Microfinance Loans

Meet more than 480 personal of the most prominent leaders of the banking sector and thought leaders in the Global Islamic finance industry in the period from the third to the fifth of June 2013 at the Hotel Pan Pacific Singapore, as part of the activities of the World Conference Fourth Annual Islamic Banking: Summit Asian Conference (World Islamic Banking Asia 2013), which held the official support of the Monetary Authority of Singapore.

It is scheduled to be launched the activities of the World Conference of Islamic banks which will be held over three days under the slogan «build bridges between the global Islamic finance sectors: promotion of international linkages and cross-border opportunities. As a special symposium will be opened in the Islamic financial market with a focus on international Islamic liquidity management, hedging and Islamic capital market instruments, an opening session with President Khalid Hamad Abdul-Rahman Hamad, Chairman of the International Islamic Financial Market.

And Executive Director of Banking Supervision at the CBB; Long Nam Sin, Assistant Managing Director, Group D Monetary Authority of Singapore. The opening session will be followed by Summit to be held in pre-conference special word of the President by Dr. Halim Cah, Deputy Governor of Bank Indonesia.

Furthermore, the president will be the opening of the conference, scheduled to be launched in the fourth of June, private speech delivered by Lim Heng Kiang, Minister of Trade and Industry of the Republic of Singapore and Deputy Chairman of the Monetary Authority of Singapore. The opening speech will be followed by a direct throw two keywords special Alekayama Dr. Mohammed Yousef Al-Hashel, Governor of the Central Bank of Kuwait; Ranjit Ajit Singh, Chairman of the Securities Commission of Malaysia.

Industries vital

Commenting on the support of the Monetary Authority of Singapore for the World Conference of Islamic Banking Asia 2013, commented Ravi Menon, Governor of the Monetary Authority of Singapore said, "We have the evolution of the World Conference of Islamic Banking Asia in terms of its size and stature since its inception in 2010, which is in the recent current platform an important link between Islamic finance vital industries in Asia and the Middle East. also enhances the conference also display the value of funding for the Islamic finance industry more broadly in the region. "

It should be noted that it is scheduled to present the exhibition The World Islamic Banking Asia 2013, which will be held on the sidelines of the conference as well, the next generation of Islamic financial products, and innovative solutions, as well as the latest developments in the Islamic banking sector and international financial industry.

Improvements to the legal and regulatory frameworks

Said Dato Sri Abdul Hamidi bin Abdul Hafiz, CEO of Kuwait Finance House (Malaysia) : "showed the Islamic finance industry a tremendous growth in terms of volume of business, product innovation, and the geographical spread, as well as achieving significant improvements at the level of legal and regulatory frameworks. Attracts these Current industry in recent customers from all different segments and sectors of the economy.

It is moving forward towards achieving further progress and success. However, the Islamic financial system is still very small compared with the traditional economic system that currently exists. However, it is through the development of lessons learned from the recent Global financial crisis, we have become well aware of the risks inherent in the capital is produced, and what we should do in the recent current is to collect surplus funds viable investment to promote economic prosperity to more efficiency and effectiveness and that of through the financing of real economic activity, which is completely in line with the objectives of Islamic finance.

