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2.9.10

Opalesque Islamic Finance Intelligence - Eleventh Issue

Welcome to the eleventh issue of Opalesque Islamic Finance Intelligence (download PDF version), we bring together a wide range of content that we hope you will find both timely and relevant. This month's edition explores a recurring theme, that of crossovers and frictions that are generated between the worlds of Islamic finance and traditional finance. Recent events have only reminded us of this delicate balance. We might be tempted to think that Islamic finance operates on a standalone basis, alien to the mechanics of mainstream finance (and media) and immune to the ebbs and flows of capital markets (and public perception). However, the reality is that every bank, product and service in the former exists (and co-exists) in the realm of the latter. We explore the implications across this issue.

Our editorial note discusses the interactions between Muslims and non-Muslims in the Islamic finance industry, an often taboo subject but a blatantly obvious one. We also showcase the various published standards from the Islamic Financial Services Board (IFSB) in the Featured Resource segment, arguably the most transparent and comprehensive set of prudential documentation available for the industry.

The Featured Structure section sees Nikan scrutinizing structured products as they make the journey from the turbulent waters of traditional finance to the shores of Islamic finance, with a specific focus on rolled Murabaha contracts. Lex Islamicus profiles the study by Mohammed Khnifer on the bankruptcy proceedings relating to the East Cameron Gas sukuk and the sukuk-holders priority claim on the underlying assets post-default. In addition, Toby Birch and Shahzad Siddiqui share their analysis of integrating Islamic private equity with a physical commodity component in our Allocator Interview.

The Opinion Column welcomes Rushdi Siddiqui as he shares his point of view on the proposed Muslim community center in lower Manhattan. Furthermore, the Industry Snapshot section hears from Mobasher Zein as he has explores Islamic mutual funds and recent trends as the industry awakens from the aftermath of the global financial crisis.

As always, we are keen to hear your comments & suggestions and remember that you can visit our online archive (see reference link) for access to our ever-growing databank of Opalesque Islamic Finance Briefing as well as all of the back issues of Opalesque Islamic Finance Intelligence.

Download the complete issue of Opalesque Islamic Finance Intelligence here.

Alternatively you can read each article separately in the OIFI Archive:
Editor’s Note: The Conquest of Kafiristan
Featured Resource: IFSB - Published Standards
Featured Structure: Shariah Compliant Structured Product: Consecutive or Rolled Murabaha
Lex Islamicus: When Sukuk Default - Asset Priority of Certificate-holders vis a vis Creditors
Allocator Interview: Gold Bullion and Islamic Private Equity: Protection and Production
Opinion Column: From a Mosque to a Museum
Industry Snapshot: A Study of Islamic Mutual Funds
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