Vote for www.IslamicAdvisory.com: Take 2 minutes to show your support

Vote for www.IslamicAdvisory.com: Take 2 minutes to show your support

Dear all,

IslamicAdvisory.com is a pioneering Islamic finance training institution offering 100% online certified training in Islamic finance that is wholly based on the most accredited standards in the world.

IslamicAdvisory.com was nominated as “Best Training Institution” by the Islamic Business and Finance Awards, the leading award-giving body in the Islamic finance industry. This is an unprecedented achievement in just the first year of their launch.

Please show your support by voting for them.

The voting procedure is as follows:

Step 1: Go to www.cpifinancial.net and on the left hand side of the homepage under “Apply To Our Newsletter” type in your email address and click on “Subscribe.”

Step 2: Then on the same homepage click on the “Vote Now” banner and scroll down to “Best Training Institution.” Select IslamicAdvisory.com, fill in your details, and hit “Submit.”

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How does your vote make the world a better place?

A vote for IslamicAdvisory is a vote for standardized Islamic finance certification for the whole world, not just the major financial centers. For the first time in history, anyone with Internet access and a deep desire to learn the essentials of Islamic finance, receives AAOIFI-based training 24 hours a day.

We believe that many of the world’s problems could be solved by providing alternatives to interest-based banking. If governments, companies, and individuals could focus on something other than repaying mounting debts, the world would be a much better place. We also believe that the industry urgently needs to comprehensively train the many people now entering Islamic finance.

Crash courses are not enough. And in many ways a crash course can do more harm than good. What is needed is ongoing, standards-based training for everyone. From single individuals to entire banks.

And IslamicAdvisory.com is the only organization around today that delivers accredited Islamic finance training 100% online. That means cost-effective, scalable training for a global industry.

To see our latest press release (“IslamicAdvisory.com Launches First Online Islamic Finance Certificate”) just click here.

Report: North America next big growth market for Islamic Finance

Report: North America next big growth market for Islamic Finance

As world economies struggle to move from recession to recovery, Islamic finance is being hailed as a possible alternative to risk-prone conventional financial services – even in the capitalist heartlands of the USA and Canada. Extensive evidence of this shift in action is presented in a new report called Islamic Finance in North America 2009 published tomorrow by Yasaar Media and co-published by Codexa Capital, UM Financial Group, King & Spalding, and Doha Islamic.

The report explores for the first time the true depth of penetration of Islamic finance in both the USA and Canada and concludes that both core North American markets could be set for a boom.

According to the report Islamic finance in North America has developed along two quite separate paths. The first path focuses on retail Islamic finance and centres mostly on home financing products and credit cards. The second path involves a number of high profile GCC-based Islamic investment banks and their deployment of hundreds of millions of dollars in private equity and real estate developments in North America.

With many global markets showing the first signs of emerging from the worst of the financial crisis, North America could be set to witness a surge in Islamic finance activity along both paths as institutions and individuals look for alternative financing propositions that shun the use of excessive risk. The significant inroads that Islamic finance has made in both the USA and Canada look set to be expanded upon in the years ahead.

Paul McNamara, editorial director of Yasaar Media, says, ‘Investors and businesses alike are still smarting from the worst ravages of the global recession and they are looking for a lower-risk alternative. Islamic financing structures are inherently more risk averse than their conventional counterparts and as a result such structures are now being studied closely in all sorts of markets – including highly sophisticated markets like those of North America’.

These important markets are examined for the first time as growth areas for Islamic finance. ‘Both the USA and Canada are home to some very experienced Islamic finance firms – both on the financial and the legal side – and many market observers are now watching closely to see how they will help accelerate development of Shariah financing in North America. These are lucrative markets and it makes sense that GCC- and Malaysia-based Islamic finance houses are watching them with great interest’, according to Mr. McNamara. 

First Shariah compliant money market fund in Europe launched

First Shariah compliant money market fund in Europe launched

Bank of London and the Middle East (BLME) has launched the first Shariah compliant money market fund in Europe. Using Luxembourg’s specialised investment funds law, BLME has appointed European Fund Administration (EFA) and Banque et Caisse d’Epargne de l’Etat (BCEE) for fund servicing and custody.

 BLME Umbrella Fund SICAV-SIF, worth over $50 million, invests in a diversified portfolio of high quality Islamic money market instruments, such as commodity murabaha (exchange contract trade), sukuk (Islamic bonds) and ijara (assets leasing).

To respond to the significant market growth in Islamic investments, EFA has tailored the fund to its open fund accounting architecture and transfer agency platform while offering specific training to a dedicated team.

BLME is an independent UK wholesale Shariah compliant bank based in London authorised by the Financial Services Authority. It offers innovative Islamic investment and financing products to businesses and high net-worth individuals in the European, the US, South-East Asian and Middle East and North Africa regions.

EFA is an independent company specialised in administrating investment vehicles. It manages 2,700 funds units worth over €100 billion for more than 215 clients.

Become a Certified Islamic Finance Executive (CIFE). After all, there are at least 7 reasons why bankers prefer it

Become a Certified Islamic Finance Executive (CIFE). After all, there are at least 7 reasons why bankers prefer it

IslamicAdvisory.com, the only online Islamic Finance training organization, is about to launch its CIFE program. Learn how this will help you advance your career by logging on to www.IslamicAdvisory.com.

