Islamic Finance and Economics

  • Risks in Islamic Finance Continue to Concern IMF

    May 27, 2015

    Although recognizing the comparative advantages of Islamic finance in terms of strong risk management, cultural appeal, and job creation, the International Monetary Fund ("IMF") continues to explore effective mechanisms to improve the lack of standards harmonization and regulatory transparency which continue to present serious risks in the $1.8 trillion global marketplace for sharia-compliant/compatible finance.

  • Turkey Aims to Become Eurasian Gateway for Sharia Finance

    April 13, 2015

    The President of the Islamic Development Bank ("IDB"), an agency of the 57-member-state Organisation of Islamic Cooperation ("OIC"), is encouraging European Union candidate-country Turkey to work to establish itself as the gateway for sharia-compliant financial and banking services and products linking Asia and Europe.

  • Islamic Development Bank Plans to Expand Sharia Finance in Africa

    April 08, 2015

    The President of the Islamic Development Bank, the main financial institution of the 57-member-state Organisation of Islamic Cooperation ("OIC"), announced plans for robust expansion of sharia-complement/compatible finance throughout Africa as a means to accelerated economic development on that continent.

  • ASEAN Economic Integration Likely to Accelerate Globalization of Sharia Banking and Finance

    April 01, 2015

    Economic development and finance experts anticipate that the ongoing acceleration of the formal economic integration of the Association of Southeast Asian Nations ("ASEAN") will grow both globalization of demand and supply of sharia-compliant banking products and financial markets, making Southeast Asia a major market for the expansion of associated sharia ideas and practices.

  • IMF Confronts Global Expansion of Islamic Finance

    March 23, 2015

    The International Monetary Fund ("IMF") has launched several new working groups to explore the fiscal and monetary implications of the growing global presence of sharia-compliant/compatible products and practices, as well as to consider the implications of the growing penetration of Islamic finance and banking in many IMF member countries.

  • Sharia Finance Expanding in Africa

    March 18, 2015

    Financial and political trendlines show that sharia-compliant and sharia-compatible financing and products are spreading on the African continent, where 25 percent of the world's Muslims reside, with Nigeria moving aggressively to establish itself as the sharia finance hub for Africa.

  • Russia Turning to Islamic Finance to Mitigate Effects of Western Sanctions

    February 16, 2015

    In an effort to mitigate the negative effects of sanctions on Russia by the United States and Europe imposed because of the crisis in Ukraine, Russian banks are moving to expand access to Islamic finance and to grow their expertise in sharia-compliant/compatible instruments.

  • Islamic Financial Sector Continues to Gain Ground in Egypt

    January 14, 2015

    Despite the abbreviated tenure of Islamist government in Egypt, sharia-compliant/compatible finance continues to grow robustly, currently comprising 20% of the country's commercial banking sector clients and projected to experience healthy growth in 2015.

  • Complex Connections Between Terror Funding and Islamic Finance Signal Caution

    January 02, 2015

    Concerns over the complex connections between Islamist terror funding streams and the global spike in sharia finance instruments are pushing international security and financial monitoring groups to intensify due diligence for investment and development in Africa.

  • Hong Kong Stays Committed to Becoming Islamic Finance Hub

    December 17, 2014

    Despite tepid growth in Hong Kong's sharia finance sector since the one-billion-dollar, sovereign sharia bond offering in September, the Hong Kong Monetary Authority (“HKMA”) continues to amend the territory's legal, regulatory, and taxation structures to make Hong Kong a global sharia-finance hub linking investors from the Mideast and China.

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