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MBSB starts afresh as a full-fledged Islamic bank

18 Apr 2018 12:20 MBSB Bank, the result of a merger between Malaysia Building Society and Asian Finance Bank, starts afresh as a full-fledged Islamic bank. According to group CEO Datuk Seri Ahmad Zaini Othman, the bank intends to differentiate itself in the area of...

Bonds and #Sukuk: Structuring fixed income instruments in GCC

18 Apr 2018 12:00 According to Fisch Asset Management CEO Philipp Good, the GCC bond and Sukuk market is generally sound. The GCC debt market has seen considerable development, in terms of issuance volume and spread, for both the conventional and Islamic space. The...

Three major banks are up for sale. Who will buy them?

16 Apr 2018 17:20 For the first time in #Pakistani history, three perfectly healthy and viable banks are simultaneously up for sale. They are Bank Alfalah (BAFL), Meezan Bank (MEBL), and Faysal Bank (FABL). The Gulf Arab investors who initially put up the capital t...

GCC Islamic banks to outperform their conventional peers

16 Apr 2018 17:00 According to ratings agency Moody’s, Islamic banks across the GCC are expected to outperform their conventional peers in the year ahead. Credit fundamentals have improved due to better underwriting practices and higher profitability. Along with th...

#Morocco to Issue its First #Sukuk Islamic Bonds in 2018

16 Apr 2018 16:46 Morocco will finally launch its first sukuk in 2018. According to Hicham Talby, head of the financial sector department at the Ministry of Finance, the new financial instruments that will be operational this year will include four different formul...

Iyad Asali, General Manager, Islamic International Arab Bank: Interview

16 Apr 2018 16:35 In this interview, Iyad Asali, General Manger of Islamic International Arab Bank speaks about the future of Islamic banking in Jordan. The Central Bank of Jordan (CBJ) reported that 69% of the population in Jordan are financially excluded. This gi...

Islamic banks face uneven impact from correspondent banking decline -industry group

16 Apr 2018 11:20 The General Council for Islamic Banks and Financial Institutions (CIBAFI) has warned of uneven impact from a decline in correspondent banking, reinforcing concerns that small lenders will be most affected from "de-risking" by internation...

La Francaise launches sharia-compliant #real estate account

16 Apr 2018 09:45 La Francaise Forum Securities (FS) has launched its sharia-compliant real estate securities separately managed account. The account has been developed for an unnamed Islamic investment manager based in Kuwait. La Francaise FS will select securitie...

Geneva, CH: Islamic Finance Afterwork Networking - Tuesday, 17 April 2018, 6.15 pm

13 Apr 2018 09:38 Please feel free to join the afterwork Islamic finance networking event. The online voting showed that Tuesday, 17 April 2018 is the most favoured date by the overwhelming majority. I appreciate if you send me a short email about your attendance t...

#Morocco to issue its first #Sukuk this year

11 Apr 2018 16:27 Morocco will issue its first bonds on Islamic market this year. According to Hicham Talby, head of the finance ministry’s treasury department, the country plans to issue four dirham-denominated sovereign sukuk. While the first issuance would take...

DMO lists FG’s N100bn #Sukuk on NSE

11 Apr 2018 16:20 The Nigerian Stock Exchange announced the listing of the N100bn, seven-year, Federal Government Ijarah Sukuk with a rental rate of 16.47%. Director General of the Debt Management Office Ms. Patience Oniha said that the FGN Ijarah Sukuk was designe...

#UAE's Sharjah Islamic Bank gives initial price guidance for dollar #sukuk

11 Apr 2018 16:10 Sharjah Islamic Bank has given initial price guidance in the 160 basis points over mid-swaps range for a planned five-year dollar sukuk issue that has been capped at $500 million. The bank is expected to price the Islamic bonds later on Wednesday....

