Supplements

2017
Trump & Brexit Special Feature
February 2017

KHALID HOWLADAR writes on Islamic finance or, to use his preferred and more inclusive term, ‘Participation finance’, as it is the dramatic political upsets of 2016 – the UK’s decision to exit the EU on the 23rd of June and the election of Donald Trump on the 8th November, that signal the ongoing wealth ‘exclusion’ is going too far and which has encouraged him to write on the topic with the hope of provoking further debate and promoting what he feels is actually an ‘old’ form of inclusive capitalism.

IFN Annual Guide 2017
December 2016

The markets are winding down and the festive season is fast approaching. But with a year once again marked by political turmoil and turbulent trends, performance has been subdued and prices precarious. Against this backdrop of uncertainty, our comprehensive and industry-renowned Annual Guide brings you a comprehensive overview of the past 12 months — shining a spotlight on the global Islamic finance industry and the opportunities and challenges it has faced throughout the course of 2016.

2016
The IFN Turkey Report 2016
January 2016

Turkey has always been a bright spot for Islamic finance and the Republic continues to demonstrate strong political will to advance its participation finance industry by supporting development with various legislative and regulatory initiatives and top-down measures. Yet, it has not always been an easy journey for the Eurasian country, with 2016 bringing unexpected and unforeseen difficulties.

IFN Annual Guide 2016
January 2016

Once again the close of the year has come around more quickly than we ever thought possible, and it is time again for our annual review and outlook of the Islamic finance industry with a comprehensive overview of the highs, lows, peaks and troughs of the last 12 months – and what turbulent months they have been.

2015
Islamic Asset & Wealth Management: Pakistan
August 2015

Pakistan came into inception about 50 years ago. However, it remained confined to public sector entities until the early 1990s. The first mutual fund was launched in 1962 when the National Investment (Unit) Trust was set up. In the early 1990s, many investment advisory companies were set up in the private sector offering closed-end mutual funds and in 1995, open-end funds were allowed in the private sector for the first time.

IFN Annual Guide
March 2015

In this edition of the Islamic Finance news Guide 2015, we bring our valued readers a comprehensive summary of the peaks and troughs following an eventful year for the industry. Covering 41 countries across every major Islamic market & asset class, this issue of the IFN Guide also traverses the global Islamic financial landscape: covering 28 diverse sectors of debt capital markets, leasing, microfinance, crowdfunding, legal frameworks, quantitative easing, Takaful, technology and hedging. We hope, as always, that you find it a rewarding read, and we look forward to providing you with continued and unrivalled Islamic finance coverage throughout 2015.

Special Awards Issue
March 2015

Welcome to the 2014-15 edition of the IFN Awards Guide, a bumper issue of deals, case studies and analysis of the top deals, transactions, movers and shakers of the previous year. The past year has been seminal for the growth and development of the industry worldwide, and the Shariah compliant capital markets have taken a number of groundbreaking strides forward supported by both the sovereign and corporate sectors. We have seen new regions such as Africa break into the market, and a study of the benchmark CFA100 billion issuance from Senegal, our winner for Africa Deal of the Year.

2014
Capital Markets Guide
December 2014

It’s been quite a year for the Islamic capital markets, and with a line of landmark deals marching their way through the months of 2014 there can no longer be any doubt of the position the sector holds as the golden child of the Islamic finance industry. The Shariah compliant capital markets this year have not only grown in terms of size and sophistication but have made strides in global reach, mainstream acceptance and investor demand.

Service Providers Guide
September 2014

In our third supplement of the year, IFN celebrates the best in class of these stalwarts with our 10th annual Service Providers Poll, giving an overview of the industry and awarding recognition to the key players that are driving it forward. In the same issue we also bring you the results of the IFN Law Awards 2014, showcasing the illustrious winners of the sixth edition of these prestigious industry accolades.

Nigeria
March 2014

Africa has long been the next big dream for Islamic finance, with its untapped wealth and strong Muslim majorities across multiple nations and regions: from the rich cultural backdrop of North Africa across the wealthy West and down to the opportunities of the sub-Sahara and South Africa.

