Milestones
The current international financial landscape is characterized by an ambitious reform agenda aiming to achieve sustainable global growth. These reforms incorporate policies that originate from religious backgrounds (faith-based economy) and civil society (impact investing): they promote ethics, social and environmental responsibility, principles of good governance (conscious capitalism), and advocate banking disintermediation (crowd-funding and smart-contracts through blockchain).
The Islamic finance proposition is an integral part of these policies. Studied, commented and monitored by supervisory authorities - such as the International Monetary Fund, the European Central Bank, the Bank of Italy, and Consob - is implemented, as a workable alternative to the endemic crises that shake conventional finance, by multilateral development banks such as the World Bank, UN agencies such as UNDP, and domestic development bodies such as USAID.
Based on real transactions and risk-sharing principles, Islamic finance only deals with those sectors of the economy that can actively contribute to a sound individual and societal development. Its understanding of the nature of money, its dislike of credit brokerage based on interest rate, its wealth redistribution approach and its inclusiveness of all faiths and races, make Islamic finance a modern and sensible proposition (read more here and here ).
The long experience in Islamic finance (dating back to 1986) coupled with conventional banking (Merrill Lynch) and ethical finance (European Commission) achievements, enables ASSAIF to provide informed opinion and analysis with an intellectually inclusive approach and to structure products and instruments that join the implementation of the values advocated by the Islamic political economy to the techniques used by Islamic finance.
As such, ASSAIF focuses only on projects that are spiritually, socially, intellectually and economically beneficial to society at large, and has been instrumental in bringing Islamic finance to new markets and extending its range of activities to new areas.
Besides, ASSAIF values and disseminates the culture of diversity and encourages the development in Western societies of new forms of governance that take into account the financial inclusion of the Muslim communities. This in full compliance with the existing regulations while, at the same time, satisfying their cultural requirements.
A sample of selected milestones is listed hereby (Full list available upon request).
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INTERNATIONAL TAKAFUL SUMMIT (ITS) - London, United Kingdom, 2007-2018
Chair, from its inception in 2007, of the annual International Takaful Summit (ITS). The world leading event on Islamic insurance, pioneered by the AFKAR Group, explores the challenges and provides solutions to the most pressing Takaful issues.
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WORLD BANK | ISLAMIC FINANCE SERVICES BOARD - Washington and Kuala Lumpur, 2016
Consulting and contributing the chapter on: "The Role of Microtakāful in Financial Inclusion: the Foundational Claims of Insurance in Islam" in a joint WB/IFSB publication titled "Realising the Value Proposition of the Takāful Industry...
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AFGHAN MINISTRY OF RURAL REHABILITATION AND DEVELOPMENT - Kabul, 2012-2013
Strategic planning, bespoke product development of Islamic modes of financing, and capacity-building on maqāsid al-sharīah in the provinces of Nangarhar, Parwan, Bamyan, Balkh, Herat, Kandahar, and Helmand on behalf of the Afghan government.
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ARAB ISLAMIC BANK, PALESTINE ISLAMIC BANK, P.M.A. - State of Palestine, 2012
Ad-hoc product development and capacity-building for the financing of first-home ownership for Palestinians living in the West Bank. The Palestine Islamic Bank awarded the title of ‘Islamic Bank of the Year 2013’ by the Banker. Interaction with the Palestinian Monetary...
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INSURANCE INDUSTRY - Kabul (Islamic Republic of Afghanistan), 2012
Introducing the Takāful proposition to the benefit of the four conventional companies writing business in Kabul and of the Regulatory Authority. Remit included tackling regulatory issues, business modeling, product development (three policies), and capacity building.
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WORLD CONGRESS OF MUSLIM PHILANTHROPISTS (WCMP) - Kuala Lumpur, 2012
Chair of the Advisory Council. Setting up and moderating three workshops denominated 'The Silver Lining Connecting Awqāf, Zakat, and Islamic Finance' aiming to create an innovative and enticing investment proposition to the benefit of the have-nots.
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WORLD BANK | INTERNATIONAL FINANCE CORPORATION - Washington DC, 2011 | Istanbul, 2012
Contributing the chapter on "Microtakāful" in a publication titled "Takaful and Mutual Insurance: Alternative Approaches to Managing Risks", the first WB book on Takāful. Presentations at the WB headquarters and at a dedicated conference...
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AK BARS BANK - Kazan, Republic of Tatarstan (Russian Federation), 2010
Sourcing, structuring and funding of the Russian debut 1-year USD 60-million Islamic syndicated facility to provide Islamic financing to local Muslim entrepreneurs. The transaction was named ‘Europe Deal of the Year’ at the Islamic Finance News Awards 2011.
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SHADOW TREASURY TEAM/CONSERVATIVE TREASURY FRONT BENCH (HOUSE OF LORDS) - London, 2009
Assembling a team of selected City professionals to provide unbiased information and a strategic perspective to the Tories. Contributing to the presentation "Keeping London at the forefront of Islamic finance". This initiative contributed to the issuing of the...
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AL SUNBULA FOR INVESTMENT - Jeddah (Kingdom of Saudi Arabia), 2008
Drawing-up the business plan for a ‘Shariah-compliant Family Office' based on an open architecture. Putting together in a single proposition Islamic alternative investing, estate planning for effective intergenerational transfer, and philanthropy.
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SYRIAN MINISTER OF ENVIRONMENT | FINOPI-INTESA | ENDESA-ITALIA - Damascus, Milan, Turin, 2006
Drawing the first project on Islamic finance and environmental sustainability ever launched in an Islamic country. It aimed to produce electricity from methane gas emanating from the landfills of Damascus, Homs, Ladakie and Alep.
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EUROPEAN UNION | ITALIAN MINISTRY OF LABOR | REGIONE LOMBARDIA - Milan, 2004-2007
Author and Project Manager of 'NewLifeStyles' a 3-year € 750k ground-breaking project for the mapping, consolidation and development of the Lombard networks of social economy known as Networks of Solidarity Economy. International partners in France, Spain, Portugal.
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THE WORLD BANK GROUP | US STATE DEPARTMENT - Washington DC 25-26, September 1986
Introducing Islamic financing as an ethical and complementary finance to be possibly used in the United States. This event kick started Islamic finance in the United States.