Affordable Books

There are a lot of books written on this subject both by muslim and non-muslim scholars who studied the subject.  Most of the books are very expensive, though.

I found this book which is cheap and covers the basics.  It was written for training bank professional in Pakistan.  Check @ http://www.al-rashad.com/index.php?main_page=product_info&products_id=161 

Guide to Islamic Banking

Dr. M. Imran Ashraf Uthmani

Based on lecture notes and handouts prepared for a comprehensive training course for the staff of Meezan Bank. Topics include Islamic contract, modes of financing, and investments. Today the world economic system that is based on interest has resulted in concentrating the wealth in the hands of selected few creating monopolies and widening the gap between the rich and the poor. In contrast Islam encourages circulation of wealth and regards its role as important to an economy as the flow of blood to our human body. Just as clotting of blood paralyzes human body, concentration of wealth paralyzes economy. By Dr Muhammad Imran Ashraf Uthmani. 259 pages HB.

Paperback, 430 pp.

Success Story of Our Brothers

Abdi Seid

Ethiopia has approximately 22 times more muslim population than South Africa and five times more than Kenya muslim population.  Until now we don’t have an Islamic banking service. Though, there is one on the process-Zamzam Bank.  In South Africa with a muslim population of 1.5% there is one independent Islamic bank Albaraka operational since 1989.  In addition there is a conventional bank ABSA through its Islamic division provide service to the muslims since 2006.  There are other investment firms too.

 Kenya has two Islamic banks: Gulf Africa and First Community Bank.  The Insurance industry in Kenya also is in the process of developing Sharia compliant products and services.

As we see the success story of these two countries which has by far has less muslim population than Ethiopia, it can be said that what matters isn’t the number of population but how organized and dedicated the society is to promote and live up to its Islamic values and principles. We Ethiopians have to learn from this example of success story and work hard to promote and establish Islamic banking services in our country.

  

Gulf African Bank banking hall. Islamic banks are stepping up their foray into Sub- Saharan Africa.

Vatican backs Islamic finance

01 April, 2009

L’Osservatore Romano, a daily newspaper in the Vatican regarded as the mouthpiece of the Pope, has endorsed the values of Shari’ah-compliant finance as a solution to the problems in the world of conventional, interest-based finance. The paper suggested that the ethical foundations of Islamic finance should be adopted by conventional banks as a way of restoring the trust of their depositors and shareholders. It also stated the belief of the Vatican that the Islamic financial system could help the global financial system overcome the crisis.

‘The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,’ said L’Osservatore Romano. The article also quoted a fixed income specialist from Abaxbank Spa, the Italian investment bank of Credem Group, as saying: ‘Western banks could use tools such as the Islamic bonds, known as sukuk, as collateral’. Sukuk, the Shari’ah-compliant alternative to conventional bonds, could finance the ‘car industry or the next Olympic Games in London’. The Vatican has previously been critical of the destructive excesses of the interest-based conventional financial system during the ongoing crisis. The Pope, Benedict XVI, alluded late last year to the illusory nature of fiat money, and the Vatican has also recently been critical of the free market system.

http://www.newhorizon-islamicbanking.com/index.cfm?section=news&id=10751&action=view&return=home

Technical and Financial Assistance

International fiance corporation is a part of world Bank group which provides financing and technical assistance to those who wants to set up Islamic Banks.  They have assisted the second Islamic bank ( Gulf African Bank) in Kenya with 10% equity.  According to the current regulation foreign investment isn’t allowed in banking business in our country. I don’t know how the financial investment of this organization is treated in the current regulation.  However, at least new start-up Islamic bank can get the technical assistance  and advisory services.  Ethiopia is a member of this organization.

Contact address:

Kenya, Nairobi
(also serves: Burundi, Djibouti, Eritrea, Ethiopia, Rwanda, Somalia, Sudan, Tanzania and Uganda)
Jean Philippe Prosper
Director
International Finance Corporation
Commercial Bank of Africa (CBA) Building
Mara/Ragati Road
Upper Hill
Tel: (254 20) 275-9000
Fax: (254 20) 275-9210
http://www.ifc.org/ifcext/africa.nsf/Content/Home

Islamic development Bank  Jeddah also provides similar assistance. I am not sure this assistance is extended to non-member countries or not.  Information can be otained at the Saudi embassy in Addis Ababa or contact directly.  According to New Horizon, IDB has contributed over $200 million worth of technical assistance to around 70 Shari’ah-compliant financial institutions worldwide, including banks, finance houses, investment, insurance and leasing companies. http://www.isdb.org

Scholarship



Qatar Faculty of Islamic Studies

QFIS offers a number of prestigious scholarships for international students including:

