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The widespread application of surplus sharing in the Islamic Insurance business today requires a serious re-examination. On one hand, surplus sharing to participants has been the Unique Selling Proposition (USP) for many operators to entice potential consumers to switch to takaful. On the other hand, operators have cited that the fees received do not commensurate with the risk (and costs) they ...
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Our writings are like children with their parents. We try to improve and monumentalize them to the best of our abilities but once they leave our house they lead a life of their own. So is the case with a Diminishing Balance Model I designed for Islamic home finance and presented at a conference in early 2010 at the Riphah International Islamic University, Islamabad. I was happy; it attracted at...
Read moreThe recent visit of President Obama to Afghanistan may have come to many as a surprise but so was not the dash of Mrs. Clinton, his Secretary of State, to India. Interestingly, the trip came on the heels of my posting the piece – Gold, if not gold dinar – on the blog. As expected, Iran, oil and perhaps gold were involved. The plain speaking lady did not use the diplomatic language. She spoke straight: Iran should not be allowed to have nuclear arms and India must help the international community make the sanctions work. US administration is scratching its head on the point of the Iranian intransigence. A major cause of the sanctions remaining ineffective is the sale of a major chunk of Iranian oil to China and India and that too for gold. India is buying no less than 12% of the I...
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The practice of Shariah compliance is now taking over the Islamic labelling of financial activities to the extent that it may become some benchmark like the HALAL logo issued by the Malaysian Department of Islamic Advancement. (JAKIM). The meaning of compliance however, must be examined closely. Compliance in general means conforming to a rule, policy or a set of guidelines. Thus, Sha...
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Following on from my last BLOG on the topic of “Blessed with Opportunity”, I wanted to share with you a couple of things that happened last week that certainly are opportunities. One of the opportunities was planned, in the sense that we knew that an event was taking place. The second was a little more random, in that we knew there would be meetings and discussions, but we did not have mu...
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The widespread application of surplus sharing in the Islamic Insurance business today requires a serious re-examination. On one hand, surplus sharing to participants has been the Unique Selling Proposition (USP) for many operators to entice potential consumers to switch to takaful. On the other hand, operators have cited that the fees received do not commensurate [...]
Our writings are like children with their parents. We try to improve and monumentalize them to the best of our abilities but once they leave our house they lead a life of their own. So is the case with a Diminishing Balance Model I designed for Islamic home finance and presented at a conference in [...]
The recent visit of President Obama to Afghanistan may have come to many as a surprise but so was not the dash of Mrs. Clinton, his Secretary of State, to India. Interestingly, the trip came on the heels of my posting the piece – Gold, if not gold dinar – on the blog. As expected, [...]
The practice of Shariah compliance is now taking over the Islamic labelling of financial activities to the extent that it may become some benchmark like the HALAL logo issued by the Malaysian Department of Islamic Advancement. (JAKIM). The meaning of compliance however, must be examined closely. Compliance in general means conforming to a rule, policy [...]
Following on from my last BLOG on the topic of “Blessed with Opportunity”, I wanted to share with you a couple of things that happened last week that certainly are opportunities. One of the opportunities was planned, in the sense that we knew that an event was taking place. The second was a little more [...]
In Islamic banking not many topics attracted so much attention as the efficacy of introducing gold dinar in the Muslim world. Of late, the debate seems to be cooling off due to the non-feasibility of the idea. However, gold has made its appearance in foreign trade transactions as a medium of exchange. Any proposed medium [...]
