Islamic banking a rising force

Category: Americas, Life & Society Topics: Economy, Islamic Finance Views: 9687
9687

Islamic Finance is one of the fastest growing segments of the global banking industry. According to some estimates the current size of this global market is between 200-300 billion US dollars and growing at 15 percent annually.

Leading finance professionals from the global Islamic finance industry say that Islamic banks and financial institutions will be a part of the mainstream banking and financial services industry, while Sharia-compliant products will be universally available and offered by non-Islamic institutions in the next decade.

On April 19th a conference of the Arab Bankers Association of North American (ABANA) will be focusing on the global growth of Islamic Finance. H.E. Rasheed Al-Maraj, Governor of the Bahrain Monetary Agency, William Rutledge of the Federal Reserve Bank of New York, and Sheikh Yusuf DeLorenzo will be featured speakers at this event, entitled Islamic Finance: Players, Products & Innovations.

This half-day conference will address current and emerging trends and products in Islamic Finance for retail, real estate, private and public-equity funds, hedge funds and sukuks. Other featured speakers at the ABANA conference will represent Arcapita Inc., Bemo Securitization SAL, Dow Jones Islamic Index Group, Ernst & Young Bahrain, Freddie Mac, Goldman Sachs International, Guidance Financial, King & Spalding, Permal, Unicorn Investment Bank, Vinson & Elkins and Wafra Investment Advisory Group.

The conference will be held at the University Club, One West 54th Street, New York City. From 8 am to 2:15 pm on April 19th, 2005

For more information about this event  please visit www.arabbankers.org

The Arab Bankers Association of North America is an international professional organization founded in 1983. ABANA promotes financial and banking relations and cooperation between the Arab World and the US, and hosts educational programs to foster the development and exchange of international banking, financial and monetary information. Now celebrating its 22nd anniversary, ABANA represents over 400 individuals and 63 institutional members.


  Category: Americas, Life & Society
  Topics: Economy, Islamic Finance
Views: 9687

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Older Comments:
DELWAR MIAN FROM USA said:
I'm so confident that by the mercy of the Creator, God the Almighty, it's coming, and everybody will love it, and we should be ready for that, prepare for that, goodness will come and evil will go away.
2005-12-22

YAHYA BERGUM FROM USA said:
Oops! Actually, "triple expirations" occur in March, June, September and December. At any rate, there sometimes seems to be some powerful magic associated with options expirations in such months as October, April and July as well. I guess I'd better get back to work now, to hopefully enable me to repay the student debt currently up to my eyeballs.
2005-04-16

YAHYA BERGUM FROM USA said:
Speaking of finance, I think it might be interesting to see what transpires next week in America's financial markets, and possibly elsewhere in the world. Only twice before have I noticed an accelerating decline in popular American stock market indices that had begun on a Wednesday to exhibit a sort of plunging decline going into a "triple expiration" weekend. The first time was during the week before Monday, October 19, 1987 - which is a day remembered for a 22% drop in the Dow Jones Industrial Average. The second time was during the week before Monday, October 27, 1997 - a day when the Dow Jones Industrial Average fell 7%. Stricter trading curbs in place by 1997 might explain some of the difference between those two percentages.

Anyway, I am glad that I'm not currently involved in the stock market, which admittedly seems at least partially because I'm currently up to my eyeballs in student debt. Nevertheless, I am concerned about the welfare of those who are involved in equity markets. May Allah guide them and provide for them (Ameen).
2005-04-16

AC FROM UK said:
Anderson comment 31130

Peace Bro.

Your proposal for Condi Rice to be renamed as Aunt Jemima has acceptance from AC.

I must say what a shame regarding Colin Powell (who not only thinks himself white, but Scottish) and Condi Rice.

