Asian Development Bank
The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966 which is headquartered in Metro Manila, Philippines, and maintains 31 field offices around the world, to promote social and economic development in Asia.
The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
Services:- CAIF provides help in Research activities and devising policies to World Bank in uplift of economies through adopting Islamic Financing techniques.
Brokerage Firm
Breif discreption.
Brokerage firm, or simply brokerage, is a financial institution that facilitates the buying and selling of financial securities between a buyer and a seller. Brokerage firms serve a clientele of investors who trade public stocks and other securities, usually through the firm’s agent stockbrokers. A traditional, or “full service,” brokerage firm usually undertakes more than simply carrying out a stock or bond trade. The staff of this type of brokerage firm is entrusted with the responsibility of researching the markets to provide appropriate recommendations and in so doing they direct the actions of pension fund managers and portfolio managers alike. These firms also offer margin loans for certain approved clients to purchase investments on credit, subject to agreed terms and conditions.
Services:- CAIF would provide help in functions of Brokerage firms in newly developed area of Islamic Finance and training of their staff.
Colleges and University
They include all Education institutions Private or Public.
Services:-CAIF provides help in formulating courses on Islamic Finance and even scholars for lectures in these institutions with holding of Seminars and Workshops.
IMF
In the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity. IMF the international regulator for balance of payment settlement has now starred pivotal role in its growth.
The following key principles guide Islamic Finance: 1) Prohibition of interest on transactions (riba); ii) Financing must be linked to real assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., arms manufacturing or alcohol production); iv) Returns must be linked to risks.
Services:-CAIF provides help in Research activities and devising policies to IMF in uplift of economies through adopting Islamic Financing techniques.
Takaful Industry
Takaful is a co-operative system of reimbursement or repayment in case of loss, paid to the people and companies concerned about hazards, compensated out of a fund to which they agree to donate small regular contributions managed on behalf by a takaful operator. It is defined as an Islamic insurance concept which is grounded in Islamic muamalat (Islamic banking), observing the rules and regulations of Islamic law.
The growth in demand for Islamic insurance over recent years (particularly within the GCC countries and other areas of the Middle East), has seen a proliferation of new companies offering Islamic insurance products in these markets. The majority of these firms are full-fledged takaful operators, but conventional insurance companies have also entered the market offering takaful “window” operations.
As with the traditional forms of insurance, reinsurance of a takaful operation can be used, known as “retakaful”.
Services:-CAIF provides help in product development, formulating financing techniques, resolution of Risk Management issues and training of staff.
World Bank
The World Bank Group involvement in Islamic finance is directly linked to the Bank’s work on reducing poverty, expanding access to finance, developing the financial sector, and building financial sector stability and resilience in client countries. By helping expand the use of Sharia-compliant modes of financing in World Bank Group operations are helping to deliver benefits to client countries in three areas.
The sustainable development of Islamic finance offers benefits for economic growth, reducing poverty and fostering shared prosperity. Islamic finance can significantly contribute to economic development, given its direct link to physical assets and the real economy.
It helps strengthen financial stability. As the 2008 global financial crisis ravaged financial systems around the world, Islamic financial institutions were relatively untouched, protected by their fundamental operating principles of risk-sharing and the avoidance of leverage and speculative financial products.
Services:-CAIF provides help in Research activities and devising policies to World Bank in uplift of economies through adopting Islamic Financing techniques.
[bg_faq_end]