gif Prosperitus Capital Partners


Contact person/department: Kamran H. Khan Co-Managing Partner Address:


Berkeley Square House London W1J 6BD


Telephone: +44 207 193 5755 Mobile: +44 7943 866 552


E-mail: kamran.khan@prosperituspartners.com


They are the first of their kind to launch a private equity fund. Their ideal drive and focus is centred on Sharia complaint funding and connecting the markets in the west to the markets in the Middle East. They are doing this by translating the message of Islamic Finance. Prospertious business approach is connected to both inno- vation and management of the individual asset classes. They intend to foster operations in the Middle East, North Africa. Porsperitus, also have a parallel conventional platform.


Commander Fund Asset Management Ltd


Contact person/department: Mark Randall Address:


4 Creed Court 5 Ludgate Hill London


Telephone: +44 (0) 20 7246 9940 Fax: +44 (0) 20 7246 9944


E-mail: mark.randall@commanderfund.co.uk Website: www.commanderfund.co.uk


Commander fund is primarily a conventional based asset mana- gement and operations corporation. Yet, in recent years they have been working on pioneering the closes thing to a Sharia compliant Hedge fund. They are also promoting the Middle East and develo- ping a strong client base and market presence there.


Educational Institutions The Markfield Institute of Higher Education


Contact person/ department: Mr Asim Riaz Address:


Markfield Institute of Higher Education, Ratby Lane Markfield


Leicestershire LE67 9SY Telephone: 01530 244 922 Fax: 01530 243 102 E-mail: info@mihe.org.uk Website: www.mihe.org.uk


Description: MIHE is a pioneering institution in the field of Islamic Banking and Finance education and research. MIHE works in conjunction with many other academic and professional institutions throughout the country. It currently offers PG Certificate, PG Diploma, MA and PhD programmes validated and awarded by Gloucestershire University. MIHE’s library is well established with excellent facilities, featuring superb collection of books and journals which are regularly updated. MIHE campus offers an idyllic and tranquil setting for study and learning, well suited to holding various residential courses, with all facilities like education, residential, spiritual and catering provided for.


ICMA University of reading


Contact person/ department: Bereity Address:ICMA Centre Henley Business School University of Reading Whiteknights Reading RG6 6BA UK Telephone:* +44 (0) 118 378 8239 E-mail: v.altomare@icmacentre.ac.uk Website:http://www.icmacentre.ac.uk/ Description (up to 40 words):* The Business School’s ICMA Centre at the University of Reading has launched the UK’s first collaborative MSc in Investment Banking and Islamic Finance, to be taught jointly with INCEIF (International Centre for Education in Islamic Finance) in Kuala Lumpur. The MSc is the first in the UK to use Islamic material taught by Islamic specialists, and aims to capture the increasing demand for the subject with an academic base and practical views on issues such as Islamic finance, economics and law.


Chartered Institute of Management Accountants


Contact person/ department: Annette Heninger, Press Officer Address: CIMA 26 Chapter Street London SW1P 4NP United Kingdom Telephone: +44 (0) 20 8849 2251. Fax:


E-mail:cert.if@cimaglobal.com Website: http://www1.cimaglobal.com Description (up to 40 words): CIMA (the Chartered Institute of Management Accountants) is the first chartered accountancy body to offer a global qualification in Islamic Finance. The aim of the course is to produce competent staff conversant in all areas of Islamic finance at both a theoretical and practical level. The course offers employers in the sector a product which should be very attractive for both their business and as part of their employee development.


EC4M 7AA Capitala


Contact Person. Department : Patricia Assaad Address:


Al Moroor Street PO Box 30398


Email: patricia.assaad@capitala.ae Telephone: +971 2 412 1111 Fax: +971 2 412 1222


Description: Capitala are the masterminds behind some of the most beautiful and nubile real estate development in the Middle East. They are focused on striking the balance between community cohesion and good business decision making. There main project Arzanah, is a US$6 billion development on Abu Dhabi island. Located in the Zayed Grand Mosque District


Islamic Finance Glossary S Salaf


In a wider sense, it refers to a loan which draws forth no profit for the creditor and is slightly different from Qard in that an amount given as Salaf cannot be called back before it is due; it includes loans for specified periods, i.e. short, intermediate and long-term loans. See Qard. Literally, payment in advance with deferred delivery. Salaf is another name of Salam, a kind of sale where the price of the goods is paid in advance while the goods or the counter value is supplied in the future; thus the contract creates a liability for the seller top deliver the goods at the appointed time.