Peace Bro.
2005-04-13

MOORE FROM UK said:
Lloyds TSB expands Islamic finance scheme - Guardian Susan Smillie
Wednesday April 13, 2005

http://money.guardian.co.uk/islamicfinance/story/0,15900,1458776,00.html?gusrc=ticker-103704

As much as many would hate to admit, Islamic Finance is growing by leaps and bounds. The wisdom of staying clear of interest is making a profound impact upon financial organisations and markets. Things are heating up so hot and fast that it won't be long before our financial institutions and programmes are entirely free of interest. Being in the financial industry myself I was a skeptic at first but now not only do I see the sense in Islamic/Sharaiah compliant programmes, I am a client of an Islamic bank myself , and it did not matter to them that I am not a Muslim. I find this just amazing. So from Islam not only did our culture pick up Mathematics, Astronomy, Medicine and the Arts but now a sound economic system. I am now going through the Koran to see what is there to learn from this wonderful book. You know this does not bode well for institutions and governments that thrive on interest.
2005-04-13

ANDERSON FROM UK said:
AC, to answer your question re Condi Rice, here is my impression of her. I am of Jamaican descent and I like American pancakes. For the past 11 years or so, on every visit to CA I always pick a few boxes of 'Aunt Jemima's Pancake Mix' to bring back to London. I remember 11 years ago the African lady featured on the Box was a regular nice looking African lady - reminded me of my grandmother. However a startling change began taking place approximately 7 years ago. The African lady featured on the box began changing. Her colour became whiter and her features somehow metamorphisized from African to Latin looking to almost white. So I think this well describes Condoleezza Rice. I propose that henceforth the world refers to Condi Rice as Aunt Jemima. Just as on the Pancake mix box, she too has gone through an amazing change and imagines herself to be white. I am surprised that she cannot see clear through Bush's propaganda. He shamelessly uses African and Latin Americans to legitimize his mad agenda, so that the ethnic groups his cronies represent will remain shut up. I wonder if Americans really are that stupid?
2005-04-13

LAITH FROM USA said:
Salamu alaikum,

I attempted to get a loan from such organizations. However, I was not sold on the product. It was pretty clear that all they did was change the words. Interest became rent. Not only that the Islamic Bank takes a point more than the conventional interest rate.
I think this is only for suckers. Just cause something poses itself as Islamic, does not mean it is. I do not care how many scholars put a stamp on it, the reality is still the same. This reminds me of the so called "Islamic" states. Those states are clearly non-islamic yet the wear the Islamic label by putting up some Islamic symbols.
Let us not be fools to this gimmick. The fact is that Islamic Banking cannot exist without and Islamic state. Lets try to stop living Islam without a state and get together to bring it back.

wasalam
2005-04-13

MUKHLIS FROM HONG KONG. said:
Islamic Banking, when it starts with the premise that Riba is Haraam - then everything else built on this stone is trying to fit a square peg in a round hole. Hammer it hard, my friend and be happy.

Prophet had some other mission. The Jews of Medinah were the creditors ( traditional money landers at punishing interest rates) and extremely poor Arabs were the community that owed money. His sermon is equivalent to the current rightoff of interest for the poorest nations of the world from IMF, world bank or individual creditor countries.Some, not all defer or reschedule on new easier terms. Common Muslim can not understand. It is Faith & not reason. There are people I know who shift their funds from savings a/c (accrues interest, no matter how marginal) to current a/c to comply with Qur'an and more specifically the last sermon of the Prophet.

Banks owned and controlled by the non-Muslims are laughing - How stupid but good client is this Muslim. Ha Ha Ha - Long live interest free Muslim. But he will not forgo a cent when the same Muslim borrows.

Now HSBC, Citibank, ING, the fat ones are opening depts (and branches) for Islamic Banking - not because they love Islam or Prophet's pain felt for the poor, or they think Islamic banking is great new financial theory. No my good & simpleton friend. They just want your money in their banks & propfits in their pockets. They will let Muslim servants become G.M. & V.P. - even Presidents. Just bring the funds or out-incl this author).

Is there a Bank that is owned by a God fearing & upright Muslim? Islamic Banking or normal finacial rules-I want to put my money there. Just one requirement. Don't lose my money for your blind ritualistic & stupid faith. Stay away from supporting the vulgar, the aggressor, the antiMuslim. I don't want my money or its bebefits to go to the likes of Nawaz Sharif, his cohorts, his meriad indusries. Want some names from Indonesia ?? I finished 2000 characters.

Bye.Happy Banking.<
2005-04-13

YAHYA BERGUM FROM USA said:
So... if more Jews took their Lord's prohibition against usury seriously then would that be a bad thing? Also is it just me or do various family names such as Goldman and Sachs (as in "Goldman Sachs International") sound vaguely Jewish?

