Ethica calls for more job experience opportunities in Islamic finance

Dubai’s leader, Sheikh Mohammed bin Rashid al Maktoum, has listed 2016 as the year Dubai should establish itself as the capital of the US$8 trillion global Islamic economy. What this means in practical terms for the world’s 2 billion Muslims was the theme of December's inaugural Industry and University Partnership (I-UP) Forum 2014 at Dubai Knowledge Village.

At the forum Ethica Institute of Islamic Finance, a training and certification institute, commented on the need for more internship opportunities and other job creation initiatives. 

Azhar Mirza, CEO of Jardine Human Capital, noted, “Ethica is at the front lines of job training and they made some important points. There seems to be a lack of job creation in the space. To an outsider and on the charts and tables there is a perception that there are plenty of job opportunities in the space. The reality is far different. There are in fact exceptionally well qualified and experienced individuals who are unable to find positions in suitable organizations. Companies are simply unwilling to offer internship or work experience opportunities.”

In addition to a need for more hiring opportunities, delegates discussed the need for legitimate third-party standards. Some noted that if Dubai seeks to establish itself as the capital of the Islamic economy, it must first begin regulating its own banks for minimal shari'ah compliance, at least to the satisfaction of AAOIFI, the Islamic finance standard followed by over 90% of the world’s Islamic finance jurisdictions. 

One Islamic finance analyst said: "In Islamic finance, we don’t need more institutions, we need more quality. The level of Islamic finance training is either too academic, and therefore not sufficiently practical, or too far removed from Islamic finance, focusing entirely on banking, as the case in most universities with strong finance programmes but almost no complementary Islamic finance programme.”

State of the Global Islamic Economy Report, Global Islamic Economy Indicator launched

The Dubai Islamic Economy Development Centre (DIEDC), in partnership with Thomson Reuters and in collaboration with the Dinar Standard has launched the State of the Global Islamic Economy Report (SGIE) for the second consecutive year, WAM, the Emirates News Agency has reported.

The SGIE Report focuses on core sectors of the global Islamic economy and their ecosystem that have structurally impacted consumer lifestyles and business practices through Islamic values. These sectors are: Islamic finance, halal food and lifestyle, covering fashion, travel, pharmaceuticals & cosmetics, and media & recreation.

The 2014-15 SGIE Report indicates that Islamic economy momentum continues to grow, and also introduces the Global Islamic Economy Indicator (GIEI), a numeric measure representing the overall health and growth of the Islamic economy across 70 countries.

Dr Sayd Farook, Global Head of Islamic Markets, Thomson Reuters, said: "An independent multi-dimensional barometer, the GIEI defines the development of the global Islamic economy beyond quantitative consumption measures, to assess the entire eco-system supporting the Islamic economy in any one country. The UAE, Malaysia and Bahrain lead this inaugural composite Index for 2014." 

Malaysia scored 111.5, UAE 71.6 and Bahrain 64.8 overall, while in the category of Islamic finance, Malaysia was rated at 162.2 against no. 2 UAE at 80.9, disclosed Daud Vicary Abdullah, the President and CEO of INCEIF.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai said, "Dubai has achieved great milestones in key sectors of the Islamic economy with the support of DIEDC and other major players in the field. The growth is testimony to the wisdom and vision of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, who has provided Dubai’s economy with a roadmap for a sustainable development, in line with the UAE Government’s strategy to become one of the leading countries in the world by 2021. 

"The launch of the State of the Global Islamic Economy Report reiterates Dubai’s leading role as an incubator of knowledge for the Islamic economy industry. The report leverages the emirate’s ongoing endeavours to become the capital of Islamic economy. We are delighted to learn from the key findings of the report that the pace for a full-fledged Islamic economy launched in 2013 is on the right track to achieve its objectives." 

Mohammed Abdullah Al Gergawi, Chairman of the DIEDC Board, said, "The launch of the State of the Global Islamic Economy Report reiterates our commitment to nurture a knowledge-based Islamic economy in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, and the guidance of the Crown Prince of Dubai to position Dubai as the Capital of Islamic Economy."

Essa Kazim, Secretary General of DIEDC, added, "The purpose of the State of the Global Islamic Economy Report 2014 is to inspire and empower entrepreneurs, industry leaders, and investors to evaluate and develop an actionable, practical, and high impact market strategy focused on growing the opportunities for Islamic economy in their markets."

Daud Vicary Abdullah noted that the Islamic economy is growing from a small base. "However, growth rates are impressive and the value proposition, overall, is beginning to gain traction in non-Muslim markets as well.  The fact that the size of the pie is increasing bodes well for the Islamic economy," he said in a blog post on the INCEIF website.

