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Why Could Be Kenya The Islamic Financial Hub For Africa Region
The fastest growing economy in the region, Kenya, has laid down strategies to become Islamic Finance hub in its continent which has consequently seen various stakeholders bring in tons of efforts in realizing the achievement. This positioning comes in the wake of government’s pledge to develop a Shariah-compliant fund reformation and banking framework in as part of approaches to grow foreign direct investments.
New hibah concept for Islamic CASA in Malaysia beginning 2018
Previously CASA is governed by al-wadiah dhamanah that defines as a safe-keeping with guarantee. CASA is the acronym for current and saving accounts, which is commonly used term in the banking sector across South-East Asia including Malaysia. Depositors who keep money via CASA are rewarded hibah. It is, however, not promise. In its simplest form, hibah refers to a transfer of gift from an Islamic bank to a depositor that is given out of volunteer basis or deliberation. To attract depositors, hibah giving is viewed as another dimension of value proposition for Islamic banks, which indirectly can improve their customer base for an improved funding for their assets
Some observers may see resemblances between the Medieval European methods of circumventing the Church’s ban on interest, and some financial structures utilized today by Islamic Banks.To be fair, while a very small number may be true, it’s certainly in my experience very limited and is not representative of Islamic banking institutions. Any resemblances are superficial but may seem to be the same for the observer with limited knowledge of Shariah rules.
Championing Inclusivity and Innovation in Islamic Finance
At the heart of our global community, Islam is the fastest growing religion in the world. One that values unity and togetherness, the Muslim community is expanding faster than the world’s population as a whole. Based on a recent study by PEW Research Centre, Muslims have been identified as the largest consumer group, particularly in the age group of 15-59 years old. With the increase of new information and ever-changing financial landscape,the Muslim consumers are steadily evolving into prosumers, a group of modern-day buyers who are growing up in a day and age of information, choices and social abundance. To shape or repackage your services for today’s masses, it is important for the financial industry to acknowledge the majority’s shift in societal behaviour.
8th Annual Banking Innovation Summit
The banking industry is undergoing a phenomenal transformation, overcoming traditional processes and legacy systems, to implement innovative and disruptive technologies that will ultimately revolutionize the sector as we know it – both globally and in the GCC region. The 8th Annual Middle East Banking Innovation Summit, taking place on 17-18 September 2018 at Dubai will explore the emerging technologies, developments and trends, as well as the new opportunities arising for financial institutions throughout the UAE.
Latest Issue 26 , Special Report : Islamic Banks In Middle East Maintain Leading Growth In A Competitive Market