Deals of the Year 2013 Handbook
March 2014

It was another action-packed year for Islamic finance in 2013, and the IFN Deals of the Year Awards displayed the exceptional development of the industry over the past 12 months. Although Sukuk performance saw a less stellar performance than 2012 on the back of Fed tapering fears, the capital markets continued to soar: boosted by strong equity performance and ongoing strides in innovation and deal size.

Annual Guide
February 2014

Covering 30 countries across every major Islamic market and asset class, this issue of the IFN Guide traverses the global Islamic financial landscape: covering the diverse sectors of debt capital markets, leasing, microfinance, regulation, securitization, Sukuk, Takaful, technology and tax. We hope, as always, that you find it a rewarding read, and we look forward to providing you with continued and unrivalled Islamic coverage throughout 2014.

2013
Islamic Finance in the US
December 2013

Despite its recent financial and political challenges, the US remains one of the world’s most influential economies – and perhaps one of the last remaining frontiers for Islamic finance. Despite an estimated Muslim population of between two and 12 million the industry has failed to gain much ground on the domestic side, with the lion’s share of activity occurring in the investment space from Middle Eastern funding flows into the country. In this special edition of Islamic Finance news Supplements we give you everything you need know about Islamic finance for Uncle Sam: including a comprehensive round-up of the history, development, current status and future prospects for the industry across the country covering every relevant sector from retail banking to capital markets to asset management to Takaful; along with an in-depth analysis of the regulatory, tax and legal framework.

Kenya
December 2013

The African continent is perhaps the next major frontier for Islamic finance, and with its wealth of natural resources, large Muslim population across many of its most influential countries and growing global economic influence, the region is attracting increasing attention from the industry. Trade flows are picking up, infrastructure is escalating and investment is on the rise.

Middle East
December 2013

In this month’s Islamic Finance news Supplement: on the Middle East, our cover story provides a comprehensive rundown of the leading markets in the region – including their position, performance, prospects and potential. Continuing from this, our lead feature brings you an overview of the top investment opportunities currently available in the region, and analyzes the performance of key asset classes across the industry including property, project finance, debt capital markets, equity markets and more. And to ensure complete coverage, our Takaful feature discusses the predicament of the Middle East in terms of slow growth and low penetration, and discusses how these issues could be resolved.

Sukuk and Capital Markets
November 2013

The turn of events in the last few months has demonstrated that with every setback, there comes an opportunity. Despite a dip in issuances and a relatively shaky capital market in the earlier part of the year following uncertainty in the US financial market and concerns over monetary easing, things seem to be picking up as the year draws to a close. The markets are rife with activity as issuers return to the market and this is expected to continue into 2014, with some tempting big ticket items on the menu.

Asia
October 2013

Asia’s Islamic capital markets are thriving on the back of issuances in Malaysia and the government of Indonesia’s repeated efforts in tapping the domestic and global market. Other countries such as Hong Kong has also recently amended its securitization laws to accommodate Sukuk, in recognition of the potential business Islamic finance could bring to the republic, while the Shariah compliant funds industry in Asia Pacific is currently dominated by Malaysia-based fund managers such as UOB Asset Management and Apex Investment Services.

Islamic Investor
September 2013

Asia’s Islamic capital markets are thriving on the back of issuances in Malaysia and the government of Indonesia’s repeated efforts in tapping the domestic and global market. Other countries such as Hong Kong has also recently amended its securitization laws to accommodate Sukuk, in recognition of the potential business Islamic finance could bring to the republic, while the Shariah compliant funds industry in Asia Pacific is currently dominated by Malaysia-based fund managers such as UOB Asset Management and Apex Investment Services.

Africa
August 2013

Asia’s Islamic capital markets are thriving on the back of issuances in Malaysia and the government of Indonesia’s repeated efforts in tapping the domestic and global market. Other countries such as Hong Kong has also recently amended its securitization laws to accommodate Sukuk, in recognition of the potential business Islamic finance could bring to the republic, while the Shariah compliant funds industry in Asia Pacific is currently dominated by Malaysia-based fund managers such as UOB Asset Management and Apex Investment Services.

Takaful & Re-Takaful
May 2013

The Takaful industry, in all honesty, has been a bit of a late bloomer. While most other sectors within the Islamic finance industry has seen relative progress over the last few years; or at least been a topic of much debate and open discussion, the Takaful sector has been left behind. Despite efforts and encouraging results in some pockets in Southeast Asia – particularly Malaysia and in Pakistan – there has not seemed to be much movement overall.

