New guide to Islamic finance released

March 24th, 2008 - 9:15 pm ICT by admin  

Dubai, March 24 (IANS) Dubai International Financial Centre (DIFC), the onshore hub catering to the global financial industry, has released the first ever comprehensive guide to Islamic finance. The 40-page ‘Guide to Islamic Finance - in or from the DIFC’ is designed to help all those who are interested in learning more about Islamic finance, a DIFC statement said.

DIFC chief executive Nasser Alshaali described the guide as “an invaluable source of information for everyone involved in Islamic finance or those who simply want to understand the subject better”.

“DIFC plays a leading role in providing an infrastructure and environment that is helping the Islamic financial sector develop,” he said in the statement.

The guide provides a summary of the underlying concepts in Islamic finance, as well as examining the issues facing the Islamic financial services industry regionally and internationally.

Specific emphasis has been laid on ‘tayyab’, an underlying principle of Islam, which is emerging as a new concept in Islamic finance.

Tayyab ensures that Islamic financial products are developed with a focus on holistic, equitable Islamic criteria of transparency, accountability and fairness to ensure credibility.

Alshaali said the guide provides highlights of four core strengths of Islamic finance:

A Sharia systems model which not only clearly defines the role of the regulator, the institution and the scholars but is also based on a unique model which combines the recognized international standards and practices with modifications to reflect the specifics of Islamic finance; clarity and certainty of regulations across wholly Islamic financial institutions, and also Islamic windows; a responsive and integrated regulatory structure conducive to the cross-sectoral nature of Islamic finance; and ensuring that all institutions operating within the DIFC and other financial centres are subject to the same standards of regulation.

DIFC bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. There are over 550 global financial firms registered with it.

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