1.  His Highness Sheikh Hamad Bin Khalifa Al Thani Scholarships
2.  Her Highness Sheikha Mozah Bint Nasser Al Missned Scholarships
3.  Sheikh Yusuf Al-Qaradawi Scholarships
4. Scholarships endowed by honourable supporters of QFIS 

http://www.qfis.edu.qa/files/pdf/QFIS_Scholarships%202009-2010.pdf

Bank Negara Malaysia
Shariah Scholarship Award

The Shariah Scholarship Award is part of the Fund for Shariah Scholars in Islamic Finance, which was established to enhance knowledge, research, talents, and intellectual discourse in the field of Shariah. The Fund represents Bank Negara Malaysia’s commitment to strengthen the development of the Islamic financial industry. [See also: Shariah Research Grant]

The Scholarship is aimed at enlarging the pool of Shariah scholars who are well-equipped with the necessary knowledge and competencies in both Shariah and Islamic finance.

The Scholarship is available to qualified candidates pursuing the following:

• Post-graduate (Masters or Doctorate) study at recognised institutions of higher learning in the field of Shariah, specializing in fiqh muamalat; OR
• Certified Islamic Finance Professional (CIFP) programme conducted by the International Centre for Education is Islamic Finance (INCEIF). [More information about CIFP at INCEIF.org]

Eligibility
Award Package
Application Process & Deadlines
Contact Information

Eligibility

• The Scholarship is open to citizens of all countries.
• Applicants are required to have a bachelor’s degree in Shariah studies from a recognised institution of higher learning, achieving at least a Second Class Upper or its equivalent.

For the CIFP Scholarship, a special consideration will be accorded to those with a diploma (or its equivalent) in Shariah studies, but they must have at least 5 years working experience in the financial industry.

• Applicants are also expected to have secured admission to EITHER a Masters or Doctorate programme in Shariah, specializing in fiqh muamalat, at a recognised institution of higher learning, in a full-time programme, OR the CIFP programme conducted by INCEIF.
• Current students enrolling in the specified programmes at recognised institutions of higher learning may also apply for the scholarship.
• Applicants should not be in receipt of any other scholarship awards.

 

Award Package

Post-Graduate Scholarship

The Post-Graduate Scholarship will cover the approved tuition and examination fees, and the recipient will be provided a quarterly subsistence allowance.

Where and when applicable, other allowances such as for books and equipment, approved return air fare, warm clothing, relocation, end of study and thesis/dissertation completion, will also be provided.

CIFP Scholarship

The CIFP Scholarship will cover the registration and approved examination fees. In addition, the recipient will also be paid a study allowance.

Special Note: There is no employment bond attached to either scholarships.

Application Process & Deadlines

Application for the scholarship must be submitted with the following documents which must be in English:

• Application Form [Word, 208K].
• Certified copies of academic certificates and transcripts (with English translation if the original copy is not in English)
• Letter of Offer from the institution of higher learning or INCEIF
• Photocopy of personal identification document (passport / birth certificate / identity card)
• An essay of not more than 300 words on why you should be awarded the scholarship and how you plan to contribute to the Islamic financial services industry.
• Two (2) letters of recommendation written by individuals under whom you have studied or worked, and who are able to comment on your qualifications for the award (only for post-graduate scholarship application). Please use the following template [PDF, 14K]
• Thesis proposal (only for post-graduate scholarship application)
• Other relevant materials to support the application.

Please mail the completed application to:

Shariah Scholarship Award
Islamic Banking and Takaful Department
Bank Negara Malaysia
Jalan Dato Onn
50480 Kuala Lumpur
Malaysia

Application Timeline: Applications are invited and accepted throughout the year. However, application received will be evaluated twice a year (31st December and 30th June every year or as advertised).

Only short-listed applicants will be notified, and may be required to attend an interview.

http://www.bnm.gov.my/index.php?ch=200&pg=618&ac=529

Educational Institutions

Malaysia is leading both in the number of Islamic financial Institutions and educational institutions.

