Archives: January 2013

Islamic investment funds adorn the Dubai Multi Commodities

The Center DMCC to build on the record of success achieved by commodity funds Shariah-compliant within the initiatives and activities of many aimed at strengthening its position on the map of the Gaza Islamic economy and the face of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai developed as sectors Home to the economy of the Emirate of Dubai in a way that enhances its position as the capital of Islamic economics. , Prompting Ahmed bin Salem, Executive Director of the first of the Dubai Multi Commodities to describe a real jewel adorn the crown of the Dubai Multi Commodities.

hedge fund

In this context, reported data center DMCC that funds recorded gains record since its launch, it is well made «funds Dubai Shariah Asset Management Islamic - Kawtar of goods», gains standard which confirms the high efficiency of the strategy investment pursued by fund managers, and plans innovative product development.

And managed commodity funds compliant with Islamic law in the registration rates excellent performance during a brief period of time on the launch, which dates back to the Center was able to attract the best asset management experts in the world.

Through their identification at the beginning of it, and then convince them to take over the task of managing funds goods Shariah-compliant, it would succeed in preparing the list two directors experienced remarkable and wide in the field of strategies prudent and coherent, that enhanced the ability of funds to improve their performance is competitive, this in time in which moving company «Dubai Shariah Asset Management) forward in providing support to their counterparts from managers who want to be guided by the provisions of the Islamic Sharia, where became team managers now has the formula for success.

Commented Ahmed Bin Sulayem on this outstanding performance, saying: «We are in the power center of Dubai Multi Commodities, are committed to supporting the expansion and prosperity Islamic financial services industry.

Therefore, the funds Kausar innovative represent the future of this sector, which is growing rapidly, and are well aware that these products were launched relatively new, during the phase of the global economic downturn, and that investors are now more conservative in their investment approach. Therefore, we will continue to focus on enhancing the awareness in the market, and to draw the attention of investors about the outstanding performance of these funds, and to highlight the long-term attractiveness.

It is worth mentioning that the center of the Dubai Multi Commodities established «company Dubai Multi Commodities Asset Management (DCAM)» to the development and innovation investment products competent trade in goods in the UAE and other markets, a company registered licensed by the Bank of the UAE Central Bank.

The «Centre DMCC» managing a group of investment products competent trade in goods and Shariah-compliant, through a joint venture between the «company Dubai Multi Commodities Asset Management» and «Shariah Capital», a private company based in the United States-based her.

The «Dubai Shariah Asset Management (DSAM)», owned by 51% for «company Dubai Multi Commodities Asset Management (DCAM)» and 49% of the company «Shariah Capital» and take of the Cayman Islands-based, management and development of investment products compatible with the provisions of Sharia and specializes in trading commodities, and are these products with great interest by institutions and major investors who have aspirations beyond the borders of traditional investment and seek to contribute to the trade in goods markets, which is currently witnessing a boom.

Speaking Ahmed bin Sulayem for site Islamic funds in the strategy of the Dubai Multi Commodities said: The mission of the Dubai Multi Commodities to pursue initiatives that will contribute to strengthening Dubai's position as a global trading, and concentrated effort Asset Management Center to devise investment strategies focused on commodities.

Hence, we've launched funds Dubai Shariah Asset Management (Islamic Kausar of goods) in the part of our drive to acquire capabilities in the field of asset management, and therefore, we are committed to the long-term work on the growth of this area of ​​business.

He continued by saying: occupy the emirate of Dubai leading position and outstanding in the field of Islamic finance, and we always look forward in asset management approach to compatible with the requirements of Islamic law, has been made available to us to participate in the first hedge funds compliant with Islamic law, which has become over time and one of the stories the success of the Dubai Multi Commodities.

Said Ahmed bin Salem said the company «Dubai Shariah Asset Management» working on the launch of investment products commodity compatible with Islamic law, given the growing strength of the demand for investments that generate excellent returns, and rising investor interest in investing in commodities as a key area to hedge against risk, as a result of volatility global markets and decline in currency exchange rates.

