First of all we would like to extend to all a blessed Ramadan Mubarak. As Muslims around the globe observe the holy month we take this opportunity to pause and reflect on where Islamic finance stands today and what’s in store for the industry’s future. As millions of Muslims reflect, so does the industry ponder on its very own direction, principles and ultimate purpose.
This is barely our third edition, but the feedback can be summarized by one of our readers (a director of an Asian-based investment bank) who put it plainly: “there is some really good stuff in this thing”. We push forward and for this edition of OIFI we begin by addressing what we term the 'Two Schools of Islamic Finance' as we delve into a rather unassuming - although significant - division in opinion on how the practice of Shariah compliance should be approached. Interpretation can have far reaching implications, take for instance the Majallah (the civil code of the Ottoman caliphate) which is regarded as the first attempt to codify Islamic law and remains an important source of reference to the present day.
We follow with one of our most requested items – and a good indicator of industry renaissance – a compilation of Islamic finance training programs and certifications. Thereafter, Nikan tackles a more specific discussion on Wa’d in our Featured Structure section, whereas Khalil delves into a forward looking analysis of Islamic financial instruments and arbitration channels in his Lex Islamicus column. Their perspectives are complemented by additional opinions on the role of the Islamic finance framework in our Discussion Board.
This month’s edition includes a Manager Interview with Dieter Küffer, of Sustainable Asset Management, regarding their Islamic water strategy. Their SRI background is by no means accidental, as our Opinion Column further profiles views on social responsibility and corporate governance from Sayd Farook and Usama DeLorenzo respectively. To round it all out, the spirit of transparency is alive and well in our final piece which explores the rather unusual: products from the graveyard (liquidated, obsolete, dare we say unsuccessful).
Once again we welcome your comments & suggestions, and a reminder that you can check the free online archive of Opalesque Islamic Finance Briefing (our daily news summary) which provides a historical data bank of industry news and articles, as well as the back issues of OIFI. It’s all there, it’s all free.
New subscribers can set up their Opalesque subscriptions here.
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