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AlHuda CIBE introduces Islamic Financial products for Agriculture Sector:   
A two day workshop was held by AlHuda CIBE at NIBAF, State Bank of Pakistan in Islamabad on Islamic Agriculture Finance where Islamic Financial products were introduced for the agriculture sector to facilitate the Islamic Banks and Financial Institutes to promote the agriculture sector in the country.
 
AlHuda CIBE: Training Workshop on Islamic Agricultral Finance at NIBAF - State Bank of Pakistan - Islamabad.
 
 
 
 
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Scholar urges Islamic finance standardisation
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Malaysian Islamic finance scholar Mohammed Daud Bakar has called on the Islamic finance sector to embrace greater standardisation of its rules and regulations.
 
Bakar, speaking to the International Islamic Finance Forum (IIFF) in Dubai on Monday, said that the issue of the Sharia standard - a universal financial standard which is Sharia compliant  - was still a controversial issue in the sector.

"The aim of having a standard is to bring the market into harmonious practice, bring costs down,
and to make it clearer for investors," Bakar said.
 
"I am for one to have Sharia standardisation - but it is still one of the issues that is being debated."
 
Bakar, recognised as one of the most eminent Islamic finance scholars in the Far East, is a member of AAOIFI, a corporate body set up in 1991, which sets standards in the Islamic finance sector.
 
The Islamic Financial Services Board (IFSB), which also sets standards for the industry using different methods and markets, is based in Malaysia and was founded in 2002.
 
Bakar was speaking at the IIFF in Dubai, being held from May 13-17, and headlined by Nobel Laureate Muhammad Yunus this year.
 
Bakar also spoke about his views regarding the "gold standard" being used as medium of exchange in the Islamic world today.
 
"I don't believe in the gold standard for currency," said Bakar. "For me it's not practical... there could even be wars over gold - it's just creating another issue."

However, Bakar did advocate the use of gold being used as a means of exchange in a virtual transaction, as is currently done by sites such as www.e-gold.com and www.igdexchange.com.

Speaking at IIFF on Sunday, a group of panellists led by Yunus urged the Islamic finance sector to patronise microfinance and spoke about how the sector needs to undergo a paradigm shift to begin alleviating poverty.
 
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