Bringing Technology and Impact Finance Together in Support of Sustainable Growth

RFI Summit organizers open early-bird registration and release RFI Summit 2017 post-event report

Zurich, Switzerland, February 14, 2018 – The Responsible Finance & Investment Foundation (RFI) and Swiss Arab Network (SAN) are excited to announce the opening of early-bird registration for the RFI Summit 2018.  In addition to opening registration at exclusive discounted rates, the organizers have released a post-event report summarizing the RFI Summit 2017, which was held on May 3-4, 2017 in Zurich, Switzerland. 

Based on the experience and feedback provided by participants in the RFI Summit 2017, the organizers have aligned the RFI Summit 2018 around ...


From Farm to Fork – Issues with Fish Farming for Halal Certifying Bodies

by Tayeb Habib  

As sea fishery resources dwindle, and become more and more endangered, due to human over-exploitation, a growing fish farming is emerging worldwide. Fish farming that is pisciculture has the advantage of being renewable and sustainable, in a World that has more and more mouths to feed. In 7.6 billion World population and 1.8 billion are estimated to be Muslims, and the latter population cares about Halal food.

Global population growth and increased human welfare levels have led to a fast increase in demand for high quality foods. The FAO estimates that “global meat demand in 2030 will stand ...


Key insights emerge as the 24th World Islamic Banking Conference kicks off in Bahrain

Key insights emerge as the 24th World Islamic Banking Conference kicks off in Bahrain

-Key highlights from the first day of the conference include the Governor’s Address, an exclusive interview trailing the vision for the next 40 years of Islamic Banking, the launch of the ICD-Thomson Reuters IFD Report 2017 and a fintech consortium of Islamic Banks and the WIBC Performance Awards honouring the top performing Islamic banks at the global, regional and country level.

Amwaj Islands, Kingdom of Bahrain, December 05 2017: Under the patronage of ...


Islamic Crowdfunding – A Gateway for Value Based Funding

by Prof. Nafis Alam and Lokesh Gupta  

Today, FinTech continue to be a driving force in the financial landscape of the economy. There has always been a demand for financial supports amongst individuals, entrepreneurs and Small & Medium Enterprise (SME), which remains unaddressed through existing financial institutions. FinTech startups are trying to fill this gap through Crowdfunding model using social platform. These platforms provide wider reach to individual for investing excess of funds and provide funding to those who needs it with valid purpose.

The concept of crowdfunding using Peer to Peer (P2P) model is evolving and is being used in increasingly creative ...


The Greek Economy: Prospects and Main Challenges

by Yannis Stournaras  

The 2nd EU-Arab World Summit was held under the theme of “Towards a Solid Alliance” on November 9-10, 2017 in Athens, Greece. This event was mainly organized by the Delphi Economic Forum, Al-Iktissad Wal-Aamal Group and Symeon G.Tsomokos S.A.  Mr. Yannis Stournaras, the Governor of the Bank of Greece (Central bank) delivered following keynote speech titled “The Greek economy: Prospects and main challenges”:

Ladies and Gentlemen,

It is a great pleasure for me to be with you today. The EU-Arab Summit is a forum that improves communication and fosters ...


Amanah Halal Research Centre Received “Innovation in Halal Education” Award

Amanah Halal Research Centre (Amanah HRC) received “Innovation in Halal Education” award during the prestigious World Halal Day event held in London on November 1, 2017 which was organized by United World Halal Development and HDCMICE Middle East.

London November 2, 2017: The “Innovation in Halal Education” awarded to Amanah HRC recognizes the commitment and dedication of the centre to provide innovative education and trainings about halal industry on a global level. Amanah HRC is the first organization to provide innovation in halal industry education by offering the following courses:

  • Post Graduate ...

24th World Islamic Banking Conference announces 3rd Series of WIBC Leaderboard to promote and foster global Islamic Banking

The 3rd series of the WIBC Leaderboard will see top performing Islamic Financial Institutions from Bahrain, Bangladesh, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia vying for the WIBC Awards recognizing the Best Performing Banks at the Global, Regional and Country Level.

Amwaj Islands, Kingdom of Bahrain, 31 October 2017: Committed in its vision to promote and foster the global Islamic Banking Industry, the 24th World Islamic Banking Conference will continue its efforts to enhance the performance and quality of key Islamic financial institutions by means of the 3rd WIBC Leaderboard. ...


