KMI remain positive despite losses in Asian market

KMI remain positive despite losses in Asian market

KARACHI: Institutional buying in fertilizer stocks could boost the market after OGDC resume gas supply to different industrial units including fertilizer.

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Harmonization of standards: Biggest challenge faced by Islamic Finance

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By Riffat Mughal KARACHI: Deutsche Bank Global Markets Research report on Islamic Finance has pointed out certain challenges and risks is being faced by Islamic finance industry. According to the report, one of the biggest challenges global Islamic finance industry is facing is Harmonization of standards, which indicates the fact that not every Islamic product is acceptable in certain countries. The different interpretations of Shariah compliancy are attributed to scholastic differences within Islam. All the five teachings --- Shafi, Shia, Hanafi, Hanbali and Maliki --- have subtle differences. The Malaysian system is generally seen to be less strict (or more progressive) than in the Gulf. The divergence of opinion between the Gulf States, Saudi Arabia and Malaysia is narrowing. In Malaysia, scholars prioritize on form over substance when deciding whether a particular product is Shariah-compliant or not, but GCC scholars contend that Shariah compliance lies in the intent ...
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