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Grassroots Revolution: the Relentless Rise of Compliant Crowdfunding

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Grassroots Revolution: the Relentless Rise of Compliant Crowdfunding The World’s Leading Islamic Finance News Provider (All Cap) Top of the class: Easy entry to Philippines US market 1100 New funding Takaful: OAC Stock Exchange welcomes 1075 1.08% platform off ers a new moves ahead Shariah 1050 1,044.72 teaches model..........11 with plans to compliant 1025 1,033.50 student loans a launch Shariah NYSE-listed 1000 W T F S S M T lesson..........8 compliant sub- ETF..........18 Powered by: IdealRatings® index..........15 COVER STORY 8th October 2014 (Volume 11 Issue 40) Grassroots revolution: The relentless rise of compliant crowdfunding Crowdfunding is the latest catchphrase diff erent lines. The most common so far fundamental reliance on risk sharing. in capital formation, and these days have been reward or donation-based “Crowdfund investing is both timely and it seems as if everyone is jumping on campaigns, popularized by success authentic,” confi rmed Aamir A Rehman, the bandwagon. With a profi t-sharing stories such as US platform Kickstarter, managing director at UAE private equity model in close alignment to Shariah the world’s largest funding platform fi rm Fajr Capital Advisors. “Timely principles and a structure enabling for creative projects, which in the space because it helps address the need for unparalleled access to funding of just fi ve years has att racted over fi ve entrepreneurial fi nance in key Muslim for entry-level players, LAUREN million contributors and raised almost markets. Authentic because it encourages MCAUGHTRY looks at the astonishing US$1 billion for over 55,000 projects. risk-sharing, channels savings to real growth trajectory of the sector — and Lending platforms, such as UK-based economic activity, and enhances fi nancial asks whether this latest fashion could Funding Circle or ethical platform participation-core principles at the heart truly translate into the Next Big Thing Abundance Generation, in comparison of Islamic fi nance.” A recent report co- for Islamic fi nance… off er debentures in return for investment, authored by Aamir notes that: “Islamic which are repaid over a period of time. commercial law strongly favors equity A Cinderella story over debt fi nancing, which suggests The growth in popularity of the But one of the most exciting that crowdfund investing platforms are crowdfunding model has been nothing opportunities around, especially for especially well suited to Muslim-majority short of extraordinary. Between 2010- Islamic investors, is the rise of the countries. In our view, crowdfund 13 the amount of capital raised by equity-based funding model, in which investing and Islamic fi nancial services crowdfunding sites grew at an average participants receive a security in the are inherently compatible and mutually annual rate of 179%, with US$5 billion venture in return for their contribution. reinforcing.” raised in 2013 alone. Over US$10 billion While one of the most complex structures has been raised worldwide through in terms of regulation and The model not only encourages crowdfunding platforms in the last participation risk, the increased access to fi nancing, fi ve years, with the number of players economic possibilities for but has a knock-on eff ect for currently topping 500 — following a 91% capital generation could the wider economy which is increase in platforms in 2012. The US is be some of the most of particular importance to now home to over 350 sites, along with exciting that the market the Islamic industry, which almost 100 in the UK, over 50 in France has ever seen. emphasizes positive social and a growing number of launches across benefi ts and involvement the developing world. Perfect ϐit in the real economy. “The The equity-based model is opportunity to allow private Although based on similar principles of an almost perfect alignment investment in an effi cient profi t-sharing, crowdfunding campaigns with Shariah compliant and eff ective online can be structured along a variety of methods of fi nance, due to its continued on page 3 “ Wealth, properly employed, is a blessing CIMB Islamic. and a man may lawfully endeavour to Artisans of Islamic Finance™ increase it by honest means.” Hadith narrated by Bukhari IFN RAPIDS Volume 11 Issue 40 transactions in capital DEALS markets TAKAFUL IFN Rapids ................................................... ..2 Pakistan government plans Maybank Islamic CEO Syarikat Takaful Malaysia IFN Reports: to auction US$1 billion hopes government will provides bursary to assist • Top of the class: New funding platform Sukuk this month include tax incentives for actuarial science graduates in obtaining a professional teaches student loans a lesson • Bridging the Puncak Niaga carries out Waqf and Zakat in Budget