Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 244

Posts Tagged ‘islamic finance’

International Forum on Islamic Finance (IFIF) gathers powerhouses from across global Islamic finance industry

Posted by fidest press agency su mercoledì, 10 febbraio 2016

H.E. Abdelrahman Hassan Abdelrahman HashimH.E. Badr El-Din Mahmoud AbbasKhartoum, Sudan. Islamic banking leaders and dignitaries from across Africa and the Middle East gathered today at the 2nd annual International Forum on Islamic Finance (IFIF 2016). Held under the patronage of the Government of the Republic of the Sudan, the Central Bank of Sudan and the Ministry of Finance & Economic Planning – and in strategic partnership with the Bank of Khartoum – IFIF 2016 hosted 200 dignitaries, central bank representatives, Ministers, C-level bankers, thought leaders and experts who gathered at the Al Salam Rotana Hotel in Khartoum to deliberate on strategies to enable Islamic finance gain prominence and spur economic growth across Africa. Delivering keynote
addresses to a packed audience were Fadi Al Faqih (CEO of Bank of Khartoum), Musaed Mohammed Ahmed (Head of Sudan’s Banks Union), H.E. Abdelrahman Hassan Abdelrahman Hashim (Governor of the Central Bank of Sudan), H.E. Badr El-Din Mahmoud Abbas (Minister of Finance and National Economy of the Republic of the Sudan) and H.E. Bakri Hassan Salih (First Vice President of the Republic of the Sudan).The conveners of IFIF, Middle East Global Advisors – a renowned intelligence platform serving the Middle East North Africa Southeast Asia (MENASEA) region for 22 years – gathered a powerful line-up of speakers including Dr. Anindya Ghose, Professor at H.E. Bakri Hassan SalihNYU Stern School of Business, who was named Business Week’s “Top 40 Professors Under 40 Worldwide”.Dr. Ghose will speak on the impact of social media on banking and shared that: “Industries and markets are being transformed by a growing shared technology infrastructure. Indeed, Africa is emerging as an inspiring hub of innovation for social media in the banking sector, enabling unbanked individuals in Africa to access risk averse financing through Islamic banking.”Dr. Ghose continued: “The International Forum on Islamic Finance (IFIF) is an outstanding platform to help build awareness of Africa’s digital media proposition in the context of Islamic finance’s push for financial inclusion across the continent.” Another key highlight of Day 1 of IFIF was the exclusive launch of the much-awaited Sudan Islamic Finance report. The report was produced by the Islamic Research and Training Institute (IRTI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI), in collaboration with the Bank of Khartoum. The ground-breaking report provides substantive due diligence on the opportunities for Islamic financial and non-financial services in Sudan.
The final day of IFIF 2016 continues on the 10th of February.
Middle East Global Advisors (MEGA) is the gateway connectivity and intelligence platform to opportunities in the rapidly developing economic region that stretches all the way from Morocco in the West to Indonesia in the East – The Middle East North Africa Southeast Asia (MENASEA) connection. We pride ourselves for being at the heart of these diverse markets for over 22 years. (photo: H.E. Bakri Hassan Salih, H.E. Badr El-Din Mahmoud Abbas, H.E. Abdelrahman Hassan Abdelrahman Hashim)

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Islamic investors benefits from wider use of integrated reporting, better governance requirements

