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 I slamic F inance P akistan Islamic Finance Industry  Newsletter V olume 4, Issue 3, April 2013

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Islamic Finance

PakistanIslamic Finance Industry  Newsletter

Volume 4, Issue 3, April 2013

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EditorialIslamic finance not only remained stable, but also witnessed tremendous

growth, in spite of the adverse impacts of political instability and global

recession prevailing in the country, especially in the latter part of thepreceding decade.

Attracting depositors and potential clients for financings, through

enhancing the current and developing new products has been the main

area of focus for most of the bankers in Islamic financial industry, proving

to be important attributes to the conquest and triumph of the industry.

With the industry strengthening its foothold for growth, a key implication

in technology has been the automation of Islamic Banking processes and

functions in Core Banking Systems (CBS).

This fact is also realized by AAOIFI and as an answer, AAOIFI has certified

certain Islamic CBS (ETHIX by ITS and iMAL by Path Solutions). Other

Islamic CBS claim AAOIFI compliance and are considering AAOIFI

certification in their product upgrade roadmap.

Where adopting Islamic CBS entail certain benefits, for most of the Banks

its adoption is less significant due to the costs that the Islamic CBS lead to.

As such, adopting the Islamic CBS has not been embraced enthusiastically.

Additionally, the key challenge for the Islamic CBS as compared to

conventional CBS is to incorporate the Shariah principles and tenets over

and above the usual banking business process and regulatory

requirements.

In order to ensure that the Islamic banking is managed in a formal way and

to ensure compliance with the precepts and tenets of Shariah, the State

Bank of Pakistan (SBP) has also, via its recent instructions on profit and loss

distribution and pool management, emphasized on maintaining IT based

system catering the need of the Islamic banking for pool management.

Happy Reading!

Advisory Board

Mufti Irshad Ahmed Aijaz

Mufti Najeeb Khan

Anwar Ahmed Meenai

Mohammad Aslam

Mujeeb Baig

Faizan Memon

Syed Abdul Rafay Ather

Associate Editors

Shakil Khan

Muhammad Shahzad Hussain

Arshad Hussain Zubairi

Rima Farooq

Editor-in-Chief 

Nusrat Ullah Khan

Ayat of Month:

No calamity befalls (one), but with theleave of Allah. And whoever believes in

Allah, He guides his heart. Allah is All-

Knowing about everything. Obey Allah,

and obey the Messenger. But if you turn

away, then Our Messenger has only to

convey the message clearly.

*AlJuma’a: 11 and 12+

Hadith of Month:Ibn Abbas reported: The Messenger of 

Allah, Salallahu alayhi wasallam, said,“Whoever continuously seeks Allah’s

forgiveness, then Allah will make a way

out for him from every hardship, from

every anxiety, and will provide him with

sustenance from where he does not

expect.”’ 

[Sunan Abu Dawud]

IFP is an initiative of IFP Forum and Hidaya Islamic Business Support Services (IBSS)

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 News Story 

The Islamic Banking Industry (IBI) continued to post a healthy growth, touching for the first time a share of 10 percent in

the banking industry at the end of the Calendar Year 2012 (CY12). With a substantial growth of 35.5 percent or Rs 185

billion, IBI deposits surged to Rs 706 billion by the end of CY12 against Rs 521 billion at the end of CY11.

According to the State Bank of Pakistan, IBI posted a healthy growth as far as deposit base was concerned during the

period under review. IBI's share in the entire banking industry increased from 8.4 percent in CY11 to 9.7 percent by the

end of CY12. IBI's asset base also continued to expend, touching Rs. 837 billion by the end of CY12, up from Rs. 641

billion in CY11, depicting an increase of 30 percent or Rs. 196 billion in a single year. Consequently, the market share of 

Islamic banking assets in the overall banking industry also increased to 8.6 percent by the end of December last year.

Previously, it stood at 7.8 percent in December 2011.