7 REASONS WHY BANKERS PREFER THE CIFE™

The Highest Accreditation Standard Available Online

The CIFE™ is rigorously tested by a team of bankers and scholars who check that the training, quizzes, and certification conforms with AAOIFI, the leading industry standard in Islamic finance. While other certificates claim “Shariah-compliance,” we explicitly abide by a known Shariah standard anyone can check against. And because we are a DIFC registered company, we have to ensure that we comply with international standards of quality and customer service.

Up-To-Date Certification

Can you really be sure that your 3-year old workbook or last year’s CD is up-to-date? With the CIFE™, when Islamic finance innovates, our online content innovates right there with it. So you can be sure that you’re never left behind.

More Training Than Anyone, Growing Every Week

At launch we had 20 modules. Today we have 35. And by next year we will have over 100, God willing. We’ve already been called the “Amazon of Islamic Finance.”

Beyond Workbooks, CDs, and Crash Courses: Interactive and Engaging

Do workbooks work? Are crash courses rushed? Do conferences bore you? No more. Designed to suit your pace, the CIFE™ runs on an interactive learning platform, filled with guided quizzes, exercises, and how-to explanations, overcoming the monotony of traditional self-study programs.

Cutting Edge Training, Not Distance Learning

The beauty of the Internet is that you get new training material all the time. So you don’t have to wait around for next year’s workbook. You never pay more for new material because once you subscribe, you get access to everything.

Practical Training from Bankers, Not MBA Theory from Professors

Degree programs are taught by professors, not bankers. So most of what you learn is theory, not practical tools. And the people who hire you know this too. The CIFE™ is based on the most practical Islamic finance training on the market. Find out for yourself. Try it before you buy it for free. Bankers simply love the training.

Convenient

There are no study guides or CDs to juggle. Everything you need to take the CIFE™ is streamed directly to your computer, 24 hours a day.

Pakistan Islamic banking industry registers 12% growth:SBP IB Bulletin for Q2 2009

Pakistan Islamic banking industry registers 12% growth:SBP IB Bulletin for Q2 2009

Despite slow economic activities and global financial crisis, growth rate of Islamic banking industry remained higher than the conventional banking industry, culminating in continuously rising share of Islamic finance in the local and global financial markets.

The State Bank of Pakistan on Tuesday revealed that the Islamic banking industry has posted a growth of 12.4 percent during the quarter ended June 2009 and total assets of Islamic banking in Pakistan reached Rs 313 billion in June 2009 compared with Rs 278 billion in March 2009.

The data for quarter ended June 2009, shows that asset financing activities of Islamic banks have revived besides substantially higher assets and deposits growth. The profitability indicators have also shown marked improvement as compared to the preceding quarter. The financing and investment portfolio of Islamic banks reached Rs 195.0 billion in June 2009 compared with Rs 185 billion in March 2009, depicting an increase of 5.1 percent during the last quarter.

In terms of market share, total assets, financing & investment and deposits reached 5.1 percent and 4.2 percent and 5.2 percent, respectively, at end June 2009. The branch network of 6 full-fledged Islamic banks and 12 conventional banks (with dedicated Islamic banking branches-IBBs) increased to 528 branches in June 2009.

The State Bank of Pakistan issuing "Islamic Banking Bulletin" for the second quarter ended on June 30, 3009 said that current growth rate of Islamic banking industry has envisioned to achieve a share of 12 percent by 2012 as per Islamic banking strategy plan.

The growing depositors’ confidence is well reflected in last quarter, which shows an increase of 15.5 percent in the deposits. The deposit base of Islamic banks stood at Rs 238 billion at end-June 2009 compared to Rs 206 billion in the previous quarter-end.

Total liabilities of Islamic banks have increased by 13.3 percent to Rs 274 billion from Rs 242 billion during the quarter. While the net assets and equity increased by around 7 percent each. There is an increase of 6 percent in the reserves to one billion rupees and then appropriated profits increased by 79 percent to Rs 900 million in last quarter.

The highlight of quarter June 2009 was that most of the indicators of the Islamic banking in Pakistan showed reversion towards the usual high growth trend. It may be recalled that the Islamic banks also witnessed some slowdown as a result of the financial stress of recent times.

The financing portfolio has increased by 3 percent quarter on quarter basis (QoQ). This is encouraging, as during the last quarter (January-March 2009) the financing had actually declined by Rs 10 billion. The resurgence in financing is accompanied by a QoQ 9.3 percent increase in investment. The increased financing may be reflecting the improving economic outlook of the country.

While, the investment has largely increased due to 3rd issuance of GoP Ijara Sukuk. Nonetheless, there is a welcome increase of Rs 2.4 billion in Musharika financing, though Modaraba financing declined by almost 50 percent. Nonetheless, the net mark-up income increased from Rs 7.8 billion to Rs 15.4 billion-a healthy 94.0 percent growth. Non-mark up income increased by a hefty 213.2 percent from Rs 0.5 billion in March 2009 to Rs 1.6 billion in June 2009.

The bulletin can be downloaded HERE

Source

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