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Developing #Indonesia as Islamic finance hub

17 Nov 2017 15:22 The world’s financial landscape has changed fundamentally over the last few years. Islamic equity funds experienced strong growth during the second half of the 1990s. In 1996, there were 29 Islamic funds, valued at US$800 million. Nowadays, Indone...

English court rules in favour of Dana Gas bondholders in key Islamic bond case

17 Nov 2017 13:58 An English High Court judge has ruled in favour of Dana Gas’s bondholders, reported the Financial Times. More details at the source. Source:  https://www.ft.com/content/cdbf4690-cf2a-3cea-bbf2-55dd5891d803 Facebook Like Google Plus One Twe...

Gulf Finance House begins new #land #acquisition drive

16 Nov 2017 14:30 Even though its Tunis Financial Harbour (TFH) mega-project has barely got off the ground, Bahrain's Gulf Finance House (GFH) is already looking to acquire adjacent land. Source:  https://www.africaintelligence.com/mce/business-circles/2017/11...

W’Africa to see more #Sukuk bonds – Usman

16 Nov 2017 14:23 Acccording to Jaiz Bank CEO Hassan Usman, more West African countries and companies are likely to adopt Sukuk to finance infrastructural development and corporate growth plans. He said the envisaged passion for Sukuk issuance in the near future co...

Global #sukuk likely to hit US$90b this year

16 Nov 2017 14:13 Global sukuk issuance will likely reach US$85 billion-US$90 billion (RM356-377 billion) in 2017, driven by stronger issuance from Saudi Arabia, Malaysia, Qatar, Bahrain and Oman. RAM Rating Services said Saudi Arabia and its GCC neighbours had rai...

Islamic finance and R&D

16 Nov 2017 09:17 Tthe Islamic Development Bank appointed in April already the Saudi bioscientist and entrepreneur Hayat Sindi to a new advisory position, and has been tasked with reviewing the bank’s R&D funding and investments, reports the Guardian in an arti...

#Brunei launches financial literacy body for saving-oriented culture

15 Nov 2017 15:30 Brunei set up the National Financial Literacy Council for creating a prudent and saving-oriented culture. A study made in 2015 revealed that in Brunei 34% of the household respondents do not have a household budget, as for individual respondents 4...

CEO of Al Rayan Bank receives OBE from Prince William

15 Nov 2017 15:20 The CEO of Al Rayan Bank, Sultan Choudhury, has received his Order of the British Empire (OBE) from Prince William. Choudhury was appointed OBE in the Birthday Honours of Queen Elizabeth II, in recognition of his services to Islamic finance. Choud...

National Savings plans launching of first Islamic product next year

15 Nov 2017 15:14 #Pakistan's National Savings is expected to launch its first Islamic savings product by the start of 2018. According to Zafar Masud, director general of National Savings, the proposed product would begin with one year maturity and allow investors...

EXCLUSIVE: #SUKUK funds intact; Why we have not paid contractors – Nigerian govt

15 Nov 2017 15:05 To confute speculations about the N100 billion Sukuk, the Nigerian government said the money was intact in the appropriate account opened for it at the Central Bank of Nigeria. The Minister of Finance, Kemi Adeosun, earlier said the fund will be u...

#Pakistan eyes $3bn debt through #sukuk, Eurobonds

15 Nov 2017 14:49 Pakistan has allowed immediate borrowing of up to $3bn from international debt markets by floating three sovereign bonds. The country is going to float the bonds in the largest transaction to take pressure off the central bank’s foreign exchange r...

#Sukuk has great potential, says Jaiz Bank chief

15 Nov 2017 14:40 Many West African countries and companies may fall back on Sukuk to finance infrastructural development and corporate growth plans. Managing Director of Jaiz Bank, Hassan Usman, said there could soon be a frenzy of the facility issuance in West Af...

7 Social Islami Bank directors resign, 9 new appointments made

15 Nov 2017 14:26 In #Bangladesh seven members of Social Islami Bank’s board of directors have resigned from their posts. At the same board meeting nine new directors were appointed. Among the seven that have resigned, four were independent directors: Abdur Rahman,...

Future #Sukuk Growth Depends on Overcoming Challenges

15 Nov 2017 14:12 In the last few years, the growth in Sukuk market has been subdued. Sukuk market is mainly led by Malaysia now. It is important to have stable growth in the Middle East for the global Sukuk issuance to grow. The development infrastructure related...

#Saudi Co. Liable For $668M In Back Rent Tied To #Sukuk Bond

14 Nov 2017 15:35 Financial services company Saad has been ordered to pay around $668 million to Citicorp Trustee Company and Golden Belt Sukuk Company. Saad's obligations are tied to sukuk bond and linked to the leasing of land in Saudi Arabia. The judgment was ha...

