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, February 28, 2009

Islamic finance body rules on capital, investments

An Islamic finance industry body announced on Friday regulations relating to collective investment schemes and the capital of sharia institutions to improve investor protection.

The Kuala Lumpur-based Islamic Financial Services Board (IFSB), an umbrella group for Islamic financial regulators, said it had adopted guidelines to promote transparency for investors of collective investment schemes.

It also released rules on capital requirements for Islamic institutions involved in Islamic bond issuance and real estate investments.

IFSB's regulations are not binding on the sector and compliance is voluntary, as is the case with those issued by other Islamic finance industry bodies.

As at January 2009, IFSB had 178 members including the International Monetary Fund, World Bank, Bank for International Settlements and Islamic Development Bank.
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