qualifi cation gap: Finding middle ground for Islamic and conversion of RM3.5 million 2015 conventional fi nance • Easy entry to Takaful: (US$1.06 million) Sukuk Investigation into US$1 Al Alamiya for Ijarah to company shares Cooperative Insurance OAC off ers a new model • Company Focus: Dar billion Kabul Bank theft Company engages IOI Properties Group reopened by Afghanistan’s Al Sharia – A pioneer, a leader • IFN Dealogic Shariyah Review Bureau issues Sukuk Murabahah new president roundup • Sovereign Sukuk: Asian wave in the for Shariah audit and under RM1.5 billion horizon • IFN Global Trendswatch • IFN Weekly Islamic Bank of Britain to advisory services (US$457.32 million) Sukuk become Al Rayan Bank by Poll: Will the recent spate of sovereign issuances program the end of the year in non-Muslim majority countries spur corporate Government of Indonesia EFG Hermes acquires 49% RATINGS Islamic issuances? • Philippines Stock Exchange auctions Sukuk, sets stake in French wind farm Moody’s upgrades rating moves ahead with plans to launch Shariah indicative target at US$1.5 as fi rst purchase outside trillion (US$123 million) on Jebel Ali Free Zone compliant sub-index • Africa: A destination for MENA FZE’s US$650 Sukuk to long-term growth investments • Luxembourg Mergers and acquisition ‘Ba1’ prices long-awaited Sukuk • Country fi rst for NEWS deals in the Middle East Indonesia’s global rating Al Baraka Bank Pakistan • US market welcomes Islamic fi nancing for US$2.6 and Africa down 31% reaffi rmed at ‘gBBB2(pi)’ by Shariah compliant NYSE-listed ETF ............ 8 billion Moroccan power The IDB to complement RAM project provided by IDB World Bank’s US$474 MARC assigns Putrajaya million water supply IFN Analysis: Islamic fi nance in Libya: Taking a Amãna Bank instigates Holdings’ Islamic debt development scheme to step back? ........................................................ 19 ‘Senior Citizens Saving programs ratings of Month’ for October, off ering Lebanon with US$128 ‘AAAIS’ and ‘AAAID’ Real estate remains a fundamental accessory additional benefi ts to elders million in Shariah in the Islamic finance landscape ............. 20 compliant fi nancing RAM maintains rating No announcements on Case Study: watch on Malaysia Islamic megabank to be Further Sukuk anticipated Building Society and its Maiden sovereign Sukuk: Emirate of Sharjah ....21 expected before the 8th in the coming year from RM495 million (US$914.65 Shariah Pronouncement .............................22 October, according to CIMB non-Islamic issuers, million) Sukuk according to Azzad Asset IFN Country Correspondents: acting CEO Management RAM reaffi rms ratings for Bangladesh; Brunei; UAE ............................ 23 RAM predicts infl ation Bank Rakyat and its Islamic National Bank of Kuwait IFN Sector Correspondents: of 3.8-4% for Malaysia in funding programs 2015 on the back of GST offl oads 30% stake in Regulatory Issues; Takaful & Re-Takaful....25 implementation International Bank of Abu Dhabi receives ‘AA/A- Special Reports: Qatar as it sees no chance to 1+’ sovereign credit rating The Philippines: A latent opportunity ................ 27 Islamic Dakwah secure majority stake from S&P Foundation Malaysia to Country Feature: Saudi Arabia: An economy on increase Islamic fi nancial Moody’s Investor Services Highway concessionaire the up ............................................................. 28 literacy programs in 2015 launches new rating Kesas proposes RM735 Sector Feature: Structured Islamic fi nance and product focusing on private million (US$224.09 million) Islamic banking industry placement markets of EMEA Sukuk the issue of ownership .................................... 30 voices hope for incentives Book Excerpt: The Eurekahedge Report: Key for development of Investcorp to complete US$1.43 billion sale of trends in Islamic hedge funds ........................ 31 investment accounts in MOVES upcoming budget Berlin Packaging this week Path Solutions’ iMAL Mohamed Abdulaziz Islamic Finance news ................................... 33 Malaysian banking sector Kalmoor resigns as CEO of remains ‘underweight’, software passes AAOIFI Deal Tracker .................................................37 Bank Sohar according to CIMB compliance assessment REDmoney Indexes .................................... 38 Research Kuwait records bumper Cheick-Oumar Sylla joins Eurekahedge data ....................................... 40 year with KWD12.9 billion ContourGlobal as CEO for Danajamin Nasional signs Africa Performance League Tables .......................42 strategic collaboration (US$44.66 billion) budget Events Diary................................................. 46 agreement with Credit surplus but IMF warns this Global Investment House Company Index ........................................... 47 Guarantee and Investment could reverse if oil prices fall
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