During CY12, one new Islamic Banking Institution was added to the Islamic Banking Industry, bringing the total tally to18 such institutions working across the country. SBP's Islamic Banking Bulletin said that IBI barely managed to maintain

the Rs 10 billion profit (pre-tax) level achieved in last year because of the significantly squeezed margins. The reduction

of 2.5 percentage points in the policy rate translated into a significant decline in yields on financing and investments.

While financing and investment yields were under stress, depositors' return remained relatively stable because of 

market competitiveness and regulatory directives to all banks, including IBI, to pay enhanced returns to smaller

depositors (PLS). The squeezed margins translated into marginal reduction in profit before tax to Rs 10 billion in CY12

from Rs 10.6 billion in CY 2011 and significant reduction in ROA and ROE to 1.2 percent and 14.1 percent from 1.6

percent and 17.3 percent respectively in CY 2011. The ROA and ROE of Islamic banking also became lower than the

overall banking system averages of 1.4 percent and 14.7 percent respectively.

The IBI network also continued to swell and the network (including sub-branches) crossed 1,000-branch mark by the

end of CY12. With an increase of 211, the total number of IBI branches surged to 1,097 by the end of December last year

against 886 branches in December 2011.

The number of new branches opened in CY 2012 was also higher than branches opened in CY 2011, in which 135

branches had been established by IBI. Out of new branches, as many as 120 additional branches were added to Islamic

banking network during the last quarter (October-December) of last year. These additional branches were established

across all provinces and three new districts Ghotki, Layyah and Shangla were added in the list of districts having Islamic

banking branches. New branches were also set up in Balochistan and Azad Kashmir in the quarter under review.

On Quarter-on-Quarter (QoQ) basis, Islamic banking industry assets grew by 12.8 percent, touching Rs 837 billion by the

end of December last year, up from Rs 742 billion in September last year. The current growth in the assets of Islamicbanking industry was higher than the overall banking industry. The two major components of assets - investments and

financing - registered positive growth during CY2012 and net financing and investment also registered a growth of 32

percent or Rs 151 billion to Rs 626 billion end of CY12 from Rs 475 billion in CY11.

Investments of Islamic banking industry grew by 43.8 percent during the previous calendar year, touching Rs 394.4

billion, up from Rs 274.2 billion in CY11. During the period under review, financing to private sector by Islamic banks

registered a handsome increase of 14 percent or Rs 30.3 billion to Rs 242.1 billion by the end of December last year. All

modes of financing except Musharaka witnessed an increase during the period under review. In terms of financing mix,

Murabaha continued to have the highest share in overall financing followed by Diminishing Musharaka.

Source: Business Recorder, 2013

IBI share in banking industry surges to 10 percent 

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Islamic Finance and its Progress Over the YearsCompiled by Muhammad Usman Uppal 

Islamic finance has its own structure where all its regulations are being deduced by the Quran and Hadith. In 1950, it

was introduced in Pakistan as a small-scale interest free bank perhaps the results were not positive at all.

Moreover, probably the first Islamic financial institution was created in Malaysia known as the Muslim Pilgrims Savings

Corporation (MPSC), which was founded in 1963 to help Muslims to save money so that they would be able to make

the once in a life time pilgrimage to the holy cities of Mecca and Medina in Saudi Arabia.

Basic principles of Islamic finance can be seen in the figure below...

Basic Principles of 

Islamic Finance

No gain without the risk of 

loss

Prohibition of financing

unethical activities

Prohibition of Riba Prohibition of Gharar and

gambling 

Asset backed

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Islamic Finance and its Progress Over the Years 

Over the past years Islamic finance has seen its growth. This has been elaborated by many organizations considering

the fact that Ernst & Young’s “World Islamic Banking Competitiveness Report 2013” elaborates that Islamic banking

total assets grew by more than $ 1.3 trillion in 2011 with an average annual growth of 19% over the past four years.

Moreover, reports further concluded that Islamic banking total resources are forecasted to grow beyond the goal of $2

trillion by 2014. Similarly we can further convolute that the reports of a leading management consulting firm known as

AT Kearney which has made up a conclusion in its report that Islamic finance has a very promising future but it further

needs to cater the problems it has been facing. Since one of the quandary it is facing now is that this industry has a

very few professionals who knows about Shariah compliance. Moreover, it further needs to expand its presence

outside GCC and Middle East reaching to European markets as well.

