Polling day

Islamic trade finance has been much hyped in recent years as oil-rich states in the Middle East either assert themselves as customers or seek to build financial institutions that can stand shoulder-to-shoulder with the world’s most respected financial organisations.

But who decides what is Shari’ah-compliant – and what is not? This month, Ivan Castano has investigated the issue to find out. His conclusion? That the sector is so broad and the people within it so diverse that it may be hard to get a unanimous judgement on every Islamic trade-finance instrument.

Besides, while the opinions of the Organization of Islamic Conferences are widely respected, there is no supra-national body with the power to enforce a definitive judgement – there is no Islamic trade finance regulator. Maybe that is for the best, given the track record of mainstream financial regulators in recent years.

However, you can make a judgement on the Best Bank in Islamic Trade Finance, which has been added as one of three new categories in this year’s TFR Awards following feedback from readers.

If you have voted already, many thanks. If you have not, please do take five minutes to register your vote. The TFR Awards are intended to recognise excellence in trade finance worldwide and the placings are decided purely on your votes and absolutely nothing else.

This can’t be stressed too highly. We’re well aware of the practices carried out by some publishers, in which advertising and award winning seem to be inextricably linked. But at TFR, we have strict rules: editorial must be of the highest possible standard, untainted by commercial considerations, and awards voted on by readers must be won or lost on those votes alone.

So please take the time to vote and encourage your colleagues in your organisation to do likewise. You can vote online at www.tfreview.com/awards09/.

Graeme Burton
Managing editor

Features

Feature: Islamic trade finance This article is for subscribers only
Islamic trade finance instruments are not set in stone. Behind the scenes a heated debate rages between conservatives and liberals over interpretation. Ivan Castano reports.

Legal spotlight: Standstill agreements Free
The new year saw a swathe of waivers, standstill agreements and renegotiations. Denton Wilde Sapte’s Geoffrey Wynne explores the options and strategies facing banks.

Profile: Marilyn Spearing This article is for subscribers only
When Marilyn Spearing moved to Deutsche Bank in 2006, with a brief “to take cash and trade to the next level”, she brought with her more than 25 years of experience among banking’s top tier.

Natixis Metals Review: Out of the woods? This article is for subscribers only
Green shoots or bamboo shoots? In its latest quarterly report, Natixis Commodity Markets detects the green shoots of recovery – at least in metals.

Regulars

Market view: Waiting game This article is for subscribers only
Stagnant container ships are biding their time at ports in Dubai and Germany, and lining the Straits of Singapore – all normally busy global transport hubs which, until recently, bustled with mega-container ships jostling for space to pick up or drop off their goods.

The last word: As sound as a pound? Free
Why did sterling rise in value after Standard & Poors put the UK on ‘negative watch’? Cynicus Economicus investigates.