Home > NewsCom

NewsCom

Jaiz Bank grows capital base to N15bn within 5 years

25 Jul 2017 12:44 #Nigeria's Jaiz Bank has grown its capital base in five years from the initial N5 billion to over N15 billion. The bank disclosed that it is growing at an annual rate of 30% which makes it one of the strong players in Nigeria’s banking industry. C...

KFH will benefit overall from #merger with Ahli United Bank – Transaction to create 6th largest bank in GCC

25 Jul 2017 12:32 Kuwait Finance House (KFH) disclosed that it is studying a merger with Bahrain-based Ahli United Bank. Although the merger would present significant integration challenges owing to the banks’ geographically dispersed asset bases, it would be credi...

Dubai Islamic Bank eyes regional market after #Kenya launch

25 Jul 2017 12:23 Dubai Islamic Bank (DIB) has signalled intention to enter the budding East African Islamic market. DIB chairman, Mohammed Ibrahim Al Shaibani, said that the lender would expand and consolidate its reach in East Africa after solidifying its Kenya b...

#Malaysia's Lead in Shariah #Funds

24 Jul 2017 09:55 Malaysia remains a frontrunner in Southeast Asia's Shariah fund market, with $24 billion in Islamic mutual fund assets under management for the year ending May 2017. Global analytics firm Cerulli believes that Malaysia will preserve its pole posit...

#Saudi finance ministry says domestic #sukuk program established

24 Jul 2017 09:41 Saudi Arabia's ministry of finance has established a program to issue local currency sukuk, as the government covers a large budget deficit caused by low oil prices. The program has been submitted to the Capital Market Authority, the ministry said...

Soaring #sukuk sales mean outlook is encouraging

24 Jul 2017 09:34 According to a new report by the International Islamic Financial Market (IIFM), sukuk sales are set to continue to rise this year as issuers refinance debt and sovereigns continue to tap the Sharia-compliant fixed income markets. Maturing global s...

Hong Leong Islamic Bank appoints Jasani Abdullah as CEO

24 Jul 2017 09:21 Hong Leong Islamic Bank (HLISB) has appointed Jasani Abdullah as chief executive office. HLISB said Jasani has been acting CEO since December 2016. He has been in the financial industry for more than 30 years and his contribution towards the Islam...

#Kazakhstan, #Malaysia plant seeds for green Islamic finance

21 Jul 2017 09:47 Astana International Financial Center (AIFC) has gained the support of technology financier Malaysia Debt Ventures (MDV) to develop both green and Islamic finance in Kazakhstan. Under a newly agreed MoU, AIFC and MDV will work closely with each ot...

#Qatar banks face liquidity challenge over Arab diplomatic feud

21 Jul 2017 09:36 Qatari banks may need more cash injections from the state because of the risk of investor withdrawals. Banks have been feeling the fallout of the feud with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, which cut diplomatic and transpo...

DIEDC opens nominations for 5th Islamic Economy Award

21 Jul 2017 09:23 The Dubai Islamic Economy Development Centre (DIEDC) announced the commencement of nominations for the fifth edition of the Islamic Economy Award (IEA). The award is a joint initiative of DIEDC and Dubai Chamber of Commerce and Industry under the...

Alinma Bank's CEO on Growth Strategy, #Sukuk Issuance

21 Jul 2017 09:14 In this interview Abdulmohsen Al-Fares, CEO of Alinma Bank, discusses the growth in the company's balance sheet, credit growth, their Sukuk issuance and competition from other banks. Alinma Bank has maintained its growth pace and Al-Fares is optim...

Bosna Bank International, Una-Sana Canton sign deal to back business

21 Jul 2017 08:50 The government of Bosnia's Una-Sana Canton said it has signed a deal with Bosna Bank International (BBI) to fund business entities in the area. Under the deal BBI will provide financing to businesses in the canton under favourable conditions at a...