Islamic finance in theory began with Islamic law, which came as part of an integrated system comprehensive life dealing with worship and transactions and ethics, in a balanced manner make legislation relating to worship the words from the teachings of detailed addresses of worship with respect to provisions in all its details minute, as in prayer, fasting and Zakat The pilgrimage, though the tendency to worship God is innate, but the details, you can not rely on human nature to learn the proper way to practice; legislation so it was dealt with in detail.
With regard to transactions, the origin of Islamic law that deals with many of them in its entirety, and gives an outline of its provisions, because the legislation with regard to the provisions of the transaction is based mostly on the wisdom of the phenomenon, as it is not a destination "Sharaa" often in such transactions to highlight the commitment and discipline orders "Sharaa" - but at the end of the case, but the destination is the real achievement of justice and the public interest of the community, and the balance between the individual's right hand that gets it is the product of diligence, on the other hand the right of society on the one hand that in general to achieve the public interest and not harm the structure of community economic .
Therefore, most provisions relating to financial transactions, a reflection of the wisdom of the phenomenon of the legislator, as it seeks to achieve interest and balance the pros and cons, so most of the issues related to these transactions, we find that the interests of the evils and interest requires giving priority to whichever is greater impact, if GLBT interest in the transaction, the legislation tends even, in some cases, to cram them, but if overcome corrupting the legislation tends to leave and prevention of them, this is of course a general rule can not drop its image outlined the details of the provisions always, but when what appeared judgment on the issue of it with certainty that the public interest so requires .
Through the evaluation process of Islamic finance, and because Islamic law in transactions in the interest of the phenomenon can be felt by the human, the question on the impact of applications of Islamic finance in the development and treatment of economic problems in society is a project, especially when we see that some Muslim communities suffer economic problems, chronic , in addition to the weakness in productivity compared to many countries in the world, whether developed or emerging, as well as high rates of poverty and unemployment, poor nutrition, and health and educational problems in some countries, a reflection of the poor economic situation. 8020 fat loss
We know that the Islamic finance began since the start of the message, but the perception of the modern Islamic finance began in the seventh decade of the last century when it began to experience Ahmad al-Najjar in 1963, followed by a series of experiments, where she focused these experiments on the banking business, especially after the experience of Bank of Dubai Islamic in 1975, and today we are 50 years after the establishment of the first experience of contemporary Islamic finance, we do not find a major development of the economies of Islamic countries, equivalent to the developments of many countries in the world, and to reflect what their natural wealth and human resources, and including also reflects the legacy great historical , and its strategic location between nations.
There is no doubt that the experience of banks and the subsequent subsequent developments did not achieve real development even though in itself is not a draft negative impact on society, but it can be described as the experience is incomplete because it did not exist integration of the components of Islamic economics, as the experience to complete not must be a strategy to build the potential of human resources, and optimum utilization of natural resources, and build a productive industrial, agricultural and service makes the productivity of the individual outweigh the needs, and this is the simple equation of the economy productive, then the banks and the financial sector in general, a tributary of the productive sectors and enhanced their growth, as that banks today are still far somewhat from real participation in the productive sectors, as the practice of contracts, such as contracts for the company or speculation that will enhance the role of financial institutions, positive, and lays the foundation for building development projects in the community, and fills the gap in Islamic societies is the absence of capital which enhances the potential of human resources, and the optimum exploitation of natural resources, but the role of Islamic finance will remain weak in promoting the progress of the development of Islamic societies. im john chow
Conclusion .. Islamic finance, although it has achieved significant growth during the last period, but that its impact on development in Muslim societies weak for lack of integration in the components of the Islamic economy, and the weakness of the role of Islamic financial institutions, which depends on positive contracts, such as contracts Posts and speculation.

Salah Bin Fahad Al-Shalhoub
Option Bot 2

Participants in the first conference of small and medium-sized enterprises in Yemen Called to create a public financial institution help banks and microfinance institutions to grant loans to the sectors of small and medium-sized enterprises guarantees easy, accessible and simple interest rate.

The conference was held the first Yemeni small and medium-sized enterprises in the 26-27 / May in Sana'a organized by the Yemeni Association for Business Development and in cooperation with the Ministry of Trade and Industry.

Said Dr. Abdullah Al-Mikhlafi, Undersecretary of the Ministry of Finance and professor of banking at the University of Taiz, in an interview with balcony "will not list for economic development only if there is interest in SMEs via its support in the planning stage and provide technical support her and to expand and facilitate the process of funding them."

He admitted Al-Mikhlafi not sharing the government enough to support small and medium enterprises, calling for the establishment of a governmental body working to secure the necessary funding for these projects and allocate part of the capital of commercial banks and Islamic countries, between 10 and 15 per cent, to finance small and medium enterprises.

The participants recommended that the central bank required a certain percentage of the loan portfolio mandatory in Islamic and conventional banks in Yemen of not less than 15 per cent went to the small and medium-sized enterprises.

As well as to avoid activating the insurance for bankruptcy protection and activating the role of compulsory insurance affordable for entrepreneurs, as well as enable, support and encourage women in the implementation of small and medium-sized enterprises and to provide financial and technical support to them.

He said Munawar Essanoui, Executive Director in Yemen Society for Business Development, for the balcony "The small projects are of great importance in the economies of developing countries and account for about 90 per cent of the total national income because it is fast in generating jobs at a high rate as it provides job opportunities free to a large number of members of the community . "

"If we want to promote sector small and medium enterprises we establish a joint body including private and government sectors concerned with SMEs and working to develop this sector from three directions: the first regards the legislative structure provided that they are accessible and supportive of the sector, and the second for funding and soft loans, and the third terms of providing opportunities for training and advisory services, feasibility studies and technical support. "

'Column the economy'
In turn, he said certified Abdo Srora, the director of human resources at the Small Industries Development Fund, said that small and medium-sized enterprises are the "pillar of the economy" in Yemen and developing countries in general.

He continued, saying, "If the government wants to achieve sustainable development and the recovery of real economic interest in this sector in kind and financially and in terms of infrastructure."

And the constraints faced by small enterprises, summed up by failing to provide legal protection, as well as funding for banks to production processes only instead of starting from scratch funding.

And the Central Bank's role in supporting small and medium enterprises, explained Balkis Ahmad, Director of the Department of Islamic banks and specialized in the Central Bank, saying he was "focused on control over the institutions and banks lending small and medium enterprises in addition to passing legislation encouraging the work of the private banking microfinance."

