The Certificate in Risk Management for Islamic Financial Institutions

January 13th, 2008

Garp are launching “The Certificate in Risk Management for Islamic Financial Institutions”

The Global Association of Risk Professionals and the Banque du Liban recently announced the development of a new program, the Certificate in Risk Management for Islamic Financial Institutions.

The explosive growth in, and increasing sophistication of Islamic financial products has created the need for standards and guidelines for sound risk management approaches analyzing these financial instruments.

The Certificate is expected to be available in 4Q 2008.

This marks an important milestone for Islamic Finance.

Islamic Finance

The holistic approach to life Islam requires of individuals also affects their approach to business and financial activities. The basic tenets of Sharia’a, the part of Islamic Law that covers practices and activities, dictate that investors cannot engage in transactions that are speculative, pay interest or involve contractual uncertainty.

Globalization of the financial markets and increased wealth in Islamic regions have accelerated the trend of Islamic banking and specialized products that are Sharia’a-compliant.

Development of the Certificate program is being overseen by an Advisory Oversight Committee which consists of leading Islamic finance and risk management experts and scholars from around the world:

Name	Position	Company
Dr. Anthony Saunders	Professor of Finance	New York University
Dr. Ahmad Jachi	First Vice-Governor	Banque du Libon
V. Sundararajan	Director & Head of Financial Practice	Centennial Group
Mahmoud El-Gamal	Chair of Islamic Economics, Finance and Management	Rice University
Sohail Jaffer	Managing Director	Premium Select Lux S.A.
Jean-Marc Riegel	General Manager Investment Banking & Development Group	Qatar Islamic Bank
Anuouar Hassoune	Associate Financial Institutions	Standard and Poor’s
Noor ur Rahman Abid	Managing Partner, Head Middle East	Ernest & Young
Prof. Jaap Spronk	Vice-Dean, International New Business Development	Erasmu University of Rotterdam
Audion de Laromiguiere	Director, Corporate Risk Advisory, Middle East	Barclays Bank
Dr. Amine Awad	Executive Director, Member Higher Banking Council	Banque du Liban
Dr. Assem Safieddine	CFA Society Chairman	CFA Society
Dr. Christopher Donohue	Managing Director	Global Association of Risk Professionals
Kenneth Abbott	Managing Director	Morgan Stanley
Robert Scanlon	MD, Chief Risk Officer, Wholesale Bank	Standard Chartered
Usman Ahmed	Deputy CEO, Global Islamic Banking	Citibank
Nadir Sarela	Director, Risk Management	Citibank
Ghassan Chammas		Banque du Liban
Dr. Lina El-Jahel		Tanaka Business School
Fawad Laique	Partner, Financial Services	Ernst & Young
William Martin	Chief Risk Officer	Columbia Management Group, Bank of America
Youssef Nizam		Citibank NA UA
Nabeel Shoaib	Global Head	HSBC Amanh
Sami Suwailem		Islamic Research and Training Institute
Richard Apostolik	President and CEO	GARP
Recep Bildik	Senior Researcher	GARP

The expertise in Islamic Finance offered by the Advisory Oversight Committee’s members combined with GARP’s proficiency in creating globally accepted standards on risk management methodologies will result in a benchmark approach to assessing and measuring the financial risks associated with Sharia’a-compliant financial products.

Who will The Certificate in Risk Management for Islamic Financial Institutions primarily benefit?

The Certificate in Risk Management for Islamic Financial Institutions is being developed for those who are pursuing careers in institutions who deal in Sharia’a-compliant financial products and for those staff members in any financial institution who have a need to understand and incorporate Sharia’a approaches and methodologies into their risk management or business strategies.

The Certificate in Risk Management for Islamic Financial Institutions will be first offered in late 2008. For any further questions please contact Dr. Recep Bildik at Recep.Bildik@garp.com

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November 3rd, 2007

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Launch of Islamic Investment Organisation WIKI

October 31st, 2007

We’re pleased to announce the launch of the Islamic Investment Organisation WIKI

wiki.islamicinvestment.org

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Introduction to Islamic Investment

October 14th, 2007

Islamic investmentIslamic Investment, Islamic Banking otherwise known as Islamic Law compliant Investment or Shariah Compliant Investment is a growing industry.

They estimate over 1 trillion USD dollars in size. There are many banks looking to get into this space, and islamic structured products are at the cutting edge of Shariah Compliance.

This is a general introduction to some of the background terms. Albuterol relieves and prevents of airway obstruction (bronchospasm) in patients Albuterol dilates bronchial airways by relaxing the muscles that surroundLearn about the prescription medication Albuterol Sulfate (Albuterol Sulfate Inhalation Solution), drug uses, dosage, side effects, drug interactions, warnings, andFind medical information for Albuterol Inhl including side effects, drug interactions, images and pictures, medication uses, warnings, user ratings and reviews. Free shipping for all orders. Buy Albuterol 3 inhalers for $42. Buy drugs and get free online prescriptions for drugs.

An overview of Islamic Investment

Islamic Investment, Islamic Banking otherwise known as Islamic Law compliant Investment or Shariah Compliant Investment is a growing industry, which is become more and more known in the West and more seriously considered by all the participants in the modern financial world.

There is an estimate that this market will become worth over 1 trillion USD dollars in size over the next 5-10 years, fuelled by the wealth from Oil, property and the resurgence of growth in the Middle East. There are many banks looking to get into this space, and Islamic Structured Products (Structured Products and Retail Structured Products which meet the requirements of Shariah Boards to be passed as Shariah Compliant) are at the cutting edge of Islamic Investmen Live250 Mg Starting at $177. Find medical information for Cipro Oral including side effects, drug interactions, images and pictures, medication uses, warnings, user ratings and reviews. Buy Cipro To reduce the development of drug-resistant bacteria and maintain the effectiveness of CIPRO CIPRO Suspension (containing 500 mg ciprofloxacin/5mL)Learn about the prescription medication Cipro (Ciprofloxacin), drug uses, dosage, side effects, drug interactions, warnings, and patient labeling. Open 7 days. t.

This is a general introduction to some of the background terms and concepts, but the important thing to know before we begin, is that there are many paths to the same outcome, and many views on a subject which has been discussed for hundreds if not thousands of years.

Islamic Banking

When banking practices are able to meet the requirements to be compliant with Shariah, or Islamic law, they are said to be Islamic Banking practices. These practices are open to all, and not restricted to Muslim only use.

IIt is worth noting therefore that the participants in Islamic Banking, need not be Muslim.

Shariah Boards / Shariah Investment Boards / Shariah Committee

Because of the complexity of Islamic Law, and the importance for clients to comply, groups of Scholars who are versed in the Law are usually formed into Shariah Boards in order to give advice, guidance and rulings on investments and financial products as to whether they are Shariah Compliant.

Prohibited Concepts

Gharar - Uncertainty
Maysir - Gambling
Riba - Interest

Concepts of Islamic Investment

amanah - Trust - trustworthiness, faithfulness and honesty, also in relation to keeping another party’s assets in Trus. It can also include safe custody, deposit taking and safekeeping.
Arbun - A deposit at the start of a contract that is non-refundable if the contract is completed during the alloted period
Gharar - Uncertainty - not allowed in Islamic Finance - often speculation, gambling, and convential financial derivatives are seen as this.
jara - Islamic lease agreem Licensed pharmacy. that irreversible peripheral neuropathy was associated with Floxin. Buy Floxin Get the Answers You’re Looking For. 16 - Always 100% Safe. ent.
Ijarah wa iqtinah - a hire and purchase agreement.
maysir - gambling - not allowed in Islamic Finance - often speculation, gambling, and convential financial derivatives are seen as this.
mudaraba - an Investment partnership, investor (the Rab ul Mal) entrepreneur (the Mud Compare this price. Find medical information for Pravachol Oral including side effects, drug interactions, images and pictures, medication uses, warnings, user ratings andBristol-Myers Squibb Company is a global biopharmaceutical company whose mission is to extend and enhance human life. Buy Pravachol Order securely online - free shipping plus 100% delivery guarantee. Pravachol® helps lower LDL (low density lipoprotein), or bad cholesterol,Pravastatin (marketed as Pravachol or Selektine) is a member of the drug class Pravachol information from the National Institute of Health. arib). Profits are shared as per the agreement, but any losses of investment are only forthe Rab ul Mal. Also used as Discretionary Asset Management investment.
mudarib - entrepreneur or investment manager in a mudarabah agreement
murabaha - Purchase and resale
usharaka: - a partnership with preagreed profit and loss sharing.
riba - Interest - Strictly prohibited - the return of money on money itself.
Shariah - Islamic law as in the Quran, and by the Prophet Muhammad
Shariah advisor - independent professional Islamic legal scholar
Shariah compliant - complies with Shariah Law
Sukuk - Asset backed bond
Takaful - Islamic “insurance”
Tawarruq - Reverse murabahah.

Useful Links on Islamic Finance and Islamic Invesment or Islamic Banking are

Islamic Investment

Islamic Investment Organistion - general free overview of islamic investment and those bodies looking after Islamic Investment

Islamic Investment Products

Islamic Investment Products - information, articles and events
Islamic Investment Products - information, articles and events
Islamic Investment Products - information, articles and events
Islamic Investment Products - information, articles and events

Islamic Structured Retail Products

Islamic Structured Retail Products - information, articles and events
Islamic Structured Retail Products - information, articles and events
Islamic Structured Retail Products - information, articles and events
Islamic Structured Retail Products - information, articles and events

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IslamicInvestment.org

October 13th, 2007

For news and information on Islamic Investment

This is an independent, non-affiliated site, providing a review and directory of information, articles and events on Islamic Investment.

If you would like to have your information listed, please contact us.

This site is UK based, and UK Law will apply to all users of this site. All site content is (C) and all links listed in no way suggest our recommendation.

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IslamicInvestment.org

The Certificate in Risk Management for Islamic Financial Institutions

Islamic Finance

Who will The Certificate in Risk Management for Islamic Financial Institutions primarily benefit?

Help contribute to the wiki

Launch of Islamic Investment Organisation WIKI

Introduction to Islamic Investment

An overview of Islamic Investment

Islamic Banking

Shariah Boards / Shariah Investment Boards / Shariah Committee

Prohibited Concepts

Concepts of Islamic Investment

Useful Links on Islamic Finance and Islamic Invesment or Islamic Banking are

Islamic Investment

Islamic Investment Products

Islamic Structured Retail Products

IslamicInvestment.org

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