RPHS Law’s Post

How far has the Algerian banking system adopted AAOIFI’s ethical standards for Islamic financial transactions? Read about it in the March issue of ISRA International Journal of Islamic Finance at: bit.ly/4aXjxca #INCEIFuniversity #ISRArmc #ISRAijif #IslamicFinance 

How far has the Algerian banking system adopted AAOIFI’s ethical standards for Islamic financial transactions? Read about it in the March issue of ISRA International Journal of Islamic Finance at: bit.ly/4aXjxca #INCEIFuniversity #ISRArmc #ISRAijif #IslamicFinance

📢 Key Developments in Banking: Standard Chartered Allegations: Standard Chartered faces serious allegations of financing terrorism, raising concerns over its compliance and governance practices. Vietnam’s SCB Bailout: The bailout for Vietnam's Saigon Commercial Bank (SCB) has escalated to a substantial $24.5 billion. This highlights ongoing challenges in the Vietnamese banking sector, necessitating significant government intervention. These developments underscore the critical need for robust regulatory frameworks and vigilant oversight in the banking industry. For more details, read the full article here: https://lnkd.in/eK-zaQgT #Banking #Finance #Compliance #Regulation #StandardChartered #SCBBailout

Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) imposes $252,285 administrative monetary penalty on money services business for failing to comply with Proceeds of Crime (Money Laundering) and Terrorist Financing Act requirements regarding transactions originating from or bound for Iran. Included failure to address the requirements under the Ministerial Directive on Financial Transactions Associated with the Islamic Republic of Iran published on July 25, 2020. #AML #FINTRAC #FATF #FINCEN #Iran #sanctions #FinancialServices #TradeCompliance https://lnkd.in/gWab9v9z

Mufti Muneeb sheds light on the significance of adopting Islamic banking! He’s emphasizing that millionaires, billionaires, and major industrial institutions bear a significant responsibility in this regard. Mufti Muneeb urges them to integrate their banking operations with Islamic financial systems, promoting ethical and Shariah-compliant practices. This is a compelling call to action for a more equitable and values-driven economic future. #BOPTaqwa #AikYaqeenAikEmaan #RibaFree #IslamicBanking To watch the full video, click the link: https://lnkd.in/ea7YC-_J

Sharia Regulation in Islamic Banking: A Balancing Act Islamic banking operates within Sharia (Islamic law), aiming for a just and ethical system. However, challenges exist: * Dynamic Finance: Keeping products relevant while adhering to Sharia. * Diverse Interpretations: Different scholars lead to varying practices. * Innovation vs. Adherence: Balancing new products with strict Sharia compliance. * Transparency and Accountability: Building trust through clear governance. Sharia Supervisory Boards guide institutions in complying with Sharia principles. The Future: Ongoing dialogue between scholars, regulators, and practitioners is crucial for the sustainable growth of Islamic finance. #Sharia #Sharia_Compliance #Islamic_Banking #Islamic_Finance #Banking

The South African Reserve Bank (SARB) has imposed administrative sanctions on Bank of China Limited, Johannesburg Branch (BOC Jhb) as a result of its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), following a FIC Act inspection conducted in 2021. The assessment involved the sampling of certain data for the period from 2016 to 2020. via South African Reserve Bank #corporate #riskmanagement #risk https://lnkd.in/gdNZXZy6

Islamic banking, a form of financing based on the principles of Sharia (Islamic) law, is experiencing significant growth and impact on the global economy. Its unique approach and ethical standards attract attention not only from Muslim communities but also from the broader international market. But what exactly does Islamic banking entail, and how does it differ from conventional banking?

Corruption and bribery have long hindered Somalia's government, impeding economic development, diverting public funds, and perpetuating insecurity, poverty, and inequality. Islamic banks can play a vital role in combating illicit funds stemming from corruption and bribery by adhering to Shariah principles, complying with regulatory requirements, and raising awareness among practitioners and Shariah scholars. In my recent article published in Islamic Finance News, I emphasize the significant role that Islamic banks can play in combating corruption and bribery within Somalia's financial industry. #Somalia #Islamicfinance #Corruption #Bribery #Shariah #economicgrowth #aml #financialsystem