GERMANY - Is Islamic Finance Collapsing in Germany?

www.stresemann-stiftung.de - Intrinsische Hindernisse des islamischen Finanzwesens – Scharia-Gelehrte und die Einkommensschwäche der Muslime

Von Rebecca Schönenbach, zertifizierte Islamic Finance Spezialistin – Stand: Juli 2012

Islamic Finance ist in Deutschland bisher weitgehend erfolglos geblieben. Der Vergleich mit anderen europäischen Staaten legt nahe, dass dies nicht an besonderen rechtlichen Rahmenbedingungen hierzulande liegt. Stattdessen scheinen intrinsische Hindernisse ausschlaggebend: Zum einen sind muslimische Migranten durch geringere formale Bildung und der oft fehlenden Erwerbstätigkeit der Frauen einkommensschwach und weisen wenig Anlagepotenzial für Finanzprodukte auf. Zum anderen führt das System der Scharia-Gelehrten durch mangelndes Wirtschaftswissen und widersprüchliche Rechtsgutachten verschiedener Autoritäten selbst zu Problemen. In Germany, Islamic finance has so far been largely unsuccessful. The comparison with other European countries, however, suggests that this is not due to the specific legal framework of the country. Instead, intrinsic barriers seem crucial: First, Muslim immigrants have lower than average incomes, because of lacking formal education and low labour participation rates of Muslim women . Thus, their investment potential for financial products is rather marginal and focused on real estate in Turkey. Second, the system of Shariah scholars causes some trouble due to insufficient economic knowledge and conflicting legal opinions.

Full Paper

GERMANY - EVENTS - BaFin - Federal Financial Supervisory Authority : Islamic Finance: Not such an alien world at all

www.4-traders.com - Some fundamental principles - governing such things as rigorous risk management or good corporate governance - held good for both the Islamic financial system and its western counterpart, the BaFin President continued. They helped to ensure a safe and properly functioning international financial system.(source)

UK - Islamic fund house opens in UK offering suite of Shariah products

www.international-adviser.com - A new fund house has launched in London offering Shariah compliant funds in a Ucits structure to UK investors. Oasis Crescent, which has its new office in the Knightsbridge area of London, has been managing Islamic and conventional funds for more than 15 years, with £2.5bn (€3bn, $4bn) of assets under management, and operating within Europe for more than ten.
The company said the Islamic investment market in the UK is currently “under £1bn” but has the “potential to be between £120bn and £160bn".  (source)

UK - QIIB bid on IBB - Islamic Bank Britain - Form 8 (OPD) QIIB

FORM 8 (OPD)

PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER

Rules 8.1 and 8.2 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a) Identity of the party to the offer making the disclosure:	Qatar International Islamic Bank Q.S.C.
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient	As above
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each party to the offer	Islamic Bank (LSE: IBB.L - news) of Britain plc ("IBB")
(d) Is the party to the offer making the disclosure the offeror or the offeree?	OFFEROR
(e) Date position held:	19 June 2012
(f) Has the party previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?	NO

2.

POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates

Class of relevant security:	1p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	3,135,408,647	88.41	None
(2) Derivatives (other than options):	None		None
(3) Options and agreements to purchase/sell:	None		None
TOTAL (Other OTC: TTFNF.PK - news) : (source)

UK - EVENTS - TheCityUK Islamic finance - Managing Financial Stability : 25 to 26 June 2012

Date & time : 25/06/2012 08:30 - 14:00

Cost of event : Members Price - £550 / Non-Members Price - £550

Synopsis : Senior Islamic Finance experts are set to gather in London on the 25th - 26th of June 2012 at the inaugural Islamic finance - Managing Financial stability Challenges in a Dynamic Environment (MFSC Summit).

Location :Radisson SAS Hotel, Portman Square, London, W1H 7BG

Description : In light of the prevailing global economic conditions, the value of such a focused gathering in providing the platform for facilitating focused industry discourse that should help to nurture the environment for generating business in these difficult times has become all the more necessary. This gathering will address the challenges faced by the Islamic Finance industry and regulatory authorities in maintaining financial stability in the Islamic Financial Services industry. Key Summit sessions will focus on how regulatory standards can facilitate the enhancement of financial stability in the current challenging global environment.

The Summit seeks to address in detail the issues outlined below:

• Regulatory Challenges
• Corporate Governance & Market Discipline Challenges
• Legal Challenges
• Challenges of Developing Islamic Capital Markets
• Liquidity Management Challenges

For a listing of the full facility of MFSC summit speakers please click here.

To register, please click here.  For further information please visit the official website.

IRELAND - EVENTS - Minister Joan Burton speaking at the Islamic Finance & Investment Conference - Dunboyne Castle - 5/6th June 2012

UK - Islamic Bank Britain - Offer Update

uk.finance.yahoo.com

FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

8 June 2012

POTENTIAL OFFER UPDATE

FOR ISLAMIC BANK OF BRITAIN PLC ("IBB")

Further to the announcement made by IBB on 6 June 2012, in relation to an approach from Qatar International Islamic Bank Q.S.C. ("QIIB"), a 88.41 percent shareholder of IBB, requesting the opening of discussions with the board of IBB with a view to QIIB making an offer for the IBB shares not already owned by QIIB, any such offer to be effected by way of a scheme of arrangement, QIIB has further confirmed that if any offer is made it is likely that it would be solely in cash.  (source)

CZECH - Islamic banks an inroad for exporters

www.praguepost.com -Muslim institutions could be key part of Czech export strategy

As the government looks to wean domestic companies off their dependence on exports to struggling eurozone countries, the new strategy looks east to high-growth, high-volume markets in developing nations.

It's a plan that has been widely criticized by small business leaders as too risky, and banks aren't exactly lining up to finance dicey ventures, but a group of Islamic banking experts who convened recently for a conference at the Czech National Bank say Islamic banking can help Czech exporters crack new markets in predominantly Islamic countries. Unlike Western commercial banks, Islamic banking practices must be consistent with Islamic law, which forbids charging interest, funding speculative investments and investing in companies whose activities run counter to Islamic teachings like alcohol or gambling outfits.  (source)