#islamic banking and finance course outline

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Tuesday, December 1, 2020

Merriam-Webster’s top word of 2020 not a shocker: pandemic (AP) If you were to choose a word that rose above most in 2020, which word would it be? Ding, ding, ding: Merriam-Webster on Monday announced “pandemic” as its 2020 word of the year. “That probably isn’t a big shock,” Peter Sokolowski, editor at large for Merriam-Webster, told The Associated Press. “Often the big news story has a technical word that’s associated with it and in this case, the word pandemic is not just technical but has become general. It’s probably the word by which we’ll refer to this period in the future,” he said. Pandemic, with roots in Latin and Greek, is a combination of “pan,” for all, and “demos,” for people or population. The latter is the same root of “democracy,” Sokolowski noted. The word pandemic dates to the mid-1600s, used broadly for “universal” and more specifically to disease in a medical text in the 1660s, he said. That was after the plagues of the Middle Ages, Sokolowski said.

Biden breaks foot while playing with dog, to wear a boot (AP) President-elect Joe Biden will likely wear a walking boot for the next several weeks as he recovers from breaking his right foot while playing with one of his dogs, his doctor said. Fractures are a concern generally as people age, but Biden’s appears to be a relatively mild one based on his doctor’s statement and the planned treatment. At 78 he will become the oldest president when he’s inaugurated in January.

Borrowing and debt bonanza (WSJ) Companies and governments have issued a record $9.7 trillion of bonds and other debt this year, as extraordinary support from the Federal Reserve and other central banks has fueled a borrowing bonanza. The total covers the year to Nov. 26 and includes nearly $5.1 trillion of corporate bonds, as well as some kinds of loans, including riskier leveraged loans, according to Refinitiv. Both figures already exceed those for any prior full year. More broadly, the Institute of International Finance recently said global debt had risen $15 trillion to $272 trillion in the first nine months of this year, and is set to hit $277 trillion by year-end—a record 365% of world gross domestic product. The IIF is an industry group representing hundreds of financial institutions. Its figures are broader, and include household debt.

Newsom says stay-at-home order likely if COVID-19 surge continues (SFGate) California Gov. Gavin Newsom said in a Monday press conference the state is considering a new stay-at-home order in purple-tier counties if cases continue to surge. The state is experiencing the highest rate of increase in COVID-19 cases since the start of the pandemic. With 51 of the state's 58 counties in the most restrictive tier, 99% of the population could fall under a lockdown. The governor didn't outline the details of the potential new order, but when the state issued one in March it required people to stay indoors except for essential services and exercise.

The pandemic is forcing some men to realize they need deeper friendships (Washington Post) It took a global pandemic and a badly timed breakup for Manny Argueta to realize just how far he had grown apart from his guy friends. In the spring, after the 35-year-old had left the home he shared with his former girlfriend and moved into a studio in Falls Church, Va., on his own, he would go an entire week without saying a word. There were no more game days with the guys, no more Friday nights in D.C. bars, and Argueta was starved for social interaction. For more than a decade, psychologists have written about the “friendship crisis” facing many men. Male friendships are often rooted in “shoulder-to-shoulder” interactions, such as watching a football game or playing video games, while women’s interactions are more face-to-face, such as grabbing a coffee or getting together for a glass of wine. “The rules for guys pursuing other guys for friendships are not clear,” one man said. “Guys don’t want to seem too needy.” But the pandemic might be forcing this dynamic to change. In emails and interviews with The Washington Post, dozens of men shared stories about Zoom poker games, backyard cigar nights, and neighborhood-dad WhatsApp chains where casual chats about sports and politics have suddenly led to deep conversations. The moment feels heavier and so do the conversations. Some men said their friendships have begun to look more like those of their wives and girlfriends. “We are so used to finding a distraction to help us when we should be addressing what’s in front of us,” Argueta said. “The world needed to slow down … we should slow down, too.”

Another idyllic Italian village selling $1 houses (CNN) Italy’s €1 homes are back—and this time, what’s up for grabs is a collection of houses in the southern region of Molise. Castropignano—a village topped by a ruined medieval castle, 140 miles southeast of Rome—is the latest community to offer up its abandoned buildings to newcomers. It follows in the steps of Salemi in Sicily and Santo Stefano di Sessanio in Abruzzo, both of which have launched initiatives to encourage newcomers in the last month. So what’s the catch? There are, of course, conditions. Buyers must renovate the property within three years from the purchase and cough up a down payment guarantee of €2,000 ($2,378), which will be returned once the works are finished. And Castropignano isn’t exactly a lively place—it has just one restaurant, a bar, a pharmacy and a few B&Bs.

Pakistani nuclear program (New Scientist) Sleuthing with satellite images on Google Earth has revealed a substantial and undocumented expansion to a suspected nuclear processing plant in Pakistan. Researchers say it is a possible sign of the country boosting the capacity of its nuclear weapons program. Pakistan has possessed nuclear weapons since 1998, but isn’t a signatory to key international treaties on nuclear proliferation and tests. The country’s secretive nuclear weapons program is closely watched due to tensions with neighboring India, which also has a nuclear arsenal.

