As the editor of ISRA Islamic Finance Space Magazine (IIFS), I once again welcome all readers with warmth and appreciation. This is our second publication with the new magazine layout.
In this issue, various areas of Islamic finance are explored. Discussions on Islamic finance in Singapore, ethical and moral understanding of the Islamic capital market, and Shari’ah harmonisation and regulatory consolidation in Islamic finance are some of the areas delineated in the columns of ‘Global Insight’, ‘Food for Thought’, and ‘Youth Corner’ respectively. It is noteworthy to point out that articles featured under the columns of ‘Food for Thought’ and ‘Youth Corner’ are ‘old’ articles that have been updated. These articles are mainly republished due to the informative knowledge found in them. In addition, for this issue of the Islamic finance market updates, MIFC decided to deliberate further on Islamic funds. According to MIFC, as at end 1Q2017, the total global Islamic assets under management (AuM) were USD70.8 billion and the number of Islamic funds stood at 1,535, whereas there were only 802 funds with AuM of USD47 billion in 2008. This signifies the consistent growth of the Islamic funds industry, mainly due to the greater demand for Shari’ah-compliant investment, supported by an increasing range of Islamic financial assets available in the market.
Apart from the above, IIFS was also fortunate to interview Mr. Mohamed Zakariya Othman, who recently joined SIMAH Saudi Credit Bureau, a body within the Saudi Central Bank (formerly known as the Saudi Arabian Monetary Authority, SAMA), to establish the first domestic rating agency in the Kingdom. Under his flagship, he is entrusted to take the lead in the development of all the technical aspects of the rating exercise, including the development of rating methodologies, policies and procedures, apart from conducting the rating itself. He is also involved in the Saudization process, in which he draws out the training plan in credit rating and Islamic finance for Saudi graduates. Besides, there are also other fascinating columns in IIFS which include, among others, ‘ISRA Events’, ‘Islamic Finance for Dummies’, and ISRA Publications.
Last but not least, may this magazine play a vital role in bringing all the Islamic finance experts together through the expression of their views and knowledge in the various columns of the magazine, for the sake of the betterment of the ummah. We also hope the readers will enjoy and gain valuable input from IIFS. Your feedback and suggestions are most welcome.
