SBP Islamic Banking Bulletin, July-Sep 2007

The certificate was also devel oped in conjunction

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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 ? x f i l e = d a t a / b u s i n e s s / 2 0 0 7 / D e c e m b e r / 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- gapore and the Philippines. Already, Infosys has UAE's Emirates Islamic Bank and Arab National Bank, in Saudi Arabia, as clients using its Islamic banking-dedicated Finacle platform, which was fully developed last year. The platform enables financial institutions to provide a wider range of products and more integrated solutions to clients through Web-based cash management systems. Islamic sukuk market to reach $140b by 2010 islamic-sukuk-market-to-reach-140b-by-2010/ The global Islamic banking industry has witnessed unprecedented growth of 10 to 15 per cent a year across the board. This growth in the Islamic Financial Institu- tions (IFIs) has led the Islamic sukuk market to reach to the new heights of development from the size of merely $8 billion in 2003 to $70 billion in 2007 with the projec- tions of doubling the size to $140 billion in three years.
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