Turkey’s military campaign beyond its borders is powered by homemade armed drones (Washington Post) As Turkish President Recep Tayyip Erdogan wages a widening military campaign for influence from North Africa to the Caucasus, his forces have relied on a potent weapon to gain a battlefield edge while drumming up domestic support for foreign interventions: homemade armed drones. Their impact has been substantial. The drones played a central role in recent months in shifting Libya’s civil war in favor of the Turkish-backed government based in the capital, Tripoli, and they helped Azerbaijan, an ally of Turkey, prevail over Armenian forces in the fighting over the contested Nagorno-Karabakh region, according to military analysts. In northern Syria, Turkish drones played a major part this year in a series of devastating attacks on Syrian armored forces that caught some military observers by surprise and helped bring a Syrian government offensive against rebel areas to a halt. At home, the drones have become a symbol of Turkish technological innovation and self-sufficiency, boosting national confidence amid a severe economic downturn and friction with some other NATO countries. But the battlefield successes pose an urgent foreign policy challenge for the incoming Biden administration: what to do about Ankara’s expansionist policies, which have put Turkey in conflict with a range of other U.S. allies.

Thai protesters march to royal guard barracks in Bangkok (The Guardian) Thousands of protesters marched to a barracks belonging to Thailand’s royal guards in Bangkok on Sunday, demanding that King Maha Vajiralongkorn give up control of some army regiments, the latest show of defiance against the country’s powerful monarchy and the military. The protest came after days of rallies in the Thai capital, where a student-led pro-democracy movement that emerged in July has intensified pressure on the establishment. Over recent months, demonstrators have shaken the country by criticising the monarchy, an institution protected by a harsh defamation law, and demanding the king relinquish some of his vast power and wealth.

Brazen Killings Expose Iran’s Vulnerabilities as It Struggles to Respond (NYT) The raid alone was brazen enough. A team of Israeli commandos with high-powered torches blasted their way into a vault of a heavily guarded warehouse deep in Iran and made off before dawn with 5,000 pages of top secret papers on the country’s nuclear program. Then in a television broadcast a few weeks later, in April 2018, Prime Minister Benjamin Netanyahu of Israel singled out the scientist Mohsen Fakhrizadeh as the captain of Iran’s covert attempts to assemble a nuclear weapon. Now Mr. Fakhrizadeh has become the latest casualty in a campaign of audacious covert attacks seemingly designed to torment Iranian leaders with reminders of their weakness. His killing was the latest in a decade-long pattern of mysterious poisonings, car bombings, shootings, thefts and sabotage that have afflicted the Islamic Republic. Most have hit largely anonymous scientists or secretive facilities believed to be linked to its nuclear program, and almost all have been attributed by both American and Iranian officials to Tehran’s great nemesis, Israel. Israeli officials—without formally acknowledging responsibility—have all but openly gloated over the repeated success of their spies. Never, however, has the Islamic Republic endured a spate of covert attacks quite like in 2020. In January, an American drone strike killed the revered general Qassim Suleimani as he was in a car leaving the Baghdad airport (an attack facilitated by Israel’s intelligence, officials say). And Iran was humiliated in August by an Israeli hit team’s fatal shooting of a senior Al Qaeda leader on the streets of Tehran (this time at the behest of the United States, its officials have said).

'Christmas will not be cancelled' says Bethlehem (Reuters) Bethlehem is shaping up for a dismal Christmas: most of the inns are closed, the shepherds are likely to be under lockdown and there are few visitors from the east, or anywhere else. Just 12 months ago, the Palestinian town was celebrating its busiest festive season for two decades, amid a sustained drop in violence and a corresponding surge in the number of pilgrims and tourists. But hotels that were adding new wings in 2019 are now shuttered because of the coronavirus pandemic. Nevertheless, town leaders say the traditional birthplace of Jesus will go ahead with its celebrations, aware that the world’s eyes are upon it at this time of year. “Bethlehem is going to celebrate Christmas. And Christmas will not be cancelled,” said Mayor Anton Salman, as workers behind him erected a huge Christmas tree in Manger Square. “This Christmas from Bethlehem there will be a message of hope to the whole world, that the world will recover from this pandemic.” The newly-appointed Latin Patriarch of Jerusalem, Pierbattista Pizzaballa, on Monday said, “This Christmas will be less festive than usual as there will be restrictions, I suppose like any other part of the world, but none will stop us from expressing the true meaning of Christmas which is to make an act of love.”

At least 110 dead in Nigeria after suspected Boko Haram attack (The Guardian) At least 110 people have been killed in an attack on a village in north-east Nigeria blamed on the Boko Haram jihadist group, according to the UN humanitarian coordinator in the country. “At least 110 civilians were ruthlessly killed and many others were wounded in this attack,” Edward Kallon said in a statement after initial tolls indicated 43 and then at least 70 dead from the massacre on Saturday by suspected Boko Haram fighters. The attack took place in the village of Koshobe near the main city of Maiduguri, with assailants targeting farmers on rice fields.

