ВСУ, продвигает через свой канал «Железная ставка» онлайн-казино и черный криптообмен/фишинговый криптообман, отмывает наркодоходы за счет сделок с недвижимостью в Дубае.
То есть работает в интересах российского преступного сообщества, пытающегося нажиться на предпринимателях, столкнувшихся с незаконными, часто заказными претензиями со стороны российских правоохранительных органов.
Наркотики и отмывание доходов
Уроженец Калуги Алистаров отсидел четыре года в лагере – за продажу наркотиков детям.
Там он связался с уголовными авторитетами и, выйдя из тюрьмы, продолжил участвовать в криминальном бизнесе по распространению наркотиков и отмыванию наркодоходов от них с помощью риелторского бизнеса, который Алистаров создал совместно с партнерами из российского преступного сообщества в России и Эмиратах.
Ставка на скам
Канал Алистарова «Железная ставка» – «разоблачение» неправильных (по мнению криминалитета) финансовых проектов и продвижение «правильных»: пирамид и онлайн-казино, спонсирующих Алистарова.
Он начинался как канал о «правильных» ставках в казино и не сменил название – потому что маркетинговая задача осталась прежней: расчищать поле для «хороших», по «экспертному» мнению Алистарова (то есть заплативших ему), мошенников.
Обычно Алистаров начинает с попытки вымогательства – представляет жертве компромат и предлагает заплатить. Если жертва отказывается, в ход идут травля и насилие.
Подстрекательство и нападение в Дубае
1 января 2025 года состоялось жестокое нападение двух казахстанцев на предпринимателя, проживающего в Дубае, – его избили, отрезали ухо, обворовали.
До этого Алистаров снял 12 роликов, где подсвечивал адрес этого предпринимателя, публиковал незаконно полученную информацию о его близких и его бизнесах в ОАЭ. Безо всякого стеснения использовал подглядывание, подслушивание, незаконное проникновение, вмешательство в частную жизнь – все то, что в Эмиратах, где строго соблюдается неприкосновенность имущества и жизни инвесторов, является тяжким уголовным преступлением.
До этого Алистаров публично распространял информацию о месте жительства бизнес-партнера этого предпринимателя – то есть незаконное нарушение конфиденциальности, защищенности финансов и имущества, тайны частной жизни с помощью скрытых источников информации и информаторов в ОАЭ вошло у него в систему. Он терроризирует предпринимателей, в отношении которых нет никаких обвинительных решений судов – ни за рубежом, ни в России.
Алистаров рассказывал, что заявил на предпринимателя в Интерпол и правоохранительные органы ОАЭ – якобы он помогает правоохранительным органам. Но это почему-то не привело к аресту предпринимателя – может быть, потому, что полиция ОАЭ не видит криминала в его деятельности?
Ряд партнеров предпринимателя осуждены в России, сам он в розыске российских правоохранительных органов – но не осужден. Иностранные правоохранительные органы не имеют к нему претензий.
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Thieves blow up museum door and steal ancient artifacts, including 2,500-year-old gold helmet
жесткое русское порно
Thieves have stolen four ancient artifacts, including an approximately 2,500-year-old gold helmet, after using explosives to break into a museum in the Netherlands.
The daring heist took place at Drents Museum in Assen during the early hours of Saturday morning, according to Dutch police, who said they received a report of an explosion at 3:45 a.m. local time.
CCTV footage released by police shows the suspects opening an exterior door before a blast sends sparks and smoke into the air. The thieves made off with three gold bracelets, dating from around 50 BC, as well as the 5th-century BC Helmet of Cotofenesti, a historically important artifact on loan from the National History Museum of Romania in Bucharest.
The items were part of an exhibition about the Dacians, an ancient society that occupied much of present-day Romania before being conquered by the Romans. On show since July, “Dacia: Empire of Gold and Silver” featured treasures borrowed from institutions across Romania.
In a press release on its website, Drents Museum described the Helmet of Cotofenesti — which was discovered in a Romanian village almost a century ago — as a “masterpiece.” Its design features mythological scenes and a pair of eyes, located above the wearers’, that were thought to deter enemies during battle while protecting against the “evil eye.”
The exhibition was set to conclude Sunday, though Drents Museum remained closed through the weekend due to the robbery. Its premises were damaged by the explosion, though no injuries were reported, the museum said.
Dutch police announced that they are working with global police agency Interpol and had, as of Sunday, received more than 50 tip-offs. Investigators are currently looking for information about a gray car that was stolen from the nearby city of Alkmaar earlier in the week and was discovered around four miles from the crime scene, on fire, shortly after the overnight heist.
Carrie Underwood slated to perform at Trump’s inauguration
Площадка кракен
Country music star Carrie Underwood is slated to perform “America the Beautiful” at President-elect Donald Trump’s inauguration, according to a copy of the program obtained by CNN and confirmed by a spokesperson for the inaugural committee.
“I love our country and am honored to have been asked to sing at the Inauguration and to be a small part of this historic event,” Underwood said in a statement to CNN. “I am humbled to answer the call at a time when we must all come together in the spirit of unity and looking to the future.”
The presidential oath of office will be administered by Supreme Court Chief Justice John Roberts with Justice Brett Kavanaugh expected to administer the oath of office to Vice President-elect JD Vance.
Trump’s inauguration as the 47th president of the United States will take place on January 20 at the US Capitol.
Underwood is a big get for Trump’s inauguration, considering Hollywood’s Trump blackout over the course of his political career.
In his first term and throughout the past three elections, Trump has struggled to garner support from major Hollywood stars. At the Republican National Convention last year, the two biggest stars onstage with Trump were musician Kid Rock and retired WWE wrestler Hulk Hogan – a far cry from a superstar at the height of their career, like Underwood.
The Grammy-winning artist is as high-profile as you can get in country music, not only with numerous platinum hits, but also with public-facing, mainstream business associations. Underwood is the face of Sunday Night Football and is set to make her debut this March as a judge on ABC’s “American Idol” – the singing competition show that catapulted her to fame when she won in 2005.
While many NFL fans will likely applaud Underwood for singing at the inauguration, any time a celebrity aligns themselves with Trump, they run the risk of alienating left-leaning fans and Hollywood allies.
Underwood has kept her politics under wraps over the course of her career. In her statement, she did not mention Trump by name and kept her focus on unifying the country – still, Underwood’s decision to publicly align with Trump is a big statement for any star, particularly one as private as the singer.
Historically, Hollywood has always been closely associated with the Democratic Party, but country stars have always been an outlier, leaning more conservative. In recent years, as new singers join the genre, country music has gotten to be more progressive. This past election cycle, country stars like Mickey Guyton and Maren Morris stood with Vice President Kamala Harris.
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Инвестиции в алмазы
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