TRADE FINANCE - Islamic trade finance sector to see expansion

Islamic trade finance has benefitted from shifting preferences towards Shariah-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size. 

The global Islamic finance industry, which has been growing between 15 to 20 per cent a year, is widely expected to reach $2 trillion in the next three to five years.

While Islamic banking and Islamic bonds, or sukuk, are expected to lead growth, bankers say Islamic trade finance could serve as the dark horse emerging to propel the industry further.

Trade finance, the lifeblood of global commerce, underpins 60-80 per cent of the $12-13 trillion trade in global merchandise and practitioners say it is safer than other forms of lending. (source)

FINANCE - AAOIFI meets with representatives of Russian bankers association

As part of its efforts to promote Islamic finance around the world, the Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Dr. Mohamad Nedal Alchaar, together with representatives of the Ministry Finance, the Central Bank and the Grand Mufti of the Shura Council of Russian Muftis, has met in the Russian capital Moscow with the Russian Association of Experts in Islamic Finance. 

REGULATIONS - AAOIFI issues three new Shari'a standards

The accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates and publishes, accounting, auditing, ethics, governance and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".