He added Ahmed bin Salem another reason to distinguish the performance of commodity funds Islamic, a private follow style deep discipline in the conduct of research and stock selection, and explained this factor, saying: supports sharia ability of managers to accomplish the tasks entrusted to them, as it is to be to adopt the methodology proven its integrity and authenticity In stock selection, and then, our funds a huge success achieved as a result of choosing managers have the ability to check for stocks.

He continued: Keep in mind, that our controlled legitimacy required us to reserve the account separately at Barclays Capital, the investment arm of Barclays Bank, and to ensure full compatibility with the requirements of legality, and scientists forensic examination and audit every transaction, which ensures us this high level transparency to identify the transaction is religiously sanctioned, before completion, it is difficult to find this protective belt of transparency in conventional accounts.

On his part, said Malcolm Wall Morris, CEO of «Centre Authority DMCC»: contributed outstanding performance for (Fund Kausar gold), and gains extraordinary record (Kausar of global resources and mining) and (Kausar Energy), to ensure that rank high with on global indicators.

This has been developed unique investment products and are compatible with the provisions of Islamic law, specifically to meet the needs of investors in the region, while attracting the attention of traditional institutional investors. Given the remarkable performance over the past year, we are confident of our ability to expand and diversify our customer base.

Prosperous future prospects

The stems of this strong faith ability Islamic hedge funds to achieve more and prosperity in the coming years, from floor replete with huge potential for the growth of Islamic finance in general, as predicting a recent report to the Foundation «Oliver Wyman» Management Consulting to continue to Islamic banking institutions.

It is the largest Islamic finance market, strong annual growth to reach $ 1.6 trillion dollars, while revenue will the $ 120 billion market, which recorded an increase of 150% compared with 2007.

When it was announced the establishment of relations post between the Dubai Multi Commodities and the company «Shariah Capital» aimed at developing investment products backed by commodities and compatible with Islamic Sharia, were not the arena free of challenges, what can the company «Dubai Shariah Asset Management» to overcome a obstacles, there is again another obstacle, did not occur to many people during times of global financial crisis, to achieve the company «Dubai Shariah Asset Management results exceed expectations.

In fact, the fund Kausar Gold and Kawtar of global resources and mining, of the best commodity funds performance among hedge funds in the world, Pthakaiqama significant gains included two mattresses very advanced on the global indicators, as have grown at high rates, which contributed to fill the funds rank high on the Bloomberg index for Islamic funds, the fund is Dubai Shariah Asset Management (Islamic Kawtar of goods) of the best performing commodity funds among hedge funds in the world.

Kawtar Fund for Commodities

The fund Dubai Shariah Asset Management (Kawtar of global resources and mining) is the first fund of its kind in line with Islamic law, and in a series of funds offered by the company «Dubai Shariah Asset Management.

A joint venture between Dubai Asset Management, located in the DMCC and the company «Shariah Capital», and invested the Dubai Multi Commodities initially about $ 50 million, and allows the fund to investors opportunities to invest in companies operating in the field of mineral resources and mining.

The Fund invests Kawtar of mineral resources and mining exclusively in funds of the Fund BlackRock global resources and mining, and is also a fund «platform Net Trust» and managed by fund «BlackRock to manage global resources and mining», and manages platform Net Trust separate accounts at Barclays Capital and reflect the revenue performance of the accounts of the Fund «BlackRock to manage global resources and mining at Barclays Capital after deducting all fees, including fees related to investment management.

The Investment Manager seeks to fund investing primarily in quoted shares are undervalued, and looks forward to market conditions that tend to respond excessively to the changes on the horizon of the companies resulting from change the basic components of an industry or change factors relevant to the performance of these companies.

The types of versions that invests Fund «BlackRock to manage global resources and mining», those issued by companies operating in the exploration, development and production of energy resources, as well as metals and mineral resources, including versions of the companies operating in the field of transport and distribution of natural resource products and energy.

Based on these expectations, as far as Eric Meyer, Chairman and CEO of Shariah Capital that the Islamic alternative investment market size will reach $ 160 billion in just three years, if acquired 10% of the total Islamic finance market.