Blockchain for Cross-border Payments: A Practition’s Perspective

by Lisa Nestor  

It’s an exciting, if not challenging time for banks as they absorb, digest and develop strategies around blockchain technology. Without question, it will change many fundamental operations within the financial industry. One such operation is payments.

At Stellar.org, we have developed a global, open-source blockchain protocol for payments. It was my pleasure to share the details of this protocol at the recent Blockchain for Financial Services conference in Dublin. This time, coupled with my standard description Stellar’s asset issuance capability (think: counterparty-backed digital Euro, Dirham or Yen) and decentralized exchange – I ...


IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency

Bitcoin ""puts a question mark on the fractional banking model we know today."

In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.  

Christine Lagarde–a Paris native who has held her position at the IMF since 2011–says the only substantial problems ...


World Development Report 2018 : Learning to Realize Education's Promise

Every year, the World Bank's World Development Report takes on a topic of central importance to global development. The 2018 Report, Learning to Realize Education's Promise, is the first ever devoted entirely to education. Now is an excellent time for it: education has long been critical for human welfare, but is even more so in a time of rapid economic change. The Report explores four main themes. First, education's promise: Education is a powerful instrument for eradicating poverty and promoting shared prosperity, but fulfilling its potential requires better policies - both within and outside the education system. ...


World Bank Study: Entrepreneur Training Focused on Mindset Proves More Effective Than Traditional Business Skills in West Africa

New World Bank study, jointly released with the National University of Singapore Business School, and Leuphana University today reveals that psychology-based entrepreneur training programs are outperforming traditional business trainings amongst microentrepreneurs in West Africa, translating into increased firm profits by 30% compared to 11% for traditional business training.

The results, published in the journal Science, establish a fresh middle ground in a long-standing debate between whether an entrepreneur is “born or made”, showing that what have been assumed to be innate entrepreneurial attributes can be developed ...


Global Economic Crisis: Challenges and Future Prospects of Islamic Banking Institutions

by Dr. Abdul Nasir bin Haji Abdul Rani  

The global economic crisis basically involves a prolonged significant decline in the economic activities of the country and worldwide due to various economic factors such as inflation, financial crisis, and an increase in interest rate. This crisis is known as Economic Depression. Meanwhile, the depression can become worse when hyperinflation hits the economy and resulted to an Economic Collapse.

The economic crisis has ...


Economic Growth Must Be Inclusive And To The Benefit Of All In Our Society: Stated Keith Brown MSP at Global Ethical Finance Forum 2017

 

2nd Global Ethical Finance Forum was convened by Middle East Global Advisors* in Strategic Partnership with UKIFC and was hosted by RBS on Sept 13-14, 2017 in Edinburgh, Scotland. Keith Brown MSP (Cabinet Secretary for the Economy, Jobs and Fair Work, Scottish Government) delivered below keynote speech.

“Thank you Omar [Shaikh, head of Islamic Finance Council, UKIFC] for your kind introduction and for again giving me the opportunity today to speak to such a diverse and distinguished audience.

I am pleased to be able to welcome you ...


UKIFC Has Taken a Leading Role in Promoting the Ethical Finance Sector in Edinburgh: Says Omar Sheikh

Omar Sheikh, the Advisory Board Member of the UK Islamic Finance Council delivered below key note address at the Global Ethical Finance Forum 2017 which was held at the Royal Bank of Scotland in Edinburgh. The event was organized by Middle East Global Advisors* in strategic partnership with UKIFC.

 "My Lord, Lord Provost, Cabinet Minister, Distinguished Guests, Ladies and Gentlemen


M-Pesa: a Kenyan Innovation for Financial Inclusion

by Maria Cristina Torrado, EY Middle East  

Without a bank account, it is a daunting task to make all payments through cash. Nowadays, paying bills can be a mission (finding an office and standing in a queue) but on the other hand, keeping all your savings “under the mattress” can be dangerous and poised to theft. In this situation, payments through mobile and other means have gained significant attention around the world. According to the World Bank, between 2011 and 2014, 700 million adults became ...


Bringing Technology and Impact Finance Together in Support of Sustainable Growth

RFI Summit organizers open early-bird registration and release RFI Summit 2017 post-event report

Zurich, Switzerland, February 14, 2018 – The Responsible Finance & Investment Foundation (RFI) and Swiss Arab Network (SAN) are excited to announce the opening of early-bird registration for the RFI Summit 2018.  In addition to opening registration at exclusive discounted rates, the organizers have released a post-event report summarizing the RFI Summit 2017, which was held on May 3-4, 2017 in Zurich, Switzerland. 