She stated that the law gave incentives for the establishment of microfinance banks, including reducing the required capital to 600 million riyals (2.8 million U.S. dollars), compared to six billion riyals ($ 27.9 million) to other banks, and shorten the establishment procedures to enable the granting of a license in a period of two months from the date of submission demand. KD Suite

Ahmed added that making the central bank rate-setting open to microfinance banks, unlike other banks.

Her "The microfinance banks made good strides in the provision of services to beneficiaries," and this is what encouraged other institutions to provide microfinance services and small as she put it.

She explained, "We now have new applications to provide these services from one of the exchange companies and offshore bank, as there is a proposal under consideration to integrate some financial institutions and converted to a smaller bank financing." Forex Indicator Predictor
Learn More about Microfinance in Yemen

Microfinance in Yemen - Afrah Ahmed (23 years) Her small project in the Yemeni capital Sanaa, which is accustomed to micro-loans; and is now poised to request her third loan, but when asked whether she previous loans have helped to improve her life, came a lukewarm response.
IM John Chow 
IM John Chow

Said Head of finance at Syracuse University U.S., Dr. Yildirim chances booming Islamic finance large after the global financial crisis, it has become the Islamic banking alternative for banking services traditional after the recent crisis, where the conventional finance lenders to excessive loans, which led to the financial crisis , came during a seminar held yesterday in Economic Society titled economic crisis and Islamic financing opportunities.
He noted that the Islamic finance industry is facing liquidity requirements instruments compliant with Islamic law, as Islamic banking, which shall be strong assets owned and operated a successful take less dangerous fiscal policies.

He added that after the onset of the financial crisis, the current time is the best time for the growth of the Islamic finance market, especially since the development of Islamic banks already good and is compatible with the requirement (Basel 3) with respect to capital adequacy requirements.
He explained that the Islamic finance industry is facing liquidity requirements instruments compliant with Islamic law.

He Dr. Yildirim durability Islamic banks due to its reservation to go into high risk investments when funding for traditional banks that characterized its activities with excessive lending and borrowing, without much consideration to risk management.

He pointed out that Islamic banking instruments issued about $ 700 billion, while still focusing on the financing of the real estate sector in the developing countries and the Gulf and which achieves very good returns for these banks due to the recovery of this sector continuously.

And between Yildirim of the most important challenges faced by Islamic banks apply Sharia in the securitization process and the renewal of funding despite its success in attracting new investors, pointing out that most of these banks retail banks offer their services to clients legal «There are no Islamic banks investment could face investment banks traditional.

He explained that Islamic banks are still suffering from a lack of financial experts to develop risk management for new products, most Islamic banks operate within the retail banks as well as the shortage suffered by the hand Sharia scholars who specialize economy and finance, and thus become difficult to verify the match some financial products provided those banks with Islamic law, limits the expansion of the work of these banks, as well as its lack of a regulatory framework unified globally between countries that produce these Islamic financial instruments, as some products that are illegal in Islamic bank may be illegal in another bank as a result to deepen the first bank in the development of its products and find legitimate exits, while not available to the other this factor.

Yildirim stressed the need to re-establish securitization applications for Islamic banks in the event of those banks wanted to work in a healthy economic environment, stressing the lack of a major development in this regard by most banks.

He pointed out that there is a need to establish indicators private real estate Islamic banks with exposure to the real estate market to see trends of this sector in the future and avoid any financial disaster for those banks as a result of lack of understanding of market conditions, and refer the main cause of crises in failure to market securitization bad design, especially if no uncertainty regarding the 'real value' of the securitized assets that exacerbated the impact of asymmetric information, what caused the collapse of the market.

He called Yildirim to re-establish the securitization market to reach a healthy economy, with the credit crisis rendered market confidence, however, considered that there is an opportunity to increase the new versions of the asset-backed securities Islamic for all investors all over the world seeking to invest Islamic means of economic diversification.

And opportunities in Islamic finance, Yildirim said that the property is one of the basic needs associated with a lot of sectors of the economy, and strengthen this sector, thereby enhancing employment, consumption and investment in the economy.

And demand in the market for real estate, said Yildirim that member countries of the Islamic Development Bank need about 8.2 million homes annually to accommodate low-income urban and poor, noting that the world's population will grow by 2 billion people by 2030, which means nearly 40 A home in time, in the areas of seismic activity, such as Turkey, for example, you need to finance the huge housing projects, nearly a trillion dollars.

He said that expanding housing benefit requires an appropriate means to deliver new funds from alternative sources of capital, this capital is likely to come from programs securitization or instruments, pointing out that in order to provide additional funding, you need rules of capital markets, as well as entities key investment to be placed in the right places.

Turkey has the QFC more tax systems in line with the financial systems of Islamic finance among the eight countries in the Middle East and North Africa.