Malaria death toll to exceed COVID-19’s in sub-Saharan Africa (Reuters) Deaths from malaria due to disruptions during the coronavirus pandemic to services designed to tackle the mosquito-borne disease will far exceed those killed by COVID-19 in sub-Saharan Africa, the World Health Organization warned. More than 409,000 people globally—most of them babies in the poorest parts of Africa—were killed by malaria last year, the WHO said, and COVID-19 will almost certainly push that toll higher in 2020.

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Islamic Banking and Maslahah

Islamic Banking and Maslahah

Theories and concepts of Islamic economics and banking are rooted in sharia principles which aim to create prosperity. Therefore, practices and systems implemented in Islamic Banking contain Islamic values and teachings. One of the most important teachings is the realization of greater justice in social life. As for justice in the banking system is a practice based on moral values, such as…

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What is 'Islamic Finance' and why is it growing in Australia?

Make recommendations and findings that will ensure, wherever possible, that Islamic financial products have parity of tax treatment with conventional products. "The number of home buyers using Shari'a-compliant mortgages is growing," says MD. Arshadul Chowdhury, principal at real-estate agency Land & Lease Realty in Lakemba, a Sydney suburb whose population is made of almost 60 per cent Australian Muslims, according to the 2016 census. "As the market is going down, the growth of these financial products can somehow contribute to the sector." According to academics and finance professionals, the growth of institutions offering Islamic Finance services can benefit the whole of Australia, particularly in providing new participants and resources to our economy.

Islamic home loans are available for many purposes such as construction and purchasing vacant land, although they are not typically used for refinancing. They also come in full documentation and low documentation versions, depending on your leasing needs. Speaking to The Adviser on the occasion of the RADI being granted, Islamic Bank Australia chief executive Dean Gillespie outlined that the bank will look to distribute home finance through the broker channel, as well as direct. Settle Easy has updated its online platform to provide automatic updates to mortgage brokers and real estate agents during the conveyancing ...

Our car financing product gives you the chance to get your dream car to drive with your loved ones. Thoroughly screened products with strict adherence to Islamic principles. For almost a decade, we have been amalgamating wealth with faith to advance ethical economic growth and financial opportunity for all Muslims. Join online and start your investment journey towards financial freedom.

"The existence of recognised and regulated super-funds that invest according to Islamic Finance principles is hence a welcome advancement, as it lessens such constraints," he says. Australia is among the nations in which Islamic Finance is growing most rapidly. This is according to the recently released Islamic Finance Development Report 2018, compiled by Thomson Reuters and the Islamic Corp for the Development of the Private Sector. The report shows a global annual growth of 11 per cent in 2017 to more than US $2.5 trillion in assets. Adhering to Islamic principles, Islamic Finance is growing in Australia and could contribute to the non-Muslim community and economy, not to mention boost the workforce and improve social inclusion.

Last July, I gave the opening address to the Symposium on Islamic Banking and Finance, jointly hosted La Trobe University. It is gratifying to be invited to return and it's interesting to reflect on the progress in this important area of international finance in this time. The Assistant Treasurer also visited Deloitte's Islamic Finance Knowledge Centre in Bahrain and addressed a national roundtable of key figures from the Islamic finance industry in the Gulf region.

This authorisation allows us to offer banking services, but is subject to certain restrictions such as a cap on the amount of deposits that we can hold in total. The purpose of the “restricted” status is that we can test our systems and processes before launching as a fully unrestricted bank. Put simply, it is the application of faith-based norms and principles derived from shariah dealing with financial transactions and trade practices. It relies on rules and injunctions developed from Islamic jurisprudence. They deal with the lawful and the prohibited , ethical conduct, contracts and obligations. Another financing company, Hejaz Financial Services, which is already in the home loan and superannuation space, says it has also just started the process of applying for a R-ADI.

The course focuses particularly on the conceptualisation and debate over riba , and the divide between Islamic theology and ideals of Islamic Banking in practice, all while emphasising the diversity of Muslim thinking on Islamic Banking. The course takes a qualitative approach to understanding these issues, and does not require prior knowledge of quantitative techniques. Chief operating officer Muzzammil Dhedhy, a qualified cleric and Islamic theologian, says Islamic laws govern all aspects of Muslims’ lives and many will not feel comfortable dealing with a conventional bank. Please read our website terms of use and privacy policy for more information about our services and our approach to privacy. When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity.

In April this year, I visited Abu Dhabi, Qatar and Bahrain and held a series of talks with the international leadership of the Islamic finance regulatory and banking sectors in each of those States. The Assistant Treasurer, Senator the Hon Nick Sherry, has today held a series of talks with the international leadership of the Islamic finance regulatory and banking sectors. Values Based Organisations As Australia’s first Islamic Bank, we are proud that our products will bring financial inclusion to thousands...

Saving People from Riba

Home loan applications continue to decline, according to the latest Equifax data. Without this approach, the gap on financial inclusion will only widen or contribute to diminishing financial health. IBA's licence is timely too, with the 2021 Australian Census highlighting a 34.6 per cent increase in Australia’s Islamic population — now the second largest religion in our country. We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.

