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Islamic finance taking shape

19 Aug 2019 14:57 In #Ethiopia, Muslim members of the business community are and had been severely underserved by the nation’s financial industry. This seemed to be changing in 2011 with the enactment of the nation’s first interest-free banking directive by the Nat...

#Saudi peer-to-peer funding platform signs with SRB

19 Aug 2019 14:36 Saudi peer-to-peer funding platform Raqamyah has assigned the Shariyah Review Bureau (SRB) to manage the Sharia compliance affairs of its crowd-funding technology. Raqamyah founder Ammar Bakheet said the company was developing faster ways of conne...

Why is #Singapore so far behind #Malaysia on responsible investing?

13 Aug 2019 14:58 On numerous fronts, Singapore outcompetes its regional rival Malaysia. But in terms of the sustainability of their capital markets, Malaysia trumps Singapore in responsible investing. Malaysian asset managers are more confident than their Singapor...

Use arbitration to solve Islamic finance disputes

13 Aug 2019 14:44 With the growing number of the Islamic financial service providers in Kenya, a proportionate increase in Shariah-related commercial and financial disputes is also expected. In Kenya there is no comprehensive legal and regulatory framework that gov...

The Surprising Leader In The Impact Investing Boom: Debt

13 Aug 2019 14:30 Impact investing was once the domain of nuns and other faith-based investors, who wanted their portfolios to reflect their values. Then billionaire capitalists started to build a range of impact products and propelling the impact investing market...

#Takaful Ikhlas, CIMB Islamic target RM168m contribution from tie-up

13 Aug 2019 14:17 Takaful Ikhlas and CIMB Islamic Bank are targeting to achieve RM168 million in gross contribution from their newly forged strategic bancatakaful partnership. The two groups expect the partnership to grow by 11% every year for the next five years....

Dubai Islamic Bank partners with Arada to provide home financing solutions

06 Aug 2019 16:24 Dubai Islamic Bank (DIB) has partnered with Sharjah-based Arada to streamline the home ownership process for buyers of Arada properties. The home financing partnership will allow property buyers to access highly competitive mortgage rates and excl...

Jaiz bank grows half-year profits by 295%

06 Aug 2019 16:19 #Nigeria's Jaiz Bank has recorded an impressive performance in the first half of this year. Gross earnings rose by 41% while pre and post-tax profits increased by 292% and 295% respectively. The half year report indicated that Profit Before Tax in...

Dubai’s Noor Bank launches 3.2 mln dirham #waqf #fund with Ajman Uni to benefit Islamic banking and finance

06 Aug 2019 16:13 Noor Bank has launched a 3.2 million dirhams ($871,000) waqf fund with Ajman University to benefit Islamic banking and finance studies. The current pledge of 3.2 million dirhams will benefit one professorship and four scholarships. Noor Bank’s hea...

Noor Bank launches online #art gallery

06 Aug 2019 16:06 Noor Bank has launched Noor Art Online Gallery, a new digital portal showcasing artworks from a range of galleries and artists in the region and around the world. Designed to display diverse genres of art, specially curated for Noor Wealth clients...

#Indonesia plans to relax bank #merger rule in efficiency push

05 Aug 2019 16:21 Indonesia is planning further steps to make it easier for foreign banks to invest in local lenders as well as encourage domestic mergers. The Financial Services Authority, known as OJK, expects to amend the so-called single presence policy. The re...

Emirates NBD coordinates $500m Islam-compliant syndicated loan for #Pakistan

05 Aug 2019 16:13 Dubai's Emirates NBD has coordinated a $500m Islamic law-compliant syndicated loan for the government of Pakistan. The loan was provided by a consortium of 12 banks and was oversubscribed by more than 40%. The consortium comprised Emirates NBD, Co...

#Turkey: Islamic economy institute to hold int'l studies

05 Aug 2019 16:10 Turkey's first institute on Islamic economy and finance aims to conduct international academic studies in Istanbul. University president Erol Ozvar said the Marmara University Institute of Islamic Economics And Finance (MUISEF) will expand its stu...

