SBP Islamic Banking Bulletin, July-Sep 2007

One of the uks leading accountancy bodies plans to

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ONE of the UK’s leading accountancy bodies plans to launch an Islamic finance qualification. cima-takes-islamic-bank-laws-into-account/ The Chartered Institute of Management Accountants (CIMA) will become the first accountancy body in the UK to train its members in Islamic financial law. Ac- cording to the Financial Services Authority, the Islamic finance industry is now worth up to £250bn globally. Over the past five years several mainstream UK banks, including HSBC, have started to offer products such as Islamic mortgages and current accounts to Britain’s Mus- lim communities. Islamic banking had previously been restricted to specialist Islamic banks and some British Muslims complained that it was difficult to find banking practices that would not conflict with their religion. Ac- cording to Gordan Grant, the Edinburgh businessman who took over as president of CIMA in June, financial companies are now crying out for training to help them deliver Islamic financial services. “Employers are telling us that this is one of the areas that nobody covers at this point in time,” he said. An advisory panel of academics and scholars of Shariah law helped CIMA draw up the self-study qualification. The certificate was also devel- oped in conjunction with Dr Mohd Daud Bakar, chief executive of the International Institute of Islamic Fi- nance. Shariah equity index debuts on Tokyo bourse AFX-0013-21376426.htm The Tokyo Stock Exchange launched a new Shariah index of shares in companies that comply with Islamic law to meet growing demand from investors, particularly in the oil-rich Middle East. The index of 79 stocks traded in Japan, jointly developed by the TSE and the US rating agency Standard & Poor's (NYSE:MHP) , dipped 0.39 points or 0.04 percent to 1,006.51 on its first day. The index excludes businesses that offer products and ser- vices considered unacceptable under Islamic law includ- ing alcohol, financial services, gambling, pork, pornogra- phy and tobacco. The TSE said all the companies whose shares are included in the index are screened on a daily basis to ensure that they maintain strict Shariah compli- ance. With demand for Shariah-compliant financial products growing, the index 'will further enhance the cross-border flow of capital between Japan and many other countries throughout the globe,' said TSE senior executive Tomoyoshi Uranishi. International News Page 16
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July-September 2007 Infosys offers Finacle to Shariah- compliant banks xfile=data/business/2007/December/ business_December56.xml&section=business&col= Infosys, the Indian multinational IT services company headquartered in Bangalore, is marketing its universal online banking platform Finacle for Shariah-compliant financial products and services in the Middle East and Europe." There will be a tremendous amount of action in Islamic banking in Europe and the Middle East for the next one and a half years," according to Haragopal Man- gipudi, vice-president and business head for Finacle at Infosys. He said the company will also make a foray into the Islamic banking for its Finacle platform in the South- east Asian countries of Indonesia, Malaysia, Brunei, Sin-
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ONE of the UKs leading accountancy bodies plans to launch...

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