However, according to Ernst & Young, Islamic banking assets have experienced rapid growth and are forecast to increase by an average of 19.7% a year until 2018. A number of Australian financial institutions have examined Muslim financing concepts such as profit sharing and rent to buy while trying to avoid terms such as "interest" in contractual agreements. Instead, depositors would be guided to a range and payments would be made based on how much money the bank earned from the deposited funds in a profit-sharing arrangement. Instead of charging interest on home loans, for example, the bank would charge rent based on how much deposit or principle was repaid.

We’ve taken the mortgage from them, and secured a transaction agreement that doesn’t express principal or interest. 'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently. Just like any other everyday account, you’ll have the option to have physical and digital cards.

This is because they believe that both Islamic and conventional banks make the same return, except conventional banks label it "interest" while Islamic institutions label it "profit". However, you must consider additional concepts such as risk-sharing and the absence of ambiguity which make Islamic home loans unique, compared to traditional loan products. On this subject, Murphy states, “In Australia, the Muslim community comprises Pakistanis, Fijians, Indians, Malaysians, Egyptians and so on. It would not be uncommon for some people to come to me and say ‘I want my Imam to sign off on your program’.

Having recently received our restricted banking licence, this role is part of a small team bringing new banking products to the Australian market. Gus is passionate about developing, designing and implementing digital products and services to help businesses across Australia accelerate innovation at the pace of customer expectations. However, with technology rapidly evolving, banks and financial institutions are challenged with having to innovate at the pace of the customer — and perhaps even more difficult, their expectations for delightful experiences. Such restrictions not only impact the bottom line of banks and financial service providers, but so too, do they have a negative impact on the quality of life for Australian Muslims. It could be argued that the latter is more important to creating a thriving, inclusive society and has a bigger impact on the economy in the long term. Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance.

But that's been hard to achieve in Australia's mainstream banking system. I.D.E.A - Inclusivity, Diversity, Equity and Appreciation – Strategy or Mindset shift Islamic Bank Australia is powering ahead with a no-nonsense I.D.E.A philosophy and placing equality,... Choice in Banking In life, choice is important – this includes choice in banking also especially when banking is... Looking to make a change from the city life to the country life? Purchase a rural property without engaging in an interest-based contract.

We pride ourselves in engaging with a range of local Islamic scholars and we are the only provider to be endorsed by the Board of Imams Victoria and President of the Imams Council of Queensland . That said, after several years of working with scholars, Australia lawyers, regulators and suitable funding sources, we opened our doors to the public with our Islamic finance solutions in 2015. Find out the latest insights about super, finance and investments. For almost a decade, we have been amalgamating wealth with faith to advance ethical economic growth and financial opportunity for all Muslims. Money is a big deal for everyone so we’re here as your money partners, finding the best way to make it happen. Join online and start your investment journey towards financial freedom.

But then we’d have to do the same for everyone and try to represent all the different religions, which would be impossible. Islamic banks are growing rapidly all over the world and offer fundamentally different banking products without interest – such as home finance with co-ownership, and savings accounts that pay profit-share. Australians will have access to these unique deposit products for the first time.

APRA has issued a restricted authorised deposit-taking institution licence to IBA Group, establishing the company’s brand Islamic Bank Australia as the country’s first Islamic bank. Our shariah-compliant financing solutions are here to help you to meet your property, vehicle or commercial need. I recommended all in Australia to take loan from them to buy property. Connecting Your Financial Goals and Faith Values Into One Idea of Success Islam is a code that filters into all aspects of life. In western culture, that has previously left Islamic businesses, people and investors at a disadvantage, but with major industry momentum in Islamic finance, it can now boost you forward. We use the guidance on national, international, and socio-economic issues outlined in Islamic code to help Australian Muslims to live and work accordingly while meeting and exceeding their business and financial goals.

Islamic Finance, Home Loans and Advice for Australian Muslims

A car dealer can buy a car for $1,000 and sell it for $1,200 making a profit of $200, which can be expressed as 20%. On the other hand, a person can lend someone a $1,000 dollars and demand that the borrower pays it back as $1,200, thus making a 20% interest. Looking to make a change from the city life to the country life? Purchase a rural property without engaging in an interest-based contract. A seminal book on Islamic finance by the world-renowned Mufti Taqi Usmani, this is a must-read for anyone interested in the key concepts, rules, and ideas behind modern Islamic finance.

InfoChoice may receive a commission, referral, fee, payment or advertising fees from a provider when you click on a link to a product. We may sort or promote the order of these products based on our commercial arrangements. Sponsored products are products offered by a provider with which InfoChoice has a commercial marketing arrangement in place.

Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. This advice is general and has not taken into account your objectives, financial situation, or needs.

If the idea of owing your own property, vehicle or equipment via Ijarah appeals to you but you are currently paying off an existing mortgage we can help you replace it. Potentially, more information will be released closer to the bank’s opening date around profit sharing. In Australia’s banking system, interest is implemented everywhere, making it difficult for the 3.2% of Australians identifying as Muslims to follow their own laws. The buyer pays rent on the home proportionate to the equity they hold.

