News

IFSB proposes new standards for Islamic finance

Arabic_coinsThe Islamic Financial Services Board (IFSB) has issued three draft proposals concerning the regulation of sharia-compliant capital markets products. The three drafts cover the supervisory review process of Islamic insurance (takaful), core principles for Islamic finance regulation, and a revised standard on disclosure and transparency for institutions offering Islamic finance. The Malaysia-based IFSB, one of the main standards-setting bodies in Islamic finance, has set a two-month consultation period for the market and will be holding a public hearing on April 10 in Indonesia to explain the proposals in more detail. The move is intended to bring more clarity to the question of sharia non-compliance in certain Islamic products, notably the growing market for sukuk, or Islamic bonds, in which disputes between issuers and investors have arisen. One particularly prominent case involves the UAE-based Dana Gas which in 2017 refused to redeem $700 million of Islamic bonds on grounds they were no longer sharia-compliant. In February, a UK court ruled in favour of the bondholders. ©2018 funds global mena

Executive Interviews

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Mar 08, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

ROUNDTABLE: Charting the pace of reform

Nov 23, 2017

Saudi Arabian index inclusion, the onset of taxes and the Dana Gas controversy were among the issues discussed by our cross-industry panel. Chaired by George Mitton in Dubai.

SOUTH AFRICAN ROUNDTABLE: Spirit of Ubuntu

Mar 08, 2017

The move to a three-day settlement cycle, the appearance of new stock exchanges, and recent rules on hedge funds were discussed by our panel in Cape Town. Chaired by George Mitton.