Posted by fidest press agency su domenica, 31 gennaio 2016

kuala lqampurKUALA LUMPUR, MALAYSIA Islamic finance is complementary to and a major enabler of making responsible investing more ubiquitous across emerging markets – and Asia is leading the way – but integrated reporting and governance remains gap for many investors. To attract long-term capital, many companies in Asia are becoming more aware of how investors integrate Environmental, Social & Governance (ESG). In the process, they are becoming more open to engagement with responsible investors and in the process, are finding easier access to cheaper capital.Asian firms now comprise more than half of the Dow Jones Sustainability Emerging Markets Index, a benchmark for ESG performance. In 2015, seven of the 13 added companies to the index were based in Asia. Among the Bursa Malaysia FTSE 4 Good Index constituents of 34 companies that score highest on ESG criteria are also Shariah compliant, only 9 are Shariah non-compliant and 4 of those are banks with Islamic subsidiaries.Islamic finance is strongly connected to the real economy and places emphasis on how shareholders’ funds are used and whether they are in accordance with the values of investors. Expanding reporting requirements to include data relevant to ESG investors can help Islamic investors also better understand the permissibility of individual investments as well as allow integration of ESG to increase investment performance.As the importance of ESG spreads beyond equities and into fixed income and other asset classes, there is a recognition–in line with the longstanding perspective from Islamic finance–that a hands-off lender-borrower relationship is problematic. It is increasingly clear that all types of investors who are financing a business (including by financing them with debt) that non-financial factors can have significant financial impacts on their investment.This growing consensus supports wider convergence where Islamic investors adopts ESG principles to push for the transparency required to implement it. Research by Arabesque Asset Management and Oxford University demonstrate that between 80-90 percent of studies show implementing sustainability standards actually lower companies’ costs, improve performance and boost share prices.The Responsible Finance Summit — hosted by Bank Negara Malaysia, organised by the RFI Foundation, and co-organised by Middle East Global Advisors — aims to highlight how Islamic finance can support integrated reporting in emerging economies to expand responsible investment flows. Specifically, the Summit supports meaningful alliances between Islamic finance and traditional responsible investing.The synergies that exist between these two ecosystems – Islamic finance and responsible finance –are many and integrated reporting for Shariah-sensitive investors presents a new avenue for growth for Islamic finance.
The RFI Foundation is a non-profit organisation with a mission to identify a neutral, nonpartisan and universal value proposition that encourages convergence of responsible finance practices. By highlighting the shared standards around principles that govern the sector, Islamic finance will further contribute to a more diverse and representative thinking around the growth, trajectory and development of responsible finance.

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Summit to build sustainable and responsible finance ecosystem in emerging markets with key support from Islamic finance

Posted by fidest press agency su mercoledì, 6 gennaio 2016

financial asiaKUALA LUMPUR, MALAYSIA. The RFI Foundation is organizing a historic summit, which Middle East Global Advisors is co-organizing and Bank Negara Malaysia is hosting on 30-31 March 2016 in Kuala Lumpur, Malaysia. The Responsible Finance Summit aims to forge meaningful alliances between Islamic finance (IF) and the responsible finance ecosystems. The Summit will capitalize on emerging market growth of Islamic finance and the synergies that exist between Islamic finance and global responsible finance.Both ecosystems share many common challenges (e.g. the need to mainstream) and similar traits (e.g. strong risk management). A $2 trillion industry, Islamic finance has a strong footprint in emerging markets and appears to have reached a turning point in its global recognition, presenting an ideal opportunity to boost its appeal beyond its usual consumers. In parallel, practitioners in responsible finance are trying to shed the industry’s reputation as a “niche” one and face a credibility issue with conventional finance in developed markets.
Even as Islamic finance has been able to demonstrate an ability to profitably implement a values-based approach, it aspires to develop a more positive and impact-driven approach, given its existing harmonized exclusionary screening approach. This should enable the industry to create a robust value proposition that incorporates universal values-based impact, good governance and environmental sustainability.Moving towards these common principles can benefit from approaches used in developed markets by responsible investment institutions. RFI Foundation Chairperson of its Board of Trustees, Professor Datuk Rifaat Abdel Karim, noted “by promoting the shared principles that underlie the motivations for responsible finance, Islamic finance can play an instrumental role in expanding it, particularly in the emerging markets where Islamic finance has developed its deepest roots.”Prof. Datuk Abdel Karim continued: “Malaysia represents a particularly instructive case where regulatory bodies have supported convergence between Islamic finance and traditional responsible finance towards equitable, inclusive and sustainable economic development.”The Summit will focus on identifying ways that the industry, regulators, and other stakeholders can increase the footprint of responsible finance in emerging markets and make Islamic finance better integrated within the global responsible finance industry.The Securities Commission’s (SC) new Sukūk regulatory framework paved the way for the world first issuance of an SRI Sukūk by Khazanah Nasional, the sovereign investment arm of the Malaysian government, to fund educational investments with a structure that lowers finance cost if certain impact metrics are achieved. “Developing both global and domestic responsible finance markets that help investors integrate environmental, social and governance factors are crucial for expanding responsible finance in emerging markets,” said Blake Goud, the CEO of RFI Foundation. He continued: “I believe that Islamic finance has an important role—through capital markets, banking, insurance—in supporting inclusive economic development and Malaysia’s efforts demonstrate how to make responsible finance industry more inclusive and globally integrated.” The Responsible Finance Summit will take place at Sasana Kijang, a renowned center for knowledge and learning excellence established by Bank Negara Malaysia.

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