Continuous effort - not strength or intelligence - is the key to unlocking our potential. - Winston Churchill

How many Malaysian Islamic bankers work in senior positions at Islamic financial institutions in the GCC (Gulf Cooperation Council), Pakistan and the UK? Conversely, how many non-Malaysians work in senior positions at Malaysian Islamic financial institutions?

Does the training and experience in Malaysia for Islamic finance somehow imply that it’s too Malaysia-centric (Shafi school) for GCC (Hanbali, Hanafi, Jafri schools) Islamic financial institutions? Does it somehow imply that there needs to be a “retraining” of Malaysian Islamic bankers to the GCC “way” of Islamic banking, finance and takaful?
Read More

By Rushdi Siddiqui, Global Head Of Islamic Finance, Thomson Reuters

On the long plane ride back from Malaysia to New York, I was thinking about ‘out-side-the box’ areas that would interest me to develop in Islamic finance. There were two areas that would not exit my thoughts.

Is Islamic finance capturing the imagination of the Generation Y and Z (the youth) as employees and customers? What has Islamic finance financed to build?
Read More

“GOD gave you a gift of 86,400 seconds today. Have you used one to say ‘thank you’?” — Author unknown

I want to thank NST. Islamic Finance 2.0 is one year old.
Read More

globetrottingrien /Foter

By Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters

Turkey has been building capital market bridges to GCC and South East Asia, and chairman of the Istanbul Stock Exchange, Hussain Erkan, has been a leading architect in establishing dialogue, hosting events, and facilitating cooperation and coordination with his counterparts for both Islamic and conventional finance. In this interview, Erkan shares his thoughts on the challenges and progress of Islamic finance in Turkey, among various other issues. He is hopeful that the improvements made should be able to attract investors from the GCC.
Read More

“Angel investors don’t come with a halo and wings, but they can seem heaven-sent to an entrepreneur struggling to find financing.” - Cathie Gandel.

By Rushdi Siddiqui, Global Head Of Islamic Finance, Thomson Reuters

Malaysia has raised the profile of Islamic finance, Takaful and Halal industry, and, now, she must do the same to venture capital (VC). VC is an important emerging asset class that should contribute to government’s objective of building a knowledge based economy by 2020.
Read More

By Rushdi Siddiqui, Head Of Islamic Finance, Thomson Reuters 2011

A conference on the future and expansion of takaful, called Takaful Rendezvous 2011, took place in Malaysia under the banner of Kuala Lumpur Islamic Finance Forum (KLIFF) from October 4 to 6. Although the industry has come far in a short period of time, more needs to be done.

Much like the $640-billion (Dh2.35 trillion) halal industry, takaful needs to rise and address some of the challenges on size, representative industry body, and perception.
Read More

By Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters

Failure is a mark of success in venture capital, hence, it is an option with beneficial learning consequences.

Today, Islamic venture capital is a feel-good theory presented at (not many) conferences about the lofty goals of this niche market with the focus on the formalism of structuring and screening. Its impact investing, yet we seem to see it as a cost (at best) and a write-off (at worst).
Read More

By Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters

From September 19 to 23, Toronto hosted the massive Swift International Banking Operations Seminar (Sibos) event from Society for Worldwide Interbank Financial Telecommunication (Swift), where I was involved in the session called ‘Islamic Finance 2.0: Growth Opportunities for All’.

There were a number of interesting takeaways from the session that may provide insights on the marketing and positioning of Islamic finance in ‘open minded’ western countries, such as Canada and the Arab spring countries.
Read More

By Rushdi Siddiqui, Head of Islamic Finance, Thomson Reuters

KARL Kraus said: “Corruption is worse than prostitution. The latter might endanger the morals of an individual, the former invariably endangers the morals of the entire country.”

I was recently asked to give a speech on political freedom and corruption in Muslim countries. Both areas have a direct impact on capital flight and market formation, brain drain and economic development, portfolio investors and direct investments, including Islamic finance. I wanted to use the example of a secular and tolerant Muslim country, like Malaysia, that allows for a robust dialogue relative to many of its sister countries. Additionally, secondary market data already exist from established sources outside of Malaysia.
Read More

By Rushdi Siddiqui, head of Islamic Finance, Thomson Reuters

Nigeria has become a ‘battleground’ for Islamic finance, unfortunately further dividing Africa’s most populated country.

Some recent newspaper headlines include:

Islamic Banking: Muslims Ready to go to War

Islamic Banking: Insult to Nigeria - Cleric

Stop Islamic Banking in Nigeria

Islamic or Shariah banking: Any Benenfit for a Pluralistic & Secular nation

Islamic Banking only for North- Mutallab

Christian groups oppose establishment of Islamic Banking

Islamic Banking: Christian groups may apply for own license

Read More