Diversify its customer base

He explained this point, saying: change directions investors, had to be that long change hedge funds themselves, and become more understanding and awareness of the issue of diversification of the customer base, and through attracting new customers to the chip product markets new investment in order to ensure the same elements of sustainable growth for its business .

Thus, offering funds Dubai Shariah Asset Management (Islamic Kawtar of goods) model elaborate shows what can be provided by hedge funds efficient for investors wishing to invest in investment products Islamic, they represent equivalent and the equivalent of hedge funds, and so without sacrificing returns.

And Eric Meyer attributed the reasons commodity funds outperformed to being the advantage of being compatible with the requirements of Islamic law, and explain this point by saying: always touched to our ears words warn us that you follow the guidelines legitimacy hampers performance.

As well as it would be in unsustainable attract the best team in the Islamic fund management, but we were convinced ideas to the contrary completely, and showed fund performance Dubai Shariah Asset Management (Islamic Kausar) that compatibility with the requirements of Islamic law involves a positive impact huge fund performance , but the form of this agreement in itself is one of the reasons characterize the performance of commodity funds.

Said Meyer: I have demonstrated hedge funds Shariah-compliant because they can not succeed in the competition than the traditional, and we are working closely with traditional financial institutions and Islamic alike wishing to obtain the possibility of access to investment products compatible with Islamic law.

And monitoring Eric Meyer another reason for this performance, which is following the fund managers models coherent and prudent in direct business, explaining that these models are based on deep analysis of macroeconomic trends prevailing in each industry separately, based on a study the basic components, is determined price expectations on term term for goods supportive of the funds, and then, be able to develop models for revenue, based on the strong relationships and document with the administrative divisions of the company.

Continued Eric Meyer explained the strategies used in asset management, saying: If we examine the investment portfolios of our funds, we will find that it is carrying the sale and purchase of shares of companies compliant with Islamic Sharia, nor undertake other operations, such as those relating to trade in derivatives and futures and options, as examines jurists Sharia all aspects and dimensions of investment products.

Thus, to the success of the investment portfolio on the ability of managers to pick stocks top returns, and impose Islamic rules on managers to focus on stock selection based on fundamental analysis of the ingredients, and distance themselves away from the complexities associated with products, derivatives and options, and this focus that contributes to improving performance.

Speaking Eric Meyer on the impact of the global financial crisis on commodity funds Islamic saying: after the eruption the global financial crisis in 2008, Sauer investors concerns regarding the allocation of their money in any new investments, including hedge funds, which was the subject of an understanding of our own, but When briefed on our results, they looked seriously at the role played by our strategies to improve the performance of investment portfolio.

Shariah-compliant instruments

The shot «Dubai Multi Commodities», one of the strategic initiatives of the Government of Dubai, in May 2010 another $ 20 million toward the instruments worth U.S. $ 200 million, which was released in May 2005 for a period of five years, and according to the schedule.

And saw version launched by the Center for DMCC high turnout of financial institutions in the Middle East, Asia and Europe, due to the strength of the foundations of long-term business pursued by the center. And included a unique feature of this innovative financial instrument and compliant with Islamic law, payments in cash in U.S. dollars or in the form of gold bullion.

On this occasion, said Ahmed bin Sulayem, Executive Chairman «Dubai Multi Commodities»: «Unlike large turnout witnessed issuance of the Dubai Multi Commodities investor confidence in the center, and despite severe global economic conditions, fluctuations continuous witnessed by global commodity markets then , but that the center was able to repay all its obligations in accordance with the schedule, which highlighted the strength of the financial foundations of the center, unlike Dubai's position as a global hub for trade in goods.

This has hired Dubai Multi Commodities revenues instruments to finance construction operations in the commercial towers for companies concerned goods international, within the free zone to JLT multiple uses, which extends over an area of ​​200 hectares, managed by «Dubai Multi Commodities».

, Said Malcolm Wall Morris, CEO of «Dubai Multi Commodities»: «been issued such instruments at a time when (center DMCC) and the Free Zone (JLT) projects are recent, but recognizable thanks to our vision ambitious to provide services value-added and innovative features of the supply chain of goods, and the development of the flow of commodities trade through Dubai.

