Islamic Finance and Economics

  • OIC Makes More Headway with World Bank on Sharia Finance

    August 03, 2015

    The Organisation of Islamic Cooperation's ("OIC") Islamic Development Bank continues to make headway with the World Bank's "Global Islamic Finance Development Center," for the promotion of sharia-compliant/compatible instruments, co-sponsoring a massive upcoming international conference in Turkey on Islamic finance.

  • Iran Plans Increased Trade Ties with OIC Countries When Sanctions End

    July 02, 2015

    Iran's finance and trade officials are planning for a major expansion of the country's global trade and finance activities after easing of sanctions at the conclusion of the international nuclear negotiations, based on a major increase in Iran's shareholder status in the International Islamic Trade Finance Corp ("ITFC") of the Organisation of Islamic Cooperation ("OIC").

  • Sharia Finance Giving Muslim Religious Leaders Influence in Global Finance

    June 11, 2015

    The move by Pakistan's Securities and Exchange Commission to create a sharia advisory board dominated by Muslim scholars mirrors the globalizing trend toward centralized regulation of sharia-compliant/compatible finance guided by economic principles of Islamism.

  • Sharia Finance and Development Deepen Asia-Mideast Ties

    June 11, 2015

    Islamic finance is gaining strong support in Asia's leading financial centers, which are competing aggressively to expand trade and commercial ties with Mideast, in order to access massive sharia-based/compliant financial instruments and capital to support colossal infrastructure and development projects.

  • 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.

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