Thursday, 20 December 2007

Saleh Kamel Wants Financial Instruments to move from Sharia Compliant to become Sharia Based

The pioneer and driving force behind modern Islamic finance is Saleh Kamel.
However, he is now calling for Islamic finance to move from being Shari’ah compliant to that of being Shari’ah based.

At the heart of his concern, is a belief that Islamic finance has adopted in part Western models, rather than the purely shari’ah model. Sheik Kamel sees zakat as key to the transformation from Shari’ah compliant to Shari’ah based financial products..

In October 2006, Sheik Kamel called for the establishment of a single worldwide organization to collect and distribute zakat, both Zakat Al-Fitr and Zakat Al-Mal from the 20,000 or so organizations that are currently involved in its collection.

Significantly, the funds will be distributed under the supervision of a committee comprising experts from the IDB, ICCI and the OIC.

On November 28, 2006, the OIC approved Kamel’s proposal.
On December 4, 2006, it was announced that the International Commission for Zakat would be based in Malaysia.

On April 30, 2007, 20 OIC nations, including Saudi Arabia, endorsed the International Commission for Zakat.

-The whole post from the Shimron letters

Wednesday, 19 December 2007

The Islamic Financial Services Board

The Islamic Financial Services Board

An international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include:
  • banking
  • capital markets
  • insurance sectors

The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders.

Observer Members

1 .
Al Amin Bank Bahrain
2 .
Al Salam Bank Bahrain
3 .
Albaraka Banking Group Bahrain
4 .
Ahli United Bank Bahrain
5 .
Arcapita Bank Bahrain
6 .
Islamic Bank Bahrain
7 .
BNP Paribas Islamic Banking Unit Bahrain
8 .
Kuwait Finance House Bahrain
9 .
Noriba Bank Bahrain
10 .
Unicorn Investment Bank Bahrain
11 .
United International Bank Bahrain
12 .
Islamic International Rating Agency Bahrain
13 .
Venture Capital Bank B.S.C (c) Bahrain
14 .
Islamic Bank Bangladesh Limited Bangladesh
15 .
Bank Islam Brunei Darussalam Berhad Brunei
16 .
Perbadanan Tabung Amanah Islam Brunei Brunei
17 .
UM Financial Inc.
18 .
Egyptian Saudi Finance Bank
19 .
Faisal Islamic Bank Egypt
20 .
FWU Group Germany
21 .
Hong Kong Monetary Authority Hong Kong
22 .
Securities and Futures Commission Hong Kong
23 .
Bank Keshavarzi Iran
24 .
Bank Saderat Iran
25 .
Bank of Japan
26 .
Japan Bank for International Cooperation Japan
27 .
Japan Securities and Dealers Association
28 .
Mizuho Corporate Bank Ltd. Japan
29 .
Sumitomo Mitsui Banking Corporation
30 .
Insurance Commission of Jordan Jordan
31 .
The Islamic Insurance Co. Plc Jordan
32 .
Jordan Islamic Bank for Finance and Investment Jordan
33 .
A'ayan Leasing & Investment Co. Kuwait
34 .
AREF Investment Group Kuwait
35 .
Al-Muthanna Investment Company Kuwait
36 .
Boubyan Bank Kuwait
37 .
First Investment Company Kuwait Kuwait
38 .
Gulf Investment House Kuwait
39 .
Investment Dar Kuwait
40 .
Kuwait Finance House Kuwait
41 .
The Securities House Kuwait
42 .
Rasameel Structures Finance Company Kuwait
43 .
Wethaq Takaful Insurance Company Kuwait
44 .
The International Leasing & Investment Company Kuwait
45 .
Al Baraka Bank Lebanon
46 .
Affin Islamic Bank Berhad Malaysia
47 .
Lembaga Tabung Haji Malaysia
48 .
Aseambankers Malaysia Berhad
49 .
Bank of Tokyo Mitsubishi UFJ (Malaysia) Berhad
50 .
AmBank Berhad Malaysia
51 .
Bank Islam Malaysia Berhad Malaysia
52 .
Bank Kerjasama Rakyat Berhad Malaysia
53 .
Bank Muamalat Malaysia Berhad Malaysia
54 .
CIMB Islamic Malaysia
55 .
Al Rajhi Banking and Investment Corporation (Malaysia) Bhd
56 .
Hong Leong Islamic Bank Malaysia
57 .
Kuwait Finance House ( Malaysia ) Berhad Malaysia
58 .
Malaysian Rating Corporation Berhad Malaysia
59 .
Nomura Asset Management Malaysia Sdn Bhd
60 .
RHB Islamic Bank Berhad Malaysia
61 .
Rusd Investment Bank Labuan Malaysia
62 .
EONCAP Islamic Bank Berhad Malaysia
63 .
Syarikat Takaful Malaysia Berhad Malaysia
64 .
Takaful Ikhlas Sdn. Bhd. Malaysia
65 .
Bank Al-Maghrib Morocco
66 .
Arab Islamic Bank Palestine
67 .
First Habib Modaraba Pakistan
68 .
Dubai Islamic Bank Pakistan Limited Pakistan
69 .
Alsafa Islamic Banking Commercial Bank of Qatar
70 .
Doha Bank
71 .
Qatar International Islamic Bank Qatar
72 .
Qatar Islamic Bank Qatar
73 .
Qatar National Bank Qatar
74 .
Al-Jazira Bank Saudi Arabia
75 .
Al-Rajhi Banking Investment Corporation Saudi Arabia
76 .
Islamic Corporation for the Insurance of Investment and Export Credit Saudi Arabia
77 .
National Commercial Bank Saudi Arabia
78 .
Saudi British Bank Saudi Arabia
79 .
Fitch Ratings Singapore Pte Ltd
80 .
The Islamic Bank of Asia Singapore
81 .
Oasis Crescent Capital (pty) Ltd South Africa
82 .
Al Salam Bank Sudan
83 .
Animal Resources Bank Sudan
84 .
Industrial Development Bank Sudan
85 .
Omdurman National Bank Sudan
86 .
Sudanese Banks Association Sudan
87 .
Sudan Financial Services Company Sudan
88 .
The National Pensions Fund Sudan
89 .
Al Rowad Financial Services Co. Sudan
90 .
Byblos Bank Africa Ltd Sydan
91 .
Tadamon Islamic Bank Sudan
92 .
Sheikhan Insurance and Reinsurance Co Ltd Sudan
93 .
Albaraka Turkish Finance House Turkey
94 .
Kuwait Turkish Participation Bank Turkey
95 .
Bank Asya Turkey
96 .
Abu Dhabi Commercial Bank United Arab Emirates
97 .
Badr Al Islami United Arab Emirates
98 .
Abu Dhabi Islamic Bank United Arab Emirates
99 .
Amlak Finance United Arab Emirates
100 .
Commercial Bank International United Arab Emirates
101 .
Dubai Bank United Arab Emirates
102 .
Dubai Islamic Bank United Arab Emirates
103 .
HSBC Amanah United Arab Emirates
104 .
National Bank of Dubai United Arab Emirates
105 .
National Bank of Umm Al Qaiwan United Arab Emirates
106 .
Sharjah Islamic Bank United Arab Emirates
107 .
SALAMA - Islamic Arab Insurance Co. UAE
108 .
Dubai Islamic Insurance and Reinsurance Co. UAE
109 .
110 .
European Islamic Investment Bank UK
111 .
Guidance Residential LLC United States of America
112 .
Dow Jones Indexes United States of America

