Showing posts with label Islamic Insurance. Show all posts
Showing posts with label Islamic Insurance. Show all posts
Monday, July 28, 2014
Monday, June 30, 2014
Tuesday, March 11, 2014
Turkey has great potential for Islamic insurance, report says
Turkey has significant potential in the sector of Islamic insurance, as participation banks in Turkey held $39 billion in Islamic assets in 2012 and these are expected to grow to $121 billion by 2018, according to the Global Islamic Insurance Forecasts Report prepared by Ernst & Young (EY) for the period 2013-2014.
However, as only four participation banks currently operate in Turkey, there is a major supply-side constraint, as well as limited legal infrastructure in the Islamic finance sector. In a press statement released on Feb. 28, EY Turkey Audit Partner Seda Hacıoğlu stressed that Turkey does not have a clause on Islamic insurance in its insurance law yet, adding that the lack of a developed Islamic capital market by world standards is the primary obstacle to the spread of Islamic insurance in Turkey.
Another factor negatively affecting Islamic insurance in Turkey is the problematic pricing of this insurance, which leads prices to remain relatively low in the sector. Hacıoğlu said that Islamic insurance is based on making profit at the end of a certain period, stressing that this factor constitutes a threat and weakness in the sector.
According to the EY report, global Islamic Insurance assets had reached $11 billion in 2012, a 16 percent increase compared with previous year. Islamic insurance is widespread in Arab countries, Malaysia, Indonesia and also Europe and the US. “It is estimated that currently over 200 Islamic insurance firms operate in 33 countries, while 51 percent of the participation was from Saudi Arabia, followed by the Asian region with 25 percent, in 2012,” Hacıoğlu stated.
Hacıoğlu predicts that as the variety of Islamic bonds starts to diversify, asset management in the Islamic insurance sector will also begin in Turkey, along with an increased trade volume and interaction with Arab countries.
Source: http://www.todayszaman.com/news-341612-turkey-has-great-potential-for-islamic-insurance-report-says.html
Tuesday, January 21, 2014
Arab countries can alleviate poverty through Islamic microfinance
microfinance
(Jordan) Poverty is increasing rapidly in the Arab countries which are blessed with surplus of mineral and oil resources, one of the reasons is absence of financial products for poverty alleviation which are compatible with their religious, cultural and social values and beliefs While through Islamic microfinance poverty can be controlled over and poor can be brought into the financial inclusion in Arab countries. These views expressed by Muhammad Zubair Mughal, Chief Executive Officer - AlHuda Centre of Islamic Banking and Economics (CIBE) in an international workshop on Islamic Microfinance jointly organized by AlHuda CIBE and Arab Student Aid International in Amman - Jordan.
To discuss the current status of poverty in Arab World, he said that poverty is increasing rapidly in Syria, Iraq, Libya, Egypt, Yemen and Tunisia as the consequence of Arab Springs while poverty already exists in Sudan, Somalia and other Arab countries which can be addressed effectively through Islamic Microfinance as it quite suited to their religious beliefs. He, presenting the poverty index in Arab countries, evidenced the substantial existence of poverty in Arab countries including Iraq by 23%, Iran 18%, Yemen 35.8%, Jordan 13.5% and Lebanon 28% etc.
He said that if we look into the geographical location of Jordan it seems to be surrounded by the conflict zones including the neighboring countries like Syria, Iraq, Palestine and Lebanon. While Micro enterprise development, educational development, refugees issues and job creation can be enhanced quickly through Jordan taking as regional hub for Islamic microfinance.
Addressing to the event, Ameera Yaaqbeh Hilal, Executive Director – Arab Student Aid International, said that Islamic microfinance is the critical need of time through which poverty can be alleviated from society by providing Shariah compliant loans to the students and enhancing their vocational capabilities. She also announced to establish the first Islamic microfinance institution in Jordan by utilizing AlHuda CIBE expertise and technical assistance #
Saturday, August 11, 2012
The Pioneer Islamic Microfinance Magazine will be Launched in September, 2012
Centre of Excellence in Islamic Micro finance - AlHuda CIBE, is a well established name in
the Islamic Banking and Finance market, working for Advisory, Education,
Islamic Financial products development & Awareness. AlHuda CIBE is going to
add one more dimension in its portfolio by launching the first ever magazine of
its kind on Islamic Microfinance News.
Research
shows that almost one-half of the 56 IDB member countries in Asia and Africa
are classed as United Nations Least Developed Countries (LDCs) and approximately
44% conventional microfinance clients worldwide reside in Muslim countries. So,
with the aim of spreading timely and accurate
information regarding Islamic microfinance, “AlHuda Islamic Microfinance News” would create a more favorable
environment for Islamic Microfinance at national and international level and
would help in reducing poverty of the world.
In
this regard, we request you to share your suggestions/feedback, views, related articles,
scholarly ideas or any message with us. Your valuable contribution is highly
needed in order to make our effort a big success.
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