Sri lanka Muslims Web Portal Sri Lanka Muslims News Center
How does one go about reducing poverty levels and providing micro finance (MF) in Muslim societies? How does one make a choice between the Islamic model of MF and the MF "best practices" that reflect wisdom and lessons learnt from decades of "real-life" MF experiments. The former is normative and largely an untested proposition in the context of a modern …
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Takaful- Its Origins, Definition, Justification and Present Status By Capt. Jamil Akhtar Khan
Capt.Jamil Akhtar Khan is the CEO of Takaful Pakistan. With a background in the Merchant Navy, Capt.Jamil commanded vessels of the national flag carrier PNFC before switching over to insurance. Before joining Takaful Pakistan he served with New Jubilee Insurance where his interest in Takaful was evoked. He is regarded as a pioneer in the introduction of Takaful to Pakistan, …
Read More »IJARA – A more compassionate form of Leasing Suresh R. I. Perera LLB, Attorney at Law, ACMA Director Tax & Regulatory KPMG Sri Lanka
The nature of Ijara The literal meaning of Ijarah is “to give something on rent”. As per Islamic jurisprudence the term connotes two distinct situations. 1) The services of human beings for wages – the “Musta’jir”(employer) employing the services of an “Ajir” (employee) on wages or “Ujrah” in lieu of hired services. An “Ajir” for this purpose could be anyone …
Read More »Global Sukuk Market – by By Faisal Hasan, Head of Research – Global Investment House, Kuwait
Fast attracting Muslims & non-Muslims alike…. The global Islamic financial sector has witnessed an encouraging growth over the last decade and is currently estimated to be at around US$1trillion. It is predicted to be the world’s fastest-growing financial sector for the coming years with an estimated global potential of US$4trillion. Sukuks have turned out to be an important driver to …
Read More »Sukuks – The emerging trend in Islamic Finance Suresh R. I. Perera, LLB, Attorney – at – Law Director Tax & Regulatory, KPMG Ford Rhodes Thornton & Co.
Introduction Are you a finance or capital markets specialist ? Then you must be familiar with the latest trend in the capital markets! It’s Sukuk ! Well if you are not, you need to be concerned !. We Sri Lankans, in a small island in the Indian Ocean, recently read in the daily papers about the first Sukuk being structured …
Read More »SUKUK – Some Basic Facts
Sukuk is a form of Shari’ah-compliant securitization which is gaining wide acceptance not only in Muslim states, but also in largely non-Muslim countries where it is seen as a very promising instrument to mobilize funds for economic development by government or public-related institutions. Sukuk could be said to have evolved due to the needs of Islamic Banks and Financial institutions …
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