Europe and the US
April 2013

Europe, with its longstanding trade ties with the Middle East, has become a hotspot for real estate investments; particularly in the UK. Qatar, one of the wealthiest nations per capita, has become increasingly active in terms of property acquisitions and investments in the UK, while the two governments seek bilateral investment opportunities. The growing number of Muslims in Europe; especially in France and the UK also signal opportunities for the growth of Islamic finance retail and investment products.

Deals of the Year 2012 Handbook
March 2013

‘Go Big, or Go Home’ seemed to be the resonating theme throughout 2012, as major issuances from established jurisdictions such as Malaysia and up-and-coming goliaths such as Saudi Arabia and Qatar made headlines across the global financial space.

IFN Guide 2013
February 2013

The Islamic Finance news Guide 2013 aims to provide our readers with a roundup of the year’s industry highs and lows from an objective viewpoint of the market practitioners themselves. As part of this growing sector, we have witnessed unprecedented leaps in the Gulf Islamic capital markets space in 2012 beyond most expectations considering the current economic climate. Major issuances originating from up and coming sovereigns such as Qatar and Saudi Arabia created a stir in the market, and more importantly, has provided the impetus for similar issuances moving forward.

2012
Middle East: A New Dawn
December 2012

A year on and the Middle East is still grappling with political instability and riding the wave of change. Throughout the region there exists a polarity between progress and setbacks, hope and despair. The mutable nature of the Arab world’s political landscape has left its impact on many countries, including Bahrain which, up to two years ago, was considered to be an up-and-coming financial center - and with much support from the government and central bank, a potential hub for Islamic finance. However, the country’s Islamic finance aspirations currently lie beleaguered amidst the rubble of in-fighting and negative investor sentiment.

Sukuk & Capital Markets
November 2012

The last year has seen unprecedented growth in the Gulf Sukuk market, with major issuances spurring its primary Sukuk market, and new entrants such as Turkey creating diversity in the issuance space. Although Malaysia currently dominates the global issuance table, making up 60% of global Islamic issuances, the challenge to attract cross-border investments and Middle East issuers still remains a hurdle in the country’s bid to create a dynamic and internationally attractive capital market.

Asia: Turning Tides
October 2012

Asia is fast emerging as an economic force to be reckoned with, in both the conventional and Islamic markets. Currently the most liquid and resource-rich market, the continent has become a focal point for investors looking to explore greener pastures. Perhaps the key to Asia’s popularity is its status as an emerging market, which directly implies a gamut of untapped investment opportunities for development and capital requirement to serve its growing population.

A Silver Lining
August 2012

As the world grapples to come to terms with what seems to be a protracted decline in the global banking and financial markets, the Islamic finance industry has shown impressive growth despite the odds. The Islamic bond market for instance, is said to have superseded the conventional bond market in terms of growth and performance. According to KFH Research, in the first half of this year alone the Sukuk market recorded US$66.4 billion in issuances and is fast closing in on the anticipated US$100 billion projected for 2012 by most industry analysts. The secondary Islamic market, according to KFH Research, recorded a year-on-year growth of 40.1% to US$210.8 billion, compared to 30.5% in 2011.

Africa An Uncertain Future?
August 2012

As the global economy experiences unprecedented shifts, Africa’s time to shine draws closer. Economic pundits are ready to place their bets on this emerging market despite decades of civil unrest, tribal clashes and political and economic turmoil overshadowing this vast and ancient continent’s true economic potential. Although still unable to free itself from the shackles of corruption and poverty, a self-perpetuating cycle, the success of the African economy currently rests on its ability to attract multinational corporations and foreign direct investments from Asia and Europe.

The Civil Law Chokehold
July 2012

The 2012 Islamic Finance news Law Supplement features a behind-the-scenes look at the legal fraternity and explores fundamental issues such as team size and pricing and how they influence client choices. We also gain insight on Decree 57, the new insolvency law in the UAE announced in the first half of the year. In our cover story, we take an objective look at the advantages and disadvantages of a Civil and Common legal system, and explore the jurisdictions which have felt the most impact from these arrangements in terms of adapting new tax structures for Islamic finance and allowing a seamless adoption of Islamic finance regulations and capital market products.

