In The Name Of God The Most Merciful, Most Compassionate

All Finance


Russia enters global Islamic finance and halal industries

By: Fatima Muhammad Source: Zawya The global Islamic finance industry, which is witnessing phenomenal growth rates with expansions in Europe and sukuk listings, will see a new entrant in Russia that hopes to cash in on the substantial Muslim population in the European country. They have already started the process of getting acclimatized with the Islamic finance industry by learning from the established model of the Islamic Development Bank (IDB), headquartered in Jeddah. “Russia is hoping to implement Islamic Finance systems in its banks,” said a member of the Russian delegation that was paying a visit to the IDB. He said, “Our principal goal is to get acquainted with the Islamic finance...

Read More

Indonesia’s proposed ‘halal economic zone’ picks up momentum

By: Euan Black Source: Southeast Asia Globe As demand for halal products grows across the Islamic world, Indonesia has plans to establish a halal economic zone in Jakarta. The economic zone would likely include Islamic banks and financial institutions, as well as halal restaurants, hotels, malls, fashion boutiques and entertainment venues. The idea is gaining traction thanks to greater demand for halal products and services, according to Siwage Dharma Negara, assistant coordinator of the Institute of Southeast Asian Studies’ Indonesia Studies programme. “It’s gaining momentum now because of increasing demand and pressure from the community and from religious groups,” Negara said. “The...

Read More

An eternal gift: the Islamic institution of waqf in Tunisia

By: Ayed Nabaa Source: Al Jazeera Giving to charity is a central tenet of Islam. One form of giving is Waqf, a tradition of permanently endowing property dating back to the time of the Prophet Muhammad (pbuh). In Tunisia, Waqf has had a long and, at times, controversial history. “Waqf property can’t be sold, bought, donated or inherited. Its benefits, specified by the donor, go to particular individuals or a certain category of people,” explains Dr Noureddine el Khademi, the Tunisian religious affairs minister from 2011 to 2014. Waqf beneficiaries can be private individuals – like the donors’ descendants – or the public. Public Wafq endowments which...

Read More