 

Education & Research / Other educational Institutions

Bookmarks   Country   Institute of Halal Investing USA Sunni Path USA Institute of Islamic Banking and Insurance UK Oxford Centre for Islamic Studies UK Academy for International Modern Studies UK Azhar Academy UK European Academy for Islamic Studies UK Markfield Institute of Higher Education (MIHE) UK Securities and Investment Institute – Islamic Finance Qualification UK The Chartered Institute of Management Accountants (CIMA) – Certificate in Islamic Finance UK The Institute of Islamic Finance UK Institute for International Research UAE Statistical, Economic & Social Research & Training Centre for Islamic Countries Turkey The Takaful Institute Switzerland Emirates Institute for Banking and Financial Studies Sharjah African American Islamic Institute Inc Senegal The Institute of Banking Saudi Arabia International Islamic Fiqh Academy Saudi Arabia Islamic Research & Training Institute (IRTI) Saudi Arabia Qatar Banking Training Institute Qatar Al Huda Center of Islamic Banking & Islamic Economics Pakistan Centre for Islamic Economics Pakistan The Institute of Bankers Pakistan Pakistan Advance Legal Studies Institute Pakistan Institute of Islamic Business & Finance (IIBF) Pakistan International Institute of Islamic Economics Pakistan Asian Strategy & Leadership Institute (ASLI) Malaysia Institute of Bankers Malaysia (IBBM) Malaysia Institute of Islamic Understanding Malaysia (IKIM) Malaysia Institute of Strategic & International Studies (ISIS) Malaysia International Centre for Leadership in Finance (ICLIF) Malaysia International Institute of Islamic Finance Inc (IIIF) Malaysia International Institute of Islamic Thought & Civilisation, IIUM Malaysia International Shari’ah Research Academy for Islamic Finance (ISRA) Malaysia Islamic Banking & Finance Institute Malaysia (IBFIM) Malaysia Islamic Economics and Finance Research Group Malaysia Khalifah Institute Malaysia Malaysia Institute of Economic Research (MIER) Malaysia Malaysian Institute of Accountants Malaysia Malaysian Institute of Management Malaysia PNB Investment Institute Sdn Bhd Malaysia The Global Development Research Center Malaysia The Malaysian Institute of Certified Public Accountants (MICPA) Malaysia World Fatwa Management & Research Institute Malaysia Institute of Banking Studies Kuwait The Arab Academy for Banking and Financial Services Jordan Institute of Banking Studies (Jordan) Jordan Islamic Chamber Research & Information Center Iran Shari’ah Economics & Banking Institute Indonesia School of Islamic Economics Indonesia International Institute of Islamic Business & Finance India Arab Social Science Research Egypt Amanie Islamic Finance Learning Centre LLC Dubai Centre for Islamic Banking, Finance and Management Brunei Bahrain Institute of Banking & Finance (BIBF) Bahrain Center for Islamic Finance Bahrain

Education & Research / Universities / Colleges    Bookmarks   Country   Al Khawarizmi International College Abu Dhabi Al-Azhar University – Gaza Palestine Al-Imam Mohamed Ibn Saud Islamic University Saudi Arabia Al-Madinah International University Malaysia Bangor University UK British University in Kuwait – no website Kuwait Co-operative College of Malaysia Malaysia College of Banking and Financial Studies Oman Cordoba University USA Ibb University Yemen International Centre for Education in Islamic Finance (INCEIF) Malaysia International Islamic University Islamabad Pakistan International Islamic University Malaysia (UIA) Malaysia Islamic American University of Chicago USA Islamic College for Advanced Studies UK Islamic University in Niger Niger Islamic University in Uganda Uganda Islamic University of Al-Madinah Al-Munawarah Saudi Arabia Islamic University of Lebanon Lebanon Islamic University of Technology, Dhaka Bangladesh King Abdul Aziz University Saudi Arabia King Faisal University Saudi Arabia King Khalid University Saudi Arabia King Saud University Saudi Arabia Kolej Islam Pahang Sultan Ahmad Shah (KIPSAS) Malaysia Kolej Universiti Islam Antatabangsa Selangor (Selangor International Islamic University College) Malaysia Kuwait University Kuwait London Open College UK London School of Economics and Political Science UK Loughborough University UK Mu’tah University Jordan Oxford University UK Qatar University Qatar Queen Arwa University Yemen Saba University Yemen The Islamic University of Gaza Palestine Umm Al-Qura University Saudi Arabia United Arab Emirates University UAE Universiti Darul Iman Malaysia (UDM) Malaysia Universiti Kebangsaan Malaysia Malaysia Universiti Malaya Malaysia Universiti Malaysia Sabah (UMS) Malaysia Universiti Sains Islam Malaysia Malaysia Universiti Teknologi MARA (UiTM) Malaysia Universiti Utara Malaysia Malaysia Universities Worldwide Directory zz University College of Bahrain Bahrain University of Bahrain Bahrain University of Brunei Darulsalam Brunei University of Cambridge UK University of Durham UK University of Exeter UK University of London, Centre of Islamic and Middle Eastern Law UK University of Reading UK University of Sharjah UAE World Al Lootah University UAE Yarmouk University Jordan Zayed University UAE