London-IIBI Magazine NEWHORIZON Lastest Issue Out Now

The latest edition of our quarterly magazine, NewHorizon, is now available to download. In it we celebrate the first 20 years of the Institute’s work (Page 9) and examine how best we can continue to contribute to the development of our industry in the future.

If Islamic finance is to prosper, then it must remain true to the principles which underpin it. In this edition of NewHorizon, a number of our contributors question whether this is always the case:

• Organised Tawarruq in Practice (Page 16): there is a widespread practice of using tawarruq as a liquidity tool – but Dr Salman H. Khan questions whether it is legitimate if  the bank organises the commodity purchase itself?

• Islamic Perspectives on Islamic FX Forward (Page 14) Dr Asyraf Wajdi Dusuki shows  that the use of FX Forward instruments should be restricted to pure hedging operations

• The Moral Economy (Page 39), our book review looks at Shafiel Karim’s examination of whether our industry lives up to the demands of Islamic morals and ethics, and whether it is bound to fail due to the contemporary pressures of world financial markets.

And what are the other factors that are necessary for the success of Islamic finance? Usman Hayat’s ‘Point of View’ (Page 27) is that in secular economies, it should emphasise its ethical foundation in order to have broader appeal than just to the Muslim community.

In the news we report on the re-financing of the Islamic Bank of Britain (Page 8), and look at its prospects for the future. We also congratulate Volaw (Page 7) for being judged the best Islamic administrator/trustee and HSBC for opening its first dedicated Islamic banking branch in Qatar.

The lecture reports are on:The Regulation and Taxation of Islamic Finance in the UK by Mohammed Amin (page 22) and Equity screening and purification by Asim Khan (page 23).

In our own news we announce the launch of our Certificate in Takaful (page 31) and report on our workshop on Structuring Innovative Islamic Financial Products (Page 35). And on Page 38 is the first of our regular coverage of Technology News in the industry.

We hope you will find this edition interesting and that you will consider subscribing to the printed version (please visit the IIBI website at www.islamic-banking.com).

Download NewHorizon, Latest Issue, (October-September 2010, Issue 177), from here (Click)

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