IILM reshuffles Shariah board

IILM reshuffles Shariah board
Updated 23 July 2013

IILM reshuffles Shariah board

IILM reshuffles Shariah board

KUALA LUMPUR/SYDNEY: The Malaysia-based International Islamic Liquidity Management Corp. (IILM) has reshuffled its Shariah board, losing four of its original six members including senior Saudi and Qatari scholars, according to the body's website.
The IILM, backed by the central banks of nine countries as well as the Jeddah-based Islamic Development Bank, was founded in October 2010 to help develop cross-border markets in Islamic financial instruments.
But it has been troubled by internal management upheaval — it changed its chief executive late last year — and the surprise pullout in April this year of Saudi Arabia's central bank.
The changes to the Shariah board, which monitors the IILM's activities and instruments to ensure that they follow Islamic principles, could indicate further delays to the body's plan to begin issuing sukuk.
The IILM announced in April that it aimed to make an initial issue worth up to $500 million in the second quarter of this year but has not yet proceeded with the plan, and it has not given a new time frame for it.
The body did not issue a statement on the changes to its Shariah board, which were merely listed on the personnel section of its website. It did not respond to Reuters questions about the changes. According to a December 2010 press release, the Shariah board members were to serve three-year terms.


Two Saudi scholars are no longer listed as members of the IILM Shariah board, including Mohamed Ali Elgari, a prominent expert who sits on over 80 Shariah boards around the world. Elgari's office did not respond to Reuters questions.
Ahmed Ali Abdalla Hamad is the other Saudi scholar no longer listed; he serves as vice-chairman on the Shariah board of Saudi Arabia's Al Rajhi Bank, the world's largest Islamic bank by assets.
The departures also include Qatari-born Waleed Bin Hady Al Mullah, chairman of the Shariah boards of Qatar Islamic Bank and Masraf Al Rayan, two of the Gulf Arab state's largest Islamic lenders.
Of the original members of the IILM's Shariah board, formed in 2010, only two scholars from Nigeria and Malaysia remain. They have now been joined by scholars from Indonesia and Kuwait; currently the board consists of four members.
It is unclear exactly when the reshuffle occurred, but Indonesian scholar Cecep Hakim's profile on LinkedIn, an online service for business networking, shows he left the Shariah board in April this year, roughly coinciding with Saudi Arabia's exit from the IILM.
The IILM's internal Shariah coordinator, Edib Smolo from Bosnia, left the body in March this year, according to his LinkedIn profile. He declined to comment. The Shariah coordinator does not sit on the Shariah board but works with it to design and structure transactions, do research and perform other tasks.
The planned sukuk issue by the IILM would be part of a program that could eventually expand to $3 billion, and would be a major step in developing Islamic finance globally; it aims to address a shortage of liquid, investment-grade instruments which Islamic banks can trade across borders.
The IILM has not explained why it has taken so long since 2010 to develop the sukuk program. People familiar with the body have said it has encountered complex issues involving regulation in various jurisdictions and the choice of assets to back the sukuk.
Current shareholders in the IILM are the central banks and monetary agencies of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey and the United Arab Emirates, as well as the IDB, according to its website.


Samsung launches new flagship Galaxy S smartphone early, targets remote workers, gamers

This photo provided by Samsung shows the Galaxy S21. (Samsung via AP)
This photo provided by Samsung shows the Galaxy S21. (Samsung via AP)
Updated 15 January 2021

Samsung launches new flagship Galaxy S smartphone early, targets remote workers, gamers

This photo provided by Samsung shows the Galaxy S21. (Samsung via AP)
  • Samsung is set to release the S21 series at a cheaper rates
  • The series will be widely available starting Jan. 29 through Samsung.com, carriers and retailers online

SEOUL, South Korea: Samsung Electronics Co. Ltd. on Thursday unveiled the first Galaxy S smartphone with a stylus for on-screen work called the S Pen, more than a month ahead of its usual annual release schedule for models of its flagship compact phone.
Analysts have said offering a stylus within the Galaxy S21 series might signal the South Korean tech giant will merge the S line with its other premium smartphone range, the Note, already equipped with a note-taking stylus. That could free up resources for Samsung to push its separate range high-end foldable phones as key mass products rather than niche devices.
Samsung is also looking to grab market share after China’s Huawei Technologies was hit with US sanctions that restricted its supply and hurt sales, analysts have said.
An early Galaxy S21 launch is a likely tactic to capitalize on Huawei’s woes, said Counterpoint Research analyst Sujeong Lim. New iterations of the Note typically come in the second half of the year.
Lim said Samsung faces intense competition in the high-end category from Chinese vendors amid growing demand for devices that can be used for remote work amid the coronavirus pandemic, as well as play like videogaming.
In the United States, the Galaxy S21 price range starts at $799.99, the S21 Plus version at $999.99, and the S21 Ultra at $1,199.99.
The series will be widely available starting Jan. 29 through Samsung.com, carriers and retailers online, Samsung said.
With the most advanced processing chip in any Galaxy device, the S21 is 5G compatible and designed for shooting and viewing video and images as well as on-screen work. The top end of the range, the Ultra — the only version compliant with the S Pen stylus, which has to be bought separately — sports a four-lens rear camera that allows different angles and zoom shots.
Samsung plans to offer the stylus with other devices, said TM Roh, head of Samsung’s mobile communications business.
The standard S21’s screen size is 6.2 inches, with the S21 Plus at 6.7 inches and S21 Ultra is 6.8 inches, optimal for watching videos and gaming. The latter two are close in size to last year’s Galaxy Note ‘phablets’ — a cross between a phone and a tablet.
The S21 series is powered by Qualcomm Inc’s Snapdragon 888 chips or Samsung’s own Exynos 2100 chips depending on the region, Samsung said. Qualcomm said last month the 5G chips will be manufactured by Samsung’s chipmaking division.