This vision has become today's reality, where are the (JLT) has more than 64 towers is home to over 5,700 companies and live and work in the more than 50 thousand people.

In conclusion, predicted Ahmed Bin Sulayem to achieve commodity funds Islamic greater success, and explain the reasons for this, saying: Although we are still at the stage of building log our funds Islamic, but we are having a permanent and regular discussions with several institutions in the Gulf region that are compatible strategies Islamic managing their investment portfolios with funds Kausar and we expect that our funds are part of the investment products that enjoy the popularity, with the reallocation of funds among asset classes during the current year.

Platform «Net Trust promotes transparency and control

Occur Ahmed bin Sulayem platform Net Trust saying: after we study in depth the platform Net Trust, we realized quickly that the platform offers to the Dubai Multi Commodities strong framework and coherent, in which you can create investment products compatible with Islamic law, and we have launched several funds, and established company «Dubai Shariah Asset Management, and managers feel happy and satisfied returns achieved, which is the product of the merger between the strong performance of the managers of the side benefits of the platform 'Net Trust' on the other.

He continued: with international recognition managers company «Dubai Shariah Asset Management», I think the company has demonstrated now as jewel true that adorn the crown center DMCC, however consolidation company to its as a leading player and leader in the industry of Islamic hedge funds, the time has come To maximize the benefit from their success, by expanding the size and scope of work.

Said Eric Meyer, Chairman and CEO of Shariah Capital: It is designed investment program «Net Trust» to ensure transparency through the separation of responsibilities funds, and to avoid conflict of interest, as well as the involvement of service providers independent, like the company hedge fund trader x partner accounts.

The company Walkers (partner management) and Barclays Capital (the main broker), and then, this is not available levels of transparency and control professional in any other platform for asset management, which contributed to the reduction of investor concerns about hedge funds.

He said: The Platform initiative «Net Trust» product post strategy between Barclays Capital Inc. Shariah Capital, has been established to be a platform first in the world, which manages assets compliant with Islamic law, they are pricing mechanism competitive with senior service providers who allows managers possibility providing investment products Shariah-compliant alternative for those offered by conventional funds.

Murabaha commodity

 Won Murabaha used in platform «de GMC C Trajd Flo» e, the fatwa approves compatibility with the provisions of Sharia, and issued the mark Dr. Hussain Hamid Hassan, who is one of the most prominent figures in the field of Islamic banking and contributed to the launch of Dubai Islamic Bank, which is one of the first banking institutions in the world.

Deposit contracts effective tools for risk management

Ahmed bin Sulayem, Chief Executive Officer of the Dubai Multi Commodities the importance approach innovation in the design of investment products compatible with Islamic law, and evidenced by the adoption of decades deposit in the development of effective tools for risk management, explaining: there widespread acceptance in the financial community Islamic to conventional methods to hedge, and short-selling, in particular, are simply not acceptable due to the use of elements incompatible with the principles and teachings of Islamic Sharia.

But he added: With that, we worked with experts Sharia over the years, has been able to Eric Meyer, CEO of Shariaa Capital and his team to develop an Islamic alternative to short-selling, such as contracts deposit with providing effective tools for risk management and hedging, was approved by the Council of jurists Organization Islamic Conference such a method which has become widely accepted by the range of Islamic financial institutions in various parts of the world.

Opportunities and challenges of Islamic finance in the new year

Before 2012, the magnitude of the economic fluctuations and financial and finished work the U.S. government to reach an agreement between the Obama administration and the Democratic Party on the one hand and the Republican Party on the other hand, to reach agreement avoids United States abyss financial Financial abyss, and by increasing taxes on the American citizen of both Pan and wealthy citizens, so as to enhance the chances of reducing the gap, which began widening between public debt and GDP of the United States, as the increasing gap lead to the growing problem of public debt.