Islamic Finance Expert: ‘Halal Coin’ a Matter of Time and Awareness

05 Aug 2019 16:00 According to Amanie Advisors CEO Suhaida Mahpot, the existing skepticism towards crypto in Islamic countries is not a pure rejection, but rather a consequence of uncertainty. Mahpot compared the existing situation of cryptocurrencies with Malaysia...

Maldives Islamic Bank launches IPO

31 Jul 2019 17:04 The Maldives Islamic Bank (MIB) has launched its Initial Public Offering on the Maldives Stock Exchange with the aim of raising MVR244 million (US$15.8 million), offering a 31% stake for public ownership. MIB is offering 6,975,000 shares at a pric...

QCB plans centralised Sharia’h framework for Islamic banks

31 Jul 2019 16:57 Qatar Central Bank (QCB) is preparing to establish a centralised Sharia’h supervisory in Sharia’h governance. Currently, the Sharia’h governance structure of Islamic banks is mostly decentralised. Individual banks have their own Shaira’h Superviso...

INTERVIEW: Major Gulf sovereign wealth funds gear up for ESG investing

31 Jul 2019 16:48 Four Gulf countries are laying the groundwork to be aligned to Environmental, Social, and Governance (ESG) standards through their sovereign wealth funds’ undertakings. Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qata...

IIRA reaffirms credit ratings of Al Baraka Banking Grp, upgrades its Fiduciary Score to highest among Islamic financial institutions in region

31 Jul 2019 16:34 Islamic International Rating Agency (IIRA) has reaffirmed the international scale credit ratings assigned to Al Baraka Banking Group (ABG) at BBB+ / A3 . IIRA also reaffirmed the national scale ratings of ABG at A+ (bh) / A2 (bh) with a Stable out...

Ant Financial-backed startup Dana rides #Indonesian #fintech wave

31 Jul 2019 16:26 Fintech startup Dana is looking for another strategic investor. Currently backed by Ant Financial, Dana offers services such as QR-code based transfers and online credit-card transactions for individuals as well as merchants. Dana is considering e...

Bank Islam top domestic #sukuk #broker in 1H19

31 Jul 2019 16:09 Bank Islam Malaysia is the top domestic sukuk broker for the first half of the year (1H), after helping issue US$5.15 billion (RM21.21 billion) worth of sukuk in the market. Bank Islam’s market share of the sukuk issued accounted for 29.03% of the...

Lendo enlists SRB for Sharia supervisory services

31 Jul 2019 16:03 Saudi-based Lendo has engaged Shariyah Review Bureau (SRB) to help support its Shariah supervisory function by overseeing its offerings, crowdfunding structures and operations. Lendo has been working to acquire its license in Saudi Arabian Monetar...

IIFM to wrap up #Sukuk Al Ijarah #standard suite this year

31 Jul 2019 15:48 The International Islamic Financial Market (IIFM) expects to finalise capital market related “Sukuk Al Ijarah” standard suite of documentation later this year. The Perpetual Tier 1 and Senior Unsecured Sukuk Al Mudarabah standard suite of document...

#Malaysia Explains New Cap On Interest Expense Deductions

18 Jul 2019 17:18 The Inland Revenue Board of Malaysia has released new guidance on restrictions to the deductibility of interest expenses. The rules are based on the recommendations of the OECD in Action 4 of its base erosion and profit shifting (BEPS) Action Plan...

Wahed Invest launches Shariah-compliant US equity ETF

18 Jul 2019 17:15 Halal-focused investment firm Wahed Invest has debuted its first ETF – the Wahed FTSE USA Shariah ETF (HLAL US). Listed on Nasdaq, the fund provides exposure to US firms that comply with Shariah principles. The ETF is linked to the FTSE USA Sharia...

Islamic finance a main pillar for the Islamic digital economy

18 Jul 2019 16:14 Muslim countries are increasingly working on establishing an ecosystem called "inclusive Islamic digital economy."Such a concept aims at combining the core sectors of what today constitutes the digital economy under Shariah compliance,...

