Islamic Banks and Financial Institutions
| Islamic Banks and Financial Institutions
Middle – East Bahrain Citi Islamic Investment Bank E.C Iran Export Development Bank of Iran Jordan Islamic International Arab Bank Kuwait Lebanon Qatar Qatar International Islamic Bank Qatar Islamic Insurance Company Qatar International Islamic Bank
Saudi Arabia Al Baraka Investment & Development Co. Al Rajhi Banking & Investment Corporation UAE Badr Al-Islami(Islamic Banking Division of Mashreq Bank) Attijari Al Islami(Islamic Banking arm of Commercial Bank of Dubai)
Islamic International Arab Bank
USA American Finance House, LARIBA Bank MSI Financial Services Corporation
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South – East Asia
Brunei
Islamic Bank Brunei Darussalam
Islamic Development Bank of Brunei (IDBB)
Indonesia
Takaful Islamic Insurance International
Malaysia
Philippines
Indian Subcontinent
Bangladesh
Islamic Finance and Investment Limited
India
(Isamic Banking is not allowed as per the current regulatory system, but these financial institutions claim that they are working as per islamic principles)
Al-Barr Finance House Limited (India)
Al-Ameen Finance & Investment Corporation
Pakistan
Dubai Islamic Bank Pakistan limited
Islamic Investment Bank Limited, Pakistan
Africa
Algeria
Gambia
Sudan
Islamic Co-operative Developement Bank
South Africa
Rest of the World
Turkey
Albaraka Turkish Finance House
Kuwait Turkish Participation Bank
Turkiye Finans Participation Bank
UK
It’s a big market for little chips: 2.6B ARM chips shipped last quarter
ARM Holdings(s armh), the U.K.-based company that architects the small chips powering most smartphones and tablets these days, is reaping huge benefits from the mobile market. On Tuesday, the company reported a 44 percent boost in pre-tax profits for the first quarter of 2013 and a 26 percent jump in revenues from the year ago quarter. Two data points explain the rise: 2.6 billion ARM-based chips where shipped in the first three months of the year while ARM’s Mali graphics chips have seen a five-fold increase in sales from a year ago.
Unlike Intel(s intc) at the other end of silicon spectrum, ARM doesn’t build or fabricate chips. Instead, it designs the chip architecture and receives license and royalty fees from companies that use the designs. Apple’s(s aapl) A-line processors, Samsung’s Exynos and Qualcomm’s(s qcom) Snapdragon chips, for example, are all based on ARM designs. Essentially, every new smartphone or tablet…
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ANAN College Produces 5,160 Post-graduate Accountants
President of ANAN, Hajia Maryam Ladi Ibrahim
The Nigerian College of Accountancy (NCA), the training arm of the Association of National Accountants of Nigeria (ANAN), has produced 5,160 post-graduate Accountants during the 2010/2011 and 2011/2012 sessions.
President of ANAN, Hajia Maryam Ladi Ibrahim, disclosed this at the 5th Convocation of the college, which took place recently at its permanent site at Kwall, near Jos, Plateau State.
A statement issued in Lagos quoted Ibrahim saying that the college was a post-graduate professional accountancy college modelled to scientifically advance the science of accountancy.
According to the statement, the association decided on this mode of the training of professionals to ensure the proper blend of knowledge and skills.
Ibrahim explained that there was need to train accountants that had analytical mind to address issues as they arose and not only look at mechanical issues.
“There is no doubt that with the growth of knowledge and the principle-based accounting standards, the work of an accountant shall cease to be the routine debit and credit”, she said.
Ibrahim said the realisation of the high expectations necessitated the fact that the college’s raw materials must have a minimum of HND or BSc, adding that these were the kind of individuals that could withstand the rigours of the training.
She said that with a modest beginning at the temporary site of the college, within the last five years, the college could boast of facilities that could give adequate training to at least 3,000 candidates at a time.
Ibrahim revealed that the college has in place six hostel blocks of 26 rooms self-contained, examination/administration office; restaurant, generator house, a shopping complex, network of roads, walkways, and water supply; facelift of college gate; furnishing of two multi-purpose halls and attached offices.
The association had build a police station within the college vicinity and donated same to the Nigeria Police Force; fencing of 348 acres of land; a functional accounting laboratory, installed closed circuit television; and introduction of e-learning facilities. She explained that when fully completed, the permanent site could comfortably accommodate 5,000 candidates.