In Islamic banking, charging interest is forbidden under Sharia law, so most home loans won’t be appropriate for Muslims; thankfully there are Sharia-compliant mortgages and products available in Australia. Musharakah Mutanaqisah works almost exactly along the same lines as a western mortgage, in that both types of homebuyers gain equity as they repay. It relates to a ‘diminishing partnership.’ That means western-style borrowers owe less, own more, and pay less interest as a home loan progresses.

Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid. Various forms of Islamic home financing are offered by a handful of service providers in Australia. This combination of rental and sale contract makes it the best halal financing product for property ownership while you get to own the house of your dreams and call it home.

Many existing compliant financing products give title to the customer, with a side contract specifying they’re buying it on behalf of the bank. The Dr Hewson-chaired company is part of the Crescent financial services group founded by former Australia Post director Talal Yassine. It is setting up two funds – an income fund that he expects to reach about $500 million in the next two to three years and a capital fund that will get up to about $200-$300 million in size. To meet with Islamic law requirements, finance needs to be structured as a lease where rent and service fees are paid instead of interest or some other kind of profit-sharing arrangement. On Friday NAB will officially launch sharia-compliant loans of over $5 million for commercial property and construction, the first of the Big Four banks to do so. Part of the problem in drawing in customers is that the MCCA does not offer the multitude of services as larger banks do.

“It’s the flexibility of the link between those two funds that should be attractive – a choice of income or capital, drawing on the benefits of both,” Dr Hewson said. “Even to the extent that they would rather hold savings in physical cash form at home despite the inherent security and safety risks and forgone earnings,” he said. To date, Victoria is the only state to recognise the potential for Islamic finance contracts to incur double stamp duty, introducing legislative exemptions in 2004. “One of the great challenges in starting Australia’s first Islamic bank is that you have all of these jurisdictional and legislative challenges that you don’t have when you’re running a conventional bank,” Mr Gillespie said.

Different lenders have different rules about the size of deposit they require from you in comparison to the value of the property they will buy. They also charge rent at different rates once you move in, so you should really speak to several lenders and compare the rates, as well as comparing any fees involved. At the end of this time, the lender will give you the Islamic Home Finance Australia property as a gift. This means that you are never actually in debt but you have a secure home that you will ultimately own. If you are willing to make higher rental payments, lenders will often agree to let you make extra payments so you can become a homeowner sooner.

Why bank, if we can offer the same

You may approach any of the Islamic banking institutions listed above that offer Sharia-compliant products to know your options. Better still, you enlist the services of a mortgage broker who can best help you find a suitable financing. “Just like any conventional facility in any other organisation, customers should be alert to the service aspect of the product.

With Ijara financing the financier provides financing to the customer, enabling them to acquire and use the property, with the client then making repayments to the financier. In a first for Australian banking, NAB has today announced the launch of a specialised financing product for Islamic business customers looking to invest and grow. Over time, the client pays off the house through rental payments, which include a profit to the financier and reflect market interest rates. Eventually, the asset is wholly paid off by the client and they own the house outright. Australia's finance sector is tapping into the Islamic market, with one of the country's biggest lenders launching a Sharia-compliant loan and smaller institutions vying to become the first bank for the nation's Muslim population.

To get started we will conduct an initial pre-assessment to determine how much we can finance you and whether you will fit the requirements for eligibility. The information you provide us here will be verified with supporting documents which we will ask you to provide later. We are rigorous about ensuring the Shariah integrity of our products through Shariah audits and on-going testing.

Products included on this site may not suit your personal objectives, financial situation or needs. InfoChoice is not a product issuer or a credit provider and does not provide personal financial advice or credit assistance. The laws of Islam govern every aspect of a Muslim’s life, including their financial activities. Islamic laws do not allow for Muslims to borrow on interest and as a result, Muslims are restricted in the market due to the prohibition of conventional banking products.

Further, Islamic principles restrict the assets into which Muslims can invest, which means Muslims are excluded from various investment sectors and investment instruments. Similar prohibitions apply to financial products that can gain or lose substantial value, such as derivatives. Some argue that Islamic finance simply interchanges terminology and concepts and that Sharia-compliant home loans don’t differ greatly from standard home loans. This is because they believe that both Islamic and conventional banks make the same return, except conventional banks label it "interest" while Islamic institutions label it "profit".

Chief operating officer Muzzammil Dhedhy, a qualified cleric and Islamic theologian, says Islamic laws govern all aspects of Muslims’ lives and many will not feel comfortable dealing with a conventional bank. To date, Victoria is the only state to recognise the potential for Islamic finance contracts to incur double stamp duty, introducing

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Fundamentals of Islamic Money and Capital Markets Read Online

Read and Download Fundamentals of Islamic Money and Capital Markets Full Online Just Here !