This year also carry a lot of Islamic finance, has increased the pace of growth in Islamic finance assets, they even did not show these results are declared for last year, but the indicators for optimism continued growth in the past year, and still opportunities list to achieve the pace of balanced growth, especially with the economic improvement of the Gulf, and increase spending and development projects, representing Gulf bulk of Islamic finance in the world, and improve their economic status has implications for the improvement and growth of the Islamic finance industry.
islamic finance

Perhaps the most stimulating continued growth of Islamic finance large turnout on instruments that have experienced significant growth in the last period of sustained, unprecedented, every year since 2009 surprise this sector observers significant growth and diversity in its products, and the slide that interested in this sector, from an instrument to finance large companies, today has become the focus of states to finance development projects, especially the countries of the so-called Arab Spring, which is preparing to launch a range of versions to revive its economy, especially after the political upheavals taking place in these countries and the region in general.

This growth of the Islamic finance also reflected on the banking sector, which has become more expansive at the global level, in addition to the insurance sector, which is expanding in direct correlation with the amount of funding, and remains, it is expected that this growth comes from two important factors: first: the continuing pace of growth tools list, such as the banking sector and instruments, in addition to the Islamic financial market activity, and funds Shariah-compliant investment, which includes a variety of images of low investment and high risks.

Another factor: the expansion and openness to new financial instruments, are expected to be there investment funds like Balseadah or major or even endowment funds, which contain a variety of investments that some may be administered in a manner consistent with the law, and this tool be an opportunity for them better now , since they need to diversity in its investments.

These opportunities for growth there will be a range of challenges, especially as the Islamic finance today is active in an environment designed for conventional financing, With the expansion in the volume of assets and tools and a slice of beneficiaries and investors and geographic expansion increases the size of the challenges for Islamic finance, and the possibility of achieving sustainability in their investments, and what he needs this sector Today dramatically is to build a theoretical framework and rules and regulations are to be part of the system of standards that apply to international banks, especially banks today required to apply Basel III, which require banks to keep more of the reserve requirement, and such regulation may hinder the application of financial instruments depends on the asset, especially in the decades such as participation and leasing, as these assets is part of the Bank's ownership of fixed and invested like loans offered by traditional banks, and this is an example of a form of obstacles that can be encountered Islamic banks in the future, especially that Islamic banks are currently in some States are active without creating a regulatory framework independently take into account the nature of products and services compliant with Islamic law, and this year may be for Islamic banks an opportunity to work on an agreement on a regulatory framework for Islamic banks submit a proposal to form legislation and standards that are commensurate with the nature of the activity of Islamic banks, and take into account the mechanism and procedures Contemporary banks in modern financial systems.

In summary, the Islamic financial Today booming and growth sustained, and is expected to be the new year also years continue the case of growth, due to the expansion of some of the tools such as instruments, and the expected expansion also in new financial instruments, and it remains to be challenges that can face financial Islamic - particularly banks - to make financial systems at the level of international standards and internal countries where it is active compatible with the nature of the products and services that are compatible with the Sharia.

Islamic Sukuk Market Growth of 54% During 2012

A report issued by "BAYTK", a research firm, a subsidiary of Kuwait Finance House (KFH) that the total sukuk issuance at the end of 2012 reached 131 billion dollars, up 54 percent from 2011. And record the Islamic Sukuk market grew in 2011 by 45% the size of $ 180 billion.

According to "Ernst & Young" Consulting that global demand for Islamic bonds (Sukuk) is currently estimated at $ 300 billion, but it is expected to rise by 2017 to $ 900 billion.
sukuk islamic

But the director of the Islamic financial services in the "Ernst & Young" pointed Nazem, asserts that "one of the major challenges facing the Sukuk market is supply constraints, while continuing high demand."

A report by Kuwait Finance House (KFH) that there is great potential for growth wealth management industry Islamic in the coming years in light of the increasing number of high net worth individuals Islamic and the continuing growth in the volume of Islamic assets and increasing demand for services and products compliant with Islamic law in the world markets.

