The Institutional Infrastructure Supporting the Islamic Finance Industry 25
they may benefit in the longer term, but at the expense of a smaller profit
distribution in the short term. AAOIFI sponsors an annual Islamic finance
conference in Bahrain, and organizes regular training sessions for account-
ants where its standards are explained.
Information sources
There are comprehensive news and data sources serving the Islamic
financial services industry. Online subscription services include the Islamic
Finance Information Service (IFIS) of ISI Emerging Markets, which is a
Euro-money affiliate based in London, and Islamic Finance News (IFN),
based in Malaysia. IFIS provides comprehensive information,includingdata
onsukukissuance, managed funds, syndications andtakaful. The annual
reports and interim statements of most Islamic banks can be accessed
through it, as can legal reports, supervisory documents and research
materials. The databases within the system can be searched by year, country
and product. IFN provides a weekly newsletter covering the latest
developments in the industry, with historical information also available
online. It contains interviews with industry leaders, and a forum where
topical questions are addressed by a number of professional and academic
specialists.
There are three major print magazines on Islamic finance:
- New Horizon, the publication of the Institute of Islamic Banking and
Insurance (IIBI) in London;
- Islamic Business and Finance, published by CPI Financial; and
- Business Islamica, published by Tradewind.
Both Islamic Business and Finance and Business Islamica are located in
Media City, Dubai. Islamic Business and Finance and Business Islamica are
published monthly, whilst New Horizon has become aquarterly publication.
All are largely funded by advertising, although Business Islamica has a
nominal newsstand price. New Horizon is the longest established, as it has
been published continuously since 1991 with features and regular items
including a news round-up, details of IIBI lectures, appointments,acalendar
of events and questions and answers. All three contain articles and
interviews,withIslamicBusinessandFinanceemployingitsownjournalists,
but much of the New Horizon and Business Islamica material outsourced.
Islamic Business and Finance is organized into separate sections on capital
markets, Islamic funds and takaful, with each edition containinganeditorial
and at least one interview.
