MALAYSIA: Islamic Finance Educators Bill to be tabled in parliament soon; aims to monitor quality of Islamic finance educators

Monday, 10th August 2015

S&P 500 Shariah Dow Jones Islamic World FTSE Shariah All World Russell - IdealRatings Islamic Global 1,803.81 2,894.85 2,000.50 1,887.85 ▼ -7.43 (-0.41%) ▼ -11.79 (-0.41%) ▼ -8.36 (-0.41%) ▼ -22.01 (-1.15%)

HIGHLIGHTS: Jordan launches first Islamic microfinance institution – Qatar to fund Wakrah logistic zone project using Islamic finance – BADEA chief to deliver keynote address at Africa Islamic Finance Forum

This week's poll question: With over 32 million Muslims (2.5% of the population) and 45,000 mosques in China today, which area has the most potential for Islamic finance?

The IDB makes Indonesia a top priority Daily Cover GLOBAL: Indonesia’s ambition to become a world-leading Islamic finance hub at par with its neighbor Malaysia is likely to receive a boost as the Republic forges a stronger relationship with the IDB. Indonesia’s Financial Services Authority, or Otoritas Jasa Keuangan (OJK), this week signed an MoU with the multilateral institution under which both the entities will jointly collaborate to propel the Islamic banking and finance industry in Indonesia through a slew of initiatives including in the areas of research, training and advisory services, as well as facilitate the exchange of expertise with the larger Indonesian community including private sector institutions. Also in the pipeline is the creation of a dedicated center of excellence for microfinance to be based in Jakarta. Although the Southeast Asian nation boasts the world’s largest Muslim population, however, the development of its Islamic banking and finance industry has lagged behind Islamic finance powerhouse Malaysia due largely to its fragmented regulatory infrastructure among others. Nonetheless, Indonesia is renewing its approach towards the Shariah finance industry via its comprehensive five-year roadmap which seeks to consolidate and enhance all segments of the Islamic finance landscape through significant reforms. The country’s recent standard agreement on the Islamic repurchase agreement is a result of the regulator’s new strategy, which has also seen significant development in the Islamic capital market space evident by the improved take-up of the country’s sovereign Shariah securities. The recent arrangement with the IDB is yet another step by the OJK to bolster its industry by consolidating the long-standing partnership with the Islamic multilateral finan cier. The IDB recognizes the potential in Indonesia and having chosen the Republic to co-found its proposed Islamic infrastructure bank, IDB group chairman Dr Ahmad Mohamed Ali also stressed that the cooperation with OJK will further pave the ground for materializing the IDB’s top priority development programs in Indonesia. Morocco: An IFN Correspondent Report The launching of the licensing process Decision n° 2289.15, which was issued on the 6th July 2015 and made by the Minister of Finance and Economy approving the Circular of Bank Al-Maghrib n° 5/E/2015 (the Circular) related to the licensing process and the necessary documents and information to be provided, was published in issue n° 6380 of the Official Journal of the Kingdom of Morocco on the 23rd July 2015. IFN Weekly Poll Does the weakness of the Malaysian ringgit have an effect on pricing of the global Sukuk market? In light of the spiraling Malaysian ringgit currency value, IFN asks the industry how this affects the global Sukuk markets. As of last week, the ringgit hit a 17-year low signaling declining confidence among foreign investors amidst political uncertainty and low commodity prices. As the largest Sukuk market in the world (worth US$16 billion according to Dealogic), what impacts do the country’s weak currency have on the Islamic debt capital markets? NABILAH ANNUAR explores. This week's poll question: With over 32 million Muslims (2.5% of the population) and 45,000 mosques in China today, which area has the most potential for Islamic finance? Today's IFN Alerts JORDAN: Jordan targets low-income entrepreneurs with maiden Islamic microfinance institution MALAYSIA: Islamic Finance Educators Bill to be tabled in parliament soon; aims to monitor quality of Islamic finance educators QATAR: Qatar secures QAR1.8 billion (US$494.27 million) Islamic finance facility to fund logistics zone project IVORY COAST: Director-general of Arab Bank for Economic Development in Africa confirms participation at the Africa Islamic Finance Forum in September SAUDI ARABIA: Saudi Hollandi Bank launches new Islamic retail banking product INDIA: Tata Consultancy Services introduces new Islamic banking solution through revamped version of TCS BaNCS BAHRAIN: Ithmaar Bank achieves net profit of US$13 million for the six-month period ending June 2015 QATAR: QInvest delivers 40% revenue growth in the first half of 2015 GLOBAL: Al Baraka Banking Group marks first half of the year with 5% growth in net income BAHRAIN: Rising income generated from investment banking props up Ibdar Bank’s 51% growth in revenues for the period ending the 30th June 2015 IVORY COAST: President of Cote d’Ivoire, Alassane Ouattara, to officiate the Africa Islamic Finance Forum organized by ICD INDONESIA: Indonesia’s finance minister to deliver keynote address at the IFN Issuers Forum taking place at the Ritz Carlton DIFC in Dubai on the 13th September UAE: Abdulla Al Awar to deliver keynote address at the IFN Issuers Forum in Dubai this September TURKEY: Turkiye Finans shows full support for IFN Turkey Forum 2015 as lead partner GLOBAL: IFN Asia Forum breaks 1,000-delegate mark yet again – dates for next year confirmed

IFN Issuers Forum 2015 13th September 2015 (Dubai) Africa Islamic Finance Forum 2015 17th & 18th September 2015 (Abidjan, Cote d’Ivoire) IFN Kuwait Forum 2015 19th October 2015 (Kuwait City) IFN Turkey Forum 2015 17th November 2015 (Istanbul) IFN Saudi Arabia Forum 2015 30th November 2015 (Le Meridien Hotel, Jeddah) Understanding Islamic Contracts: Structuring & Legal Issues 17th - 19th August 2015 (Dubai) Islamic Financial Services Act (IFSA) 2013 & Islamic Banking Products 18th & 25th August 2015 (Kuala Lumpur) Shariah Audit & Governance for Islamic Banking 20th - 21st August 2015 (Kuala Lumpur) Islamic Finance Qualification 23rd - 25th August 2015 (Dubai) Advanced Sukuk & Islamic Securitization 24th - 26th August 2015 (Istanbul) Undertaking Effective Litigation & Recovery in Islamic Finance Facilities 7th - 8th September 2015 (Kuala Lumpur) Sharia’a Compliance & Audit for Islamic Banks 8th - 9th September 2015 (Dubai) Funds Transfer Pricing 5th - 7th October 2015 (Kuala Lumpur) Trading Book Market Risk Management for Financial Institutions 8th - 9th October 2015 (Kuala Lumpur)