You are hereHome CategoriesNews
71% of Islamic institutions implement IFSB's Guiding Principles on Sharia'a Governance, says Deloitte Middle East's Islamic Finance Knowledge Center
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Wed December 21, 2011 1:14 pm

BAHRAIN. Top ranking figures from the world of Islamic finance were brought together during an event in Bahrain supported by Deloitte Middle East’s Islamic Finance Knowledge Center.

National regulators, leaders of the key global industry standard-setter the Islamic Financial Services Board, professional services firms, and executive Islamic bankers joined Deloitte experts to focus on the topics of risk management and regulation of institutions offering Islamic financial services, as well as lessons learned from the global financial crisis.

The event took place on December 13 in Manama and was co-organized with the Islamic Financial Services Board (IFSB) and Central Bank of Bahrain.
 
“This Seminar affirms Deloitte’s commitment to promoting best practices in Islamic finance and in investing in people through knowledge sharing with the participants,” said Dr Hatim El-Tahir, Director of Deloitte Middle East’s Islamic Finance Knowledge Center (IKFC). In a recent Survey, conducted by Deloitte ME IFKC: 71% of the institutions participated and implemented the IFSB’s Guiding Principles on Sharia’a Governance.
 
More than 50 participants from Bahrain and other Gulf Cooperation Council countries, Malaysia, Singapore, Indonesia, Sudan, Jordan, and Turkey, attended the event, during which nine guest speakers, including national regulators from Bahrain, Turkey, and Singapore shared new insights on the important subject of risk management in Islamic finance, and the lessons learned from the financial crisis.
 
“Building competencies, prudential regulatory framework, and leading practices in risk management, are all imperative needs for the well-being and evolution of Islamic Finance practices,” said El Tahir. “The onus is on regulators and practitioners to promote best practices in this regard and the event can play a key role in supporting the implementation of best practices.”
 
 About Deloitte:
 
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
 
Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity.   

About Deloitte & Touche (M.E.):
 
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 85 years.

Deloitte is among the region’s leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,500 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010 and 2011 Rankings) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 19, 2014
UAE. Key sectors driving growth in the housing market are the tourism, hospitality, education and healthcare sectors, which is translating into robust population growth and demand.
date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
dhgate