NEWHORIZON

NEWHORIZON Shawwal-dhu al Hijjah 1431
CONTENTS
Features
16
9 Celebrating 20 Years of the IIBI
Mohammad Ali Qayyum looks back at the first 20 years of the IIBI and lays out the
Institute’s plans for the future, supporting the UK as a centre of Islamic finance and
providing training, education and research services.
14 Islamic Perspectives on Islamic FX Forward
Dr Asyraf Wajdi Dusuki examines the recognition and use of hedging in Islamic finance,
focussing particularly on the FX Forward structure based on wa`dan.
16 Organised Tawarruq in Practice
Dr Salman H. Khan, Head of Shari’ah Office (Dubai) at a leading GCC-based bank analyses
organised tawrruq. He comes to the conclusion that, as practised today, it contravenes the
principles laid down by both AAOIFI and ICFA. He suggests that both organisations and
many other stakeholders in Islamic commerce would be comfortable with its eradication.
9
27 Islamic or Ethical Finance
Usman Hayat ponders the question of whether the future in European retail markets lies
with Islamic or ethical finance. He compares ethical and Islamic finance and asks whether
the promotion of Islamic finance in European retail markets on an ethical basis would offer
the best prospects for future growth.
39 Book Review
Raficq Abdulla reviews ‘The Islamic Moral Economy’ by Shafiel Karim.
Regulars
Cambridge Workshop
05 NEWS
A round-up of the important stories
from the last quarter around the
globe.
HSBC
Amanah
Bank
22 IIBI LECTURES
July and August Lectures reviewed;
October lecture preview.
30 APPOINTMENTS
31 IIBI NEWS AND DIARY
IIBI launches takaful certificate;
Cambridge Workshop report; IIBI
awards post graduate diplomas; diary.
37 TECHNOLOGY NEWS
Path launch new cash flow monitoring
capability to support liquidity
management; SWIFT automates
Murabahah Messaging; Mashreq
Bank implement Oracle FLEXCUBE.
www.newhorizon-islamicbanking.com IIBI 3