Those results came in the wake of a study by three economists pioneers are Messrs: Mohammed Amin, and Salah Kaidi, Hafiz Chowdhury, under the auspices of the Qatar Financial Centre and the participation of the International Center for taxes and investment firm with headquarters in Washington, DC.

And under the name of preparing tax system agreed with systems of Islamic finance among countries of the Middle East and North Africa - the first phase, the study shows that during a financial transfers easy system of Islamic finance among States, Turkey and the QFC two bodies only two possess tax system can be public conduct dealings instruments without high tax costs.

Courses will be offered in the search command, and considering how any state modernize its tax to become consistent with Islamic financing, where test study two ways alternatives, (in reference to the typical United Kingdom and Malaysia), and conclude researched recommendation to adopt the system Malaysian fastest and easier systems that can be applied to Muslim-majority countries.

8 States

The revised study dealing tax practice in the Middle East and North Africa eight Egypt, Jordan, Kuwait, Libya, Oman, Qatar, Saudi Arabia and Turkey, and the QFC through four structures are common in Islamic finance a commodity at the head Murabaha and instruments.

He led the search process detailed adviser Mohammed Amin, an expert in Islamic finance and former president of the Department of Islamic finance branch company Price water house Coopers in the UK, in conjunction with Mr. Saleh Kaidi, tax consultant first at the Ministry of Economy and Finance of Qatar and Mr. Hafiz Chowdhury management consultant and policy tax International Center for taxes and investment.

The format branch Ernst & Young distribution of questionnaires on the offices of company branches in the Middle East and North Africa to be completed and reviewed by the tax authorities in the country, while completed Price water house Coopers Malaysia questionnaire special Malaysia to provide a comparison between systems area and another system outside.

The UK model is compared to a second study based on the experience of Mr. Mohammed Amin as a tax adviser in the United Kingdom.

The first version

The report is the first of a series planned for, where intends team continue to provide prospective studies covering the impact of taxes consumables such as value-added tax imposed on the Islamic financing, and financial systems Islamic within international treaties to agreements on preventing double taxation, which aims primarily to compatibility with traditional ways of financing, as well as to Zakat transactions in Islamic finance and framework followed by the Government of the Emirate of Sharjah in its financial transactions. The are other countries in the region to review their systems in subsequent reports.

Mr. Ian Anderson, Chief Financial Officer and tax Authority QFC, in his comment: «The body of the QFC welcomes the results of research and recommendations provided by us this pioneering study in the field of trade tax financial transactions among Muslim countries in the Middle East and North Africa, where Islamic finance has a growing importance in the region, but their tax systems to almost all countries in the region have been developed in the framework of traditional ways of funding. This means often that Islamic finance suffers from an additional tax burden and unfair by those traditional ways. Because this report refers to the best ways to help settle competition in the region, we are delighted sponsored research such as this study the first of its kind, and support the development of Islamic finance and development organized by the world.

Get rid of the barriers

In this regard, Mr. Daniel A.. Witt, President of the International Center for taxes and investment: «proud International Center for taxes and investment to participating in this study, where we consider countries' support and support within the framework of its efforts to get rid of barriers to trade and international investment an integral part of our mission. In a world of increasing globalization attributes, and grow the welfare and prosperity rates in many Muslim-majority countries, occupies Islamic finance institutions a very important place in the establishment of infrastructure for the world's financial international trade and finance. And to emphasize that this study is the first study of its kind delve into the analysis of tax issues between states. We place high hopes on what emerge from this study of the language of dialogue we hope to be involved when states to discuss their internal systems and systems dealing with markets Islamic finance active in efforts to reach a way of dealing best with the reality of the physical barriers that hinder the growth of those markets because of tax laws . We hope to continue this important work under the umbrella of the active support funding centers such as the Qatar Financial Centre and other parties have influence in the markets.

Risks

Following Mr. Mohammed Amin, head of the team preparing the report, on the matter, saying: «The study shows quite clearly the additional risk of financial transactions required to act in accordance with Islamic finance systems to achieve economic achievements are similar to those achieved by traditional financial systems. These risks are subject to tax transactions to move or taxes on income or profits, which could raise the cost of Islamic financing to high costs.

He adds: «Malaysian based approach, mentioned in the report's recommendations, the application of the legislatures of the process of determining prior to any financial transaction regarding its approval of Islamic finance or not. Can then modify the tax law with relative ease for this segment to give the same result tax governing traditional transactions. Since the intermediate transactions are an essential part in the structure of Islamic finance, can easily exempt such transactions from the tax argument. As for the approach of the United Kingdom, and requires a more complex formulation of tax law because it could not find a reference to external sources of Islamic finance as a result of approach based on the principle of separation of religious matters financial. And conclude in the end that the Malaysian approach is the fastest and simplest to implement in the Muslim-majority countries.
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