Home > Milestones > USAID - Palestine, Arab Islamic Bank, Palestine Islamic Bank, PMA, 2012

USAID - Palestine, Arab Islamic Bank, Palestine Islamic Bank, PMA, 2012

Financing first home ownership to Muslims living in the West Bank. Product development and capacity-building. The Palestine Islamic Bank has been awarded the title of ‘Islamic Bank of the Year 2013’ by the Banker. Interaction with the Palestinian Monetary Authority.

Strengthening of Islamic finance know-how and product development capabilities of the Arab Islamic Bank (http://www.aibnk.com ) and the Palestine Islamic Bank (http://islamicbank.ps ) located in Ramallah and al-Bireh. Development of one specific product. Furthermore, providing the Palestine Monetary Authority (PMA) (www.pma.ps ) with a road map for the future issuance of a sukuk. Activities included:

  • workshops on the following topics: An Update of  Islamic Finance; The Issue of Credibility & Product Development; The Products (Mushārakah Mutanāqisah Partnership for Home and Fixed Assets Financing; Ijārah muntahiyà bi-tamleek (=ijārah thumma al-bai' = ijārah wa iqtina'); Bay’ Istisnā; Bay’ Salam; Bay’ al-Tawarruq; Islamic Credit Cards; The Players
  • product development of the Mushārakah Mutanāqisah Partnership (MMP). A thorough and extremely detailed presentation of the MMP comprising of: definitions and fiqh perspectives; the implementation through the joint ownership contract, the leasing contract, the selling contract, the purchase undertaking, the redemption and termination of contract, case studies, best practices, the securitization of the MMP's financial receivables.
  • working with the various departments of the banks to bring the MMP to the market. In particular: the technical/investment committees; the shariah board and audit; the legal counsel; the credit department; the IT department; the administrative and procedures department; the advertisement department.
  • the next-steps guide for the PMA included an overview of the Islamic Capital Markets; the Emergence of the Sukuk Market; The Islamic Law Framework for Sukuk; Regulatory Institutions. The characterization of Sukuk: Debt-Based Sukuk (Sukuk al-Murābahah, Sukuk al-Istisnā’, Sukuk al-Salam); Equity-Biased Sukuk (Sukuk al-Ijārah); Equity-Based Sukuk (Sukuk al-Mudhārabah, Sukuk al-Mushārakah); Sukuk ABS (Sukuk al-Istithmār, Sukuk al-Manfa’); Other Sukuk (Sukuk al-Wakāla; Sukuk al Muzāra’a; Sukuk al-Musaqa; Sukuk al-Mughārasa). Updated information on the state of the Sukuk market and on Sukuk default and restructuring were also provided. Technical and legal issues included the categorisation of Sukuk under the Law of the Jurisdiction Concerned; Tax Treatment; Regulatory Treatment; Shariah Approval; Issuance of Sukuk;Sukuk Ownership Rights; Listing, Trading, Pricing and Evaluating; Rating.
  • November 2014

    Turin Islamic Economic Forum (TIEF 2014)

  • November 2013

    Mediterranean Economic Forum and Workshop on Islamic Finance, 14th and 15th November, Malta

  • October 2013

    ASSAIF in Afghanistan - GOVERNANCE AND RISK IN ISLAMIC FINANCE

  • September 2013

    ASSAIF in Afghanistan - AREDP IN FOCUS: ISLAMIC MODES OF FINANCING

  • June 2013

    Workshop on Sukuk, the 24th-27th of June, Malta

  • January 2013

    Italian consultancy to help achieving a better future for Afghanistan

  • April 2012

    The World Congress of Muslim Philanthropists and the Global Donors Forum - Upgrading to Islam finance 2.0

  • March 2012

    Comunicato Stampa post-evento

  • March 2012

    Conferenza su 'Finanza Islamica opportunità per uno sviluppo inclusivo'

  • January 2012

    AK BARS Bank Islamic syndicated facility named 'Europe Deal of the Year

  • October 2011

    AK BARS Bank CIS debut Islamic syndicated facility going international

  • September 2011

    Stretching the boundaries of Islamic Finance -AK BARS Bank debut Islamic syndicated facility

  • May 2011

    Stretching the boundaries of Islamic Finance - Russia and Tatarstan joining the folk of Islamic finance

  • March 2011

    Stretching the boundaries of Islamic Finance – Islamic Philanthropy

  • January 2011

    Stretching the boundaries of Islamic Finance - The Takaful proposition

  • December 2010

    Stretching the boundaries of Islamic Finance the Russian initiative

  • November 2010

    Islamic Finance in EU growing slowly but surely

  • October 2010

    Stretching the boundaries of Islamic Finance: Italy and the Gulf

  • September 2010

    Stretching the boundaries of Islamic Finance: the European initiatives

  • July 2010

    Pushing the boundaries of Islamic finance: the 4th International Takaful Summit 2010

  • June 2010

    Pushing the boundaries of Islamic finance: Kazan and Istanbul events

  • May 2010

    Stretching the boundaries of Islamic Finance: Kuala Lumpur and Moscow events

  • March 2010

    Pushing the boundaries of Islamic finance: the Working Groups initiative

  • November 2009

    Events and publications

  • 6-7 July 2009

    Interest-free finance

  • 30 June-2 July 2009

    3rd International Takaful Summit 2009

  • 14 May 2009

    Norton Rose seminar in Milan

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