Friday, 8 November 2013

{Kantakji Group}. Add '12204' Fwd: Islamic finance, the Gulf and London¹s future as a global hub

---------- Forwarded message ----------
From: ASUTAY M. <mehmet.asutay@durham.ac.uk>
Date: Fri, Nov 8, 2013 at 4:59 PM
Subject: Islamic finance, the Gulf and London¹s future as a global hub
To:


Dear All,

Please see the short piece (through the link below) I have written at the Conversation website on Islamic finance and London's aim to become a hub for Islamic finance.

https://theconversation.com/islamic-finance-the-gulf-and-londons-future-as-a-global-hub-19866

Mehmet


6 November 2013, 6.24pm GMT

Islamic finance, the Gulf and London's future as a global hub

AUTHOR

DISCLOSURE STATEMENT

Mehmet Asutay does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations.

The Conversation is funded by the following universities: Aberdeen, Birmingham, Bristol, Cardiff, City, Glasgow Caledonian, Liverpool, Open, Salford, Sheffield, Surrey, UCL and Warwick.

It also receives funding from: Hefce, Hefcw, SFC, RCUK, The Nuffield Foundation, The Wellcome Trust and The Alliance for Useful Evidence

Looking east. Lewis Whyld/PA

David Cameron's highly symbolic speech at last week's 9th World Islamic Economic Forum confirmed the government's commitment to develop London as an important hub for Islamic finance. London Mayor Boris Johnson was also keen to encourage investment, pledging £100m to attract tech start-ups from the Muslim world.

It is not surprising to see both national and local government seek this investment, as London is in many ways ideally placed to benefit from a growth in this special form of finance. In the race to attract the sector, London enjoys various historic and cultural advantages over many of its rival financial centres.

Sharia-compliant banking has been handled in the UK since the early 1980s and London has long been at the centre of business and investment in the Muslim world. In the 90s, London began to provide more sophisticated and structured Islamic services, as local financial services and legal firms acquired enhanced knowledge and experience of the market.

Over the years, London has managed to maintain the industry. Last year it had about US$18.5 billion in sharia-compliant assets, the 9th most of any city in the world.

This experience in Islamic banking gives the city a degree of social capital in the field, unmatched by rival financial centres in the West.

The UK government now recognises Islamic finance as a valuable proposition, one which can bring innovation and diversity in the well-established UK market. Ultimately, it can support London as an international financial centre.

Why Islamic finance?

Current economic reality, both in the UK and globally, provides an important rationale for the government's desire to attract capital from the Gulf.

With most Gulf investors aiming for sharia compliant investment or Islamic financing, moves by UK governments over the years to facilitate them are simply responses to economic conditions. After all, given Islamic finance has already been behind developments like the Shard or the Olympic Village, local and national governments would be foolish to ignore its potential. In addition, financial inclusion in terms of providing financial access to Muslim community according to their religious tenets has played a role as well.

The recent commitment by the UK government again aims to attract further capital to London, accompanied by the political will to provide a more welcoming environment by extending the Islamic finance sphere through sukuk, or Islamic bonds, for example.

There are four ways in which Islamic finance could be developed in the UK:

Engagement: The relevant authorities must engage with businesses, retail groups, Sharia scholars, regulators and the financial product providers themselves to ensure the right environment for Islamic finance to flourish in London. Coordinating all these various groups will be tough, and that is why the formation of an "Islamic finance task force" is essential, as announced earlier this year.

Investment: Existing UK-based Islamic banks and financial institutions should invest in product design, launch and distribution to be able to maintain a competitive edge.

Competitiveness: The legal, regulatory and financial environment should work in coordination to ensure London's competitiveness in terms of providing the right environment for future Islamic finance activity in the capital.

Demonstration: This will require providing all the necessary conditions for the existence and growth of the market. The Prime Minister's indication of a sovereign sukuk sends a symbolic signal to other competing markets indicating that London is taking this seriously.

This would all be part of a process of increasing the provision of financial services at all levels in society, something development economists call "financial deepening", an important boost to economic growth.

Global rivals

While London has for some time aimed at becoming an Islamic finance centre, other financial centres including Tokyo, Hong Kong and New York, could perhaps be considered as potential competitors.

However, none of these rivals appear to have London's political backing. This not only enables appropriate laws to be passed, but it also provides Islamic capital with confidence that it will be well received in the country.