So from some stances we can simply elaborate and deduce that Islamic finance has somehow made an efficient growth

in its productive structure. Looking at the European structure what we can analyze is that usually many of the nations

are being under the influence of conventional banking structure. Western markets were unaware of the Islamic

finance, it developed interest only after the world economic crisis occurred where many banks were bankrupt andother organizations faced Mergers and Acquisitions etc.

The popularity of Islamic finance has a major and positive impact on western nations like for example Luxembourg

found first Islamic finance banking system back in 1978 known as Islamic finance house. Soon after Denmark was the

second nation to step up Islamic bank known as an Islamic bank international. Since Islamic finance banking sector is

still not on par with the conventional banking sector but at the same time senior analyst has concluded that Islamic

finance has a very positive promising future.

From the below table we can elaborate that conventional banks in Middle East are still on the higher side as compared

with Islamic banks. We can simply construe that Islamic banks needs to further mobilize their assets in such a way that

they meet the standards of conventional banks.

From below table we can examine the strength of Islamic finance sector and conventional banking

sector: ( Number of banks with branches working)

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Senegal seeks to become West

African hub for Islamic finance

U.K. Islamic Bond back on agenda

as London seeks Shariah market

The U.K. government is considering

reviving plans to sell Islamic bonds

as part of an initiative to boost

Britain’s role as a center for Shariah

compliant financing.

Treasury Minister Greg Clark and

Sayeeda Warsi, a minister in the

foreign office, are leading a working

group to raise the profile of the

Islamic finance industry.

Investing in Malaysia, Trade,

Finance and Islamic Banking

Shayne Heffernan has been bullish

on Malaysia for several years and

the run is not over yet according to

HeffCap one of Asia’s leading

financial advisors.

HeffCap sees Malaysia as a

developing hub for trade and

banking, especially Islamic banking.

Shayne Heffernan said that Kuala

Lumpur has been quick to developIslamic banking and has already

built strong ties to the financial

centers' of the Middle East.

Bahrain Islamic banking assets up

by 13 percent

The total assets of Islamic banks inBahrain have increased 13 per cent

at the end of last year  – up from 4

per cent in 2003, said Islamic Banks

and Financial Institutions general

council secretary general Dr. Omar

Al Hafiz. The figures were released

by the Central Bank of Bahrain.

Norton Rose advises managers

on DEWA’s $1 billion Sukuk

issuance

The managers comprised Abu DhabiIslamic Bank, Citigroup Global

Markets, DIB, Emirates NBDCL, SCB

and RBS as Joint Lead Managers

and Commercial Bank International,

Sharjah Islamic Bank (SIB) and UNB

as Co-Managers.

The Islamic debt capital markets

have become very buoyant in the

Middle East over the past few

months with clients expecting their

advisors to navigate seamlesslythrough legal and Shariah issue.

Dubai Islamic said to set profit

rate at 6.25% on Dollar Sukuk

Dubai Islamic Bank the United ArabEmirates’ biggest Shariah-compliant

lender, will pay a profit rate of 6.25

percent on a $1 billion Islamic bond

it plans to sell, said a banker

familiar with the matter.

Banks in the six-nation Gulf 

Cooperation Council are seeking to

build their Tier-1 capital ratios as

they attract deposits and extend

loans to support state investment

programs and retail demand.

Disclaimer:The news included here is on the basis of information obtained from local and international print and

electronic media sources. IFP and Hidaya IBSS team does not accept any responsibility about their bona-fide. 

Senegal is trying to position itself as

a center for Islamic finance in West

Africa, where about 52 percent of 

the population is Muslim, as the

government pursues changes that

will enable the first sales of Sukuk.

Senegal still needs to adjust its

policies to be able to sell debt that

complies with Islam’s ban on

interest after postponing a plan lastyear to sell such bonds, said MD of 

the African Institute of Islamic

Finance.