Kuwait Finance House studying #merger with Ahli United Bank

19 Jul 2017 14:21 Kuwait Finance House (KFH) is looking to merge with Bahrain's Ahli United Bank. The Gulf's banking sector is in consolidation as three years of low oil prices squeeze deposits and push up bad loans. KFH Chief Executive Mazin Al-Nahedh said the mer...

Yeow joins Alkhair International Islamic Bank as CEO

19 Jul 2017 14:12 Alkhair International Islamic Bank (AKIIB) has appointed Yeow Tiang Hui as its chief executive officer effective Aug 1.AKIIB said in a statement that he succeeded Datuk Adissadikin Ali, who left the bank last year to head RHB Islamic Bank. Yeow h...

#Kenya should see #Sukuk as the next frontier of finance

18 Jul 2017 15:34 Ongoing development of Islamic finance in Kenya is expected to innovate the financial services sector. One area that will see a hive of activity in the local market will be the introduction of sukuk. The Kenyan government is now preparing to issue...

Dana #sukuk: why the market is overreacting

18 Jul 2017 15:21 The sukuk issued by Sharjah-based Dana Gas and recently denounced as non-shariah compliant will not damage confidence in the Islamic debt markets, as some have claimed. The gas provider's announcement in June that $700 million worth of its bonds a...

#Fintech and Islamic #Crowdfunding

18 Jul 2017 15:12 The Islamic Financial Services Board (IFSB) in its annual report highlighted developments in the Islamic Finance Fintech space. To identify relevant crowdfunding platforms with a focus on equity- and loan-based platforms located in the Muslim worl...

Dana Gas describes UK court decisions on #sukuk as favourable

18 Jul 2017 15:00 Dana Gas described decisions by the High Court of Justice in London as favourable, as the company seeks to restructure $700 million of outstanding sukuk. On July 5 the High Court upheld an injunction blocking holders of the bonds from enforcing cl...

AfDB, Islamic bank sign agreement to fund energy, SMEs

18 Jul 2017 14:52 The African Development Bank (AfDB) and the Islamic Development Bank (IDB) have signed an agreement to support projects in energy, agriculture and SME sectors on the continent. Both parties agreed to jointly pool together $2 billion over the next...

#Malaysia in bid to lift Islamic finance

17 Jul 2017 11:23 The Malaysian Institute of Accountants (MIA) announced that Malaysia could become the first country to incorporate the International Financial Reporting Standards (IFRS) in Islamic finance. MIA president Datuk Mohammad Faiz Azmi said the accountin...

Amendment of Islamic financing bill pushed

14 Jul 2017 16:04 The Mindanao Development Authority (MINDA) is currently pushing to fast track the institutionalization of the Islamic Financing Mechanism. MINDA assistant secretary Romeo Montenegro said they are proposing the amendment in order to have specific m...

Africa is Islamic banking’s new frontier

14 Jul 2017 15:56 Several African countries are vying to become regional hubs for Islamic finance. Kenya has three Islamic banks, as well as an Islamic insurance company. A further five conventional banks offer sharia-compliant products through dedicated Islamic 'w...

Warba Bank ‘signs’ financial deal with #Turkey’s Ziraat Bank – Islamic banking sector growth eyed

14 Jul 2017 15:41 #Kuwait’s Warba Bank announced a new Shari’ah-compliant, joint, multi-currency financial deal of $236 million with the Ziraat Participation Bank of Turkey. Warba Bank acted as the Lead Arranger and Subscription Manager of the deal, which was initi...

IDB promotes connectivity for sustainable development

14 Jul 2017 15:27 The Islamic Development Bank (IDB) Group organized an event on "Promoting Connectivity for Sustainable Development". The event was chaired by Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and the ke...

External Shariah #audit in Islamic banks

13 Jul 2017 10:41 The external Shariah audit is the latest development in the area of Shariah governance of the global Islamic banking industry. Traditionally, Islamic banks appoint a Shariah supervisory board with the mandate to oversee Shariah compliance. An addi...