The Takaful and Re-Takaful Industry
May 2012

In this issue of Islamic Finance news Supplements, we take a closer look at the fundamentals of the Takaful industry, its issues from a macro and micro perspective, and what needs to be done to mitigate these problems in order to prevent a stagnation of growth within a sector which is ultimately brimming with potential.

Deals of the Year 2011 Handbook
March 2012

In the Islamic Finance news Deals of the Year 2011 handbook, we document the most groundbreaking and innovative deals from the last year: from issuers who boldly entered the market despite the overall dour economic outlook.

The case studies documented in the Deals of the Year 2011 handbook represent the best deals in Islamic finance throughout the year, and aim to serve as a guide for future issuers and investors looking for the most optimal structures in today’s investment environment.

IFN Guide 2012
February 2012

In this year’s annual guide, we take a comprehensive and timely look at the Islamic finance industry: covering the Islamic capital markets along with key growth sectors such as Takaful and project finance. We traverse the globe with articles from prominent industry players involved in enhancing the Islamic finance sector in their respective jurisdictions.

2011
Middle East: The Rise of Dual Tranche Bonds
December 2011

The December IFN Supplement will focus on the Middle East Islamic markets and issuer and investor activity across all jurisdictions in the region.

All eyes are increasingly focused on the Middle East markets, with jurisdictions such as the UAE, Qatar, Saudi Arabia and Bahrain ramping up their Islamic finance activity to cater to growing market demand. Investors are also becoming increasingly comfortable with doing business in the region with the opening up of the markets, steady GDP growth and import-export activity, high liquidity levels, the region’s growing relations with Asia and its status as an emerging market with extensive untapped potential.

Sukuk and the Islamic Capital Markets: The Story So Far
November 2011

In this issue, we take a comprehensive look at Islamic capital market activity across the globe and address issues of structuring and liquidity; along with the components that make up the Islamic capital markets via interviews, features and roundtables. The cover story will focus on the growth and development of the global Islamic capital market industry from jurisdiction to jurisdiction, with an eye on the latest regulatory changes and tax reforms, infrastructure growth and development, structural innovation and the investment products available.

Asia: The Next Frontier
October 2011

Already dubbed as the potential savior to the world’s financial woes, the Asian economy is emerging at a phenomenal pace, while maintaining a robust fiscal position amid the financial rubble in the west. NAZNEEN HALIM explores the exotic and untapped opportunities in the region and uncovers the latest emerging markets according to industry opinions.

Islamic Investor: Equities vs Commodities
September 2011

One of the biggest and most influential markets in the Islamic financial industry, Asia is a constantly evolving market, with a prudent regulatory environment and the birthplace of innovation. This annual supplement will chart its furious growth and provide up-to-date coverage on the latest in the Asian Islamic financial markets via features, the Islamic Investor reports and features.

Africa: The Sleeping Giant
August 2011

The August IFN Supplement will focus on Africa, home to the world’s most resource-rich nations, and considered a strong emerging market for Islamic finance.

Recognized for its wealth in commodities and raw materials, Africa is fast becoming a significant player in the financial realm, including Islamic finance.

The latest development in its Islamic capital markets and investment space will be comprehensively covered in this report.

The Law: Big vs Small
July 2011

In our Cover Story, we question what matters most to corporate clients in making the crucial decision of representation. Could an individual lawyer’s track record trump a household name? Or are clients more inclined to stick to big name players? We speak to lawyers and their clients and observe the considerations involved in the all-important selection process.

Deals of the Year 2010 Handbook
March 2011

This handbook serves as a comprehensive review of the world’s best, most innovative and complex Islamic structures ever seen. It will uncover the secrets and mechanics behind these deals. The issuers, the arrangers, the lawyers, the investors, what requirements the issuer had, why this structure, how it was put together, challenges faced, how it was accomplished and the lessons learned.

