AM | @MackinlayEuruni
Financial markets are changing fast — on the heels of the financial crisis and relentless technological change. That might well justify statements like these:
. "A unique and highly specialized branch of marketing" (Estelnami);
. "The financial industry operates in a unique way, and its marketing tasks are correspondingly complex" (Ehrlich & Fanelli)
Let us take a (very) brief look at some aspects of Islamic finance (*). From several recent issue of the Financial Times:
[1] Qatar issues sukuks. "Qatar has sold one of the largest Islamic bonds on record with surging demand for the $4bn issue. The bond attracted orders of $25bn, underlining the robust appetite for strong borrowers in emerging markets and securities that comply with Muslim strictures against interest. Islamic bonds, called sukuks, are backed by some sort of tangible asset —land in Qatar's case— structured to pay a 'profit rate' rather than a classic fixed coupon and have to be approved by Muslim clerics". Robin Wigglesworth & Camilla Hall: "Qatar meets flurry of demand for bumper $4bn islamic bond", FT, 12 July 2012.
[2] See this ad.
[3] Goldman Sachs: problems with sukuks. "Goldman Sachs is facing obstacles to the launch of its first Islamic bond, with some experts warning its structure might breach sharia law. The bank announced in October that it would offer a $2bn sukuk, securities designed to comply with Islamic law forbidding usury, via a Cayman Islands-registred vehicle listed on the Irish Stock Exchange. Some experts say the offering might flout the rules". Tom Braithwaite & David Oakley: "Goldman runs into sukuk hurdle", FT, 16 December 2011.
[4] Marketing & Islamic finance. "Cedomir Nestorovic, a professor of Islamic business and management at the Singapore campus of Esses, a French business school, agrees that Islamic finance needs to address issues like ethics, accounting law, or conventional finance. "A course about Islamic finance should not be teaching financial techniques alone. There must be a part dealing with religious and ethical issues, explaining the rationale behind the industry. Elements such as marketing and management must also become more integral part of Islamic courses, so that they can increase their breadth". Emanuelle Smith: "Notion of stewardship imbues business ethics", FT, 18 June 2012.
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