Ibrahim appealed to governments, corporate organisations, especially the World Bank, international donor agencies and all lovers of education to support the development of the college. She said urgent projects required are: the 200 work stations ICT Centre, E-library and an administrative block.
The development of the permanent site should not be perceived as an ANAN project, but a Nigerian project.
The Director-General of the college, Dr. Joseph Adebisi, in his welcome address recalled that the first convocation of the college was held in 2001 without a building at the permanent site.
Adebisi also recalled that the second convocation took place without a building on the site, saying that the turning point came when the third convocation was held in the only building at that time.
The fourth convocation marked the third consecutive convocation that took place within two years. The fifth convocation is taking place in an era of massive infrastructural development, producing 5,160 graduands for convocation.
He said the college had two accounting labs for students to have the privilege of interacting with accounting materials.
Adebisi said the objective was to facilitate the understanding of information technology through the use of accounting packages. According to him, the college is unique not just because it is the first of its kind in Africa, but it is the second in the world patterned after the Scottish Accounting College.
He appealed to individuals, government at all levels and others corporate bodies to turn the college into the desire of its founding fathers.
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- Convocation: No longer a celebration… just another add-on fee (blurbzbybeckz.wordpress.com)
- Analysis: Three billionaires, three ways to fix Africa (dailymaverick.co.za)
ANAN Partners EFCC on Fraud Investigation
EFCC Boss, Ibrahim Lamorde
Obinna Chima
The Association of National Accountants of Nigeria (ANAN) has disclosed plans to collaborate with the Economic and Financial Crimes Commission (EFCC) in investigating fraud cases in the country.
A statement quoted the President of ANAN, Mrs. Maryam Ladi Ibrahim, to have said this at a recent workshop on forensic accounting, auditing and fraud investigation held in Abuja.
The two-day workshop was jointly organised by ANAN and ENS Forensics Limited, South Africa, a subsidiary of Edward Nathan Sonnenbergs.
The ANAN president that the workshop was meant for selected few seasoned members of the association who were practitioners. According to her, “We feel that the time has come for us to really assist government in the interest of the Nigerian economy by collaborating with organisations that government has put in place to fight corruption.
“The practitioners are there to assist in investigation and this workshop is meant for members that are in core practice to now collaborate with EFCC and ICPC to assist the system in the various investigations the organisations are carrying out.”
She stressed that the task would be enormous for the EFCC and the Independent Corrupt Practices and other Related Offences Commission (ICPC) alone.
“They need to collaborate with the practitioners,” Ibrahim said, adding that “true professional accountants would not want to smear their names. Those perpetrated corruption are not true professionals.”
Ibrahim lamented the high rate of corruption in the country, saying that government should have the political will to deal with issues of corruption. On whistle-blowing, she said the association had presented a paper to the National Assembly.
“The whistle blower must be sure of the whistle he or she is blowing and once he is sure, God will be that person’s protector,” Ibrahim said.
She explained that the association had its in-house structure on whistle-blowing, adding that its members were being encouraged to blow the whistle as much as possible as long as they were sure of their information.
The Managing Director of ENS Forensics Limited, South Africa, Mr. Steven Powell, said corruption had been a big challenge in Nigeria.
Accountants to uphold professionalism
Jonathan Urges A
ccountants to Uphold Professionalism
Obinna Chima
President Goodluck Jonathan has advised accountants in the country to continue to maintain high professional standards.
A statement made available to THISDAY, said that the president made the remark in a speech presented at an event tagged: “Presidential Dinner and Awards,” organised by the Association of National Accountants of Nigeria (ANAN) in Abuja, to celebrate the admission of the accounting body into the International Federation of Accountants (IFAC), Pan- African Federation of Accountants (PAFA) and the Association of Professional Bodies of West Africa (ABWA).
The president described the feat achieved by the association as historic.
President Jonathan, who was represented by the Accountant-General of the Federation, Chief Jonah Otunla, said the admission of the association into the international professional accounting bodies was a challenge for the association to ensure high standard of professionalism and international best practices.