Here is another question: If I persisted in condemning those who (hopefully) turned to their Lord (and my Lord) in repentance then what sort of reward might I conceivably be earning for myself? Admittedly I am quite comfortable leaving the acceptability of their submission for their Lord to ascertain.

Please note that Qur'an 5:51 seems entirely sufficient for little old me. Granted I don't think it abrogates Qur'an 5:69. And feel free to spare me the relevant footnotes (and parenthetical expressions)... insha'Allah/God willing, I perceive no crookedness in the Qur'an. But then admittedly I fancy myself to be some sort of a Salafi or something.

Here is one more question: If Isa will have al-Mahdi leading his own ummah (as their own leader) in prayer then of whose ummah will Isa be the leader; will Isa be the only member of his own ummah? With respect to those who remember my Lord (and their Lord), insha'Allah/God willing, I perceive no crookedness in the Qur'an... even without the relevant footnotes (and parenthetical expressions).

Sorry but I just don't see the point of Muslims encouraging Jews and Christians to obey their Lord on matters such as usury, if the general consensus of Muslims is that Jews and Christians can do whatever they feel like doing since they were going in the wrong direction anyway. I think that if I was to assume obeying their Lord would be of no benefit to Jews and Christians, it would seemingly be me who was headed in the wrong direction.

Salaam/Peace
2005-04-13

AC FROM UNITED KINGDOM said:
Borrowing from my brother HA.

Islamic financing = Not exploiting human beings.
Islamic financing = Moral financing = Fearing Allah (SWT).
Western financing = Jewish financing = Exploiting human beings.
Jewish financing = Immoral financing = Not fearing Allah (SWT).
Hence, Jewish financing = Devil's financing.
Jewish financing = Western financing = shylock.
Shylock = Shakespeare's "Merchant of Venice".
Shylock = Jewish merchant of Venice wanted his pound of flesh (literally) in interest payment.
Don't believe me? = Just ask the people of sub-Saharan Africa.

Islam- the only deen acceptable to Allah (SWT) and far more superior to anything man made.

Islamic Law and Finance = Divine law and Finance given by Allah for all mankind's benefit and well being.

Western and Jewish law and finance = for the benefit of the white man only.
Don't believe me = Just ask the people of sub-Saharan Africa, or Black people in USA or South America and else where.

Not Colin Powel or Condi Rice = Uncle Tom and Auntie@!!!!????, respectively.

Ah! Reminds me of the martyr, Malcolm X's, saying about Uncle Toms.
I wonder what term he would have coined for Condi Rice?? Any thought??
2005-04-12

LUBNA SAEED ALAM FROM USA said:
Islmaic Banking is definitely on the rise and Muslims should make an effort to promote it as best as possible so that Islamic Financing products can compete cost effectively in the capital markets
2005-04-11

NANCY FROM USA said:
I think Muslims have much bigger issues to worry about than competing interest in the financial markets. The attached news should make Muslims think twice before considering investing in the US:

http://www.onlinejournal.com/Special_Reports/040105Rockwell/040105rockwell.html
2005-04-11

MUBEEN SIDDIQUI FROM USA said:
As long as a lender/borrower is willing to a fair profit or loss concept ( which is a great arrangement),it will work nicely with its proper knowledge.Islamic Financing has a great futute.
2005-04-11

H.A. FROM YATHRIB said:
Islamic financing = financing in the way of God, meaning stand up against financing until there is no more interest in financing...
2005-04-10

JAN FROM USA said:
In Islam, money has to work. It works on the concept of profit and loss.

Islamic banking system if fully adopted would be a superior system on several counts. It leads to more prudent lending, by encouraging financiers to invest directly in an entrepreneur's ventures. A financial system without interest is more interested in the entrepreneur activities. Interest-free finance would also prevent future Enrons and Argentinas. One reason for prohibiting interest is to keep everybody spending according to his limit.

The current consumerism society was only created because of the banking system, because it encourages 'buy today, pay tomorrow.' You also have poor economies in debt to rich ones. This is because of borrowing and lending with interest. So this is creating big economic chaos in the world.

No wonder, "Islamic Finance is one of the fastest growing segments of the global banking industry."
2005-04-08