The 2013 report can be downloaded here.

Global Islamic fund sector worth US$72.9 billion in Q314

The global Islamic fund sector has gathered US$72.9 billion in assets under management (AuM) as of 17 September 2014, according to KFH Research's Islamic Funds Review Q3-2014. 

As of September, there are 1,149 Islamic funds, the research firm said, predicting that the outlook for the last quarter of 2014 of the Islamic fund sector is broadly positive, with Islamic banking and capital market trends expected to reinforce the advancement of the shari’ah compliant funds sector. 

"We forecast global Islamic AuM to fall between US$87.9 billion and US$97.3 billion by end-2017," the company noted online.

More about the review is available here.

*Image from the KFH Research website.

Islamic finance industry needs to move from awareness to action

For the second consecutive year, the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB), in collaboration with Thomson Reuters, has released findings from the Islamic Finance Development Indicator* (IFDI 2014) at the Global Islamic Finance Forum in Kuala Lumpur, Malaysia.

Khaled Al Aboodi, CEO of ICD said: “The ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI) is the only numerical measure representing the overall health and development of the Islamic finance industry worldwide. It is an unbiased, multi-dimensional barometer that considers the progress of the Islamic finance industry beyond measurement of profits and assets growth. 

"In 2013 we saw awareness of Islamic finance spread worldwide. The next step is to translate that awareness into action. The ICD will continue to facilitate the use of Islamic financial products and services in order to empower the private sectors in Organisation of Islamic Cooperation (OIC) countries.”

Key findings from the ICD Thomson Reuters Islamic Finance Development Indicator 2014 report are:

• 2013 global Islamic finance assets = US$1.658 trillion; Malaysia overall leader 
• 2013 global Islamic banking assets = US$1.214 trillion; Sudan best performing
• 2013 global takaful assets = US$27.8 billion; Qatar best performing 
• Gap between the awareness indicator (most developed) and quantitative development (weakest) 
• Twenty-eight countries have Islamic finance regulations. Only Bahrain, Malaysia, Nigeria and Pakistan have regulations covering all sectors.
• For global financial centres, Singapore is the most developed. 

• Singapore is in the sukuk top 10
• Singapore and the UK are in the corporate governance top 10
• Singapore is in the conferences top 10
• UK is in the knowledge and seminars top 10

The IFDI measures five key components that combine to depict the bigger picture of the state of Islamic finance: quantitative development, governance, corporate social responsibility (CSR), knowledge and awareness. 

The IFDI global average development value is 10. Malaysia is the most developed Islamic finance nation out of 92 countries, scoring 93. Bahrain (76) and Oman (64) are second and third, respectively. The other four GCC countries are also ranked in the top 10, along with Jordan, Pakistan and Brunei.

The awareness indicator has a high global average value of 29 development points for the news sub-indicator, which assessed 92 countries. The other two sub-indicators for awareness are: seminars (global average value seven) and conferences (global average value nine). There were 231 Islamic finance seminars and conferences and 14,490 exclusive news announcements in 2013. 

There is a gap between awareness development and quantitative development, which scored the lowest global average of six. Significantly, the awareness indicator saw the lowest percentage of countries – 21% – scoring higher than the global average. This indicates that while awareness about Islamic finance is widespread, it is not deeply-rooted enough to be translated into action. 

Islamic finance activities are still largely concentrated in the GCC and Malaysia, with Jordan, Pakistan and Brunei also in the top 10. Action is needed to move all other countries from awareness to quantitative development.

Moving from awareness to knowledge is one challenge for the Islamic finance industry worldwide. Globally, 66 countries contributed to this indicator. There were 477 institutions providing Islamic finance courses and degrees and1,363 research papers were published between 2011 and 2013. 

There is greater interest on Islamic finance in Sub-Saharan Africa, which closely trails leaders Europe and other MENA in the courses category and is home to more institutions offering degrees than Southeast Asia. In Southeast Asia and the GCC, more institutions offer degree programmes than courses, which reflects a focus on longer-term human capital development.

The global average score for the quantitative development stands at a very low six development points. There is a highly uneven development of Islamic finance worldwide, even among the top 10 most developed nations. Fifty-three points separate Malaysia in first place and fifth-placed Qatar, and there are 64 points between Malaysia and tenth-placed Brunei. 

