UK - EVENTS - Islamic Finance: Making it Real Featuring an in-depth Sharia panel discussion

ITALY - Publications - Bank of Italy - Islamic finance and conventional financial systems. Market trends, supervisory perspectives and implications for central banking activity

No. 73 - Islamic finance and conventional financial systems. Market trends, supervisory perspectives and implications for central banking activity

REGULATIONS - The IFSB issues two Exposure Drafts for public consultation

Kuala Lumpur, November 4, 2010 - In its 22nd meeting held today in Kuala Lumpur, Malaysia, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of the following two Exposure Drafts (EDs):

1. Guidance Note In Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio
2. Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Takāful and ReTakāful Undertakings

UK - BLME launches Shari’ah-compliant online FX trading

Bank of London and The Middle East plc (BLME) has unveiled BLMEFX, a Shari’ah-compliant web-based FX trading platform to provide clients with direct access to multiple currencies for overseas transactions

Humphrey Percy, Chief Executive Officer, Bank of London and The Middle East

In a Shari’ah-compliant environment currency trading is used to support cross-border transactions rather than to realise a profit. Under Shari’ah all currency transactions must be backed by a commodity, which has historically made currency trading, as well as related transactions, complex and expensive. Through BLMEFX, the bank’s corporate and private clients have instant access to a large number of currencies as easily as if they were using a conventional system, thereby making the process much simpler and more cost effective.