Corporatewizards

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Accountant
The Pakistan
July-August 2007

Magazine of the Institute of Chartered Accountants of Pakistan

Islamic Economic System

Accountant
The Pakistan
July-August 2007

Contents
Vol # 41 Issue # 3

July- August 2007

PUBLICATIONS COMMITTEE
Chairman and Chief Editor Abdul Rahim Suriya, FCA Members Abdulwahid, FCA Abdul Rab, ACA Adnan Ahmad Mufti, ACA Ahmad Saeed, FCA Ahsan Ghaffar Mehanti, ACA Asif Jamal, FCA Faisal Habib, FCA Faisal Imran Hussain, ACA Fazal Mahmood, FCA Hena Sadiq, ACA Jehan Zeb Amin, ACA Junaid Haji Zikar, ACA Kashif Ilyas, ACA M. Arshad Siddiqui, FCA Muhammed Amin Bhimani, ACA Muhammed Mahmood Marfatia, ACA Omar Mustafa Ansari, ACA Raheel Abbas Rizvi, ACA Rahil Rafiq, ACA Shakil Akhtar Qureshi, FCA Sophia Ahmed, ACA

3 5 6 9

Editor's Letter President's Page Faith and Finance Islamic Finance - Emerging Challenges of Supervision Dr. Shamshad Akhtar

Cover Story

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An Islamic economic system seeks to implement an economic system based on the equitable distribution of wealth, payment of zakat, and The Facets of Islamic Economy banking without interest. The launch Abdulwahid, FCA of Islamic bonds in the international Financial Corruption market that comply with a variety of Sadia Kaleem, ACA Shariah based criteria, and the recent rise in Islamic financial Wealth Distribution products and services offered in the Nadia Azhar, ACA West, further establish the growing popularity of Islamic finance and Agriculture economics. Mehreen Wahid

THE COUNCIL
President Imran Afzal, FCA Vice Presidents Rafaqat Ullah Babar, FCA Shaikh Saqib Masood, FCA Members Shahzad Hussain, FCA Nasim Hyder, FCA Syed Shahid Husain Jafri, FCA Farrukh Viqaruddin Junaidy, FCA Razi-ur-Rahman Khan, FCA Rashid Rahman Mir, FCA Ahmad Saeed, FCA Asad Ali Shah, FCA Abdul Rahim Suriya, FCA Mohammad Abdullah Yusuf, FCA Syed Mohammad Shabbar Zaidi, FCA Arif Mansur (Deceased) Dr. Faizullah Khilji (Retired) Executive Director Moiz Ahmad, FCA Secretary F. H. Saifee, FCA Publications Coordinator Asad Shahzad

20 The Rise and Fall of Structured Credit Danish Ahmed Siddiqui, ACA 23 Credit Risk Management Abdul Razzaq, ACA 28 Reverse Mortgage Loan in India Dr. Pradeep Kumar Singh 32 Open Letter - Why it is Important to Maintain Audit Quality 34 View Point: In Conversation with Richard Dyson, President ICAEW

In-House
37 The Fall of The Soviet Union and The Rise of Russia 39 People 42 World in Focus 43 Books

EDITORIAL OFFICE
The Pakistan Accountant Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan) Phone: 9251636-39 Fax: 9251626 E-mail: asad.shahzad@icap.org.pk Website: www.icap.org.pk

Students’ Section
44 What is a Corporate Credit Rating

The Pakistan Accountant can be downloaded from Institute’s website at www.icap.org.pk The views expressed here do not necessarily represent the official policy of the Institute.

Editor's Letter
T
he fact that conventional financial institutions all over the globe are now recognizing Shariah compliant products as a valid category of their overall investment portfolios signals the growing maturity of the Islamic financial sector. Swiss and German banks are making efforts to implement elements of Islamic finance in their systems. The Japanese Government has recently announced issuance of sukuk bonds for infrastructure development, which indicates that Islamic financial products are attracting non-Muslims and even corporations seeking new means of acquiring capital. In order to maintain its popularity this sector must now seek integration in the emerging and developing economies of Southeast and South Asia. 'The Malaysian market accounts for most outstanding sukuk, but interest is growing in the rest of Asia, obviously in jurisdictions such as Indonesia and Pakistan.' This recent statement by the Assistant Vice President of Moody's Corporate Finance is ample evidence of the fact that Pakistan's potential as a center for Islamic finance is...
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