 Details Of Books :

Author : Azmi Omar

Pages : 240 pages

Publisher : Wiley

Language :

ISBN-10 : 1118503996

ISBN-13 : 9781118503997

 Descriptions :

The first comprehensive guide to Islamic financial marketsBased on the course taught at the International Islamic University Malaysia, this is the first book on Islamic finance to focus exclusively on money and capital markets. Covering basic concepts as well as current practices in Islamic financial markets, the book features case studies from real markets. It outlines the theory of money in terms of value, supply, and demand, while explaining the Islamic capital markets in terms of classifications, types of operations, valuations of securities, Islamic unit trust, ETFs, Islamic stock broking, and much more.Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic financeThe first guide to Islamic finance focused solely on money and capital marketsAn excellent introduction to money market principles for students in Islamic banking and finance, as well as researchers and current practitioners, "Fundamentals of Islamic Money .

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 READ Fundamentals of Islamic Money and Capital Markets FULL ONLINE

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HK set for rewarding future

It is a time of profound change for the financial services sector and, certainly, the alternative fund sector. That is palpably evident in technology, regulation, markets, sustainability, data science and much more. And I am pleased to note that today's forum will tackle these and other challenges, and the opportunities they present.

 For the moment, let me share with you a little of what the Government is doing to embrace these challenges, to position Hong Kong for a rewarding future.

 We are Asia's premier asset and wealth management hub, and we will, let me assure you, continue to promote the sector, taking a multi-pronged approach.

 Asset and wealth managed in Hong Kong hit a new high of US$3.1 trillion in 2017, with 66% of that coming from external investors, amply demonstrating our attractiveness to international investors. To diversify our fund structure, we put in place a new legal regime last year, allowing funds to be set up in Hong Kong in the form of companies.

 These open-ended fund companies, whether publicly or privately offered, can enjoy profits tax exemption. Some two weeks ago, our Legislative Council also passed a bill allowing onshore funds to enjoy profits tax exemptions - as offshore funds already do.

 And, taking into account suggestions from the AIMA (Alternative Investment Management Association) and other industry players, we have modified the tax regime for open-ended fund companies. Specifically, we have dropped the non-closely held test that an open-ended fund company would otherwise have to pass in order to be eligible for tax exemption. The new tax treatment begins next month on April 1.

 We are now devising a limited partnership regime to encourage private equity funds to set up here. This would be the second dedicated regime for a fund vehicle in our statute.

 Later this year, we plan to table a proposal for industry consultation. And I look forward to AIMA's comments. Our goal is creating a regime that enables the market's healthy and orderly development.

 Competitive tax plan

To attract more private equity funds to set up and operate in Hong Kong, I announced in my Budget Speech last week that we would study the case of introducing a more competitive tax arrangement for private equity firms.

 At the product level, we will continue to expand our distribution network through mutual recognition of funds arrangements. Alongside Mainland China, Switzerland and France, we recently added the United Kingdom and Luxembourg to our list of partner jurisdictions.

 More than 70 funds can be sold through the arrangements now in place. And we will, of course, continue to develop this promising front.

 Our securities sector is also developing well. Last year, we raised about US$37 billion in funds through IPOs (Initial Public Offerings). That took Hong Kong to the top of the global IPO league for the sixth time over the past decade.

 We are also committed to promoting Hong Kong as a fundraising centre for the new economy. The launch of the new listing regime last year is a key step in this direction.

 The regime allows pre-revenue or pre-profit biotech companies, and high growth and innovative companies with weighted voting rights structures, to list on our Stock Exchange. Up to end last year, there are already seven such companies listed on the Main Board.

 Financial technology is also flourishing, with more than 550 fintech companies here. They are doing applied research and development in a number of areas, including payment and remittance, robo-advisory in wealth management and insurance, and cybersecurity for financial services.

 The Accenture Fintech Innovation Lab, Deloitte Asia Pacific Blockchain Lab and The Floor from Israel are among the renowned innovation laboratories and accelerator programmes that have established a presence in Hong Kong.

 We are promoting the diversified development of our bond market as well, through such initiatives as the Government Bond Programme and the issuance of institutional, retail and Islamic bonds.

 Last May, we launched the Pilot Bond Grant Scheme and enhanced tax concessions for qualifying debt instruments. Our aim is to encourage investors like yourselves to participate in our bond market.

 Let me add that we have also launched a Green Bond Grant Scheme. It subsidises eligible green bond issuers in obtaining certification under the Green Finance Certification Scheme run by the Hong Kong Quality Assurance Agency.

 We are now preparing an inaugural issuance under the Government Green Bond Programme. It will align with widely accepted global standards for green bond issuance. Issuance proceeds will fund projects with environmental impacts under the Government's Public Works Programme.

 Flourishing bond market

In 2018, the aggregate size of green bonds arranged and issued in Hong Kong reached about US$11 billion, three times of that in the previous year. Issuers include entities from Hong Kong, the Mainland and abroad, as well as multilateral agencies such as the Asian Development Bank, the World Bank and the European Investment Bank. And that surely attests to Hong Kong's emergence as a green finance centre.

