Page 13 - BANKING FINANCE JANUARY 2016 ONLINE

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ROUNDUP

INDUSTRY

NEWS

Oil price hike is affecting the growth of Islamic Finance Government to let

Oil prices, one of the biggest macro Some of it can be unlocked to trans- stores remain open
forces affecting the growth and devel- form the economies of many countries
opment of Islamic finance was the dis- by funding start-ups and venture-capi- throughout night
cussion point on the final day of the tal businesses to accelerate innova-
World Islamic Banking Conference tion, job creation, and dynamic The government wants to let shops
(WIBC). stay open as
growth." long as they
want - just like
Wall Street Another their online
investment highlight of counterparts.
banker Dr. the confer- The government is proposing that
Hani Findakly ence was the states scrap rules mandating store
of the Clinton Group said, "In the con- global launch of the Finance Forward closures and replace them with a
text of this Islamic Banking conference, Islamic Finance Outlook 2016, deliv- model law that it's preparing, allow-
it is high time to recognize the critical ered by Dr. Sayd Farook, Vice Chairman ing restaurants, malls, theatres and
importance of one of the largest re- and CEO of Middle East Global Advi- local markets to remain open round
source in the Islamic world: the Waqf sors. The Report will provide the clock. Such a change will level
(or Islamic trust) system...much of it groundbreaking analysis and a com- the playing field between online and
[is] in idle assets, spread across the prehensive outlook to chart the direc- offline besides cutting down on re-
globe from Morocco to Egypt, to Saudi tion of the global Islamic financial ser- strictions, thus improving the ease
Arabia and across Asia in Singapore, vices industry. of doing business, a stated aim of
Malaysia, Indonesia, among others. the Narendra Modi government.

Power deficit hits record low of 2.4% "We have begun discussions...The
first draft of the new law is likely to
The government recently said that the power deficit in the country has fallen be finalised in a month," said a
further and has hit a fresh lowest-ever level of 2.4 per cent labour ministry official. The draft
due to additional 29,168 MW power generation capacity in will also cover the appointment of
the last one-and-a half year. Highlighting its achievements workers in this sector, taking it out
in the coal, power and new & renewable energy sectors, the of the purview of existing labour
government said the country witnessed the highest-ever gen- rules, he said. Under existing state
laws, shops are required to remain
eration capacity addition of 29,168 MW during this period. closed on a specified day depending
on traditional practices.
More than three crore energy efficient LED bulbs have been also been distrib-
uted till now, it added. Earlier in May, the government had said that 22,566
MW of power generation capacity was added since the Prime Minister Narendra
Modi-led government came to power.

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