Court Begins Hearing Islamic Bank Dispute
CBC NEWS: The financial dispute between an Islamic bank and about 200 families whose mortgages are in limbo, moved to a Toronto courtroom on Thursday.

The homeowners had interest-free mortgages with United Muslim Financial totalling about $32 million.

Since 2005, UM Financial has offered loans and mortgages to people who want to adhere strictly to Islamic (Shariah) law, under which no interest can be charged on a loan.

The court will now decide what to do with those mortgages.

UM Financial was ordered into receivership on Oct. 7. » | CBC News | Friday, November 11, 2011

HT: Always On Watch »

Investors Shy Away from Sharia Funds Following Arab Spring
FINANCIAL NEWS: Sharia-compliant funds had been proving increasingly popular until the global financial crisis and then the Arab Spring frightened off investors and stymied private equity activity in the Middle East.

Fundraising volumes have collapsed, with not a single sharia fund raised so far this year, acacording [sic] to data provider Preqin.

Sharia-compliant funds, which enable investors to comply with Islamic law, are simple to structure and are guided by certain principles relating to interest accrual and the types of investment they can make.

Funds could be restricted, for example, from investing in businesses related to alcohol, gambling, pornography, weapons, tobacco and pork-related products. The funds are overseen and approved by a sharia supervisory board.

Sharia funds have varying degrees of flexibility depending on their target investors, which can include ultra high net worth individuals, institutional investors and sovereign wealth funds, according to Richard Hughes, a senior fund services manager at fund administration specialist Vistra Group.

Private equity firms based outside the Middle East can target Muslim investors by offering side-vehicles set up alongside existing funds that are not sharia-compliant.

Before the onset of the financial crisis, interest in sharia funds had been on the rise, with private equity firms raising $5.6bn of capital through six such funds in 2006. » | Ayesha Javed | Monday, September 12, 2011

Spotlight: Islamic Banking System
In times of financial crisis there is an alternative banking system, which has proved to be more stable, than the traditional, Western banking system. I mean - the Islamic banking. The financial systems in the Islamic countries, even in those, who were formerly Soviet republics - like Kazakhstan - are a real alternative, while the Russian business and science lacks necessary knowledge to adapt its finance to the severe conditions of the crisis.
We will be discussing this issue with our guests the Head of the Russian Islamic Committee Geidar Jemal and Financial analyst Sergey Aleksashenko

Islamic Bank of Britain Gets Cash Boost for Sharia-compliant Loans
THE INDEPENDENT ON SUNDAY: A fortnight after it was revealed by The Independent on Sunday that Lloyds banking group had abandoned its landmark Islamic mortgage offer, one of its rivals has outlined plans to expand the number of home loans offered which comply with sharia law.

The Islamic Bank of Britain has secured an extra £20m of investment from Qatar International Islamic Bank so that it can increase the number of sharia-compliant home loans and savings products. Under sharia, the payment and receipt of interest is banned, as is investment in areas such as arms manufacturing, alcohol and tobacco. >>> | Sunday, August 01, 2010

Dhimmitude Alert! Lloyd's of London Eyes Islamic Reinsurance
Educating Islamic Bankers: Dubai International Financial Center plans to set up a board to encourage education in Islamic finance, an industry that is likely to grow by 15 to 20 percent this year despite the financial crisis.

The Executive Director of Islamic finance at the DIFC Nik Thani, speaking at the 2009 Reuters Islamic Banking and Finance Summit in Dubai, says that with large conventional banks increasingly venturing into the Islamic arena, more educational and training resources are needed.

Thani says "this would be the minimum standard and from their we could build up to other things...including degrees in Islamic finance."

Speaker: Nik Thani, Islamic Finance Executive Director Dubai International Financial Center

Presenter: Ruben Ramirez, Dubai
REUTERS: LONDON - Lloyd's of London is setting up an Islamic re-insurance syndicate with a capacity of up to 200 million pounds to write Islamic compliant reinsurance globally, a PriceWaterhouseCoopers executive said on Tuesday.

Mohammad Khan, director for Islamic insurance, or takaful, at PwC, said the Lloyd's syndicate would include mainly financial institutions and to a lesser extent individual investors. It would become operational between the end of 2009 and the beginning of next year.

Financial consultant and accounting firm PwC is advising the financial group on the syndicate, he said at the Reuters Islamic Banking and Finance Summit in London.

Lloyd's of London was not immediately available to comment. >>> By Cecilia Valente | Tuesday, April 14, 2009

Dhimmitude! Outright Dhimmitude! Read This Article and You’ll Be Nauseated! Have the British Lost All Sense of What Once Made Them a Great Nation?
THIS IS MONEY: As borrowers and savers call for a fairer banking system, are the principals of Islamic banking the answer? We take a look at the Islamic Bank of Britain

Tired of hearing about fat cat bank bonuses when you have been a bank's loyal saver for decades and received nothing?

Well, there is a new bank in Britain offering out a share of its profits, not just to shareholders, but those who deposit savings into its coffers.

The main aim of the Islamic Bank of Britain is to offer 'Sharia compliant' ways of borrowing and saving for British Muslims, which are in tune with Islamic law.

Non-Muslim bank customers can also benefit from this as Sharia rules – based on ethical trading principles – mean ordinary customers benefit along with the bank in the good times.

But they can also lose if the bank starts to lose funds. Is Islamic Banking the Model for Fairness? >>> Alan O’Sullivan | Saturday, April 4, 2009

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