Prague: International conference on Islamic banking

Prague: International conference on Islamic banking

Via Radio Praha:

Islamic banking is today the fastest growing segment of the financial system, and is also considered a more honest and fairer alternative to conventional banking. Cihad Erginay is the Turkish ambassador to Prague, and head of the local group of the Organisation of Islamic Cooperation which organized the event.

“There was great interest on the subject from our Czech colleagues, Czech bankers and journalists who kept asking us about it and expressed their interest because they saw that Islamic banks were not as affected by the economic crisis that we see today. That led us to think that it could be interesting to organize such a conference. And as you can see from the participation, there is great interest in the subject.”  

(source)

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Ireland: Becoming a hub for Islamic finance

Ireland: Becoming a hub for Islamic finance

Via thejournal.ie:

Ireland is one of many countries which has begun to look at Islamic finance as a way to help rebuild the financial services sector. Already Ireland is a base for 20 per cent of Islamic funds based outside of the Middle East, and the plan is to expand that even further.

“To someone like myself who has no particular expertise in the area, Islamic finance looks like a good fit for Ireland,” Tánaiste Eamon Gilmore told an audience during a speech last month.

(...)

However while the government is doing a lot to encourage Islamic finance at an international level, this isn’t filtering down to Ireland’s 49,200 Muslims.

Ireland’s two biggest banks, Bank of Ireland and AIB, both confirmed that they don’t offer Sharia-compliant personal banking to customers. This means customers who wish to bank according to their religious beliefs cannot take out mortgages, loans or have savings accounts.
 (source)

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Germany: Malaysians to bring Islamic investment

Germany: Malaysians to bring Islamic investment


Via DW:

Islamic investing represents a 1.2 trillion-euro market. Now one Malaysian firm wants to bring the trend to Germany. Others have tried and failed before, so it could be a struggle.

Confident and professional, the female chief executive of Malaysia-based CIMB-Principal recently gave a press conference in Frankfurt about the only registered Islamic investment fund in Germany.

With uncovered hair, red lipstick and silver earrings, Noripah Kamso said, "I want to share the new i-word with you. It doesn't stand for iPad, iPhone or inflation–but for Islamic banking."

(source)

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France: Paris seeks to become Islamic finance hub in Europe

France: Paris seeks to become Islamic finance hub in Europe


Via Zawya:

A report prepared by KFH-Research stated that new global markets are seeking to join the main players in the Islamic financing industry and services, such as France. France is working relentlessly to make numerous legal and organizational reformations to facilitate the offering of Islamic financial services and products.

The report added that there is great potential for growth in the field of Islamic financial services in France, since France seeks to become a hub for Islamic banking in Europe. It noted that 1.5 million clients are willing to use Islamic banking tools and products, which equals USD 18.2 billion. In addition, French authorities have offered strong support to develop Islamic banking services, not to mention the high number of Muslims living there who seek Islamic banking services. However, the report mentioned that some legislations need to be amended.

(source)

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Denmark: Number of non-westerners on incapacity pensions has increased almost ten-fold

Denmark: Number of non-westerners on incapacity pensions has increased almost ten-fold

Via Politiken:

While the number of ethnic Danes on incapacity pensions has dropped considerably over the past 20 years, the number of non-westerners has increased dramatically.

Since 1990, the number of immigrants from non-Western countries on incapacity pensions has risen from 2,979 to 27,375, according to a Rockwool Foundation Research Unit report in Berlingske today.

Rockwool Foundation Senior Researcher Marie Louise Schultz-Nielsen says part of the explanation is that immigrants tend to work in the cleaning sector and as social workers, jobs in which chances for early work-related problems are greatest.

At the same time, refugees with war traumas also affect the figures.

(source)

This issue sounded familiar, and indeed a few years ago I posted an article that early (disability) retirement figures for all immigrants tripled over the past decade (1998-2008). According to this, the number of non-Westerners on early retirement doubled, at least, over the past five years.

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Belgium: Bank polls Muslims on Jewish-sounding name

Belgium: Bank polls Muslims on Jewish-sounding name

Via Elder of Zion, De Morgen:

The Dexia Bank of Belgium was bought out by the Belgian government last year in a bailout, and since it is no longer part of the Dexia group it needed a new name.

According to DeMorgan.be, one of the names on the shortlist was Symmon or a variant like Symon or Symona, to give the bank a more personalized flavor. A human name like Symmon would push the idea that the bank is simple to use, has good service and is reliable.

But there were two objections to that name.

One is that it was not particularly Belgian, which many desired.

The other was that the name Symmon was too - Jewish!

Although market analysis showed that the resistance of the Muslim community [to the name] is not insurmountable, the Dexia marketers saw the connotation as a major limitation.

(source)

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Finland: More immigrants among the homeless

Finland: More immigrants among the homeless

Via YLE:

The figures for immigrants without a place to live have also gone up, according to ARA. In 2011, homeless immigrants living alone numbered over 1,000 for the first time. They now account for 13 percent of all the homeless, whereas before this figure was 9 percent.

(source)

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Germany: Bank Offers ‘Islam-Compliant’ Investment

Germany: Bank Offers ‘Islam-Compliant’ Investment

Via the Weekly Standard:

Last month, German bank WestLB rolled out a new “Islam-compliant” investment product named the Islamic Strategy Index Certificate. The value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of Islam.”

(source)

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