G lobal News

ECB, IFSB conducting study on Islamic finance

The European Central Bank and the Malaysia-based Islamic Financial Services Board (IFSB) are conducting a joint

study on policies affecting Islamic finance in Europe, the IFSB's top official told Reuters.

"We are doing a joint study with Europe's central bank which brings together European scholars and regulators to

examine a broad set of policy and regulatory issues in relation to Islamic finance in Europe," said IFSB secretary

general Jaseem Ahmed.

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New Sukuk issuances to exceed

$100bn

Qatar says Islamic bank to be set

up with IDB "soon"

Qatar expects to go ahead soon

with its plan to establish a big,

international Islamic bank, said

Finance Minister Youssef Kamal.

Last April the Qatari government

signed a memorandum of 

understanding with the Jeddah

based Islamic Development Bank, a

multilateral lender, and Saudi

Arabia's Dallah Albaraka Group toestablish a bank with initial capital

of $1 billion.

GCC, Asia still key engines for

growth of Sukuk market

The new issuance of Sukuk

worldwide could top well above

$100 billion again this year,

Standard & Poor’s said its recent

report “Investor Appetite Is Pushing

Sukuk Into The Mainstream”, amid

current investment spending and

economic growth, along with its

forecast of continued high oil prices

and low bond yields.

In addition, jumbo issuance may

pick up further, mainly on the back

of huge infrastructure projects from

sovereign nations.

Affin Eyes China For Islamic

Banking Ops

Affin Holdings Bhd is eyeing Chinafor its Islamic banking operations in

view of the tremendous potential in

the region, deputy chairman Tan Sri

Lodin Wok Kamaruddin, said.

"The structure has not been

finalized yet. It is still preliminary

but we are trying to put it in place

to be submitted for approval,

including by Bank Negara Malaysia,"

he told reporters after the group's

annual general meeting.

Dubai Maritime City Authority

encourages Shariah compliant

shipping finance

Just as the Dubai Maritime CityAuthority (DMCA); a branch of the

Dubai government which regulates,

coordinates and supervises all

aspects of the maritime sector in

Dubai, announced its support for its

ruler's initiative to turn Dubai into a

Islamic hub, news has broken on

the National Shipping Company of 

Saudi Arabia (Bahri)'s intentions to

issue its debut Sukuk.

Islamic finance body says first

Sukuk to debut within months

International Islamic LiquidityManagement Corp., backed by a

group of central banks located

mainly in Asia and the Middle East,

will launch its first Sukuk of $300

million to $500 million "in a matter

of months", its chief executive said.

Kuala Lumpur-headquartered IILM,

established last year, aims to issue

short term Sukuk, or Islamic bonds,

to help Shariah compliant banks

manage liquidity and create a liquid

cross-border market for Islamicinstruments.

Disclaimer:The news included here is on the basis of information obtained from local and international print and

electronic media sources. IFP and Hidaya IBSS team does not accept any responsibility about their bona-fide. 

There is little to hinder another

strong performance by the Sukuk

market in the next few years,

Standard & Poor's said in a report

published that, “Investors Are

Snapping Up Sukuk, Despite

Questions About Creditworthiness."

Despite increased growth, the

market for Sukuk, is still a small

segment of the global fixed-incomeworld. Sukuk comply with Shariah

law, meaning they do not

technically pay interest; rather,

they provide Sukuk holders a profit

in.

G lobal News

BIBD, Big Winner At Islamic Finance News Awards 2013

Bank Islam Brunei Darussalam Berhad (BIBD) emerged as big winners at the Islamic Finance News (IFN) Awards 2013

held on March 5 at the Grand Hyatt Hotel in Kuala Lumpur. According to a press release from the bank, BIBD was

presented with four awards, the "Structured Finance Deal of the Year 2012" for the Brunei Gas Carriers (BGC) Sdn

Bhd US$170 million Islamic Financing Facility.

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BoP 1st Islamic Banking branch

The Bank of Punjab (BOP) has

launched Islamic Banking to provide

its customers with Shariah

compliant services under license

issued by the State Bank of 

Pakistan.