#Qatar developer Ezdan’s #sukuk yields spike after S&P downgrade to junk

14 Nov 2017 15:19 Standard & Poor's downgraded Qatari real estate developer Ezdan Holding on Monday. Therefore, yields on the company's $500 million sukuk jumped by about 2 percentage points after the downgrade. S&P cut the Qatari company by two notches to...

Gatehouse Bank names new BDM

14 Nov 2017 15:10 Gatehouse Bank has expanded its residential property finance team with the appointment of Mehwish Mirza as its business development manager for residential home finance. Mehwish has joined the specialist bank from Together, where she was also a bu...

Dana Gas profit boosted by financial settlement with Kurdistan Regional Government

13 Nov 2017 16:48 Dana Gas reported a steep rise in third-quarter profit, benefiting from a $1 billion payment as part of a settlement agreement with the Kurdistan Regional Government (KRG). The agreement boosted Dana’s third-quarter earnings and net profit for the...

British judge to issue ruling on $700 million Dana Gas #sukuk case soon

13 Nov 2017 16:44 British High Court judge George Leggatt said that he would not further adjourn a trial in the Dana Gas case and would issue a judgement soon. Dana is claiming it does not need to redeem its $700 million sukuk, which matured at the end of last mont...

Bank Islam issues its third #Sukuk #Murabahah RM300 million

13 Nov 2017 16:40 Bank Islam Malaysia Bhd (BIMB) had obtained approvals from Bank Negara Malaysia and the Securities Commission Malaysia to establish the third subordinated Sukuk Murabahah programme with the issuance of RM300 million. BIMB said the sukuk has tenure...

Mazoon Electricity raises $500m from debut #sukuk issue

13 Nov 2017 16:36 #Oman's Mazoon Electricity Company successfully priced its debut $500 million 10-year Sukuk offering. The Sharia-compliant Ijara structure was adopted for issue of the Sukuk Certificates and the profit rate was set 5.20%. The final order book had...

Islamic finance in #Malta

13 Nov 2017 16:27 In 2008, the Malta Financial Ser­vices Authority was the first EU regulator to issue guidelines on Islamic finance, which were updated in 2015-2016. In 2016, the Malta Stock Ex­change launched an Islamic Equity Index in order to attract investment...

#UAE's Dana Gas profit boosted by financial settlement with KRG

13 Nov 2017 16:20 Dana Gas reported a steep rise in third-quarter profit, benefiting from a $1 billion payment as part of a settlement agreement with the Kurdistan Regional Government (KRG). The agreement boosted Dana’s third-quarter earnings and net profit for the...

Reserve Bank says no to Islamic banking: All you need to know

13 Nov 2017 16:09 After examining the details of Islamic banking, Reserve Bank of India (RBI) has decided not to pursue the matter any further. It all started in late 2008 when former RBI governor Raghuram Rajan had stressed on the need for a closer look at the iss...

Safaricom and Gulf Bank to launch Sharia-compliant banking service

13 Nov 2017 16:00 #Kenyan operator Safaricom and Gulf African Bank are set to launch a Sharia-compliant banking service through M-Pesa to allow customers to open and operate M-Sharia bank accounts. The M-Sharia platform will be rolled out by next March, targeting t...

ADIB hosts regulatory compliance #forums for banks from #Sudan and #Iraq

13 Nov 2017 15:56 Abu Dhabi Islamic Bank (ADIB) held forums on the international regulatory environment for banks from Sudan and Iraq to support their increasing integration into the global economy. The forums followed the lifting of the United States' longstanding...

#Innovation in Islamic finance is better cultivated from the roots than the branches

13 Nov 2017 15:50 Although Islamic banking and Sukuk comprise the lion’s share of Islamic finance assets, there are significant untapped opportunities in the securities, equity markets, investment funds, insurance and microfinance markets. For Islamic finance to fl...

MBSB buys Asian Finance Bank for RM645m, set to be an islamic bank

13 Nov 2017 15:40 #Malaysia Building Society Bhd (MBSB) is buying Asian Finance Bank (AFB) for RM644.95 million in cash. MBSB stated that the proposed merger would result in it becoming a full-fledged Islamic bank. MBSB entered into a conditional share purchase agr...

#Pakistan plans to raise $1b from #Sukuk offering

13 Nov 2017 15:34 Pakistan has picked arrangers for a potential $2bn debt sale planned for later this year. The sale would come as Pakistan’s finances are starting to show strain. The nation’s foreign-exchange reserves have fallen 15% to $19.8b this year as its tra...

#Iran’s debt market emerges as key to economic future

09 Nov 2017 16:01 The rising issuance of sukuk and Treasury bills in the past three years in Iran is seen as evidence of the success and allure of the Iranian debt market. Perhaps the most important factor contributing to the sales of bonds has been the lack of fun...