The global aggregate value of Islamic finance assets reached US$1.658 trillion at the end of 2013 mainly from Islamic banking assets which accounted

for 73% of the total, followed by sukuk that contributed US$279.8 billion. Other Islamic finance institutions (OIFIs) contributed US$85.5 billion while Islamic funds and takaful assets stood at US$50.7 billion and US$27.8 billion, respectively. Islamic finance assets are expected to reach up USto $2 trillion within a couple of years.

Governance considers regulations, shari'ah governance and corporate governance. The global average value for governance is 12 development points. Only 28 out of 92 countries have Islamic finance regulations. Unsurprisingly, the overwhelming majority of jurisdictions (86%, 24 countries) with regulations are Muslim-majority countries. Of the remaining four, Nigeria has a significant Muslim population and three Muslim-minority countries round off the top 10: Mauritius, Singapore and the Philippines.

Only four countries have full coverage of regulations: Bahrain, Malaysia, Nigeria and Pakistan. Bahrain pips Malaysia to the top spot with its superior shari'ah governance score.

The CSR Indicator considers CSR Funds Disbursed and CSR Disclosure. Overall, average disclosure for financial reporting is high but there is a low level of CSR disclosure; on average only 30% of items are disclosed. There is particularly a lack of disclosure of training and employee welfare activities. Oman was the best performer for CSR disclosure but distributed a far lower amount of CSR funds than Jordan and Bahrain.To download the report, click here.

*The ICD Thomson Reuters Islamic Finance Development Indicator is a composite weighted index that measures the overall development of the Islamic Finance industry by providing an aggregate assessment of the performance of all its parts, in line with the objectives of Islamic principles. 

It is a global level composite indicator with country and unit specific level indicators. The composite indicator is released annually, featuring a full report detailing each country and unit specific level indicator and their raw numbers.
Each indicator within the composite indicator's constituents will be equally weighted and aggregated, i.e. all variables are given the same weight. In addition, normalisation is required prior to any data aggregation as the variable indicators in a data set have different measurement units. 

For the country composite indicator level, country indicators are normalised to allow for meaningful comparisons over time for a given country and between countries. Various economic indicators (e.g. population size) will be considered while measuring the health of the Islamic finance industry in each country.

Eid Al Adha holidays in Oman, UAE announced

The Diwan of the Royal Court in Oman has announced the Eid Al Adha holidays for 2014, the Oman News Agency has reported.

Sayyid Khalid bin Hilal al-Busaidi, Minister of the Diwan of Royal Court, Chairman of the Civil Service Council has declared that the Eid Al Adha holiday for the year 1435 for employees at the ministries, public authorities and other departments of the state's administrative apparatus will start from Friday 9 Dhul Hijjah, corresponding to October 3, till Thursday 15 Dhul Hijjah, corresponding to October 9, 2014. Work will resume on Sunday October 12.

Sheikh Abdullah bin Nasser al-Bakri, Minister of Manpower, issued a ministerial decision stating that Eid Al Adha holiday for the private sector will be for a corresponding period, from 9 to 15 Dhul Hijjah.

Eid al Adha holidays for the UAE were announced the same day. The Emirates News Agency (WAM) said that Hussein Ibrahim Al Hammadi, Minister of Education and Chairman of the Federal Authority for Government Human Resources, had issued a circular to the effect that the Eid Al Adha holiday for Federal Ministries and Departments is to start on October 3, and end on Monday, October 6. Normal Federal Government business hours will resume on October 7.

WAM further reported that the private sector in institutions and private sector companies in the country will receive a paid Eid Al Adha holiday from October 3 to 5. The news came in a circular issued by Saqr bin Ghobash, Minister of Labour, in accordance with Federal Law, which states that the Eid Al Adha holiday and Arafa Day will be three days.

Update: On September 29, the Central Bank of Bahrain announced that Eid Al Adha holidays run from October 4 to 7, with work resuming on October 8. The Banking Operations Directorates will however be open from October 7.

Chartered Institute of Arbitrators and INCEIF announce course on Islamic finance & banking

The Chartered Institute of Arbitrators (CIArb) and INCEIF-The Global University of Islamic Finance have signed a MoU  to deliver courses on alternative dispute resolution (ADR) in Islamic finance and banking.

Source: INCEIF. INCEIF President and CEO Daud Vicary Abdullah signed the MoU on behalf of INCEIF while CIArb was represented by Chartered Arbitrator and Chair of the CIArb Malaysia Branch, Catherine Chau. 

The collaboration was announced on the sidelines of Global Islamic Finance Forum 2014, a biannual forum that offers a unique networking opportunity for regulators, industry practitioners, business leaders and shari'ah scholars. 