The start of Islamic Banking at BOP

comes in the wake of four years of 

committed hard work by the

management to turn the Bankaround. It has been a tough

assignment to rebuild the Bank and

win the confidence of clients and

institutions alike but the hard work

is paying off and the Bank is

progressing.

Bank Alfalah, PAF sign MoU to

launch Car Ijarah Scheme

Bank Alfalah Limited’s Islamic

Banking Group, which has recently

achieved the centennial branch

milestone for its Islamic banking

branches, has signed a

memorandum of understanding

(MoU) with the Pakistan Air Force

(PAF) for the launch of the Car

Ijarah Product Scheme in order to

better serve the PAF personnel.

This unique offer by the bank

provides highly attractive terms to

the PAF personnel in accordance

with the Shariah guidelines, it said.

The State Bank of Pakistan (SBP) announced that the proceeds of the

government of Pakistan Ijarah Sukuk will be used by Pakistan Domestic

Sukuk Company Limited (PDSCL) to purchase the assets as an agent for and

on behalf of the investors.

SBP will conduct an auction through which Sukuk investors will be

identified.

A circular issued by SBP said that the investors will execute the Sukuk

subscription undertaking in favor of PDSCL and the National Highway

Authority (NHA), which will record the commitments of the investors to

subscribe the Sukuk to be issued by PDSCL.

Under the Sukuk subscription undertaking, the investors will also appoint

PDSCL as their agent. Each such Sukuk will represent an undivided

ownership in the assets, it said. A Sukuk issuance undertaking will be

executed by PDSCL and NHA in favor of the investors, whereby, PDSCL will

undertake to issue the Sukuk to the investors.

Islamic finance market likely to

grow

Pakistan’s Islamic finance market may

continue to mature and expand in the

years ahead given growing

investment by the Islamic banking

industry in federal government

securities through Ijarah Sukuk

(Islamic bonds), said bankers.

Recent statistics issued by the State

Bank of Pakistan (SBP) suggest Islamic

banking institutions (IBIs) invested Rs.

266 billion in government securities

during the third quarter of 2012against Rs. 154 billion over the same

period in the last fiscal year, showing

a year-on-year growth of 73.2

percent.

Of a total of Rs. 266 billion

investments, more than Rs. 47 billion

were provided by the Islamic banks

via Ijarah Sukuk to the government

for project financing.

Local News

Proceeds of the GoP Ijarah Sukuk to be used by Pakistan Domestic

Sukuk Company Limited

Disclaimer:The news included here is on the basis of information obtained from local and international print and electronic

media sources. IFP and Hidaya IBSS team does not accept any responsibility about their bona-fide.

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Book in t he S potlight 

These are the two last volumes of the eight volume set of  ‘Islam aur jaded maashi masail’, they are titled   ‘Islam ka

maashi nizaam’ and ‘Araazi ka islami nizaam’ respectively.

The seventh volume is a comprehensive discussion about an ideal Islamic economic system. It starts with

characteristics of any economic system which may differentiate one from another. On an exemplary basis author

describes the two major economic systems i.e. capitalism and socialism, with their basis and features distinguishing

them from each other. It not only converse about the economy but also regarding the impact of these systems on the

political sphere and government’s structure. The author also identifies prominent pros and cons of each system and

assesses them in the light of Shariah, about their acceptance and impermissibility under Shariah principles. This is

followed by a comparison of each system with a Shariah based economic system. As a way forward author suggests

the changes that are needed to reform the ill features of the above mentioned system into an Islamic economic

system.

Eighth volume depicts a case proceedings in reference to a case filed against a court’s verdict regarding land

properties waqfed. The said verdict was under the martial law regulation 115 vide 1972, and several other land reform

acts. The plaintiffs followed the proceedings with comprehensive and detailed laws of the land and the Shariah. Forthe proceeding purposes ‘Shufaa’ (right to acquire accompanied land) rules and agricultural land rules of Shariah are

also described and discussed in accordance with the laws of the land of Pakistan.

