Category: Islamic Finance
Created on Friday, 01 March 2013 16:57
Islamic Finance - Opportunities and Challenges
(Published by Islamic Finance Today - Dubai)
By: Mufti Ismail Ebrahim Desai
The Islamic Financial system has witnessed considerable developments in the past four decades and is now regarded as one of the fastest growing segment of the global financial system. Islamic finance assets grew at double-digit rates during the past decade, from about US$200 billion in 2003 to an estimated US$1.8 trillion at the end of 2013 (Ernst & Young 2014; IFSB 2014; and Oliver Wyman 2009). The existing Islamic Finance market stands at an estimated $1.81 trillion in assets based on 2014 disclosed assets by all Islamic Finance institutions (full Shariah-compliant as well as those with Shariah 'windows') covering commercial banking, funds, Sukuk, Takaful, and other segments.34 The breakdown by category is as follows: $1,346 billion for commercial banking, $33.4 billion for Takaful (insurance), $295 billion for Sukuk (bonds) outstanding, $56 billion in funds, and $84 billion for other financial activities.
The Islamic Finance Industry has experienced robust and phenomenal growth over the past few years and recorded a compounded annual growth rate of 17.3% between 2009 and 2014. (IFSB Stability Report, 2015) The total Islamic finance assets are projected to reach $3.25 trillion by 2020. Islamic commercial banking assets are projected to reach $2,610 billion by 2020.
The key Islamic Finance Jurisdictions such as Malaysia and the GCC have gained much growth and traction over the past few years. However other jurisdictions in Africa such as South Africa, Nigeria and Kenya have made considerable progress in the growth of Islamic Finance. Bangladesh and Indonesia in the Asian region have shown key potential for growth in the industry. European countries such as UK and Germany have also shown heightened activities in the industry. Read More
Category: Islamic Finance
Created on Sunday, 03 February 2013 15:14
What is the meaning of hadith that Islam began as strange and will return to being strange? Also who are the strangers mentioned in hadith?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
There are two issues of clarification here:
The general connotation of the Hadith
And the interpretation of the word “strangers” in Hadith
1. The Hadith mentioned in reference is as follows:
قال رسول الله صلى الله عليه وسلم: بدأ الإسلام غريبا وسيعود كما بدأ غريبا فطوبى للغرباء
Translation: the Messenger of Allah (peace and salutations be upon him said, “Islam began as something strange and will return as something strange as it began, so give glad tidings to the strangers”.
This narration is authentic and found with slight variations in wording on the authority of Abdullah ibn Mas`ud, Abu Hurairah and Ibn Umar (may Allah be pleased with them all) as recorded in Sahih Muslim (262) ; Sunan at-Tirmidhi (2629) and Musnad al-Imam Ahmad (3814 & 9114).
The narration of Sahih Muslim on the authority of Ibn Umar (may Allah be pleased with him) includes:
وهو يأرز بين المسجدين كما تأرز الحية في جحرها
Translation: It (Islam) will recede between the two mosques just as the serpent crawls back into its hole.
The narration of Sahih Muslim on the authority of Abu Hurairah (may Allah be pleased with him) contains:
إن الإيمان ليأرز إلى المدينة كما تأرز الحية إلى جحرها
Translation: Verily the Iman will recede to Madinah just as the serpent crawls back into its hole...Read More