The collaboration between INCEIF and CIArb is focused on expanding the range of dispute resolution options available in Islamic finance. With the rise of the global Islamic financial services industry, this partnership is timely in facilitating the resolution of future commercial opportunities. 

The courses in Islamic Finance for Arbitrators will provide professional Arbitrators with the theory, the case law and the tools necessary to understand and settle financial, commercial and contractual disputes which arise within the framework of Islamic banking and finance.

To kickstart the collaboration, CIArb and INCEIF will conduct a short course, Certificate in Islamic Banking & Finance Arbitration, from 25 October to 1 November 2014 in Kuala Lumpur, Malaysia. The eight-day course is designed to provide a thorough understanding of the practices and procedures of Islamic banking and finance and the role of arbitration within it.

The course will cover:

• Shari'ah – Foundations for Islamic banking & finance
• The Islamic financial system with emphasis on Islamic banking & finance
• Financial infrastructure of Islamic banking & finance
• Islamic banking & finance products and services
• Legal documentation for Islamic banking & finance products for arbitrators
• International arbitration and its related components as a form of dispute resolution.

The course will be conducted by faculty from CIArb and INCEIF. The Course Directors will be Profesor Dr Nayla Obeid, FCIArb, Chartered Arbitrator, Chair of CIArb’s Board of Trustees, CIArbs’s Trustee for the Middle East and Indian Sub-Continent, and Founding Partner, Obeid Law Firm, together with Professor Dr Saiful Azhar Rosly, Director, Consulting & Executive Programmes at INCEIF.

Other subject matter experts include:

1. Professor Rashda Rana, Barrister & Arbitrator and Chair of the CIArb Education & Membership Committee
2. Associate Professor Dr Ahcene Lahsasna, Deputy Director for Centre of Research and Publication, INCEIF
3. Adjunct Professor Mohamed Ismail Shariff, INCEIF
4. Professor Dr Mohamed Wahab, MCIArb and Head of International Arbitration, Zulficar Partners
5. Professor Adnan Amkhan Bayno, FCIArb and Head of Chambers, Mena Chambers

Dr Comair-Obeid said: “Given the rapidly growing market for Islamic finance and the significant increase in confidence in  arbitration as the preferred mechanism for resolving both financial and commercial disputes, arbitrators trained in the fundamental principles of Islamic finance are fast becoming a market commodity.

“More and more financial institutions are providing an expanding range of financial products and services compliant with Islamic banking regulation and the basic tenets of shari'ah law. In order for arbitrators and ADR practitioners to be fully equipped to deal with disputes that arise therein, training in the fundamentals of Islamic banking and finance has never been more important globally.”

CIArb Director General Anthony Abrahams said: “The joint initiative between CIArb and INCEIF to train and educate arbitrators, practitioners and bankers in arbitration presents a world leading course aimed at resolving Islamic banking disputes. As this style and culture of financing grows into a major force within global banking so the mechanism for settling differences becomes of paramount importance."


INCEIF CEO Daud Vicary Abdullah said: “INCEIF is delighted to be partnering with CIArb in this landmark agreement to develop education and competency in the legal arbitration profession. With the rapid global growth of Islamic finance, it is vital that practitioners are well equipped with robust and consistent education to enhance their competency.”

Double-digit growth expected for Islamic finance world

Tenth World Islamic Economic Forum (WIEF) Knowledge Partner PricewaterhouseCoopers (PwC) has shared an outline of the global Islamic finance environment in conjunction with the 10th WIEF, to be held in Dubai in October this year. 

On the global front, Islamic finance is expected to register double-digit growth this year and cross the US$2.7 trillion mark by 2017. According to PwC,  Islamic finance has grown both in size and geographic coverage around the world. The industry continues to see the establishment of Islamic financial institutions in new jurisdictions. There has been product innovation across all Islamic finance asset classes as the industry diversifies beyond its traditional banking products and services. Islamic banking continues to be the main driver for Islamic finance and is likely to account for more than 75% of global Islamic finance assets while sukuk currently account for nearly 15% of the market, PwC said.

Asia and Africa are expected to contribute significantly towards the growth in Islamic finance with approximately 95% of the global Muslim population located in these regions. Southeast Asia and the Middle East remain centres of Islamic finance activity. The Gulf Cooperation Council (GCC) accounts for approximately one-third of global Islamic finance and assets have grown over five years at more than 20% CAGR, says PwC. 

