Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Saturday, May 3, 2008

Scholars Lay Down Rules On Sukuk

Move Aimed At Clearing Up Religious Doubt Over World's Fastest Growing Financial Instruments To Be Debated At International Islamic Finance Forum

Dubai, UAE - April 1, 2008:  New guidelines aimed at clearing up religious doubt over the booming Sukuk (Islamic bond) market – the world's fastest growing financial instruments – are to be debated at the premier international Islamic finance event in Dubai next month.

"The guidelines drawn up by a panel of Islamic scholars are vitally important to the Sukuk market which has grown to a total value of around $100 billion in under ten years," said Swati Taneja conference manager for the International Islamic Finance Forum. "In their guidelines, the scholars are making it clear that in future Sukuk must be clearly asset-backed rather than just asset-based."

The forum takes place at the Jumeirah Beach Hotel, Dubai, from 13-17 April 2008 under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, who has supported the forum since it was launched in Dubai in March 2002.

Following concerns that many Sukuk may not be fully conforming to the teachings of Islam, the guidelines were drawn up by the board of 18 religious advisors to Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The organisation's Secretary General Dr Mohamad Nedal Alchaar will give a keynote address on the harmonisation of Islamic finance practice at the forum.

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