And continued to dominate the Malaysian market and currency versions sovereign issues continued excellence, where versions governmental organizations and the bulk of the sovereign versions by 70 percent during the month of December to $ 5.7 billion. Malaysia dominated versions in terms of market size versions, where it formed the Malaysian versions of instruments during the month of December 90.2 percent of the market share, while there was a noticeable absence of Indonesian instruments and UAE.

And, consequently, the ranking of countries in terms of release: Malaysia - Saudi Arabia - United Arab Emirates - Indonesia, and most versions of instruments BSF amount $ 506 million, and instruments FWU Group, the largest issuance of a European ever Islamic Sukuk for companies and the first version of the instruments played by a German company $ 55 million.

For the primary market in 2012, the share of Malaysia where 74 percent of the total releases, followed by Saudi Arabia (8 percent) and the UAE (4.7 per cent) and Indonesia (4.6 percent).

The versions governmental organizations and the bulk of the sovereign versions with 70.1 percent during the month of December, while there was a large number of versions by the financial services sector.

The share of government institutions 61.8 percent of the initial versions of the sukuk market in 2012 with the versions of the services sector by 11.4 percent of the primary market, while the service sector accounted for 13 percent of total releases of the same year.

The analysis issued by "JP Morgan" to that next year will be a record in terms of sukuk issuance, at the level of the world, where it plans several institutions and international companies issuing more instruments.

While The World Conference of Islamic banks on the need for the Islamic finance sector to strengthen the global presence, due to strong demand for its products with an enormous liquidity in Islamic banks, with assets exceeding Islamic banks $ 1.3 trillion barrier end of last year.

hedge fund trader x

Dubai plan for the Development of Islamic Economics

Vice President of the UAE, Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, said Wednesday that the Emirate is seeking to develop the Islamic economy to attract new investments from the Middle East and Southeast Asia.

Said in a statement that the government will strengthen the Islamic banking sector and insurance companies Takaful and Islamic financial products and other sectors such as Islamic arbitration in contracts and quality standards for halal food.


The statement did not give further details, but the official WAM news agency (WAM), said that Mohammed instructed the Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, to oversee the project.

The agency noted the formation of a committee will work on six key initiatives under the umbrella of the project, and said that the expected completion of these initiatives within six months.

Islamic finance has grown rapidly in the world in recent years, but its size is still much smaller than conventional finance.

According to estimates by Ernst & Young Islamic banking accounts for a quarter of the banking market in the Gulf Cooperation Council (GCC) six.

The Dubai wishes - that have suffered from the corporate debt crisis in 2009 and 2010 - to improve the rate of growth depending on the trade and investment throughout the region.

Dubai has a successful history in the establishment of service industries, and has become the Dubai International Financial Centre - which opened its doors about 10 years ago - the largest center for banking services in the Gulf.

Microfinance in Syria

Microfinance in Syria still at the stage of evolution and to engage in a market where no more than 10 years old which is in its infancy and did not reach the stage of maturity yet.

The sources indicated that the coverage of microfinance to the need of the market amounted to 9% as indicated by a study before the start of the crisis and indicated a strong need in the Syrian market for this type of financing is estimated at about 91% at least, and therefore constitute an attraction important for many institutions working in this area .

Microfinance in Syria

The sources revealed, according to the "homeland" local, that many of the new institutions have taken more than a step to enter this promising market and obtained the necessary approval from the "central bank" but under the current circumstances froze the rest of the steps.

It also pointed out that the coverage of microfinance to the need of the market fell as clearly below the level of 9%, but this did not prevent the renewal of some of the old loans to customers who have committed themselves to paying in accordance with the deadlines associated with this type of small loan.

Attributed the shrinking small loans for two reasons: The first is the non-renewal of each building on the desire of the customer to its inability to meet the terms of the loan and the second is linked to the inability of some institutions to refinance the same volume of customers in the light of the prevailing economic conditions and the high degree of risk.

The sources ruled out the possibility of exit of any of the four institutions working in the field of microfinance market, especially the market is still virgin and the interest of these institutions to maintain itself in the market, which will have a big advantage when you return to stability and the economic wheel to normal.

She explained that in spite of the fact that microfinance in syria semi-frozen but adapted primarily in natural working conditions to work in difficult conditions to qualify to take the role in the return of relative stability to the economy.

