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All Share Index and 20 percent increase for the Tadawul All Share Bank Index.
Vision Solutions Keeping Islamic Financial Institutions Secure It has been reported that Visions Solutions claims it is helping lead Islamic financial institutions in the GCC to protect their crit- ical data by providing business continuity and disaster recovery solutions. At MEFTEC 2012 Vision Solutions is show- casing its universal Virtual Recovery Appli- ance (uVRA) solution, which includes the latest version of Double-Take Availability, which is designed to make recovery of vir- tual machines running on VMware virtual in- frastructures easier for companies to carry out. As virtualisation gains traction in the Middle East, business continuity and data
recovery time for instant fail-over. By taking this appliance-based approach, companies can save on operating system, infrastructure and bandwidth costs as well as providing full protection for data and servers.
Double-Take Availability supports recovery of virtual machine workloads to any platform including either another virtualisation solu- tion such as VMware or Microsoft Hyper-V, physical server hardware or into a cloud en- vironment.
Aurangzeb Qadri, Assistant Manager, IT In- frastructure at Sharjah Islamic Bank, said, “Technology is running fast on the infor- mation highway, faster than ever before. MEFTEC provides us with the opportunity to keep pace with the latest and best in the
ties about Islamic finance in the secular re- public as it seeks to tap a rich pool of inves- tors flush with oil money. Finance Minister Mehmet Simsek told the press conference with Babacan on Tuesday that the govern- ment would also easetaxes on sukuk issues to encourage investment. “Turkey should participate in the sukuk issue market, and the Treasury’s sukuk issues will pave the way for those of the private sector,” Babacan said. “Strengthening the sukuk market is also important in making Istanbul a global fi- nance center, and the sukuk certificates will be traded on the Istanbul Stock Exchange,” he added.
Plans for a sovereign sukuk issue from an economy regarded as one of the most pro- gressive and successful in the Muslim world
We do need more trained Shariah schol-
ars, but it’s beginning to happen because of demand pressures.
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Jaseem Ahmed Malaysia, Secretary- General, Islamic Financial Services Board, Malaysia
If you look at Islamic finance as a whole,
volumes have been much lower in the past couple of years and only recovered recently reflecting global markets generally. One of the big misconceptions was that the Middle East would be immune from the financial crisis, but that’s not been the case as the region is very real-estate driven and derivatives activity has subsequently been hit by a general slowdown.
Peter Werner, Senior director, The International Swaps and Derivatives Asso- ciation (ISDA), United Kingdom
Globally, funds and financial products ,,
worth around $1.5 trillion (Rs 75 lakh crore) are currently managed using Shariah investment principles. Shariah-compliant financial invest- ing is still at a nascent stage. In India, though we have indices based on Shariah, there are very few products available right now. But this market is expected to grow around 20% in the coming years.
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Shariq Nisar, Director of opera- tions and research, Taqwaa Advisory and Shariah Investment Solutions, India
recovery can be a massive challenge. Ah- mad M. Khattab, VP Sales Growth Market, Vision Solution, said, “Virtualisation contin- ues to drive cost out of deploying and run- ning IT for financial organisations across the Middle East. However, protecting these envi- ronments and ensuring that workloads can be easily recovered is still a challenge.
With multiple different platforms in place at most organisations, whether this is differ- ent virtualisation products or just physical and virtual servers together, organisations are looking at using one tool to protect their data, simplify their business continuity plan- ning and make disaster recovery more af- fordable.”
The uVRA includes pre-configured set-up for protection of Windows and Linux servers and can auto provision virtual machines at
market. This year also we are looking for- ward to see new launches and updates from Vision Solutions on their high-availability so- lutions.”
In addition to Shajah Islamic Bank, Vision Solutions provides technology for a number of other banks and financial institutions in the Middle East, including Mawarid Finance and Bahrain Islamic Bank.
Turkey Set for Sukuk Launch in 2012 It has been reported that the Turkish gov- ernment will press ahead with its first issue of Islamic bonds this year and the planned sale should encourage private companies to do likewise and boost Istanbul’s role as a financial centre, Deputy Prime Minister Ali Babacan said. The government had said previously it could issue a sukuk in 2012, overcoming sensitivi-
signals intent on Turkey’s part to play a big- ger role in Islamic finance. The size of the global sukuk market is estimated at more than $100 billion. Simsek told the news conference his ministry was working on eas- ing taxes on the Treasury’s sukuk issue to make the bond more attractive for possible investors, as he said it already does with Eu- robond issues.
The two ministers did not elaborate on the size of the planned sukuk issue, but both re- iterated that it will be held this year. “Market conditions will determine the amount of the issue, and the sukuk may be lira-, dollar- or euro denominated and will attract investors from both Turkey and abroad,” Babacan said.
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2012 May Global Islamic Finance 13
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