Praesidium LLP and DIFC Produce the First Comprehensive Guide to Islamic Finance

Tuesday, Mar 25, 2008

Praesidium LLP and Dubai International Financial Centre (DIFC) produced the first comprehensive guide to explain the intricacies of Islamic finance, filling a long-felt need in one of the world’s fastest growing economic sectors.

The 40-page booklet ‘A Guide to Islamic Finance – in or from the DIFC’ is designed to help all who are interested in learning more about the subject. The guide is available on both DIFC and Praesidium websites.

It provides a summary of the underlying concepts in Islamic finance, as well as examines the issues facing the Islamic financial services industry regionally and internationally.

The guide places specific emphasis on ‘Tayyab’, an underlying principle of Islam which is emerging as a new concept in Islamic finance. In the context of Islamic Finance, Tayyab ensures that Islamic financial products are developed with a focus on holistic, equitable Islamic criteria of transparency, accountability and fairness so as to ensure that the credibility of the Islamic finance industry as a whole is maintained.

The booklet also details the DFSA regulatory environment for Islamic finance and the requirements applying to Sharia’-compliant operations and the products they offer.

‘A Guide to Islamic Finance – in or from the DIFC’ has been written by Hari Bhambra, head of DIFC-based firm Praesidium LLP – a regulatory, compliance and client advisory firm which specializes in helping clients with DFSA regulations, compliance and training services for conventional and Islamic Institutions and financial services advisory work. She was formerly a regulator with the Dubai Financial Services Authority.

Hari Bhambra is an acknowledged authority on Islamic finance, having set up the ‘Sharia’ Systems’ regulatory regime for the DIFC and authored a number of Articles internationally on Islamic finance. She sits on a number of committees dealing with Islamic finance and was recently appointed sole adviser to a secular Islamic state on the introduction of Islamic contracts into their market for the first time.

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