FaithWorld

Mideast banks, funds seek to tap Muslim women’s wealth

women banking (Photos: One of Dubai Islamic Bank’s women-only branches in Deira, October 26, 2010./Jumana El-Heloueh)

Emirati housewife Sarah Alzarouni brushed past a group of women clad in floor-length black robes, some with only their eyes showing, to enter through the frosted doors of one of Dubai Islamic Bank’s women-only branches. Clutching a Louis Vuitton bag to match her designer head scarf, Alzarouni greeted the female tellers and bank manager with three kisses on the cheek and sat down to do business.

“I am much more comfortable working with ladies than in a mixed environment,” Alzarouni, 27, said. “When I come here, I feel like one of them. They understand my needs and I can move freely, not having to always think where I am and whether my (scarf) has moved. As a Muslim, it is really important for me to deal with an Islamic bank. “

Many affluent Muslim women share Alzarouni’s sentiments and they are increasingly turning to Islamic banks to manage their money. These women are looking beyond basic banking services to sophisticated products to grow their wealth while complying with Islamic principals that include a ban on interest.

According to a report by Boston Consulting Group, women in the Middle East controlled 22 percent, or $500 billion, of the region’s total assets under management in 2009. Financial institutions in the conservative Gulf Arab region, where many women are reluctant to mix with men outside their families, are tapping into the niche, with women-only bank branches and investment funds mushrooming.

Read the full story by Shaheen Pasha and Martina Fuchs here.

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Can halal cosmetics outgrow their Islamic beauty niche?

halal cosmeticsThursday evening at a luxury, Pharaonic-themed spa in Dubai. Emirati women, colorful eye makeup contrasting with their black robes, wait by a bronze statue of a smiling Cleopatra for their weekend beauty treat.

The mineral-based skincare range used at the spa is free of pork and alcohol derivatives.  Supplier Charlotte Proudman hopes to register it as compliant with sharia, or Islamic law, tapping into a growing trend for “halal cosmetics” in the mostly-Muslim Middle East and among the world’s estimated 1.6 billion Muslims. (Photo:  Halal makeup applied to Sabah Zaib in Birmingham, central England, July 28, 2010/Darren Staples)

“I really want to put this onto our packaging so that our clients can be reassured that our products are halal, and that they can feel consistent in their religious beliefs,” Proudman said at the spa she launched in 2008.  “I really feel that halal cosmetics have a future. I don’t think that a Muslim man or a Muslim lady should compromise their beliefs for a skincare range that will work well for them.”

Islamic finance seems overwhelmed by tighter supervision of sharia advisers

islamic bankIslamic finance is toughening supervision of its powerful religious advisers as shareholders worldwide demand increasing accountability from directors, but key reforms may do little to boost independence and transparency.

Key to these challenges is the small number of scholars advising a growing number of banks on increasingly complex financing structures, raising issues such as transparency of rulings, independence of advisers and how to groom new scholars. (Photo: Dubai Islamic Bank in Dubai, September 28, 2010/Jumana El-Heloueh)

But varying sharia standards, different regulatory approaches and vast disparities in development across markets stand in the way of reforms to streamline and boost supervision, which are critical to growth.

Islamic finance seeks young scholars to lead growth, improve products

islamic bankWith Islamic finance a $1 trillion industry globally and expected by ratings agency Moody’s to reach $5 trillion in time, students of sharia have more opportunities than ever before to take their skills beyond the mosque doors and into the boardroom.

Reflecting the change in times, many current scholars now prefer to call themselves sharia advisors or technicians to suggest that their duties are more professional rather than simply clerical. (Photo: Dubai Islamic Bank, January 28, 2008/Jumana El Heloueh)

Professionally, it can be a lucrative endeavor. Scholars working on Islamic finance deals are paid consulting fees, depending not only on the services provided but also the seniority and fame of the scholar.

Just before Darwin day, Pew reviews faith and evolution in U.S.

Just in time for Charles Darwin’s 200th birthday next week, the Pew Forum on Religion and Public Life has posted an extensive research package examining the debate about evolution, Darwinism and religion in the United States. “The Debate over Evolution” is a treasure trove of information about the debate and especially useful for the lists breaking down views of the main religious groups and the political fight over Darwinism state by state. (Photo: British Darwin commemorative stamp, 29 Dec 2008/Royal Mail)

Here are the main entries:

Speaking of Darwin, we’ve done several posts about the Turkish anti-Darwin campaigner Harun Yahya and his Islamic creationst campaign against evolution. Most of the attention on this has been on his mega-book Atlas of Creation, how it’s being distributed in Europe and what the reaction to it has been.