Globally, institutions and governments are increasingly resorting to Islamic financing in order to meet their funding requirements. Governments of the UK, South Africa and the Philippines have announced sovereign sukuk issues, led by the UK which announced its maiden sovereign sukuk issue at WIEF 9 in London last year and completed the issue earlier this year to an enthusiastic response. 

As a result, development and implementation of laws and regulations for the issuance of sukuk has been introduced by a number of countries. Dubai recently issued a decree to set up the Dubai Islamic Economy Development Centre as part of a wider plan to become a global hub for Islamic finance which, in the UAE, is expected to grow at a five-year CAGR of 17% from 2013 to 2018 from a base of approximately US$95 billion in 2013. Over US$16 billion of sukuk are expected to be issued by 2014 and Dubai has already emerged as a centre for this asset class.

More than 2,500 participants from 140 countries expected at the WIEF this year. The event includes a panel on Islamic finance, with Toby O'Connor, Chief Executive Officer, The Islamic Bank of Asia, Dr Adnan Chilwan, Chief Executive Officer, Dubai Islamic Bank, Tirad Mahmoud, Chief Executive Officer, Abu Dhabi Islamic Bank, and Muzaffar Hisham, CEO, Maybank Islamic, Malaysia as panelists and Samad Sirohey, CEO, Citi Islamic, UAE as the moderator. 

Muslim Travel Index 2014 reveals favourite European destinations for KSA, UAE, Malaysia

The Muslim Travel Index 2014 has revealed which European countries that Muslim tourists from Saudi Arabia, UAE and Malaysia will likely visit in the future. The halal tourism sector was worth US$140 billion in 2013, representing around 13% of global travel expenditures. This figure is expected to reach US$192 billion by 2020.

“This Index is a great indication of the value of halal tourism to Europe and the potential of the market to the economy,” said Tasneem Mahmood of CM Media, who are organising the world’s first halal tourism conference in Spain in September. “If you consider that visitors from the Middle East spent £1.1 billion in the UK in 2013 while those from UAE contributed £527 million, it shows just exactly how big this market is. Furthermore they travel in different times of the year which means there are opportunities across 12 months. 

Source: Halal Tourism Conference 2014.

“This research represents great opportunity for tourism boards, tour operators, travel agencies, hotels, restaurants and the entire sector.”

France is the most popular destination in Europe, with 30% saying they would like to visit in the near future. England and Italy tied for second place (28%) while Germany and Turkey (26%) rounded out the top five. According to the Index, 93% of international travellers said it was important that the country they were visiting had facilities that catered for a halal lifestyle.

The Muslim Travel Index Europe 2014 showed that although France topped the overall table for most popular destinations, only Malaysia (28%) picked it at the top of its list. For Saudi Arabian visitors Germany (33%) was the most popular destination while 39% of UAE residents opted for Turkey.

Almost all respondents - 97% - said it was important the country of destination provided halal food while 89% said it was important to provide praying facilities. Almost a quarter (24%) who had been to France, Germany, Italy and England previously described the halal facilities as average.

The Muslim Travel Index Europe 2014 looked at the attitudes and behaviour of majority Muslim populations to tourism in the future and their experiences of countries they have already visited in Europe. It was conducted with residents from Saudi Arabia, United Arab Emirates and Malaysian residents who are already frequent visitors to Europe.

The Halal Tourism Conference, which is being held on 22 and 23 September 2014, will bring together the travel industry from around the world to discuss ways of tapping into this niche market. The event, which is being hosted in Andalucia, Spain, aims to equip delegates with market intelligence, industry forecasts and trends to understand how to market to the Muslim consumer and benefit commercially.

Royal Award for Islamic Finance 2014 to be presented in September

The Royal Award for Islamic Finance (The Royal Award) Dinner and Award Presentation will be held in Malaysia for the third time on 2 September 2014, in conjunction with the Global Islamic Finance Forum 2014 (GIFF 2014). 

Source: The Royal Award for
Islamic Finance website.

The Royal Award, held once every two years, is spearheaded by Bank Negara Malaysia and Securities Commission Malaysia under the Malaysia International Islamic Financial Centre (MIFC) initiative.

Presented by the King of Malaysia, His Majesty the Yang di-Pertuan Agong, the Royal Award recognises and honours an Islamic finance visionary whose achievements and innovation contribute significantly to both the growth of the global economy and social progress of communities around the world.

“The Royal Award for Islamic Finance has seen a 25% increase in nominations since the inaugural award in 2010 with nominees coming from all parts of the world. It is through the extraordinary leadership and dedication of these visionaries and pioneers that Islamic finance is growing rapidly in Muslim and non-Muslim economies,” said Tun Musa Hitam, Chairman of the Jury Panel, who is also former the Malaysian Deputy Prime Minister as well as Chairman of the World Islamic Economic Forum Foundation.