Tokyo remains hesitant, while New York still strategically keeps away from Islamic finance. Hong Kong represent important competition, being open and welcoming to Islamic finance but London still has the competitive edge.

Istanbul promises to become a serious competitor in future, with a growing Islamic finance sector based in the Muslim world's second largest economy benefiting from close ties to both East and West.

Entirely new rivals may emerge, but Islamic finance's risk averse attitude generally motivates it to remain in known traditional markets rather than new shores which may have higher returns, but also higher risks.

Recent commitments to develop Islamic finance in the UK represent a positive move. The UK economy will derive further benefits from attracting Islamic capital, and London's position as a global financial centre will be strengthened.


For further reading on the subject, see our Explainer: how does Islamic finance work?


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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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[PF:172833] A Real Man & Woman


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{Kantakji Group}. Add '12205' "قائمة مراجعة للممارسات السليمة للمشروعات الصغيرة"

أتمت الهيئة السعودية للمحاسبين القانونيين ترجمة وتعريب مطبوعة جديدة بـعنوان "قائمة مراجعة للممارسات السليمة للمشروعات الصغيرة"، وذلك بعد حصولها على موافقة الاتحاد الدولي. تهدف هذه المطبوعة إلى تسليط الضوء على عدد من الممارسات السليمة في مجال الأعمال التي يمكن أن تقوم المنشآت الصغيرة بتطبيقها في عدد من المجالات المالية والإدارية والتنظيمية. وتأتي ترجمة الهيئة السعودية للمحاسبيين القانونيين لهذه المطبوعة في إطار حرصها على نقل أفضل الممارسات المهنية على المستوى الدولي وتسهيل تطبيقها في المملكة العربية السعودية والعالم العربي. كما تأتي ترجمة هذه المطبوعة أيضا إسهاما في دعم الجهود المقدرة التي تبذلها عدد من الجهات التنظيمية الاخرى في المملكة العربية السعودية في مجال دعم المنشآت الصغيرة.

_________________________
Alreian, Ali Ahmed A.
Cell phone: +966 5587-12027
Saudi Arabia 

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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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Reflection Friday: Pushing back Against Anti-Muslim Textbook Hysteria

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A Look at This Week's Issues and Actions
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Happening This Week:
1) Pushing Back on Textbook Hysteria
2) Scam Alert
 
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Sign up for the CAN-Paign. CAIR-FL and Project Downtown Tampa's Month long food drive. You can find more information HERE

 

 

Join us in Port Charlotte on Saturday, Nov. 9th for a Know Your Rights Session with Br. Hassan Shibly, Esq. More information HERE

 

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Pushing Back Against Textbook Hysteria


Scam Alert: Beware of Callers Impersonating Government Agents
 

Individuals falsely claiming to be officers from the DHS, FBI, IRS and/or USCIS are calling American Muslims

 

(WASHINGTON, D.C., 11/8/13)

-- A number of CAIR chapters have received complaints in the last few weeks from community members who have received calls from individuals falsely claiming to be from the DHS, FBI, USCIS and IRS.

 

The community members correctly contacted CAIR to assert their rights, but learned following consultation with the CAIR staff that these calls were in fact scams. Those making the calls impersonate officers, sometimes leave messages and claim there is an investigation pending and threaten prosecution and/or arrest.

 

There was a recent news report in the Mercury News about Fremont community members falling victim to this IRS scam. These individuals falsely claim to be from the IRS and ask for money otherwise they will revoke the community member's visa and/or passport or arrest the community member.

 

CAIR has also received complaints about individuals falsely claiming to be from the USCIS asking community members for personal information. These individuals then falsely identify "issues" in the community member's immigration records and ask for payment to correct these records. The Council for Global Immigration reported that "[t]he people making the phone calls ... have threatened adverse actions such as deportation."

 

Ultimately, these individuals are harassing people to try and extract sensitive information about their identity and/or coerce community members to give them money.

If you receive a phone call from someone who claims to be an officer from one of these agencies, please:
 
  • Do not give the caller any sensitive information about your identity like your social security number, date of birth, passport number, alien number, maiden name, etc., and do not send any money.
  • Say: "I have nothing to say to you at this time. My lawyer will contact you."
  • Ask them for their contact information and try to make note of the name of the alleged officer, as well as which agency they claim to be with and their phone number.
  • If the caller leaves a message, do not return the call or leave a message in return. Please save the message and share it with CAIR.