AGFUND poses mechanisms of microfinance a funky alternative to the fight against hunger in the world

Confirmed the Arab Gulf Program for Development "AGFUND" headed by Prince Talal bin Abdul Aziz, his commitment to the fight against hunger in the world through the mechanisms of microfinance and poverty reduction, and improve the conditions of needy segments.

AGFUND supports development strategy is based on three axes: finance projects around the world without discrimination, and building projects for the benefit of those in need, such as banks for the poor, and development partnerships.


In the context of the third track, which means "partnerships" Search AGFUND promote development of relations with the World Food Programme of the United Nations, during a meeting held yesterday at the headquarters of AGFUND in Riyadh.

The Executive Director of AGFUND Nasser bin Bakr Al-Qahtani said the two sides discussed visions serve the fight against hunger in unconventional ways, stressing the readiness of AGFUND to contribute to the financing of projects aimed to fight hunger through alternatives to traditional developed, which mechanisms of microfinance, and banks poverty founded by AGFUND and deployed in the region .

The long cooperation between AGFUND and United Nations organizations makes the common language between them and clear, which helps to achieve common goals in the time frame and in a timely manner for the target segments.

The meeting was attended by AGFUND Executive Director of AGFUND Nasser bin Bakr Al-Qahtani, Director of Project Management Jibreen Jibreen, and the Secretary General of the AGFUND Prize Media Director Abdul Latif Alazaviha, and was attended by the World Food Programme Executive Director Catherine Cazin and the Deputy Executive Director Chief Operating Prince Abdullah, the Assistant Director Executive Romer Lopez, and Permanent Representative of the Kingdom to the Food and Agriculture Organization of the United Nations in Rome Bandar bin Abdulmohsen Al-Shalhoub, WFP Regional Director Mohamed Diab, Donor Relations Officer World Jewels Atef Programme.

$85 billion the size of Islamic instruments in the world

Mohamed Ashmawy, Chairman of the Board of Directors of United Bank that the volume of Islamic instruments in the world is witnessing a significant growth in terms of total releases about 85 billion dollars, an increase of 92%.

islamic finance

Ashmawi said during a seminar on the draft instruments organized by the Islamic Center of Islamic economics Bank that the size of sovereign versions of Islamic instruments amounted to about 59 billion U.S. dollars, including versions of companies about $ 19 billion and was the last version of the Saudi Civil Aviation Authority of Islamic instruments worth 15 billion Saudi riyals.

He added that Egypt overdue in issuing Islamic Sukuk explaining that the bill must have a list of executive describes the mechanism of calculating return on particular long term projects, and to know the mechanism of market makers, which should allow trading of free movement instruments and there could be a sovereign fund is that role In addition to a mechanism to follow up implementation and solve the problem of quality assurance involving state assets.

Ashmawi pointed out that there is a big confusion between ownership and funding, pointing out that is the process of financing instruments and there is no fear of foreign ownership of such instruments, as it would not violate Islamic law because there is a legitimate body of leading scientists are monitoring the process of Islamic instruments.

He called on banks to contribute to the awareness of Islamic instruments and the creation of specialized funds away from asset management, pointing out that there are many countries have achieved great success in the Islamic Sukuk issue.

Said Dr. Mohammed Nabil Ghanayem head of the Shariah Bank United Bank that the draft law presented by Islamic finance expert, Dr. Hussein Hamid Hassan and saw a lot of debate points Islamic parties and organizations and all the project is restricted to Islamic law.

He pointed out that if there is a fear of foreigners may Palace instruments the Egyptians only, or Egyptians and Arabs, explaining that all the process of issuing instruments will be subject to the legitimacy of high and because there is no violation of Islamic law, explaining that what is happening in the media is a controversial and demanding the truth.

He pointed out that there is great importance to the Islamic instruments at the moment and there will be no risk of the state assets.

Dr. Abbas added Shoman, vice president of the legitimacy that the current debate about the legal wording of the draft instruments and not the instruments themselves because no different instruments on Islamic legitimacy.