Salam


A forward sale where the full price of the goods is paid in advance at the time of contract; the goods are not available for immediate delivery but can be delivered at a specified time in the future. In other words, advance purchase or a type of sale in which the full price of the goods is paid in advance and the goods are delivered later at a specified date in the future. It is similar to a modern forward sale contract. Under Shari’ah, a sale cannot normally be effected unless the goods are in existence at the time of the contract. However, this type of sale is an exception provided the goods are defined and the time of delivery is fixed. The exception was practiced in the early days of Islam to meet the needs of the small farmers in Arabia who required money to grow their crops and to feed their family until the time the crop could be harvested and sold; owing to the prohibition of riba they could not borrow money on interest; they were allowed to sell the agricultural produce in advance of cultivation for delivery later and take payment in advance. The object of the sale must be tangible goods that can be defined as to quantity, quality and workmanship. The mode of financing is often applied in the agricultural sector, where Islamic bank advances money without interest for various inputs and in exchange receives a share of the produce, which it then sells after delivery. To hedge against fall in prices, the bank can also sell the goods to a third party before delivery through a parallel contract of Salam. Salam covers all tangible goods which are capable of being definitely described as to quantity, quality and workmanship.


Sarf


Saw’am -bi-sawaa


Senior Debt Shafi’is


Currency exchange. In pre-Islamic times it was exchange of gold for gold, silver for silver and gold for silver or vice versa. In Islamic jurisprudence such exchange is regarded as ‘sale of price for price’ (Bai al Thaman bil Thaman), and each price is consideration of the other. It also means sale of monetary value for monetary value in currency exchange, such as buying and selling of currencies.


Equal for equal (in exchange transactions). Debt that must be repaid before a subordinated debt receives any payment in the event of default.


“One of the four well-known schools of thought in Islamic jurisprudence or religious law engaged in the interpretation of theQur’an and Sunnah. Founded by one of the classical jurists, Imam Abdullah Muhammad ibn Idris al-Shafi’i (d. 804 AD), followers are known as Shafis. Others are Hanbalis,Hanafis and Malikis. The Shafi’i school is considered the easiest school in terms of social and personal rules. Zahiri is another known school developed by Daud ibn Khalaf. The Jafri Shia Islam school in Islamic jurisprudence was developed by Imam Ja’far al-Sadiq at about the same time itsSunni legal fiqh counterparts were being codified. It was distin- guished from Sunni law on matters regarding inheritance, religious taxes, commerce, and personal status.”


Shari’ah Advisor


Shari’ah -compliant


An independent Islamic scholars who advises Islamic financial institutions, providing guidance and supervision in the development of Shari’ah compliant products and maintaining Shari’ah compliant operations. Usually a classically trained Islamic legal scholar. While some Islamic financial institutions consult individual Shari’ah advisors, most establish a com- mittee of Shari’ah advisors, often known as a Shari’ah Board or Shari’ah Supervisory Board.


“Term used in Islamic finance to denote that a financial product or activity that complies with the requirements of the Shari’ah, for example Shari’ah compliant financing orShari’ah compliant investment. Islamic finance derives its principles from the Shari’ah, which is based on the Qur’an and the Sunnah. The key defining characteristics in the application of Shari’ah to financing structures are that transactions should be based on tangible assets, and should not bear interest ( riba). The generation of profit is very much encouraged, and many commentators also identify risk sharing as being one of the quintessential features of any Islamic financing. Shari’ah principles also forbid uncertainty ( gharar), speculation or excessive uncertainty ( maysir) and gambling ( qimar), and well as activities in certain prohibited areas.


Shari’ah Scholar


Shari’ah Super- visory Board


Islamic Shari’ah scholars who are well-versed with the necessary knowledge and competencies in the Shari’ah and its approaches to economic and financial issues.


An authority, usually a committee of Islamic scholars well-versed and competent in Shari’ah and its approaches to economics and finance, appointed by an Islamic financial institu- tion, which supervises and ensures both the Shari’ah compliance of new product development and the operations. The scholars should be independent and qualified to give rulings that pass moral judgment on proposed contracts and transactions as well as to ensure that business conducted is according to the requirements of the Shari’ah.The committee is commonly referred to as aShari’ah Board or Shari’ah Supervisory Board and also known as a Shari’ah Committee.


84 Global Islamic Finance February 2011


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