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?

Tuesday, December 23, 2008

Singapore's Islamic finance draws interest anew

SINGAPORE is well-placed to ride a new wave of interest in Islamic finance by global investors who have been badly burnt by the Western financial system. Middle Eastern Islamic finance expert Hari Bhambra said top-notch wealth management infrastructure here can be used to tap into the fast-growing industry.

Since about 2005, Singapore has stepped up efforts to develop an Islamic finance industry by drawing on its existing strengths in wealth management, trade financing and capital markets.

Ms Hari, 34, a senior partner at Dubai- based consultancy Praesidium, believes Islamic finance is set to gain momentum as investors look for safer investments and liquidity in the Middle East - the global Islamic finance centre.

Speaking at a lecture at the National University of Singapore (NUS) co-organised by the NUS Business School's Saw Centre for Financial Studies and the Securities & Investment Institute, Ms Hari predicted that the financial and economic crisis would accelerate plans by financial institutions to introduce Islamic finance products.
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