The nominees for The Royal Award 2014 come from various regions across the world, with the most interest from the Middle East and Southeast Asia:

• Africa (2%)
• Europe (19%)
• Middle East (33%)
• North America (7%)
• South Asia (10%)
• Southeast Asia (29%)

An independent seven-member international jury panel will select the most deserving individual for the award. The jury panel comprises distinguished thought leaders and industry experts in Islamic finance who represent various geographical locations across Asia, Europe, Middle East, and the US. Selection criteria encompass both qualitative and quantitative aspects of each nominee’s exceptional contribution towards Islamic finance globally. These include financial innovation and pioneering work, exceptional leadership, adoption and acknowledgement within the industry and inspiration and influence towards future progress and development of Islamic finance.

The recipient of The Royal Award will receive a medallion, a certificate of recognition and US$250,000 in cash. The recipient will embark on a journey to educate the community on the role of Islamic finance in the global economy through industry and public lectures, seminars and conferences.

Previous award recipients recognised for their efforts in advancing Islamic finance were Iqbal Khan in 2012 and Shaikh Saleh Abdullah Kamel in 2010. The inaugural Royal Award ceremony in 2010 also recognised the late Dr Ahmad El-Naggar with a posthumous honourable mention. Often referred to as ‘Father of Modern Islamic Banking’, Dr El-Naggar spearheaded the first modern experiment with Islamic banking by creating a savings bank based on profit sharing.

Iqbal Khan, who will be speaking at GIFF 2014 during the session “Developing the Marketplace for Global Linkages”, was instrumental in the development of the world’s first global sovereign sukuk issued by the Government of Malaysia. He motivated the push for a global sovereign sukuk and led the shari'ah thought process towards greater understanding of the concept of foreign currency global sukuk. 

He played a key role in establishing a number of institutions and initiatives in the Islamic finance industry, including Citi Islamic Investment Bank, the Islamic Finance Project at Harvard University, Meezan Bank, HSBC Amanah and, most recently, Fajr Capital, of which he is not only Founding Board Member but also Chief Executive Officer.

Shaikh Saleh Abdullah Kamel pioneered the adoption of Shariah-compliant principles in banking and business and was one of the first individuals to devise Islamic contracts for use in the 1960s. He founded a group of companies which provides Shariah-compliant retail, corporate and investment banking and treasury services as well as the Islamic Arab Insurance Company, a pioneering takaful (Islamic insurance) company. 

To inspire and develop future talent and innovation, he established the Islamic Economics Research Centre, King Abdulaziz University and Jeddah Center for Science and Technology in Saudi Arabia. He also founded the Saleh Kamel Centre for Islamic Economy, Al-Azhar University, Cairo and Saleh Kamel Center for Banking Studies and Research, King Saud University, Saudi Arabia.

Hashtag: #theroyalaward

Mobile-based searches for Eid have grown from 2012 to 2014

An overview of summer (Editor's note: roughly June to August) rituals in Asia by Google has seen a large rise in mobile searches about Eid this year compared to last year. 

According to an August 7 blog post by Dušan Farrington, Communications Manager, Google Asia Pacific, mobile searches around 'Eid' in India, Indonesia, Malaysia, the Philippines and Singapore went up substantially from January to June. It appears that roughly 15% of searches for 'Eid' in June 2014 were from mobile phones whereas more than 25% of the searches by June 2014 were mobile-based. The figures as provided do not indicate how many searches were made, or if more searches were made in 2014 compared to 2013.

Ramadhan began in late June and Eid Al-Fitr 2014 was in late July so it is likely that the figures would continue going up all the way to July, and then spike again in early October for Eid Al-Adha. The double spikes seen for 2012 and 2013 indicate when the two Eids occurred. Eid Al-Fitr 2013 was about August 7 while Eid Al-Adha 2013 was around mid-October. Eid Al-Fitr 2012 was around August 18 while Eid Al-Adha 2012 was around 24 October.  

Image source: Google Asia Pacific blog. Mobile Percentage of Eid-related
searches in Indonesia, India, Malaysia, Philippines, and Singapore
Data source: Google Data, 2013–2014

*The Islamic calendar is based on the moon and moves a few days earlier every year.

*The formal start of a month may depend on whether the moon can be physically sighted, so different countries or areas would have months that start and end on different days. The difference would typically be no more than a day.

