Shariah Investments - <br />News Articles Joomla! - the dynamic portal engine and content management system Thu, 26 Jan 2012 12:06:30 +0000 Joomla! 1.5 - Open Source Content Management en-gb Iman Insurance Services Quote from About page on website: “The Iman Insurance Program seeks to bring to you - the Takaful participant - the strength and experience of these conventional Insurers while offering you Takaful based equitable, ethical and Halal products. The Iman Insurance Program is responsible for promoting these products to you and negotiating further product benefits sensitive to the Muslim lifestyle. Iman Insurance Services, L.P. will ensure that it achieves its unique targets to accomplish social corporate responsibility, by donating 50% of its profits to be re-invested in the next generation of our communities.” Where are profits/zakat going?

Iman Insurance Servies About Page
February 27, 2011

Company structure

Iman Insurance Services, L.P. (IIS) through Lockton Risk Services, Inc. (LRS), has secured partnerships with some of the leading Insurers in the US to offer competitive insurance products through the Iman Insurance Program that are designed specifically to meet the needs of the Muslim Community.

The Islamic Insurance Takaful Model requires that each of the partners take measures to ensure insurance products provided to you are Halal and Shariah compliant. There is an independent Shariah Supervisory Board consisting of some of the leading Muslim Scholars to oversee the entire insurance transaction.

The leading insurance companies that have engaged in offering the Islamic Takaful Insurance products have established a "Takaful fund". Therefore, in your insurance policy they are known as the Halal Insurance "Takaful Fund Operator". IIS has been responsible for developing and bringing to you the concept and the process of Halal Takaful Insurance. LRS is responsible for the administration and the operation of the Halal Takaful Insurance policy. Iman Insurance Services, L.P. and Lockton Risk Services take a fee for the provision of these services. This fee is known as the "Wakala Fee" and Iman Insurance Services, L.P. and Lockton Risk Services are known in the Islamic perspective as the "Wakeel".

]]> (Nick Holton) Shariah Investments - News Articles Sun, 27 Feb 2011 00:00:00 +0000
Uganda Asks for Indonesia Advice on Sharia Banking “Bank of Uganda is expecting the first sharia bank in the “pearl of Africa” in early 2012 after the nation’s parliament is expected to pass a law permitting the establishment of Islamic banks.”

The Jakarta Post
February 14, 2011
Kampala, Uganda

The Ugandan central bank is currently struggling to address demands for the first sharia bank in the East African country.

Bank of Uganda, the republic’s central bank, has therefore sent delegates to Indonesia, home to the world’s largest Muslim population, to learn more about Islamic finance.

The visit of the Ugandan central bankers underscored the world’s acknowledgement of the rapid development of Indonesia’s Islamic banking industry, a Bank Indonesia (BI) official said.

]]> (Jessica Peterson) Shariah Investments - News Articles Mon, 14 Feb 2011 00:00:00 +0000
Barclays' Head of Islamic Finance Said to Leave Company Barclays pares back its Shariah finance business.

February 14, 2011
Dubai, United Arab Emirates

Barclays Capital’s head of Islamic finance left the company last month, a person familiar with the matter said.

Harris Irfan, based in Dubai, joined the company in July 2009 and headed Islamic finance operations for Barclays Capital and Barclays Wealth, part of Barclays Plc. The British bank’s spokesperson declined to comment when contacted by Bloomberg News today.

]]> (Nick Holton) Shariah Investments - News Articles Mon, 14 Feb 2011 00:00:00 +0000
IDB Chief, Bear Discuss Cooperations

Arab News
February 13, 2011
Jeddah, Saudi Arabia

Islamic Development Bank (IDB) President Ahmad Mohamed Ali held a meeting with the Lord Mayor of the City of London, Alderman Michael Bear, and his accompanying delegation at the IDB headquarters here on Saturday.

Ali, who stressed the importance of the annual coordination meetings between the two parties, commended the tangible development of IDB relations with the business community in London, which poses an international hub for Islamic finance.

For his part, the Lord Mayor of London expressed his keenness to promote relations with IDB in mutual concerns, especially Islamic finance, and reviewed the projects geared toward the development of Islamic community in London.

]]> (Nick Holton) Shariah Investments - News Articles Sun, 13 Feb 2011 00:00:00 +0000
Yemen Introduces First Sukuk

Yemen Post
February 12, 2011
Sana'a, Yemen

Yemen announced Saturday the first sukuk, Islamic bonds, had been issued as the country is seeking to benefit from the surplus liquidity of the Islamic banks to finance big investments that can help boost the national economy.