E-auction: Why we selected only Jaiz bank – Customs

13 Jul 2017 10:26 The Nigeria Customs Service announced that only Jazz Bank was able participate in the first bidding of its e-auction exercise. Joseph Attah, the Customs National Public Relations Officer (PRO), said that Jazz Bank was the only one out of the 23 cu...

The future of Islamic finance in #Spain

13 Jul 2017 10:16 In Spain the Muslim population exceeds two million being higher than that of Qatar or Bahrain and similar to the population of Kuwait. However, there are no Shari'ah compliant services or assets under management. Europe advances in this type of fi...

Collaboration Between DIFC And DIEDC Set To Launch Islamic #FinTech

13 Jul 2017 09:57 Dubai International Financial Centre (DIFC) signed a Memorandum of Understanding (MoU) with Dubai Islamic Economy Development Centre (DIEDC). Earlier this year, DIFC launched FinTech Hive, a 12-week accelerator programme which allows tech start-up...

Shahjalal Bank director wants to sell holdings violating rules

13 Jul 2017 09:43 Mohammed Younus, a director of Shahjalal Islami Bank, gave a newspaper advertisement to sell his holding in the bank violating securities laws. Directors of listed companies must give announcement on the Dhaka Stock Exchange (DSE) website if they...

#Pakistan sets rules for banks wanting to be fully sharia compliant

10 Jul 2017 11:38 Pakistan's central bank has issued guidelines for banks that want to be fully-fledged sharia compliant, setting a three-year time frame for applicants to complete the process. The rules aim to accelerate the growth of Islamic banking in the countr...

Dana gas saga far from over

10 Jul 2017 11:22 Last month, Dana Gas tried to impose on investors a restructuring of the payment of its two outstanding sukuk tranches totalling US$700 million. The company got an injunction in the High Court in London restraining sukuk holders from taking any ho...

UAE's Dana Gas aims to propose new #sukuk terms in coming weeks

10 Jul 2017 11:03 According to Dana Gas CEO Patrick Allman-Ward, the company aims to communicate proposed terms of a restructured sukuk issue in coming weeks. He spoke to sukuk holders in a conference call, but there was no question and answer session and no immedi...

Le combat de la ville de Nice contre une enseigne de «finance islamique»

10 Jul 2017 10:46 Alors qu'une société souhaitait installer des enseignes lumineuses avec la mention "finance islamique", le tribunal administratif de Nice a validé le refus de la mairie. Un nouveau dossier communautaire à gérer pour la ville, un an après...

Amid Dana debacle, Islamic finance seeks safeguards against illegality claims

07 Jul 2017 10:09 The Islamic finance industry is seeking ways to safeguard deals against challenges to their religious permissibility. Sharjah-based Dana Gas declared it would not make payments on $700 million of sukuk because Islamic finance standards had changed...

London court to hear Dana Gas #sukuk case in September

07 Jul 2017 09:53 London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi-listed Dana Gas to restructure $700 million of its outstanding sukuk. Dana Gas declared the bonds invalid last month, saying they were no longer compliant with c...

Market-leading Sharia #savings #accounts: should you consider them?

07 Jul 2017 09:37 A number of Sharia savings products are beating competitors and are playing their part in kick-starting small rate increases. Currently in the fixed bond market, Sharia savings accounts top every single category. As well as top returns, they also...

ICD and Saturna launch #sustainable Islamic #fund

07 Jul 2017 09:07 The Islamic Corporation for the Development of the Private Sector (ICD) and Saturna have announced the launch of the ICD Global Sustainable Fund. The fund is designed for investors who seek to align their investment goals with social values. The l...

Most #S&P and Dow Jones Islamic #Indices Outperform Conventional Benchmarks in 2017

06 Jul 2017 10:35 Michael Orzano, head of equity indices, S&P Dow Jones Indices: Most S&P and Dow Jones Islamic Indices Outperform Conventional #Benchmarks in 2017Most S&P and Dow Jones Shariah-compliant benchmarks outperformed their conventional counte...