*There are two Eids every year, slightly over two Islamic months apart.

Global Islamic Microfinance Forum to tackle misconceptions, sources of funding

The fourth Global Islamic Microfinance Forum (GIMF) aims to bring the Islamic microfinance industry under one roof on November 1 and 2, 2014 in Dubai to discuss the challenges facing the industry, including a lack of suitable funds and misconceptions about Islamic microfinance. 

The event, organised jointly by the AlHuda Centre of Islamic Banking and Economics (CIBE) and AKHUWAT, saw delegates from more than 27 countries participate in 3rd GIMF and participants from more than 35 countries are expected to attend the upcoming event.

Islamic microfinance, its challenges and opportunities, new products, microtakaful, IT integration, micro saving, and entrepreneur development will be discussed in detail. 

Muhammad Zubair Mughal, Chief Executive, AlHuda Centre of Islamic Banking and Economics noted that conventional microfinance has failed to alleviate poverty in the Muslim world, while Dr Amjad Saqib, Executive Director, AKHUWAT said that Islamic microfinance, which is free of interest, is driving the growth of small businesses. AKHUWAT is already benefiting more than 500,000 families across Pakistan, he said. 

Eid Al Fitr most likely on 28 July for most countries: Makkah Calendar

Makkah Calendar, a website dedicated to using modern astronomical methods* to forecast the Islamic calendar, has stated that Eid Al Fitr is most likely to fall on Monday, 28 July for most countries.

The site says that North, Central and South America, all of Africa, all of Europe, and almost all of Asia except Japan, North Korea and a few countries of Oceania will be able to celebrate Eid Al Fitr 2014 (Hijri year 1435) on 28 July 2014. The rest of the countries as well as some parts of Russia and China will celebrate Eid Al Fitr on Tuesday, 29 July 2014.

The people behind the site have projected that the new moon occur on Saturday, 26 July 2014 at 22:41 UTC, which is likely too late to be observed on the same day. Sunday, 27 July is when the new moon is expected to be visible in most parts of the world, marking the start of the month of Shawwal** on Monday, 28 July 2014. A part of China to the east of Siping (Jilin province) and a part of Russia to the east of the Yakutsak are not in the zone of observation, which means that these areas will celebrate Eid Al Fitr 2014 on 29 July instead, the site said.

*According to the people behind Makkah Calendar, the new month will start next day in any location if the crescent moon can be observed there at sunset, or if it can be observed to the west before the fajr (dawn) prayer in the location. Read about the method here.

**Shawwal follows Ramadhan.

Sharjah Ramadan Festival showcases emirate's Islamic culture

The Sharjah Ramadan Festival has highlighted Sharjah’s leading cultural role through its various pavilions, including the Islamic Book Exhibition, Ramadan Majlis, Islamic Heritage Village, Islamic Theatre, Art Bazaar, Spice Route Markets and Sakan Al Nofous.

With the participation of more than 65 international figures and 21 countries, Sharjah Ramadan includes more than 38 Islamic lectures and seminars in addition to seven Ramadhan sessions, four poetry and chanting evenings, six cultural cafes, five theatre performances, 47 art exhibitions and 59 art workshops.

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Executive Committee for the Sharjah Islamic Culture Capital (SICC) 2014 celebrations, confirmed that the festival comprises numerous activities that mirror the cultural face of Sharjah. 

"I would like to express my deep pride in the beauty of Sharjah’s Islamic architecture, which lends deep spirituality to the emirate’s atmosphere,” added Dr Lana Mamkegh, Jordan's Minister of Culture. 

Praising the first-of-its-kind festival, Ahmed bin Rakkad Al Amri, Director of Sharjah International Book Fair (SIBF), said: “Sharjah Ramadan comes as part of the emirate’s celebration of its crowning as the capital of Islamic culture, as well as of the holy month of Ramadhan. It comprises many events that reflect the richness of Arab-Islamic culture and harmonise with Sharjah’s cultural project, whose foundations have been laid by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah.”

In addition to organising the Islamic Book Exhibition, with 127 publishers and 42 Mamluk Quran manuscripts, Al Amri noted that SIBF is holding three seminars as part of its contribution to Sharjah Ramadan. The seminars, namely “Undiscovered Islamic Heritage”, “Manuscripts: History and Civilisation” and “Sources of Recorded History”, are bolstered by the participation of experts and researchers from Egypt, Saudi Arabia, Iraq, UK, US and Canada.