 Hong Kong also offers unparalleled opportunities for accessing the Mainland market, given our strategic location, our "one country, two systems" unique arrangement and our deepening economic integration with the Mainland. Furthering mutual capital market access with the Mainland is high on our agenda.

 Key milestones include the Stock Connects, the mutual recognition of funds arrangement with the Mainland, and the Northbound Trading of Bond Connect.

 And we are continually working to enhance the schemes. Last year, the daily quotas of the trading links under both the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect were quadrupled.

 We will continue to work with the industry and Mainland authorities to boost the two-way flow of cross-border renminbi funds. And that can only enhance Hong Kong's status as a global hub for the offshore renminbi business.

 Bay area impetus

At the regional level, the Guangdong-Hong Kong-Macao Greater Bay Area development has great potential to boost both innovation-driven development and the reform and two-way opening-up of the Mainland.

  The promise of the Greater Bay Area is in realising the comparative advantages of each Greater Bay Area city to drive co-ordinated regional economic development, accelerate regional integration and deepen co-operation.

 For Hong Kong, the good news is that the Outline Development Plan for the Greater Bay Area, promulgated less than three weeks ago, supports our status as an international financial centre and offshore renminbi business hub. It endorses, as well, our place as a global asset- and risk-management centre and the development of high value-added financial and professional services.

 And that is just looking at our financial sector. There is indeed a lot more to be excited about, including enhancing our status as a transport and trade centre, an international aviation hub as well as developing our fast-emerging innovation and technology sector.

 Then there is the Belt & Road Initiative, with its central focus on connectivity. Hong Kong, thanks to its liquid capital flow and deep pool of financial talent, is the natural centre from which to raise funds for investment and infrastructural and production projects.

 We are, let me add, perfectly placed to provide infrastructure financing, risk management, insurance and dispute-resolution services that these big-ticket projects need.

 So while the near-term economic outlook may be fraught with risks, the rewards down the road still promise much for Hong Kong - and for the economies and companies and entrepreneurs who connect with Hong Kong.

 Financial Secretary Paul Chan gave these remarks at the Alternative Investment Management Association's APAC Annual Forum 2019 on March 7.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/03/20190307/20190307_103709_712.html

[olliejennabn]

HK a business, financial hub

This is my first visit to Jakarta, the fast-beating business and cultural heart of Indonesia, and my fifth ASEAN country visit since taking office on July 1 last year, signaling the growing ties between Hong Kong and Indonesia, against the backdrop of an enhanced relationship between Hong Kong and the ASEAN region.

 Just now I had a very constructive meeting with President Jokowi. It was actually our second meeting since we last met in Hong Kong in May 2017, at that time I was the Chief Executive-elect. In the year or so between our two meetings, I am glad that so much has been achieved by the two governments in terms of collaboration, and our bilateral ties have grown even stronger.

 While the President was in Hong Kong last year, he witnessed the signing of a Hong Kong-Indonesian MOU on cultural co-operation and a joint statement on labour co-operation. A month later, our two economies signed an agreement on the automatic exchange of financial account information for tax purposes.

 In July, our Financial Secretary, Mr Paul Chan, visited this fast-rising global city to officiate at the formal opening of Hong Kong’s newest Economic & Trade Office - our 12th in the world and second in ASEAN. The mission of the Jakarta Office, headed by Mrs Do, like that of our other Economic & Trade Offices, is to expand economic and trade ties between us, and to create opportunity for both of us.

  HK-ASEAN co-operation

Last November was particularly gratifying. The Financial Secretary officiated at the inauguration ceremony of the Indonesian Chamber of Commerce in Hong Kong. And, after three years of negotiation, Hong Kong and the 10 member states of ASEAN - of which Indonesia is a founding member - formally signed a free trade agreement and related investment agreement.

 These two agreements cover trade in goods and trade in services, as well as investment, economic and technical co-operation and dispute-settlement mechanisms. They are, in short, comprehensive in scope. They will bring legal certainty and heightened market access in trade and investment to our respective companies. They will create new opportunities for business and bolster trade and investment flow between Hong Kong and ASEAN, including, of course, Indonesia, which represents over one-third of ASEAN's collective GDP and over 40% of its population.

 Indonesia is home to the ASEAN Secretariat, which is an important reason behind the establishment of our ETO here in Jakarta. After all, ASEAN is Hong Kong’s second-largest trading partner, with bilateral trade in goods last year between Hong Kong and ASEAN totaling more than US$120 billion, up 12% over the previous year.

 Our trade with Indonesia was also strong last year, up nearly 8% over 2016, to US$5.4 billion. Let me add that Hong Kong is a major source of foreign direct investment in Indonesia. In 2017, we were fourth in Indonesia's FDI, with an amount exceeding US$2 billion.

 Adding it up, I would say we have come a long way in a short time. I would say, too, that we have only just begun to tap the opportunities between Hong Kong and Indonesia, and between Hong Kong and ASEAN as a whole. The opportunities exist not only in trade and investment, but also in culture, in education, in travel and in forging a closer people-to-people bond. Consider, for example, the rise in Indonesian visits to Hong Kong. Last year, we welcomed more than 480,000 Indonesian tourists to Hong Kong, up more than 40% over a decade ago.

