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NewHorizon is the official magazine of the London-based Institute of Islamic Banking and Insurance (IIBI), one of the world's leading independent education, training and research organisations dedicated solely to the promotion and implementation of Islamic finance in the UK and globally.
NewHorizon gives its readers an informative insight of this rapidly-developing industry, offers them food for thought with challenging articles, keeps them up-to-date on the industry’s changes, developments and events on the global scale, and publishes interviews with some of the leading specialists in Islamic finance and academic articles written by the industry’s distinguished scholars.
NewHorizon is currently issued on quarterly basis with a wide readership circle in around 105 countries.
Italy to get an Islamic bank
A Shari’ah-compliant bank is to be established in Italy in the course of 2008, which will be the first Islamic bank in the country.
Energy boom spurs Islamic banking interest
Gulf Finance House, Bahrain-based financial services company, has announced the formation of the region’s first Shari’ah-compliant bank to be tailored to the energy sector.
NCB helps handicapped Muslims to worship
Saudi Arabia’s National Commercial Bank is to make 20 mosques accessible to handicapped Muslims.
Overhaul for Bangladeshi Islamic bank
Switzerland-based ICB Financial Group Holdings AG has become the new majority owner of Oriental Bank, a Bangladeshi Shari’ah-compliant bank with a recent troubled history of corruption.
City Council leader pledges support for Islamic Bank
The Islamic Bank of Britain (IBB) and Birmingham City Council are to work together to bring economic opportunities to entrepreneurs in the UK’s second city.
IIBI and AAOIFI sign MOU
IIBI and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) have signed a memorandum of understanding (MOU)
Islamic Banking Forum: discussing growth, innovation & Shari’ah challenges
Mohammad Shafique, IIBI programme development co-ordinator, presents a summary of the Islamic Banking Forum, organised by the London UMNO Club in partnership with the IIBI and held on 2nd February 2008 at Imperial College, London.
March 2008: Stock screening for Shari’ah-compliant funds
Iqbal Asaria from Afkar Consultants discussed the rationale and methodologies of stock screening for Shari’ah-compliant funds and the role of Shari’ah scholars from the perspective of managing Shari’ah-compliant stocks.
Academic Article: Risk management in murabaha
Islamic finance is typified by products which are based around a small number of contracts. Risk in Islamic finance revolves around the nature of these financial contracts. Dr Sunil Kumar, head of risk management, Middle East, IRIS integrated risk management ag Switzerland, discusses the risks associated with a murabaha contract and related risk mitigation measures.
Country Focus: Kazakhstan: on the path of development
Reestablishment of Muslim identity is on the rise in Kazakhstan, a former Soviet republic and now an independent oil-rich state in Central Asia. The country’s financial sector is gearing up to cater for over eleven million Muslims residing in this ‘heart of Eurasia’.
Point of View: Shari’ah and banking: compatible or unsuitable?
A recently announced study by the Canadian federal mortgage insurer has reignited debate within the Muslim community and among Islamic finance specialists about whether the concept of Islamic banking is acceptable.
Analysis: Insurance: the Islamic way
Takaful has been established in its modern form for more than 25 years and firms that offer Shari’ah-compliant insurance protection have grown significantly in both number and scale. This article explains why takaful is necessary and examines various key features of this form of financial protection.
Analysis: Islamic banking and Basel II: challenges ahead
‘No obstacles – no special favours’ describes the UK regulator’s attitude towards Islamic banks when applying banking regulations – which includes the regulations surrounding the Basel II capital adequacy directive. But is the directive itself quite as accommodating?
Interview: Islamic banking evolution: today’s achievements and tomorrow’s trends
In this edition’s interview column, Majid Dawood, chief executive of Yasaar Limited, an independent firm that provides Shari’ah compliance services and consultancy to financial institutions, shares with NewHorizon his views on the contribution Islamic finance can make to the world’s economy and the important contribution the scholars make to Islamic finance.
Case Study: IT modernisation: reaping the benefits at Bank Keshavarzi
One of the top five banks in Iran, Keshavarzi, has surged ahead of its rivals in terms of putting in place a new systems infrastructure. The benefits are now starting to be realised.
Ratings & Indices: Islamic banks, financial institutions & financial instruments
A monthly list of the latest long- and short-term credit ratings for each Islamic financial institution and financial instruments monitored by Capital Intelligence (CI), an international credit rating agency.
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