Saturday, 15 December 2007

Iraqi2 OFAC December as Specially Designated Nationals

The following entities have been added to OFAC's SDN list:
AL-AHMAD, Ahmad Muhammad Yunis (a.k.a. AL-BADANI, Ahmad Muhammad Mahmud 'Abdallah; a.k.a. AL-BARRANI, Ahmad Muhammad Al-Abdullah), Al-Mazzah Al-Jabal District, 6 Subdistrict, 3 area, Al-Iskan complex, 40/2, Fifth Floor, Damascus, Syria; DOB 19 Sep 1978; POB Al-Anbar, Iraq; nationality Iraq; Passport H0347417 (Iraq) issued 20 Feb 2003 expires 19 Feb 2011; passport place of issue: Al-Anbar, Iraq (individual) [IRAQ2]

AL-AHMAD, Sa'ad Muhammad Yunis, Damascus, Syria; DOB 1 Jan 1981; POB Baghdad, Iraq; nationality Iraq; Identification Number 159014 (Iraq) (individual) [IRAQ2]
AL-AZAWI, Hatem Hamdan, Diyali, Al-Khalis Sector, Iraq; Deli Abbas, Iraq; DOB circa 1937 (individual) [IRAQ2]

AL-DULAYMI, Hasan Hashim Khalaf (a.k.a. "ABU WISSAM"), 30th Street, Al-Yarmuk Area, Jadat Al-Jaysh District, Damascus, Syria; House #43, Lane #17, Subdivision #808, Al-Dawrah, Baghdad, Iraq; DOB 1942; POB Baghdad, Iraq; nationality Iraq (individual) [IRAQ2]
AL-DURI, Thabet, Karkh District, Baghdad, Iraq; Rukan al-Din, Syria; DOB 1943; alt. DOB 1944; POB Dur, Iraq (individual) [IRAQ2]


AL-TIKRITI, Ahmed Watban Ibrahim Hasan (a.k.a. AL-TIKRITI, Ahmad Watban Ibrahim Hasan; a.k.a. MUHAWDAR, 'Imad 'Udi), Al-Hadda Hotel, Sana'a, Yemen; Al-Ra'is Building, Mina Street, Tartus , Tartus, Syria; Jirmanah Neighborhood, Damascus, Syria; DOB 1975; alt. DOB 1979; POB Baghdad, Iraq; nationality Iraq (individual) [IRAQ2]

Friday, 14 December 2007


From Banking in Dubai FAQ

You'll usually need a residency visa first before you can do this although some banks will accept a letter from your employer saying that your residency visa has been applied for (your employer should be able to tell you which banks) or even a letter of introduction from a bank in your home country.

HSBC is one bank apparently (not confirmed) that does not require a residency visa to open an account. Go to the bank of your choice......

......HSBC Bank Middle East - mixed reports. Some customers are happy, some unhappy. Don't get caught by the office on Jumeirah Beach Road - it's a representative office of their offshore bank (Guernsey?), not a branch of HSBC UAE....

....HSBC is well established in the Middle East but Dubai branches are only in:
  • Bur Dubai (no parking)
  • Jebel Ali with a customer service centre in Mercato Mall on Jumeirah Beach Rd.

......HSBC has a bank presence with branches in most emirates, and also has a representative office on Jumeirah Beach Road in Dubai not connected with the UAE branches. You usually cannot do your normal banking activities at a representative office but they may have an ATM.