Sharjah Ramadan also includes the Ramadan Majlis, an annual event held by SMC for the purpose of strengthening social bonds and encouraging exchange of views through sessions that elaborate on different topics.

Osama Samra, Director of SMC, said: “This year’s Ramadan Majlis has been exceptional, given its coincidence with Sharjah Islamic Culture Capital 2014 celebrations. The sessions of the Majlis were carefully planned to reflect the emirate’s vision to promote dialogue, which is an Islamic principle and a mainstay of civilisational communication.

“The Ramadan Majlis has hosted international religious, intellectual and cultural figures as speakers.”

Among the other participants in Sharjah Ramadan is the Sharjah Department of Islamic Affairs, which is organising a variety of Islamic lectures.

Yusuf Hassan Al Hamadi, Head of the Preaching Section at the Sharjah Department of Islamic Affairs, explained: “The close connection between Ramadhan events and the selection of Sharjah, which is a symbol of Islamic culture and famous for disseminating knowledge, as the Islamic culture capital, has required the development of plans that manifest the truth and highlight reality.”

Al Hamadi indicated that the 25 lectures are delivered in multiple languages (Arabic, Urdu, English, Filipino, Chinese and Malabar) to cover the majority of residents in the UAE.

The Sharjah Museums Department (SMD) separately announced that it is staging a mobile exhibition at the Sharjah Ramadan Festival 2014 with contributions from the Sharjah Archeology Museum, the Sharjah Museum of Islamic Civilization, the Sharjah Art Museum, the Sharjah Heritage Museum, the Sharjah Maritime Museum, the Sharjah Classic Cars Museum, the Al Mahatta Museum and the Sharjah Science Museum.

Source: Sharjah Museums Department website.

Titled ‘Travel through the land’, the exhibition presents objects from its top museums, chosen to explore mankind’s travels and journeys through time and space, from antiquity to the future, because of the need to survive, to trade, as a religious duty or as a result of mankind’s desire for new discovery and adventure. 

SMD launched a new publication at the Islamic Book Fair, Islamic Textiles from the Sharjah Museum of Islamic Civilization, on July 7. The publication is the second in a series highlighting masterpieces in the collections of the Sharjah Museum of Islamic Civilization, for the first time introducing the religious textiles collected by His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi in a comprehensive and academic way.

According to Arab News, the book highlights the kiswah, the covering of the Ka'abah, as one of the most important Islamic symbols, and features textiles from the 17th century to the 21st that have been created for Islam’s holiest places in the cities of Makkah and Madinah.

A video on the book featured on Geo News can be viewed here.

The exhibition remains open throughout Ramadhan from 8.30pm to 1.30am on weekdays and 8.30pm to 2am on weekends, and will continue through Eid from 5pm to 11pm. Admission to the Sharjah Expo Centre, where the Ramadan Festival is held, is free. 

India allotted Hajj pilgrimage quota of nearly 99,000

The Indian government has announced that the allotment of quota for Hajj pilgrimages this year is available on the official website of the Haj Committee of India. 

Specific priority has been allowed for the pilgrimage this year for the following categories:

Reserved Category A: 70+ applicants: applicants who have completed 70 years or more as on 31 January 2014 (i.e. applicants born on or before 1st February 1944), along with one companion.

Reserved Category B: Fourth timer applicants: An applicant who has applied in each of the last three years, 2011, 2012, 2013 but was not selected in Qurrah or was selected, but could not proceed for Hajj.

Individual state quotas are as follows: 

1435 / 2014

No.	STATE	TOTAL    QUOTA
1	ANDAMAN & NICOBAR	123
2	ANDHRA PRADESH	5,580
3	ASSAM	3,781
4	BIHAR	6,667
5	CHANDIGARH	55
6	CHHATTISGARH	328
7	DADRA & NAGAR HAVELI	28
8	DAMAN & DIU	41
9	DELHI	1,297
10	GOA	154
11	GUJARAT	3,668
12	HARYANA	977
13	HIMACHAL PRADESH	81
14	JAMMU & KASHMIR	6,925
15	JHARKHAND	2,980
16	KARNATAKA	5,162
17	KERALA	6,280
18	LAKSHADWEEP	296
19	MADHYA PRADESH	3,067
20	MAHARASTRA	8,202
21	MANIPUR	302
22	ORISSA	608
23	PONDICHERRY	135
24	PUNJAB	305
25	RAJASTHAN	3,823
26	TAMIL NADU	2,772
27	TRIPURA	85
28	UTTAR PRADESH	24,550
29	UTTARAKHAND	809
30	WEST BENGAL	9,906
	TOTAL	98,987