The Islamic Sukuk Unit at the Central Bank of Yemen was responsible for the issuance which was part of a one-year programme introducing sukuk worth YR 100 billion by the end of 2011.

Every three months, the unit will issue sukuk worth $ 125 million, officials at the Unit said on Thursday.

The first tranche was of salam and istina types and will be offered to the Islamic banks which are already seeking Sharia-compliant ways to invest in.

]]> (Nick Holton) Shariah Investments - News Articles Sat, 12 Feb 2011 00:00:00 +0000
S.Korea to Seek Sukuk Bill Passage in Feb - Official Another push for sukuk in South Korea...

February 10, 2011
Seoul, South Korea

The South Korean government will again push forward a bill to introduce sukuk, or Islamic bonds, a senior finance ministry official said on Thursday, after lawmakers rejected the proposal in December.

"We will give one more try to get a special tax bill for Islamic bond issuance passed in parliament in February," the official told reporters, declining to be identified until an official announcement is made.

]]> (Jessica Peterson) Shariah Investments - News Articles Thu, 10 Feb 2011 00:00:00 +0000
Citi to Expand Qatar Presence, See More Sukuk Issues Despite the fact that Quatar has ordered SCF operations at foreign banks to stop, Citi seems determined to move forward with expansion in Quatar...

February 8, 2011
Doha, Qatar

Citigroup plans to beef up its operations in Qatar as the U.S. bank seeks to tap into the tiny Gulf Arab state's rapid economic growth and immense wealth, a top executive said.

Foreign investors have scrambled to set up shop in Qatar -- the best performing Gulf Arab stock market in 2010 with a 25 percent gain -- lured by the Gulf state's growth prospects.

"Qatar is uniquely positioned with the amount of liquidity, to tap opportunities," said Alberto Verme, Citi's chief executive for Europe, the Middle East and Africa (EMEA).

]]> (Jessica Peterson) Shariah Investments - News Articles Tue, 08 Feb 2011 00:00:00 +0000
Afghan Central Bank Sees Islamic Banking Law Enacted in 2011

February 6, 2011
Kabul, Afghanistan

Afghanistan's central bank expects an Islamic banking law to be enacted by September, drawing billions in deposits from citizens wary of the conventional banking system, a senior official said.

The central bank's sharia board will meet Sunday to finalize the law, said Muhammed Qaseem Rahimi, director general of the central bank's Financial Supervision Department. It will then go to the Justice Ministry and parliament for approval.

"Most of the people who can access banking services don't use them just because of the interest, which is not allowed in Islam," Rahimi told Reuters via email.

"The demand for Islamic bank services is very high in banked and unbanked populations of Afghanistan."

Of 17 banks in Afghanistan, six have Islamic banking windows. The central bank hopes to approve the creation of fully fledged Islamic banks after the law is passed, Rahimi added.

]]> (Nick Holton) Shariah Investments - News Articles Sun, 06 Feb 2011 00:00:00 +0000
Saudis Spending to Drive Loans from Five-Year Low Saudi Arabia is driving the demand for Islamic loans.

The Saudi Gazette
February 6, 2011
Jeddah, Saudi Arabia

Saudi Arabia will lead a rebound in Islamic loans from a five-year low in 2011 as accelerating economic growth and development spending boost financing needs, Banque Saudi Fransi and Standard Chartered said.

Demand for Islamic loans and Sukuk will climb this year, with borrowers tapping the financial markets to fund expansion, said John Sfakianakis, chief economist at Banque Saudi Fransi.

A new report on said Saudi Arabia’s nominal GDP in 2011 is predicted to be $474.6 billion, with growth of 2.5 percent expected in 2011.

Average annual GDP growth of 3.2 percent is forecast between 2011 and 2015. With the population increasing from 26.5 million in 2011 to an estimated 28.6 million by 2015, GDP per capita is predicted to rise to $22,320 by the end of the forecast period.

]]> (Nick Holton) Shariah Investments - News Articles Sun, 06 Feb 2011 00:00:00 +0000
Insuring Against the Risks of Sharia Shariah Insurance for Shariah-driven violence?

Money Jihad
February 1, 2011
Algiers, Algeria

Has your business been damaged or your loved one injured by a protester? Worry no more, because civil unrest within the Islamic world has led to yet another insurance invention: riot insurance.

]]> (Jessica Peterson) Shariah Investments - News Articles Tue, 01 Feb 2011 00:00:00 +0000