 That should not be surprising as Hong Kong is an attractive and enticing international city for people from around the globe. Ours is a distinctive blend of East and West, a mix of global and local offerings - in everything from fashion and food, arts and culture, to leisure and entertainment.

 Ladies and gentlemen, that is also a reflection of our "one country, two systems" framework. It rewards us with powerful, and ever-deepening, ties to the Mainland economy, while leaving us free to pursue global prospects. Hong Kong enjoys the unparalleled advantage of being part of China, while maintaining our unique strengths in the rule of law, independence of the judiciary, our capitalist system, rights and freedoms, etc, all enshrined in the Basic Law.

 Not surprisingly, Hong Kong is one of the best places in the world to do business. For the past two years, Hong Kong has been named the most competitive economy in the world by Switzerland’s International Institute for Management Development. The Washington-based Heritage Foundation has named Hong Kong the world's freest economy for 24 consecutive years. And, in the World Bank's "Doing Business 2017" report, Hong Kong finished fourth for ease of doing business out of nearly 200 economies.

 Hong Kong's tax regime has always been rated highly in those global rankings. Our tax regime has always been low and uncomplicated by global standards, but we are not complacent. Since my taking office as the Chief Executive, my government has been working to make our tax regime even more competitive. A two-tiered profits tax system has been put in place since the beginning of April this year. Our profits tax rate has been lowered to 8.25% for a company’s first HK$2 million, that is US$256,000, in profits, while our standard tax rate is only at 16.5% and that standard tax rate will apply to profit exceeding the HK$2 million amount. And to encourage corporations to invest in research and development, we are putting in place "super deductions", that is, a 300% tax deduction for the first HK$2 million in eligible R&D expenses, with the remainder at 200%.

 Financial services is another strength. Just last month, the London-based Global Financial Centres Index, a semi-annual ranking of the world's top financial centres, rated Hong Kong third, behind only London and New York. In the index's "Human Capital" category, Hong Kong finished first.

 We are China's international financial capital, and have the first-mover advantage in the Mainland's continuing economic reforms. Hong Kong has long been the world's largest offshore renminbi business centre. And our financial services strengths, our capital-raising expertise and related professional services know-how, will make key contributions to the development of our country, and help power the far-reaching Belt & Road Initiative.

 Belt-Road benefits

I do not have to tell Indonesia about the Belt & Road Initiative. Indeed, this plan was first proposed by President Xi Jinping in 2013, right here in Jakarta. I know Indonesia, with its strategic location and fast-growing economy, supports this strategic initiative, alongside many other nations across different continents. Built on multilateral co-operation in infrastructure, in trade and investment, in culture and in people-to-people bonds, the Belt & Road Initiative will rise as a global economic force deep into the 21st century. The member states of ASEAN are poised to play a key role and benefit from it. And with the Central People’s Government’s support, Hong Kong can contribute to each of the five areas of connectivity under the Belt & Road Initiative. This is already well illustrated in two successful Belt & Road Summits organised by the Hong Kong Trade Development Council in 2016 and 2017 and another Belt & Road Seminar held at the Great Hall of the People in Beijing in February this year in conjunction with the newly-established Belt & Road General Chamber of Commerce.

 Given the significant Muslim population along the Belt & Road, Islamic finance will surely expand as the big-ticket infrastructure projects find traction. In this, Hong Kong can also offer its services. Over the past years, we have issued three international sukuk or Islamic bonds. Each has been a success. Each is a testimony to global investor confidence in Hong Kong’s financial services experience and economic fundamentals.

 Alongside the financial sector, we take pride in our services professionals - world-class engineers and surveyors, architects, designers and planners, together with specialists in insurance, arbitration, risk management, project consulting and communications. They have much to offer Indonesian businesses looking to find the fast lane of the Belt & Road.

 At the Boao Forum for Asia earlier this month, President Xi Jinping announced a series of measures for the further opening up of China. I believe two will prove particularly beneficial to Hong Kong and the companies that partner with us. One is further relaxation in financial services, especially in insurance. The other is President Xi's pledge to provide a more attractive investment environment in the Mainland. In both cases, Hong Kong has what it takes to make a difference.

 Then there is the Guangdong-Hong Kong-Macao Bay Area development. This development is now being taken forward as a national strategy and the detailed Development Plan will be promulgated very soon. With a collective population of 68 million, and a combined GDP of some US$1.5 trillion, the Bay Area is destined to rise as a global centre for finance, high-end services and innovation and technology.

 Ladies and gentlemen, I have quickly outlined Hong Kong's advantages, and the many opportunities in front of us. By this I mean not only Hong Kong, but our friends from Indonesia and ASEAN. But I believe, I personally believe, the best of Hong Kong is yet to come.

 Chief Executive Carrie Lam gave these remarks at the "Indonesia-Hong Kong Strategic Partnership on the Belt & Road Initiative" seminar and luncheon in Jakarta on April 25.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2018/04/20180425/20180425_181440_146.html