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Islamic Finance, Islamic Mode of Financing

Is Government of Pakistan really serious in making Islamic banking the first choice?

In Pakistan there exists two distinct, but opposite opinions about the growth of Islamic banking in the country. The proponents are jubilant and claim that now a little less than 15% of total assets of the banking sector are now Shariah compliant. However, the other group insists that the quantum is paltry; keeping in view… Continue reading Is Government of Pakistan really serious in making Islamic banking the first choice?

Islamic Finance

AAOIFI 18th Annual Shariah Boards Conference to be held on 17-18 March 2020

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has announced to hold AAOIFI 18th Annual Shariah Boards Conference under the auspices of Central Bank of Bahrain, on 17-18 March 2020 at Gulf Hotel, Kingdom of Bahrain. AAOIFI Annual Shariah Boards Conference is considered one of the most important events to discuss Shariah aspects related… Continue reading AAOIFI 18th Annual Shariah Boards Conference to be held on 17-18 March 2020

Islamic Finance

Half of Malaysian Banking Assets to become Islamic in Next Decade

According to a Bloomberg report, Malaysia plans to convert half of its banking assets to be Islamic by 2030 as the industry’s growth surpasses growth of conventional banking. Shariah compliant loans are expected to grow by 10% to 15% annually over the next five years, surpassing 5% to 7% growth seen for non-Islamic loans, said… Continue reading Half of Malaysian Banking Assets to become Islamic in Next Decade

Islamic Finance

Revolutionizing Islamic Finance through Blockchain

IBA CEIF, in collaboration with Usmani & Co, successfully held a Product Development & Shariah Compliance Forum session on "Blockchain: Applications and Opportunities for the Islamic Finance Industry on 22nd January 2020.  Eminent scholars and leading industry practitioners attended the event. Sharjil Ahmed, CEO Cykube and Member Advisory Board, Usmani & Co, explained how blockchain… Continue reading Revolutionizing Islamic Finance through Blockchain

Islamic Finance

AAOIFI Governance and Ethics Board approves amendment

The Governance and Ethics Board (AGEB) of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has ratified an amendment related to the auditing standard for Islamic Financial Institutions No. 6 on “External Shariah Audit”. The objective of the amendment is to allow one-time optional deferment for the long form report in view of numerous… Continue reading AAOIFI Governance and Ethics Board approves amendment

Islamic Finance

AAOIFI public hearing being held in Pakistan

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has scheduled a hearing event on 17 December 2019 at Institute of Chartered Accountants of Pakistan (ICAP), Karachi, Pakistan. The schedule is as follows: DateExposure Draft(s)Timing(Local time)Venue17 December 2019  FAS on “First Time Adoption of AAOIFI Financial Accounting Standards”09:00am 10:00amInstitute of Chartered Accountants of Pakistan (ICAP) -… Continue reading AAOIFI public hearing being held in Pakistan

Islamic Finance

Islamic Mutual Funds selling their stake in Hub Power Company

Potential sell-off from Islamic mutual funds (6% of free float), largely due to rising debt financed equity investments has kept a cap on HUBC’s price performance. However, the release of detailed financial accounts indicates HUBC’s conventional debt to asset (33%) comfortably below the levels allowed by Shariah compliance criteria of 37%. Meanwhile, ‘penal income’ at… Continue reading Islamic Mutual Funds selling their stake in Hub Power Company