IFN Guide 2011
January 2011

In this sixth edition of the Islamic Finance news Guide, we provide you with the industry’s most comprehensive and authoritative review of 2010 and preview of 2011. With 20 exclusively authored industry sector and market reports you can be assured there’s plenty to cover. Read up on what leading industry practitioners foresee the year to be. Included within these pages are the full results of the Islamic Finance news Awards Deals of the Year and Polls 2010.

2010
IFN Asia Report 2010
October 2010

Available now is the IFN Asia 2010 Annual Report, a full review of the 5th IFN 2010 Issuers and Investors Asia Forum, which was held from the 25th to the 28th October 2010. This year’s IFN Asia Forum was hosted together with the Global Islamic Finance Forum (GIFF) which is held once every two years. In this publication you will find detailed summaries of all the forum sessions that took place throughout the event.

Leading Lawyers Report 2010
July 2010

Based on a survey conducted with key industry practitioners and issuers, this report recognizes the individual lawyers and law firms that are regarded as the best in their respective fields within the Islamic finance space. In addition to highlighting the leading lawyers, this unique publication has also compiled a range of reports on various sectors of Islamic finance. These include real estate, dispute resolution, offshore finance, securitization, transportation finance, Shariah funds amongst others. In fact, many of the voted lawyers have chosen to include their professional profiles within these pages.

IFN Research Reports: Takaful & re-Takaful 2010
May 2010

This report covers the opportunities within the bancatakaful industry while TATA Consultancy Services shares their perspective of managing surplus in Takaful.

IFN Awards Deals of the Year 2009 Handbook
March 2010

This handbook serves as a comprehensive review of the world’s best, most innovative and complex Islamic structures ever seen. It will uncover the secrets and mechanics behind these deals. The issuers, the arrangers, the lawyers, the investors, what requirements the issuer had, why this structure, how it was put together, challenges faced, how it was accomplished and the lessons learned.

Islamic Finance news Guide 2010
January 2010

In this fifth edition of the Islamic Finance news Guide, we provide you with the industry’s most comprehensive and authoritative review of 2009 and preview of 2010. With 24 exclusively authored industry sector and market reports you can be assured there’s plenty to cover. Read up on what leading industry practitioners foresee the year to be. Included within these pages are the full results of the Islamic Finance news Deals of the Year and Polls 2009.

2009
IFN Asia Report 2009
October 2009

Available now is the IFN Asia 2009 Annual Report, a full review of the 4th IFN 2009 Issuers and Investors Asia Forum (rebranded from MIF Forum), which was held from the 3rd to the 5th August 2009. In this publication you will find detailed summaries of all the forum sessions that took place throughout the three-day event. This year also saw the introduction of the Takaful Day. Some of the industry’s most respected and experienced individuals have contributed exclusive articles focusing on the Islamic capital market in Asia.

Leading Lawyers Report 2009
July 2009

This report is of particular significance because it demonstrates the immense breadth and depth of the legal sphere within Islamic finance. Readers will readily grasp the comprehensiveness of the legal framework and services that reinforce the practice of Islamic finance, making this publication even more relevant, not only to those within the legal fraternity but also other practitioners in the Islamic finance sphere, as well as those on the outside wanting in.

IFN Awards Deals of the Year 2008 Handbook
March 2009

This handbook serves as a comprehensive review of the world’s best, most innovative and complex Islamic structures ever seen. It will uncover the secrets and mechanics behind these deals. The issuers, the arrangers, the lawyers, the investors, what requirements the issuer had, why this structure, how it was put together, challenges faced, how it was accomplished and the lessons learned.

IFN Guide 2009
January 2009

In this fourth edition of the Islamic Finance news Guide, we provide you with the industry’s most comprehensive and authoritative review of 2008 and preview of 2009. With 26 exclusively authored industry sector and market reports you can be assured there’s plenty to cover. Read up on what leading industry practitioners foresee the year to be. Included within these pages are the full results of the Islamic Finance news Deals of the Year and Polls 2008, both of which were carried out in December.

2008
Islamic Private Equity Fund
October 2008

Islamic investors have been hesitant to take up private equity investments despite the nature of its concepts of risk, and profit or loss sharing which align the basics of the private equity markets with Shariah principles. However, this has changed in recent times. Paul Wouters delves into the subject and provides an insight into the rationale of cooperation and convergence between (conventional) private equity finance and the Islamic investor.

