The recent growth of Islamic finance has proved revolutionary for two reasons: it has provided access to new sources of capital and liquidity and, equally important, it has shown the world an approach whereby ethical values can be reconciled with financial returns.
Some sources say Islamic assets worldwide total between about US$700 billion (Dh2.57 trillion) and $1tn, up from $150bn a decade ago.
Some have argued that most Islamic banks, because they are new, have had neither the time nor the means to structure, in a Sharia-compliant manner, the sophisticated instruments that have caused the financial crisis. Others have argued that these sophisticated instruments go against the basic principles of Islamic finance altogether.
Immaturity, some say, may have prevented the Islamic finance industry from being affected by the crisis, meaning that it is now in a healthier shape and stronger position to rebound faster than its conventional peers and reap the benefits of the expected economic recovery. Unfortunately, such an interpretation does not bear much scrutiny.
If we look at the recent evolution of the sukuk, or Islamic bond, market in the Gulf and compare it with the conventional bond market, we see that the Islamic market has not taken advantage of its positioning.
The volume of regional sukuk issuance in the first three quarters of this year has shrunk to $4.6bn from $8.7bn the year earlier, and from $11.4bn in 2007.
In comparison, regional bond issuance has gone to $37bn this year from $15.7bn and $8.2bn in the first three quarters of 2007 and last year respectively.
It is clear that issuers have resorted to standard means of financing rather than tapping into Islamic liquidity. The largest capital market deals this year have been conventional and the issuers have been sovereign or quasi-sovereign.
There have been only few GCC sukuk issuances in the first three quarters of this year, mainly from governments or sovereign entities such as the kingdom of Bahrain, the Government of Ras al Khaimah, the Saudi Electricity Company and Abu Dhabi's Tourism Development and Investment Company (TDIC).
In 2007, the sukuk market accounted for almost 50 per cent of the total GCC capital market.
In the first three quarters of this year, it decreased to a meagre 11 per cent.
How can we explain this reversal? The crisis has revealed a fragility which is characteristic of a young and inexperienced market, with little homogeneous regulation and few unanimously approved rules. Debates have been raging among scholars about what the right Sharia-compliant structures should be.
Criticism of mudaraba and musharaka structures by prominent Sharia scholars in February last year has been well advertised. It has shown confusion across the market and reminded the industry that compliance with Sharia law is a matter of interpretation.
The crisis has also shown that Islamic finance is not a safe haven. For the first time in the short history of Islamic finance, GCC corporate sukuk have defaulted or are threatening to default.
The Sharia-minded Saad Group in the hands of Maan al Sanea, who founded the Islamic investment bank, Awal Bank, is reported to have defaulted, inter alia, on its $650 million sukuk issued in 2007.
The fate of the Saad Group exemplifies the hardships that a number of Sharia-compliant investment companies are going through, in particular in Kuwait where they have mushroomed on in an under-banked market.
It remains to be seen how local law systems deal with Sharia-compliant instruments in bankruptcy cases and whether Islamic creditors will be preferred over conventional ones in recourse to assets, given the asset-based nature of Islamic finance.
The crisis will no doubt allow Islamic finance to strengthen and help it reach a certain level of maturity.
The solution must lie in the themes that have been adopted by the conventional banking sector: better corporate governance and more homogeneous regulation.
The industry is ripe for consolidation and the recent announcements of mergers between Barwa and Alaqaria, two Qatari property developers that are Sharia compliant, and between Amlak and Tamweel, Islamic mortgage providers in the UAE, are testament to this.
These mergers demonstrate that Islamic finance has entered into a new phase of its young history, which should be the prelude to the construction of a compelling and comprehensive alternative to the conventional financial system.
The recent success of the TDIC's $1bn sukuk issuance in Abu Dhabi (with an order book of $7bn and pricing within the spread of TDIC bond, issued in July this year, in the secondary market) testified to the deep appetite for Islamic assets. It showed that demand for solid, rated sukuk has now clearly outstripped supply.
The shortage since the start of the year that has exacerbated the "hunger" for sukuk bodes well for the regional market, announcing a strong revival of sukuk next year.
Mr de Ricaud is head of Islamic finance, Middle East, and a director of Rothschild. These are the author's views and do not represent the views of Rothschild.
Story%20behind%20the%20UAE%20flag
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.
As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.
Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.
Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.
Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Company%20profile
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UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Company%20Profile
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MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
FIGHT%20CARD
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
Company%20Profile
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
COMPANY%20PROFILE%20
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Stan%20Lee
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
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COMPANY%20PROFILE
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Company%20profile
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