How Islamic finance can build resilience to climate change

18 Jul 2019 16:08 Worsening climate change impacts are having a negative impact on agricultural food production, livestock value chains and livelihoods. To tackle Sustainable Development Goal number 13, financial inclusion can be used as a tool to provide much-need...

A Closer Look at How Religious Restrictions Have Risen Around the World

16 Jul 2019 11:37 Over the decade from 2007 to 2017, government restrictions on religion increased markedly around the world. Social hostilities involving religion also have risen since 2007. The latest data of the Pew Research Center show that government restricti...

Draft Bill Proposes Ban On #Cryptocurrencies In #India

16 Jul 2019 11:29 India is considering a ban on cryptocurrencies. A draft bill explains that a Digital Rupee, which will be issued by the Reserve Bank of India (RBI), would be approved as legal tender, while all other digital currencies would be prohibited. However...

ZICO Shariah lays groundwork to transform #Indonesia into an Islamic economics hub

16 Jul 2019 11:23 Indonesia's Shariah advisory services provider, ZICO Shariah is planning and drafting the Islamic Economic Masterplan for 2019-2024 for the world’s largest Muslim country. Led by a team of economics experts, the masterplan project included 50 Indo...

#Malaysia’s position in the #fintech race

16 Jul 2019 11:16 According to the Fintech Malaysia Report 2018, Malaysia had 166 fintech companies operating in the country as at July last year. Payments and e-wallets made up the majority at 19% and 17% of the fintech players respectively, followed by cryptocurr...

Libra de Facebook : une question de "sécurité nationale" pour le Trésor américain

16 Jul 2019 11:04 La future cryptomonnaie du géant des réseaux sociaux pourrait être "mal utilisée pour blanchir de l'argent ou financer le terrorisme" s'inquiète le secrétaire au Trésor américain. Le promoteur du projet chez Facebook, David Marcus, sera...

ACCA hosts Dr Amjad, founder of Islamic micro finance

16 Jul 2019 10:56 Dr Muhammad Amjad Saqib, the founder of the Islamic micro finance company, Akhuwat, met with Alan Hatfield, executive director for strategy and development at ACCA London headquarters. In Pakistan, micro finance is proving popular amongst the grow...

Bahrain Islamic Bank Swiftly Ready to Launch Open Banking Services

16 Jul 2019 10:46 Bahrain Islamic Bank (BisB) announced the launch of open banking services starting from 1st of July 2019. This is the result of the Central Bank of Bahrain (CBB) and its directive to integrate all retail banks in the Kingdom with FinTech companies...

Fintech and Islamic finance: Blockchain’s Proof of Work vs Proof of Stake

13 Jul 2019 16:37 Finally, the long-awaited book on Fintech in Islamic Finance, which I am honored to have contributed is ready for delivery:https://www.taylorfrancis.com/books/e/9781351025584 In my contribution I looked at how the underlying economics of increasin...

Reflections on legal barriers to cross-border #philanthropy in Europe

10 Jul 2019 17:21 The European Union has rules implementing a single market for for-profit activities while nonprofit, philanthropic activities lack any comparable system. There is increasingly a 'closing space' for civil society organizations engaged in cross-bor...

Wealthy #philanthropists call on themselves to pay more tax

10 Jul 2019 17:09 A group of wealthy Americans have written an open letter to the 2020 presidential candidates in support of a wealth tax. The letter is signed by 20 individuals including philanthropist George Soros, Facebook’s co-founder Chris Hughes, Disney heire...

MIDF keeps mum on Al Rajhi #merger talks

10 Jul 2019 17:04 Malaysian Industrial Development Finance (MIDF) remains tight-lipped about its negotiations with Al Rajhi Banking and Investment Corp (Al Rajhi Malaysia). Both banking groups announced on Jan 10 this year that Bank Negara Malaysia’s approval had b...

Why we need to embrace Islamic finance

10 Jul 2019 16:56 In the Philippines the Senate approved a bill authorizing the expansion of the Islamic banking system, which shall be under the supervision of the Bangko Sentral Pilipinas and regulated by the Monetary Board. This measure can support families affe...