Al Baraka Turk to exercise call option on $200m #sukuk

11 Apr 2018 16:04 Albaraka Türk Participation Bank has sent a notice of redemption to its certificate holders on 06 April 2018 for its US$200,000,000 outstanding sukuk. Albaraka General Manager Meliksah Utku said the early redemption of the sukuk before its maturit...

The Fourth Amongst DFM's Series Of Shari'a-Compliance #Standards: Dubai Financial Market Invites Experts To Advise On Its 'Standard On Investment Fu...

11 Apr 2018 15:57 Dubai Financial Market (DFM) released the draft of its "Standard on Investment Funds", the first of its kind all-inclusive standard. The DFM invited Islamic finance professionals to provide counsel and feedback on the standard. The consu...

#Sukuk proceeds being well utilised, says DMO DG

11 Apr 2018 15:43 The proceeds of N100 billion Sukuk are being applied to infrastructure development across Nigeria. Director General of Debt Management Office (DMO) Ms. Patience Oniha said that the proceeds were designated for the financing of 25 road projects acr...

As #Sukuk Disputes Simmer, Islamic Scholars Ponder Legal Risks

11 Apr 2018 15:31 Senior scholars in Islamic finance are exploring ways to prevent legal disputes with new rules aiming to clarify responsibilities. The discussions are part of the annual sharia conference of the Bahrain-based Accounting and Auditing Organisation f...

London’s #takaful standards seeking Shariah scholars’ approval by year-end for 2019 roll-out – industry association

11 Apr 2018 15:20 London’s draft standards for transaction of Islamic commercial insurance are seeking Shariah scholars’ approval this year for roll-out next year. The Islamic Insurance Association of London (IIAL), which counts Lloyd’s of London as a founding memb...

Lessons Learned in Designing an App to Build Financial Health

11 Apr 2018 15:03 CFI and the Microfinance Centre (MFC) in Warsaw are working together to build a smartphone application to assist customers and improve their financial health. As part of the project, a simple financial health quiz was developed which will serve as...

Sharia #standards notified

11 Apr 2018 14:53 The Securities and Exchange Commission of Pakistan (SECP) has notified seven more Sharia standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The general public is kindly asked to give their feedback f...

Allianz still keen to acquire #takaful business

10 Apr 2018 11:21 Despite a failed merger with HSBC Amanah Takaful a year ago, Allianz Malaysia is still keen to acquire a takaful business. According to Allianz CEO Zakri Khir, there is bright takaful business growth potential because the penetration rate in Malay...

Islamic Development Bank grants $63.3 million to #Sudan

10 Apr 2018 11:12 The Islamic Development Bank (IDB) signed a grant agreement worth $63.3 million for the establishment of facilities and services in South Darfur, Sudan. Earlier this month, the IDB agreed to lend Tunisia $185 million to finance developments includ...

Jaiz Bank grows profit by 161% to N894m

10 Apr 2018 11:08 #Nigeria’s Jaiz Bank recorded significant growths in key performance indicators in 2017, making an average of a double of previous profit on every unit of transaction. The pre-tax profit-margin doubled from 5.5% in 2016 to 11% in 2017. Gross earni...

Richest 1% to own two-thirds of world's wealth by 2030: new study

10 Apr 2018 10:59 As the wealthy continue to accumulate money faster than average income earners, the rich-poor divide will only widen over the next few years. According to the latest research by the UK’s House of Commons, in 12 years' time more than two-thirds of...

#Bangladesh Bank suggests regulator encourage Islamic Shariah compliant investment certificate in capital market

10 Apr 2018 10:39 The central bank of Bangladesh has suggested encouraging Islamic Shariah compliant investment certificate Sukuk in the capital market. Capital market regulator BSEC pointed out that other Muslim majority countries such as Malaysia, Indonesia, KSA,...

How #cryptocurrency traders are wooing Islamic investors

10 Apr 2018 10:30 The global surge of interest in cryptocurrencies extends into the Gulf and Southeast Asia, the main centres of Islamic finance. However, many Islamic scholars argue that cryptocurrencies are not religiously permissible, as they are products of fin...