About the Author

Mufti Muhammad Taqi Usmani is one of the leading Islamic

scholars living today. He is an expert in the fields of Islamic

Jurisprudence, Economics, Hadith and Tasawwuf. Born in

Deoband in 1362H (1943 CE), he graduated par excellence from

Dars-e-Nizami at Darul Uloom, Karachi, Pakistan. Then he

specialized in Islamic Jurisprudence under the guidance of his

eminent father, Mufti Muhammad Shafi, the late Grand Mufti of 

Pakistan. Since then, he has been teaching hadith and Fiqh at the

Darul-Uloom, Karachi.

He also holds a degree in law and was a Judge at the Shariah

Appellate Bench of the Supreme Court of Pakistan. He has been

writing on various Islamic topics and is author of more than 60

books and numerous articles. Presently he is the Vice-president

of Darul-Uloom, Karachi, Pakistan, where he teaches SahihBukhari, Fiqh and Islamic economics.

Islam Aur Jadeed Ma’ashi Masa’il

(Seventh and Eight Volume)By Mufti Muhammad Taqi Usmani

Publisher:

Idara-e-Islamiat, Lahore

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 Ask Us

Question

Is it permissible in Shariah to cover the loss in one Mudaraba operation from the profit of other Mudaraba operation?

What are the Shariah injunctions for this case?

Answer

When loss is incurred in one Mudaraba operation it can be covered from the profits of other Mudaraba operations, and

if it exceeds the profits it should be covered from capital. What should really matter is the final result of liquidation at

the end of the financial period specified by the institution. The loss of a certain financial period should not be covered

from the profits of another period which also includes the situation of constructive liquidation, except in the case of 

covering losses from reserves.

Question

What are the Shariah directives regarding the possession of subject matter in online sale contracts?

Answer

Regarding online contracts, possession in the strict Shariah sense takes place through all accepted methods of actual

and legal possession. If the sold commodity is computer software or the like, possession in the strict Shariah sense takes

place when the purchaser, after signing the contract, downloads the software or the data or any good of this type from

the website to his personal computer. When the sold commodity is a currency, gold, silver or any other commodity in

which instant exchange is required, instant exchange of the two objects of the contract should be ascertained during the

contract's signing session.

Questions / Answers

Feed Back Corner

Please provide us with your feedback on the following

email addresses

[email protected]

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Upcoming EventsIFN – EVENTS DAIRY (IFN ROAD SHOWS)

Islamic Finance News Road show continue to educate and update the developing Islamic financial markets by organizing

key Islamic finance events with the focus heavily on education and development. 

Australia

7th May 2013

Japan

12th June 2013

Pakistan

27th August 2013

Hong Kong

25th June 2013

Turkey

3rd September 2013

Sri Lanka

29th August 2013

Egypt

5th September 2013

International Islamic Finance Conference 2013—Abu Dhabi, April 14-16, 2013

The aim of the conference is to investigate current political and socio-economic developments through leading thinkers

in their field, the likely effects of those developments on the performance and future position of Islamic financial

institutions, the regulatory set-ups, and popularity of Islamic products offered to the public, governments and

businesses.

In association with Emerald Group Publishing, the organizers will now work with all those involved in the programme to

build on this platform for the exchange of invaluable research and ideas.

Morocco

28th April 2013

World Islamic Finance Conferences / Workshops and seminars

Key Islamic finance events with the focus on education and development.

Islamic Banking and Finance, Challenges of Survival and Development

3rd May 2013 Oxford, United Kingdom

The first International Conference on Islamic Wealth Management and Call for Paper Islamic Finance of 

Business and Journal (IFBJ) Best Paper Award

11th May 2013 Sentul City, Indonesia

4th Global Islamic Marketing Conference

30th May 2013 Istanbul, Turkey

Bangladesh

5th February 2013

Singapore

22nd March 2013

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Article:

Usman Uppal

Ask Us:

Mufti Ibrahim Essa and

Mufti Javed AhmedBook in the Spotlight:

Islam Aur Jadeed Ma’ashi

Masa’il (Edition 7 & 8) 

News:

Local and Global news 

Let us know, if you know friends or colleagues who, in your

view, may benefit from this newsletter. Send us their emailaddresses at

[email protected]