CIMB Islamic CEO says Dana Gas’ case is a dud, won’t hurt market

06 Jul 2017 10:18 According to Mohamed Rafe Mohamed Haneef, CEO of CIMB Islamic Bank, Dana Gas’s case will leave the global Islamic finance industry relatively unaffected. Dana Gas said it no longer considered its two securities due in October as compliant with Isl...

#Saudi #insurer Enaya to offer Sharia-compliant policies

05 Jul 2017 10:52 Health insurer Saudi Enaya has joined hands with Shariyah Review Bureau, a global Sharia Advisory firm, to offer Sharia-compliant value creating policies. CEO Lee Shurey stated that offering Sharia compliant products provides a tremendous opportun...

Cover Story: #Disrupting Islamic finance

05 Jul 2017 10:29 For many years, the global Islamic finance has been seen as a laggard in digital innovation, but now Islamic finance players are catching up with their conventional peers. According to Zeeshan Uppal, co-founder of crowdfunding company Yielders, fi...

ANALYSIS: Can GCC Islamic banks escape the oil-price cycle?

03 Jul 2017 16:47 More and more stakeholders concede that the Shari’ah-authorized way of banking has hit a glass ceiling. They acknowledge that Islamic banking and financial services have largely failed to innovate at the speed they were expected to. It is also adm...

UAE's Dana Gas will try again to hold call on #sukuk restructuring

03 Jul 2017 11:33 Dana Gas has rescheduled a telephone call with sukuk holders to this Thursday at 4 p.m. The call would outline the company's proposal to restructure its outstanding $700 million of sukuk. Dana is claiming it must exchange the instruments because t...

Fitch Rates Bank Jambi's First #Sukuk Issuance 'A(idn)'

30 Jun 2017 12:18 Fitch Ratings Indonesia has assigned a National Long-Term Rating of 'A(idn)' to PT Bank Pembangunan Daerah Jambi's proposed Sukuk issuance. The proposed issuance is the bank's first sukuk with a total amount of IDR 120 billion and a maturity of th...

Shariah-compliant, gold-backed #digi-coins could change Islamic finance

29 Jun 2017 11:13 The launch of the first-ever Islamic finance-compatible cryptocurrency could be a game changer for the entire Islamic banking industry. OneGram calls itself the world’s first Shariah-compliant cryptocurrency whose value is backed by actual gold re...

World’s Largest Islamic Bank Successfully Completes Ripple #Blockchain Trial

29 Jun 2017 10:56 Saudi Arabia’s largest bank recently completed its first cross-border transfer using Ripple technology. Having Al Rajhi Bank on board is a major validation for the blockchain service provider. Money was transferred between Al Rajhi Bank offices ac...

Interview with Ahmed Abdul Rahim, Chief Executive Officer of Ithmaar Bank

29 Jun 2017 10:48 In this interview, Ahmed Abdul Rahim talks about Ithmaar Bank’s recent performance, the global Islamic banking industry and the increasing use of technology in banking. Ithmaar Bank is now entirely focused on retail banking and is considered one o...

Satyajit Das: Banking problems redux

29 Jun 2017 10:19 There are over $3 trillion in stressed loan assets globally and the World Bank estimates that the current ratio of non-performing loans (NPLs) to total gross loans is around the 2009 levels of 4.2%. European banks have around euro 1.2 trillion of...

Dana debacle highlights need for unified Islamic finance regulator

27 Jun 2017 18:13 A recent report from Standard & Poor’s said that Islamic financial assets had accelerated toward the end of 2016, but that such progress was unsustainable in the long term. The agency pointed out too that a lack of standardization was a barrie...

The rise of Islamic fintech, global opportunities for #Bahrain

27 Jun 2017 17:39 At the moment Islamic fintech is more of an aspiration than a reality. As the fintech industry and the demand for ethical investments grows exponentially, we are witnessing a want for the convergence of two. Seeing this space in the Middle Eastern...

Share

Piero della Francesca, ‘La città ideale’, Italy XVI century