Manfa’a #Sukuk: A Novel, Transparent Debt Instrument

10 Apr 2018 10:13 Transparency can serve as a powerful disinfecting driver of development and accountable governance. It can also promote responsible practices that support a broad range of policy objectives. These include exposing government corruption, reducing t...

MENA #fintech sector to attract US$2.5bn in deals by 2022, study finds

10 Apr 2018 10:09 According to MENA Research Partners (MRP), the current MENA fintech market is estimated at US$2bn and expected to witness an annual growth of US$125mn until 2022. MRP CEO Anthony Hobeika said that the funding of fintech changed a lot in the last 6...

RFI #Summit 2018 is partnering with the leading global environmental authority to increase links between faith-based finance & environmental impact

10 Apr 2018 10:02 The UN Environment Programme is organizing a pre-Summit roundtable on "Faith-Consistent Financing Prospects to Achieve the Sustainable Development Goals (SDGs)". The roundtable will explore opportunities for faith-based financial institu...

Ebdaa Bank backs #microfinance proposal for GCC charity projects

10 Apr 2018 09:38 Ebdaa Bank has agreed to a proposal to microfinance charity projects to achieve their objectives to support low-income families. Ebdaa Bank CEO Dr Waleed Al Ghazawi welcomed officials from Almajdouie Group and stressed the need for the GCC to adop...

Industry body AAOIFI close to finalising #standards for Islamic endowments

10 Apr 2018 09:31 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is close to finalising governance and sharia standards for Islamic endowments, known as awqaf. Deputy Secretary General Omar Mustafa Ansari said the development o...

#UK injunction restricts Dana Gas dividends in $700 million #sukuk dispute

10 Apr 2018 09:26 United Arab Emirates energy firm Dana Gas received a new injunction from the English High Court restricting its ability to pay dividends or increase its debt. Sukuk holders have been trying to force the company to redeem the sukuk since last year....

Islamic finance — focus on capital market development

10 Apr 2018 09:20 The Islamic finance sector is a subset of the overall domestic financial sector. Governments face pretty much the same contingent liabilities with Islamic banks as they do with conventional ones. Some 73% of total Islamic finance assets are within...

Islamic Scholars Debate Validity of #Cryptocurrencies

10 Apr 2018 09:05 The world's top Islamic finance scholars are scrutinizing the validity of cryptocurrencies. The discussions are part of the annual sharia conference of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) being held...

Maybank Islamic to grow trade financing biz

10 Apr 2018 09:00 Malaysian Islamic banks are boosting their trade financing market share with various measures. Maybank Islamic CEO Mohamed Rafique Merican said the bank intended to grow its trade facilities in line with growing demand for Islamic finance in Malay...

3rd Unicef Cycling for Children

06 Apr 2018 15:02 What is CYCLING FOR CHILDREN? CYCLING FOR CHILDREN is a unique public cycling event organised in Switzerland in collaboration with Crans-Montana Tourism & Congress. The aim is to show commitment through sporting performance and creative fundra...

A 200-year-old idea offers a new way to trace stolen bitcoins

05 Apr 2018 16:35 Bitcoin's blockchain provides evidence of every Bitcoin transaction that's ever taken place. Many of the transactions recorded on that distributed ledger are crimes. But a group of Cambridge cybersecurity researchers argues that one can still dist...

#Malaysia can be Islamic #fintech leader, says Fitch Group unit

05 Apr 2018 16:20 According to research agency BMI, Malaysia has the potential to be a world leader in Islamic financial technology (fintech). The research firm said Malaysia’s Islamic banking sector was worth US$202 billion last year, while its Islamic loans also...

World Bank, IDB urge Islamic finance to play the long game

05 Apr 2018 16:10 The World Bank and the Islamic Development Bank want to increase the use of long-term investments in Islamic finance. The two multilateral bodies set out a series of policy recommendations in a joint report, aiming to capitalize on the risk-sharin...

