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This blog was co-authored by Kristin January, Trainee Associate Islamic finance has shown to be systemically important in many jurisdictions and is growing in the wider regions of the Middle East, Asia and Africa. Recent discussions focusing around the favourable prospects of green Sukuk are another growth driver for Islamic Finance. COP-27 highlighted the massive investment required to tackle climate change in emerging markets (EM) including those in the Middle East and Africa (MEA).
Attempting to define Islamic financing is not always easy. Put simply, Islamic finance is a way of doing financial transactions and banking while respecting Islamic Law (Shari’ah). The underpinning principles of Shari’ah are based on social vision of public interest, equity, justice and fairness. Shari’ah gives guidance as to what is, and what is not acceptable behaviour in all areas of a Muslim’s life.
A trend has arisen, which has not gone unnoticed by the CIPC, where companies are failing to conduct the solvency and liquidity test in accordance with section 4 of the Companies Act, 2008, for instance when declaring a dividend. A failure to do so can have personal consequences for directors. The CIPC reviews annual financial statements to monitor compliance with the International Financial Reporting Standards (IFRS) and the Companies Act.
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