Islamic Finance news Asset & Wealth Management Guide 2008
September 2008

This guide examines trends in the asset and wealth management markets whilst providing exclusive practitioner insights into various sectors within the market. Besides being the first of its kind, this is the perfect guide for those who are advising retail, institutional or sovereign investors, on equity investments, emerging market investments, Takaful and alternative investment vehicles, managing risk and legal structures to read on further.

IFN Awards Deals of the Year 2007 Handbook
March 2008

This handbook serves as a comprehensive review of the world’s best, most innovative and complex Islamic structures ever seen. It will uncover the secrets and mechanics behind these deals. The issuers, the arrangers, the lawyers, the investors, what requirements the issuer had, why this structure, how it was put together, challenges faced, how it was accomplished and the lessons learned.

IFN Guide 2008
January 2008

In this third edition of the Islamic Finance news Guide, we provide you with the industry’s most comprehensive and authoritative review of 2007 and preview of 2008. With 25 exclusively authored industry sector and market reports you can be assured there’s plenty to read. We also have the full results of the Islamic Finance news Deals of the Year and Polls 2007, both of which were carried out in December. League tables, a full review of the stories from 2007, the industry’s largest terminology glossary and much more are all contained within these pages.

2007
Islamic Finance news Takaful Guide 2007
August 2007

This A5 guide serves as a comprehensive overview of the global Takaful industry, focusing on latest trends, issues, challenges and most importantly, how do the Takaful players foresee the market to be this year.

Islamic Finance news Legal Guide 2007
July 2007

As the Islamic finance industry continues to mature, so will the legal industry. The 2nd edition of the Islamic Finance news Legal Guide 2007 continues to be the leading guide of law firms specialized in the Islamic Finance industry and as a comprehensive overview of the developments in the legal system, practitioners view on the booming sectors, case studies on numerous ground breaking deals and country reports.

Islamic Finance news Bahrain Report 2007
July 2007

The inaugural Bahrain Report 2007 was published in conjunction with the 2nd International Islamic Financial Markets conference which was held in June 2007 under the auspices of the International Islamic Financial Market, the Islamic Development Bank, the Central Bank of Bahrain and the Bahrain Economic Development Board. The Islamic Finance news Bahrain Report 2007 includes a full review of the conference just past, interviews, articles, reports, case studies, league tables and a comprehensive review of the major happenings in the Bahrain Islamic capital markets. This report has become the market’s focal point for industry professionals around the globe interested in Islamic finance in and through Bahrain.

IFN Awards Deals of the Year 2006 Handbook
March 2007

This handbook serves as a comprehensive review of the world’s best, most innovative and complex Islamic structures ever seen. It will uncover the secrets and mechanics behind these deals. The issuers, the arrangers, the lawyers, the investors, what requirements the issuer had, why this structure, how it was put together, challenges faced, how it was accomplished and the lessons learned.

IFN Guide 2007
January 2007

In this the second edition of the Islamic Finance news Guide, we provide you with the industry’s most comprehensive and authoritative review of 2006 and preview of 2007. With 32 exclusively authored industry sector and market reports you can be assured there’s plenty to read. We also have the full results of the Islamic Finance news Deals of the Year and Best Islamic Banks Poll for 2006, both of which were carried out during December. League tables, a full review of the stories from 2006, the industry’s largest terminology glossary and much more are all contained within these pages.

2006
Islamic Finance news Legal Guide 2006
July 2006

Issuers, Investors and other Financial Intermediaries all require legal assistance. Who do they talk to? Which firms cover which sectors? Who do they call for cross-border transactions? Who has relevant experience? Islamic Finance news Legal Guide 2006 is the only guide available focusing on Law firms with Islamic finance as an area of specialization. Exclusive editorial, directory and much more will ensure that this guide is a must read for everyone involved in Islamic finance.

IFN Guide 2006
January 2006

This annual A4 guide will focus on the rapidly changing world of Islamic Finance and act as a Review of 2005 and a Preview for 2006. We will focus on the industry at large, what changes have been witnessed during 2005, the major and groundbreaking deals, the key players, the new players, the industry’s emerging markets, product development, the industry Associations and Boards, Government involvement, what to look out for next and much much more.