http://www.menafn.com/qn_news_story_s.asp?StoryId=1093141088
Deutsche Bank publishes white paper to increase supply of Sharia
compliant alternative investments
MENAFN Press - 30/01/2007
(MENAFN Press) - Deutsche Bank has today published a White Paper
outlining the investment structure that facilitates the issuance of
Sharia compliant securities that offer investors access to alternative
asset classes.
Deutsche Bank has made public its procedures both in the interests of
transparency and in an attempt to help alleviate some of the 'supply
side' constraints that exist in Islamic financial markets. These
constraints are mainly related to capacity - in respect of the number of
qualified bankers involved and their Islamic structuring capabilities.
In addressing these issues, the market will be more able to develop in
line with customer demand.
By publishing this paper, Deutsche Bank hopes to achieve three
objectives which will see the area of Sharia compliant securities
growing, but off a solid and uniform base.
Make Deutsche Bank's investment structure (or the 'Structure') available
to other financial institutions and thereby alleviate the current
shortage of supply of products.
Establish the White Paper as a quality benchmark, and encourage the use
of academic resources to assist the industry in developing new products
- something that has not been a feature of the industry so far.
Encourage the use of the Structure in its correct context through
reference to the White Paper.
Geert Bossuyt, Managing Director, Regional Head of ME Structuring,
Deutsche Bank, commented:
"We are confident that the Structure will eventually be viewed as a
significant milestone in the development of the Islamic finance industry
as it provides Islamic investors with exposure, in a liquid and
cost-efficient way, to new asset classes and pay-outs, removing one of
the main structuring barriers. The Structure itself is the result of
close co-operation between academics, bankers and, of course, scholars."
"Too often, 'innovation' is achieved by pushing the barriers and/or
misusing fatawa by taking them out of their context. Innovation ideally
should be the result of a well documented and fundamental discussion on
Sharia. Deutsche Bank wishes to encourage the use of academic resources
to assist the industry in developing new products as this has not been a
feature of the industry to date."
"We believe that those institutions with the vision, creativity,
innovation, courage and commitment to develop the Islamic financial
markets will be recognised for their hard work and ideas. Sharia itself
has inherent flexibility and fewer constraints than is often assumed by
the financial services industry. Fundamental research is the key to
unlocking this inherent flexibility, thereby allowing this market to
grow to its full potential."
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