Moody’s upgrades AHB Sukuk Company Ltd.’s #sukuk programme to (P)A1 and its USD500 million senior note to A1 following guarantee by Abu Dhabi Co...

08 Jul 2019 09:52 Moody's Investors Service upgraded to (P)A1 from (P)A2 the provisional foreign currency senior unsecured MTN rating of AHB Sukuk Company Ltd. The AHB Sukuk Company is a special-purpose vehicle established in the Cayman Islands by Al Hilal Bank. Mo...

Noor Bank raises over Dhs500m for Azimut’s fixed maturity fund

08 Jul 2019 09:43 Noor Bank entered a successful collaboration with Azimut (DIFC) to launch the largest US-dollar Islamic fixed maturity plan (FMP) in the UAE under a Dubai International Financial Centre (DIFC) domiciliation. Raising Dhs507 million in subscriptions...

Banks' lending activity remains robust

08 Jul 2019 09:32 According to CIMB Group Holdings group CEO Tengku Datuk Seri Zafrul Aziz, banks are doing as much as they can to balance lending to customers with responsible financing. He said commercial banks would want to grow their loans to maximise returns,...

#Malaysia’s Islamic fund manager BIMB signs UNPRI to incorporate ESG into investments

05 Jul 2019 12:56 Malaysian Islamic fund manager BIMB Investment has become an official signatory of the United Nations-supported Principles for Responsible Investment (UNPRI). BIMB Investment is the only bank-backed Islamic asset manager in Malaysia to be a UNPRI...

#Saudi Arabia's Arbah Capital buys Glasgow's Sauchiehall building

05 Jul 2019 12:48 Saudi Arabia-based Arbah Capital has acquired the Sauchiehall building in Glasgow, UK, valued at $76m (SAR285m), through a sharia'a-compliant investment structure. Arbah Capital stated that the acquisition represented a core long term investment a...

#Kuwait's Warba Bank plans $500 mln #sukuk issue this year - CEO

05 Jul 2019 12:37 Kuwait's Warba Bank is working to set up a sukuk programme of up to $2 billion with an initial $500 million issuance this year. CEO Shaheen Al-Ghanem said the programme is subject to central bank approval. After the initial issuance this year, the...

London VC Hambro Perks to invest in 'two to three' Islamic startups

05 Jul 2019 12:29 The UK hosted its first halal startup pitch event in mid-June, when five prominent Islamic SMEs met with investors to showcase their wares. Prominent Islamic SMEs at the 'Smart Capital Startup Pitches' event included VIP halal travel firm Serendip...

#Philippines to fast-track Islamic finance regulations – media

05 Jul 2019 12:12 Philippines’ central bank will fast-track the issuance of Islamic finance regulations in the country as soon as the Islamic banking law is approved by the president. Philippines has been accelerating the growth of its Islamic economy sectors in th...

Virtual banks can attract more millennials to Islamic banks

05 Jul 2019 12:02 According to Professor Datuk Dr Azmi Omar, President of the International Centre for Education in Islamic Finance (INCEIF), it is necessary to address millennials, as they constitute a significant proportion of the Malaysian population. Therefore,...

UAE lender ADCB plans to cut 2,000 jobs post-merger: Bloomberg

05 Jul 2019 11:50 Abu Dhabi Commercial Bank (ADCB) is planning to slash about 2,000 jobs in the near future. In May ADCB, Union National Bank (UNB), and Al Hilal Bank merged to create the UAE’s third largest bank with 423 billion dirhams ($115 billion) in assets. B...

Gaps in Islamic finance a pressing issue, says ICIEC

05 Jul 2019 11:46 The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is trying to fill a gap in the absence of third-party guarantees, which has affected liquidity and hindered growth of Sharia-compliant financing. ICIEC head Oussama...

#Malaysia’s MIDF, Al Rajhi Bank #merger hangs in balance

01 Jul 2019 14:06 The planned merger of Malaysian Industrial Development Finance (MIDF) and Al Rajhi Banking and Investment Corp (Al Rajhi Malaysia) is now uncertain as the shareholders have missed the June 27 deadline. The shareholders of the two companies have se...

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