Coincidental documents reveal Iranian Guard smuggled billions via Bahraini bank

05 Apr 2018 16:01 Iranian owners of a Bahraini bank complained about Bahrain to an international arbitration court in the Netherlands. Bahrain responded with documents proving that $7 billion was smuggled through suspicious accounts with the consent and knowledge o...

Jaiz Bank, IDB Sign $20m SMEs Financing Deal

05 Apr 2018 15:47 Jaiz Bank and Islamic Corporation for the Development of Private Sector (ICD) have signed a $20 million line of agreement to finance the Small and Medium Sized Enterprises (SMEs) of Nigeria. The financing deal covers sectors such as industry, comm...

Islamic bank to meet business world in Izmir this month

05 Apr 2018 15:36 Turkey's Aegean province of Izmir will host an Islamic Development Bank Group (IDB) event between 26-27 April. The announcement was made by Turk Eximbank CEO Adnan Yildirim, who said that Turkey aims to boost trade relations with the IDB's 57 memb...

#Malaysia remains lead in Islamic finance

05 Apr 2018 15:27 Malaysia has great potential to broaden its market share and strengthen its leadership in Islamic finance. According to the latest report by the Malaysia International Islamic Financial Centre, Asia’s Islamic financial assets amounted to US$528.7...

#Saudi- Finance Minister heads the Kingdom's delegation to the 43rd Islamic Development Bank board of governors Annual Meeting in Tunis

04 Apr 2018 14:41 Saudi Finance Minister Mohammed Al-Jadaan will head the Kingdom's delegation to the 43rd Annual Meeting of the Board of Governors of the Islamic Development Bank between April 4-5 in Tunis. The Saudi delegation will include Dr. Ahmad Al-Khulaifi,...

The rise of Muslim #Millennials and what it means for Islamic finance

04 Apr 2018 14:31 Millennials are the generational demographic bracket following Generation X, which was a more consumerist, independent-minded age cohort. In the Muslim world, the Arab Spring, the Global Recession and other developments like dropping oil prices ha...

And The Country With The 'Most Expensive' Plate Of Food Is...

04 Apr 2018 14:07 A report from the World Food Programme (WFP) analyzed the glaring gap in food costs around the world. The report points out that people living in poor countries have to spend the bulk of their wages on basic nourishment. The research measured the...

Syed Alwi is Agrobank’s new CEO

04 Apr 2018 13:58 Agrobank has appointed Syed Alwi Mohamed Sultan as its new president and CEO. The appointment has received approval from Bank Negara Malaysia and the Ministry of Finance. Previously, he had held several senior management positions with various ban...

#Qatar central bank backs three-way Islamic bank #merger

04 Apr 2018 13:51 Qatar’s central bank hopes the planned merger between three local Islamic banks can proceed this year. Masraf Al Rayan, Barwa Bank and International Bank of Qatar have been discussing a merger, though they missed the target date to complete the pr...

Islamic bank IDB officially launches $500M science #fund

04 Apr 2018 13:43 The Islamic Development Bank (IDB) launched a $500 million fund to strengthen science, technology and innovation in the Muslim World. The launch of the fund was made at the IDB's 43rd Annual Meeting in Tunis. The fund had been announced for the fi...

DFSA hosts accounting standard-setters for Islamic finance

04 Apr 2018 12:56 The Dubai Financial Services Authority (DFSA) recently hosted the International Accounting Standards Board (IASB) as part of a consultancy meeting. The Authority's involvement reflects its commitment to developing an effective and supportive regul...

IDB Group and World Bank launch second edition of Global #Report on Islamic Finance

03 Apr 2018 11:57 The Islamic Development Bank (IDB) Group and the World Bank Group launched the second edition of the Global Report on Islamic Finance. The report is entitled "The Role of Islamic Finance in Financing Long-Term Investments". It presents a...

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