Global market leaders gather in Dubai

Rapids • Deals • News • Takaful • Asset Management • Ratings • Moves
17th September 2014 (Volume 11 Issue 37)
Global market leaders gather in Dubai As the industry gathers together for the inaugural IFN Global Forum held in Dubai this week, we are reminded of the exceptional cooperation, collaboration and friendship that distinguishes the Islamic finance industry. As players and participants from across the world gather together to share views, assist each other and drive the overall growth of the market, we see the strength and support that are twin pillars of our industry. Looking to the future, this teamwork makes for an encouraging market outlook – and in this spirit of positivity and collaboration, our cover story this week focuses on one of the most exciting trends in the industry in recent years: the potential of socially responsible investing and its crossover with Islamic finance. Our Islamic finance reports explore the current participation banking landscape in Turkey and Muslim expat estate planning in the UAE as well as the new S&P 'mini' rating; while our correspondents bring you the latest from Oman, Kuwait, Iraq and India as well as project and infrastructure finance. Our analyses look at Sukuk and Nigeria and our case study outlines the highly successful Al Meezan Pension Fund. Our features this week are on legal and structural framework of Sukuk by ISRA's Associate Professor Dr Abu Umar Faruq, and on French Life insurance by Ezzedine Ghlamallah from Solutions Insurance and Islamic Finance in France. We also have a special report on Islamic debt-based products by Dr Mahmood Ahmed of Islami Bank Bangladesh and an excerpt from Harris Irfan's book, Heaven's Bankers. IFN thanks all the participants and delegates for a rich and rewarding Forum in Dubai, and we look forward to bringing all our readers the wealth of content and debate that has been generated this week. Cover Story The most significant financial markets trend in history? ESG, CSR, SRI — it seems as if acronyms are on everyone’s lips this year as a growing trend of Socially Responsible Investing gathers momentum across the global financial markets. Investors seeking instruments that match ethical as well as investment criteria are being increasingly met by issuers and practitioners who recognize the enormous potential of the market. Column Daud speaks The last month has really flown by. Which means that there has been plenty of activity but, perhaps, too little time to stop and think? IFN Reports • IFN Global makes a splash in the Middle East • FAA to launch ‘first of its kind’ standard for Islamic finance in 2015 • Turkey going strong — with or without Bank Asya • Muslim expat estate planning: A new market for wealth management? • IFN Global Trendswatch • IFN Funds Round-up: Islamic funds index outperforms • Weekly Poll: Following IILM's recent six-month Sukuk issuance, which would be the most preferable tenor for liquidity management? • Fund Focus: AlKhair Capital diversifies portfolio with debut Sukuk Plus Fund • A new kind of rating? • Two in a day — Sovereign Sukuk market welcomes Hong Kong and Sharjah • Malaysian tripartite merger: A force that could trigger mergers in the domestic market? • Takaful continues growth story — but not without struggle • Sovereign Sukuk: Oman and South Africa inch closer to their Sukuk debut IFN Country Correspondents • Large-scale projects providing impetus for Islamic finance • New PPP law stimulates Shariah involvement • Tax and Sukuk: Uncertainty looms • UAE and Iraq hold meeting to discuss Islamic economy opportunities IFN Sector Correspondent • Meeting commercial demand with retail structures IFN Country Analysis • Islamic finance: Offering faith and progress for Nigeria? IFN Sector Analysis • Sukuk: Looking towards an encouraging close for 2014 Shariah Pronouncement Shariah guidance has been sought by an Islamic bank in relation to pledge or mortgage against auto Murabahah liability. Also, if it is permissible, what shall be the treatment of insurance proceeds in case of total damage to the mortgaged vehicle? Case Study Meezan Tahaffuz Pension Fund Domiciled in Pakistan, the Meezan Tahaffuz Pension Fund (MTPF) is one of the best performing funds on the Eurekahedge Islamic Fund Index Special Report The ‘raison d’être’ use of debt-based products in Islamic banking It is generally believed that Mudarabah and Musharakah are real Islamic modes of financing because these are equity-based (profit and loss-sharing) products Features The legal and structural framework for the issuance of Sukuk Sukuk are the most significant mechanisms for Islamic financial services to generate cash flows from the Islamic capital market and raise finance through Islamic capital market operations using Shariah compliant structures Right of beneficiaries for endowment contracts: Fitting French life insurance to Islamic morality The Islamic finance industry has yet to fully take off in France: but the insurance sector represents a positive opportunity for Shariah compliant ethics to access the market Book Excerpt Heaven’s Bankers Shortly after the sun rises over the desert dunes in the barren east, Dubai’s neon-lined highways and space-age skyscrapers are bathed in color – the gold, green and silver prisms splaying a spectrum into the Arabian Gulf beyond.  CONTACTS Editorial: Sasikala Thiagaraja Direct Line: +603 2163 7800 ext 34 Finance: Faizah Hassan Direct Line: +603 2162 7800 ext 26 Sales: Dubai: Geraldine Chan Direct Line: +971 4 427 3628 Kuala Lumpur: Steve Stubbs Direct Line: +603 2162 7800 ext 55 Subscriptions: Dubai: Mithun Gangolli Direct Line: +971 4 427 3638 Kuala Lumpur: Siti Amilia Amir Amzah Direct Line: +603 2162 7800 ext 27