HORIZON

NEW<strong>HORIZON</strong> Jumada-Al-Awwal to Rajab 1433 CONTENTS 11 Restructuring Sukuk Transactions In today’s volatile capital markets, Debashis Dey, Stuart Ure and Peter Wielgosz of Clifford Chance LLP suggest that restructuring sukuk is likely to become more common and set out an approach to achieve this. 15 Faith and Finance This 2010 Harvard Paper by Professor Mohammad Nejatullah Siddiqi argues that faith, independent of race, religion or nationality, has a role to play in bringing the finance industry back to a sense of morality, fairness and the common good. 19 Bay’ al Dayn bi al Sila: A Breath of Fresh Air for the Islamic Capital Market The tradability of debt is important to asset liability and liquidity management in Islamic capital markets. This article looks at Malaysia’s attempts to make this a less contentious issue with a new concept of debt trading. 24 An Interview with Sultan Choudhury, Islamic Bank of Britain The Islamic Bank of Britain received its license from the Financial Services Authority in 2004. Sultan Choudhury answers questions about its progress since then and its future strategy. He also comments on the UK’s position as the leader in Islamic finance in the western world and what could be done to reinforce that position. 26 Risk Management in Islamic Banks – The Black Box Phenomenon Dr Rania Salem examines the challenges facing the Islamic finance sector in its implementation of effective risk management strategies. 28 An Appeal for a Paradigm Shift in the Theoretical Foundations of Islamic Finance Sherif Ayoub challenges the way in which Islamic finance currently jumps through hoops to make its institutions and instruments march to the tune of the conventional sector and argues for a radically new approach. 30 Islamic Microfinance: India as an Emerging Potential Market While Islamic finance is growing rapidly, Fouzia Jan claims it is failing the poorest in Muslim society. In this article she analyses the case of microfinance in India and argues for the establishment of Islamic microfinance. 32 The Wind of Change in North Africa This article takes a look at the political upheaval that has been taking place in North Africa and asks whether a flowering of the Islamic finance industry will follow in the wake of the changes that have taken place. 05 NEWS A round-up of the important stories from the last quarter around the globe. 09 SUKUK UPDATE Highlighting some of the key developments in the sukuk market during the last quarter. 36 IIBI LECTURES Reports of the January 2012 lecture on Islamic finance developments in Africa given by Iqbal Asaria and the February 2012 lecture by Massoud Janekah on adapting Islamic capital markets to meet the needs of conventional borrowers. 40 DIARY OF EVENTS ENDORSED BY THE IIBI 41 AWARDS Listing of IIBI post graduate diplomas and diplomas in Islamic banking.