According to the president, the development would spur the body in contributing more to the growth of the President Jonathan expressed delight over the ongoing collaboration between ANAN and the Institute of Chartered Accountants of Nigeria (ICAN) to improve the standard of accounting profession in the country.
He stressed that the country was in need of such collaboration to tackle corruption and other vices that had eaten deep into the nation’s value system.
In her address of welcome, ANAN President, Hajia Maryam Ladi Ibrahim, said the impact of IFAC was obvious from its support in the establishment of a regional body in Africa. The ANAN boss listed the responsibilities of the association to include education, training and quality assurance as well as enforcement of standards to ensure the maintenance of the credibility of the profession is maintained and that public interest is continuously protected.
“ANAN is proud to have initiated a unique system of training of accountants by establishing a full-fledged Post-graduate Professional College of Accountancy, the Nigeria College of Accountancy (NCA) as the professional arm. Perhaps, the only professional accountancy body in Africa with such an initiative,” she added.
Also, in his address, ICAN President, Mr. Adedoyin Owolabi assured that both professional bodies are working towards uplifting accounting profession in Nigeria.
Related articles
- Chartered Accountants can practice taxation unhindered, says ICAN (vanguardngr.com)
- President Obasanjo’s acts of omission and commission contributed to the ineffectiveness of the two corruption-fighting agencies he started – Ladipo Adamolekun (emotanafricana.com)
- Fargo Accounting Calls Alleged Bookkeeping Fraud “A Disgrace” (prweb.com)
ABACUS
An ancient device for performing arithmetic calculations by sliding beads along rods or in grooves. Despite the spread of electronic calculators and computers, the abacus is still widely used in the Far East.
ABB (Activity-Based Budgeting)
Establishing the activities that incur costs in each function of an organisation, defining the relationships between activities, and using the information to decide how much resource should be allowed for each activity in the budget. ABB also attempts to determine how well a particular section of the budget is being managed and to explain any variances from budgeted expenditure.
ABBREVIATED ACCOUNTS
A shorter form of annual accounts that may be filled with the Registrar of Companies by a company qualifying as a small or medium-sized company under the UK Company Act (1985: amended 2004). The use of abbreviated accounts can cut costs and save time. It can also minimize the information made available to others, especially business rivals.
to be continued…..
Accountants Resolve to Make Inputs into Future Budgets
Accounting professionals in the country have resolved that they would not shirk their responsibilities, particularly in the area of making necessary inputs into the budgets of the Federal and State Governments. They resolved thus at the end of a recent symposium on 2013 Federal Budget in Lagos, saying that they were more than ever determined to heed the wise counsel of the Lagos State Governor, Mr. Babatunde Fashola, on this issue. “The participants noted the call by the Governor of Lagos State that chartered accountants should be more alive to their responsibilities by making professional inputs into the budget process as well as monitoring the implementation of approved fiscal documents. “They therefore resolved that they will not shy away from constructively expressing their opinions on government policies. In line with their public interest mandate, they will continue to engage governments at all levels in the long term interest of Nigerians,” the communiqué issued at the end of the meeting stated. The institute was said to have organised the symposium in pursuit of its social responsibility duties and sought to critically analyse and appraise the implications of the 2013 federal budget and expectations from stakeholders in the economy. According to the institute, about 760 chartered accountants participated in the one-day programme, which was graced captains of industries and leaders of thought. While Fashola, who was represented by the Permanent Secretary of the Lagos State Ministry of Finance, Mrs. Josephine Oluseyi Williams, declared the programme open, the institute’s President, Mr. Doyin Owolabi, delivered the keynote address on ‘2013 FGN Budget: Implications for Macro-economic Objectives’. Prof. Anthony Akinlo of the Department of Economics, Obafemi Awolowo University, Ile-Ife, presented a paper on ‘Evaluation of 2012 FGN Budget’ while Prof. Mike Kwanashie of the Department of Economics, Ahmadu Bello University, Zaria x-rayed the ‘2013 Capital Budget and National Development’. Established in 1965, ICAN prides itself as having produced world-class professionals, made remarkable contributions to the nation’s development through strict maintenance of high standards and regulation of the accountancy profession. It also renders services to various parts of the country through its 47 districts across the states of the federation, United Kingdom and America in line with provisions of the International Federation of Accountants (IFACs) Statement of Membership Obligations (SMO).
The Nigerian Professional Accountant 