Based on the experience and feedback provided by participants in the RFI Summit 2017, the organizers have aligned the RFI Summit 2018 around ...


From Farm to Fork – Issues with Fish Farming for Halal Certifying Bodies

by Tayeb Habib  

As sea fishery resources dwindle, and become more and more endangered, due to human over-exploitation, a growing fish farming is emerging worldwide. Fish farming that is pisciculture has the advantage of being renewable and sustainable, in a World that has more and more mouths to feed. In 7.6 billion World population and 1.8 billion are estimated to be Muslims, and the latter population cares about Halal food.

Global population growth and increased human welfare levels have led to a fast increase in demand for high quality foods. The FAO estimates that “global meat demand in 2030 will stand ...


Key insights emerge as the 24th World Islamic Banking Conference kicks off in Bahrain

Key insights emerge as the 24th World Islamic Banking Conference kicks off in Bahrain

-Key highlights from the first day of the conference include the Governor’s Address, an exclusive interview trailing the vision for the next 40 years of Islamic Banking, the launch of the ICD-Thomson Reuters IFD Report 2017 and a fintech consortium of Islamic Banks and the WIBC Performance Awards honouring the top performing Islamic banks at the global, regional and country level.

Amwaj Islands, Kingdom of Bahrain, December 05 2017: Under the patronage of ...


Islamic Crowdfunding – A Gateway for Value Based Funding

by Prof. Nafis Alam and Lokesh Gupta  

Today, FinTech continue to be a driving force in the financial landscape of the economy. There has always been a demand for financial supports amongst individuals, entrepreneurs and Small & Medium Enterprise (SME), which remains unaddressed through existing financial institutions. FinTech startups are trying to fill this gap through Crowdfunding model using social platform. These platforms provide wider reach to individual for investing excess of funds and provide funding to those who needs it with valid purpose.

The concept of crowdfunding using Peer to Peer (P2P) model is evolving and is being used in increasingly creative ...


Economic Conditions in Sudan Remain Challenging in the Face of Persistent Fiscal Deficits, High Inflation, and Economic Sanctions

  • Economic conditions in Sudan remain challenging in the face of persistent fiscal deficits, high inflation, and economic sanctions.
  • The economic outlook hinges on implementing bold and broad-based reforms to stabilize the economy and strengthen growth.
  • The expansion of social safety nets to support the most vulnerable and reforms to improve the business environment to engender strong, broad-based growth are critical.

A team from the International Monetary Fund (IMF) led by Daniel Kanda visited Khartoum from September 13–September 26 to hold discussions ...


Protestations of Shock and Surprise about German Federal Election Results: Merkel – A Surprise Really?

by Prof. Reinhard Heinisch  

Protestations of shock and surprise in the German and international media about Merkel's "huge defeat" in the parliamentary elections are overblown and misplaced. Unlike the recent elections in the UK, the outcome of the German vote was neither a big surprise nor does it spell the end of Germany as we know it. The success of the right-wing populist Alternative for Germany (AfD) is disheartening, especially its strong showing in Eastern Germany and the Southern state of Bavaria – in the state of Saxony it emerged as the largest party – but is no grounds for hysteria.

FIRST Chancellor Merkel was unlikely to run ...


TAKAFUL IN TANZANIA: A WAY FORWARD

by Khalfan Abdallah, CIFE  

Research conducted by Tanzania Insurance Regulatory Authority (TIRA) in 2011 had shown that there is unfulfilled demand of takaful products in Tanzania and that there are potential investors to fill the demand. In light of this, TIRA decided to study matters of licensing and supervision of Takaful companies from several jurisdictions, the result of which a draft regulation was proposed to important stakeholders in 2013.

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Is Kangaroo on the Menu?: While Kangaroo meat may not be on the menu, it is certainly in the list of halal animals.

by Dr. Najeeb Zada  

According to some latest news, the Australians are worried about the increasing number of Kangaroos in the country. The people have been asked to increase their consumption of Kangaroo’s meat which are numbered at about 45 million, almost double the population of the country. An alarming increase in kangaroo population has been reported during the last few years and it is indeed a cause of worry for the authorities and rightly so. However, very few in the global halal industry may have thought about kangaroo as a profitable addition to the list of halal meat.

According ...