Please share this alert with your community to increase awareness and help people protect themselves.

 

If you have questions, please contact CAIR's Civil Rights Department at 813-514-1414  or email info@tampa.cair.com


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RE: {Kantakji Group}. Add '12206' Fwd: ملتقى الخرطوم للمنتجات المالية الاسلامية -- المقال الاسبوعي

السلام عليكم ورحمة الله وبركاته
أرجو منكم المساعدة هل من جديد فيما يخص الملتقيات الوطنية والدولية المتعلقة بالاقتصاد بصفة عامة والاقتصاد الاسلامي بصفة خاصة
وشكرا



From: kantakji@gmail.com
Date: Thu, 7 Nov 2013 13:20:51 +0200
Subject: {Kantakji Group}. Add '12199' Fwd: ملتقى الخرطوم للمنتجات المالية الاسلامية -- المقال الاسبوعي
To: kantakjigroup@googlegroups.com

---------- Forwarded message ----------
From: AbdelGader Warsama Ghalib <Awghalib@bbkonline.com>
Date: 2013/11/7
Subject: RE: ملتقى الخرطوم للمنتجات المالية الاسلامية -- المقال الاسبوعي

 

السلام عليكم و رحمة الله تعالي و بركاته

 

يسرني إضافتكم لبريدي الالكتروني و ارسال مقالي الأسبوعي المنشور  في جريدة عمان

 

 

و نأمل أن تجدوا بعض الفائدة

 

عبد القادر ورسمه


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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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[karachi-Friends] Daily Qur'an & Hadith 09 Nov 2013 (04 Muharam 1435)

English Translation of Al-Quran

[26].Surah Ash-Shuara [The Poets]

Ayat 153. Thamud (people) said: "You are only of those bewitched!

Ayat 154. "You are but a human being like us. Then bring us a sign if you are of the truthful."

Ayat 155. Salih PBUH said: "Here is Sign a she-camel; it has a right to drink (water), and you have a right to drink (water) (each) on a day, known.

Ayat 156. "And touch her not with harm, lest the torment of a Great Day seize you."

Ayat 157. But they killed the she-camel, and then they became regretful.

Ayat 158. So the torment overtook them. Verily, in this is indeed a sign, yet most of them are not believers.

Ayat 159. And verily! Your Lord, He is indeed the All-Mighty, the Most Merciful.

Tafseer of Ayat 153 to 159. They said: "Thou art only one of those bewitched! They think he is talking like a madman, and they say so. "Thou art no more than a mortal like us: then bring us a Sign, if thou tellest the truth!" He said: "Here is a she-camel: she  as a right of watering, and ye have a right of watering, (severally) on a day appointed. For this she-camel, see surah 7: ayat 73. The she-camel was to be a Sign and a test case. Would they respect her rights of watering (and pasturage)? "Touch her not with harm, lest the Penalty of a Great Day seize you." But they ham-strung her: then did they become full of regrets. Their regrets were too late. They had themselves asked for a Sign. The Sign had been given them in the she-camel, which their prophet Salih had put forward as a test case. Would they, through that symbol, respect the law of equity by which all people had rights in water and in the gifts of nature? They refused to respect that law, and committed sacrilege by deliberately killing the she-camel. They themselves came to an evil end. But the Penalty seized them. Verily in this is a Sign: but most of them do not believe. And verily thy Lord is He, the Exalted in Might, Most Merciful.

English Translation of Hadith  

Hazrat Abudullah bin Zam'ah Hurairah (May Allah be pleased with him) reported: The Messenger of Allah [SAWW](PBUH) said, giving a speech when he mentioned the she-camel (of Prophet Salih PBUH) and the man who had killed her. Messenger of Allah [SAWW](PBUH) said: "When the most wicked man among them went forth (to kill the she-camel).' (91:12) signifies that a distinguished, wicked and most powerful chief of the people jumped up to kill the she-camel.''

[Muslim Book 40, Chapter 13, Hadith # 6837].

Lesson : as mentioned above in Surah Ash-Shuara Ayat 157."But they killed the she-camel, and then they became regretful" Ayat 158. So the torment overtook them. Verily, in this is indeed a sign, yet most of them are not believers.

 

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(Jazak Allah Khair) الله تعالی آپ کواعلی درجات اور آسانیاں عطا فرمائے
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة