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End of journey for Rifaat at the IFSB

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Points of Essence

  • There has been a shift of stewardship at the Islamic Financial Services Board since April this year.
  • An interview with the IFSB’s former Secretary General, Prof. Rifaat Abdel Karim, will shed some lights into the pioneering efforts behind the establishment of the IFSB and the challenges it faced to emerge a global Islamic financial authority.      

By MUSHTAK PARKER | ARAB NEWS

Published: May 8, 2011 19:39 Updated: May 8, 2011 19:39

Professor Rifaat Abdel Karim is the inaugural secretary general of the Kuala Lumpur-based Islamic Financial Services Board (IFSB), the multilateral prudential and supervisory standard setting organization for the global Islamic financial services industry. He was appointed in November 2002 and the board officially started operations in March 2003. During his watch, the organization increased from its nine founding members to 195 to date, including 53 regulatory authorities and central banks from 41 jurisdictions. During that time the IFSB has also published 14 standards relating to various products governance issues. Rifaat resigned last year and his tenure came to an end in April 2011, making way for a new secretary general. In the first installment of a two-part in-depth and unique interview, Rifaat discusses with Arab News the circumstances of the establishment of the IFSB; the major role that the IMF (International Monetary Fund), the Basle Committee and the Asian Development Bank played in its early years and continues to play today; and the political battle that had to be resolved to decide where the new organization would be located.

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Written by Suapi Shaffaii

May 9, 2011 at 9:28 pm

UBS appoints Dr. Armen V. Papazian as Head of Islamic Finance

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Points of Essence:

  • UBS announced new head for its Islamic banking unit to confirm the firm commitment as the leading Islamic financial services provider. Dr. Armen V. Papazian was previously with Dubai based DIFX. Ame Info has the report.

UBS today announces that it has appointed Dr. Armen V. Papazian as Head of Islamic Finance based in the firm’s DIFC branch in the UAE.

Dr. Armen V. Papazian.

Dr. Armen V. Papazian.

This latest hire further reflects UBS’s long-term commitment to Islamic Finance and reiterates the bank’s ambitions to become one of the region’s leading financial services providers.

During his most recent position at the DIFX (Nasdaq Dubai), Dr. Papazian led the market development efforts of the exchange, as Senior Vice President for Innovation and Development, where he successfully launched the region’s first structured products platform with both Islamic and conventional product offerings.

Furthermore, he has overseen the listings of Sukuk and the continuous growth of Islamic initiatives at the exchange. He has made innovative contributions to the Islamic Finance field, and has a deep knowledge of regional markets and economies. Dr. Papazian earned his Ph.D. at the University of Cambridge, UK, specializing in Financial Economics.

Source: http://www.ameinfo.com

Written by Suapi Shaffaii

March 23, 2009 at 8:32 pm

Don: Better knowledge of Islamic financing needed

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Points of Essence:

  • Inceif, an Islamic finance training outfit, collaborated with Britain’s University of Reading to offer a masters course on investment banking and Islamic finance. Commencing in September, the 12 month course aims towards filling in the knowledge gap in the Islamic finance to take the industry to a greater height. Bernama has the report.

KUALA LUMPUR: The lack of understanding of Islamic financing needs to be addressed so that people are not confused and misguided, says International Centre for Education in Islamic Finance (Inceif) chief academic officer/dean Prof Datuk Dr Syed Othman Alhabshi.

He said even some employees who worked at Islamic banks couldn’t fully understand the concept of syariah-compliance.

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Written by Suapi Shaffaii

January 8, 2009 at 4:25 pm

Emirati woman becomes world’s first ever recipient of CIMAs Islamic finance certificate

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Points of Essence:

  • Rehab Lootah, a senior vice president of the UAE based Mawarid Finance has emerged the world’s first female recipient of CIMA’s Islamic finance certificate. The certificate comprises professional study of Islamic commercial law, Islamic banking and takaful, Islamic capital markets and instruments and Islamic corporate finance accounting, with comprehensive case study on contract-based Islamic banking transactions. Eyeof dubai.com has the report.

Rehab Lootah, Senior Vice President, Mawarid Finance pjsc

Rehab Mohammed Lootah has been awarded CIMA’s Certificate from the Chartered Institute of Management Accountants, a London-headquartered institute with eight branches in China, Hong Kong, India, Ireland, Malaysia, Singapore, South Africa and Sri Lanka. With this achievement, Rehab Lootah becomes the world’s first woman ever awarded a certificate in this highly specialized professional area.

“The importance of this professional specialization stems out of the vital role played throughout the world by Islamic banking industry including Islamic financing and investment governed by the principles and provisions of Islamic Sharia;” said Rehab Lootah, Mawarid’s SVP-Business Development, Products and Corporate Communication and CEO-Tamaiaz Award.

Rehab added: “Islamic banking constitutes for the Islamic world a basis of economic and social development and is viewed as a practical realization of concepts and rules of Islamic economy.”

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Written by Suapi Shaffaii

December 31, 2008 at 1:39 am

Islamic finance sector needs more sharia scholars

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Points of Essence:
  • The stringent requirements to be Shariah scholars contribute to the shortage of the experts to cater for the Islamic financial industry.  One would have to endure a long period of study and level of qualifications as well as being well versed in the area of finance before attaining recognition as a scholar. The rapid growth of Islamic finance worldwide is thus hampered due to a scarce supply of the scholars. The Arabian Business has the report.
Experts says there is a shortage of scholars qualified in both sharia and finance. (Getty Images)

MOON-LIGHTING: Experts says there is a shortage of scholars qualified in both sharia and finance.

As the world financial industry sheds jobs by the tens of thousands, the $1 trillion Islamic banking sector has a growing load of work for sharia scholars but few candidates coming forward to do it.

Experts steeped in the Muslim scriptures are critical to Islamic finance, which requires a religious stamp of approval before a bond, mortgage contract or other financial product can be marketed as moral according to the standards of the Koran.

But qualifying for this work takes much more time and effort than other jobs in finance require. Candidates must first study Islamic law or sharia for many years, and then master finance.

“Globally, and especially in Europe and America, there is a shortage Read the rest of this entry »

Written by Suapi Shaffaii

December 2, 2008 at 4:41 pm

IBFIM Plans To Offer Islamic Financial Planner Programme Overseas

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Points of Essence:

  • Malaysian based Islamic finance training provider, IBFIM mulls into exporting its Islamic Financial Planner program (IFP). IFP will cater to the need to provide effective financial planning, as planners needed to acquire expertise in developing new financial planning models, strategic analysis, investment advice and tax planning.

KUALA LUMPUR, Nov 24 (Bernama) — Recognising the importance of the Islamic financial market, the Islamic Banking and Finance Institute Malaysia (IBFIM), plans to export the Islamic Financial Planner (IFP) programme overseas.

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Written by Suapi Shaffaii

November 24, 2008 at 7:03 pm

Two-day seminar for professionals on Islamic Finance Qualification

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Points of Essence:

  • Qatar based Execu Train will hold a crash course on Islamic finance qualification (IFQ). IFQ is developed by Securities and Investment Institute UK and its lectures are conducted by Indian and Sri Lankan banking practitioners.

DOHA: A leading computer training firm here will hold a two-day seminar on Islamic Finance Qualification (IFQ) to professionals who want to be globally recognised on Islamic banking and finance.

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Written by Suapi Shaffaii

November 23, 2008 at 9:22 pm

Posted in Human Talent

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