NH-2016-q2

NEWHORIZON July – December 2016
CONTENTS
Features
16 UKIFC & ISRA Thematic Workshop on Corporate
Governance
This one-day workshop provided an opportunity for scholars, practitioners
and regulators to reflect on the issues of Shari’ah governance, regulations
and personal ethics. The workshop also included the launch of the External
Shari’ah Audit Report, which canvassed the views and experiences of
scholars, regulators and other stakeholders across four jurisdictions – Oman,
Pakistan, Bahrain and Malaysia, on external Shari’ah audits.
24 The Operation of Islamic Banks Still Opposed in
India but for How Long?
This article is based on a debate that took place on India’s NDTV channel
late in 2016. Ostensibly the debate was about the Indian Government’s
decision to demonetise large bank notes. It fairly rapidly, however, became
a debate about Islamic banking. The debate highlighted some of the
misunderstandings about Islamic banking and also the strongly held views of
some elements of the Indian community who are vehemently opposed to its
introduction.
32 Corporate Governance and Islamic Finance
This analysis of the issue of corporate governance and Islamic finance
looks at the need for Islamic banks to comply with the legal and regulatory
requirements of the jurisdictions in which they operate and the additional
requirement for them to achieve Shari’ah compliance. It highlights the
fact that there are occasions when complying with the broader regulatory
framework impacts on a bank’s ability to be Shari’ah compliant.
36 The Challenges Facing Islamic Banking in Iran
Regulars
05 NEWS
A round up of the important
stories from around the globe.
13 SUKUK UPDATE
Highlighting some of the key
developments in the sukuk
market.
15 TAKAFUL NEWS
This section is dedicated to
news from the growing takaful
industry.
45 ON THE MOVE
46 TECHNOLOGY
NEWS
This occasional section
highlights some of the latest
technology developments and
implementations in Islamic
finance
For nearly 40 years Iran has, as a result of various political issues, been
somewhat isolated from the international community. Its economy and
particularly its banking and financial system has followed its own rather
unique development path, but with the easing of sanctions in 2016, it began
to look as though Iran would return to the international business fold. This
feature looks at how the Iranian banking and financial system has developed;
the problems it still faces and the prospects for the future.
41 Opportunities for Islamic Banking in Mauritius
Didier Debellaire has a background working in Islamic finance in Mauritius.
As part of hi s MBA dissertation he took a look at the development of
Islamic finance in Mauritius and the prospects for the stronger growth of
Mauritius as an Islamic finance hub
Cover image – The Qutub Minar Tower, Delhi, India
www.islamic-banking.com IIBI 3