ICD, Mizuho Bank (M) Berhad seal $150m #Murabahah deal

09 Nov 2017 15:42 The Islamic Corporation for the Development of the Private Sector (ICD) and Mizuho Bank have formalized the signing of a Murabahah deal. The financing is earmarked for the purpose of scaling up of ICD’s projects in its selected 55 member countries...

#Saudi corruption purge snares $33 billion of net worth

09 Nov 2017 15:32 Some of Saudi Arabia's most powerful men were arrested in October as part of a fight against corruption. The government freezed the accounts of the more than three dozen men totalling $33 billion of net worth. The series of arrests has implicated...

#American University Offers Graduate #Certificate in Islamic Finance

09 Nov 2017 15:11 American University is offering a graduate certificate in Islamic Finance to prepare professionals for both emerging and established markets. The curriculum includes courses that focus on the role of Islamic finance in the global economy and Islam...

Arrested #Saudi tycoon faces fraud claim in English courts

09 Nov 2017 14:58 Saudi billionaire Maan Al-Sanea is accused in the English courts of a $650m (£495m) fraud that has triggered a battle between hedge funds and the French bank BNP Paribas. He was arrested by Saudi authorities in October on charges of evading justic...

Interview: Bank Melli #Iran Upbeat on Int’l #Expansion

09 Nov 2017 14:47 According to Mohammad Reza Hosseinzadeh, CEO of Bank Melli Iran (BMI), the European Union has made its decision to work with Iran. The banker noted that BMI has managed to establish correspondent banking relations with 135 banks of 30 countries, h...

Al Rajhi Bank unveils novel payment services hub

09 Nov 2017 14:31 Working closely with Accenture, Al Rajhi Bank has successfully implemented a fully dedicated payment service hub solution. The new hub adds a new payment alternative for all of the bank's payment products and services. In addition to delivering a...

Malaysian Islamic banking to heat up as smaller lenders #merge

09 Nov 2017 14:21 Malaysia Building Society (MBSB) is a step closer to becoming a full-fledged Islamic bank after the proposed acquisition of Asian Finance Bank (AFB). If the merger takes place, the tie-up between non-bank MBSB and AFB would create the country's se...

Muslim mortgage kingpin led investigators on 'treasure hunt' for missing gold: Crown

08 Nov 2017 11:09 In Toronto the trial begins for Omar Kalair, accused of pocketing millions in 'Shariah-compliant' mortgages. The businessman not only pocketed millions in fraudulent mortgages, he also purchased over $2 million in gold and silver bullion. Kalair w...

HSBC hopes for more Islamic financing in Southeast Asia #rail #projects

08 Nov 2017 10:44 HSBC Bank #Malaysia hopes to see a lot more Islamic financing instruments used in the development of the Southeast Asia railway network which connects China to the region. CEO Mukhtar Hussain said HSBC had a unique value proposition in this matter...

Islamic banks in #Bahrain urged to fully comply with new standards

08 Nov 2017 10:35 Islamic banks in Bahrain have until June-end next year to fully comply with new standards mandated by Central Bank of Bahrain (CBB). According to CBB executive director for banking supervision Khalid Hamad, the new Islamic banking legislation, whe...

APICORP Issues $500 Million, 5-Year #Sukuk

08 Nov 2017 09:52 The Arab Petroleum Investments Corporation (APICORP) has launched a USD 500 million 5-year sukuk off its USD 3 billion Trust Certificate Programme. APICORP undertook extensive investor meetings at the beginning of October in Asia, in the UAE and i...

Detention of Saleh Kamel does not impact Al Baraka Bank #Egypt

08 Nov 2017 09:38 Ashraf Ahmed Mustafa El-Ghamrawy, CEO of Al Baraka Bank Egypt said that the bank’s activity was not impacted by the detention of the Saudi businessman Saleh Kamel. Kamel is the chairman and founder of the Dallah al Baraka Group (DBHC) which owns A...

Holistic Finance, a movement launched in Switzerland!

07 Nov 2017 16:55 In this article Efi Pylarinou shares a few takeaways from the Impact Summit-Faith in Finance held in Zug, Switzerland. Takeway number 1 is that Finance can become Holistic. Blockchain is the enabler for investing and managing all kinds of Digital...

#Malaysia's MBSB agrees to buy Asian Finance Bank for $152 mln

07 Nov 2017 16:37 Malaysia Building Society Bhd (MBSB) plans to acquire Asian Finance Bank (AFB) from its foreign shareholders for 645 million ringgit ($152.5 million). Malaysia Building Society agreed with AFB's shareholders to pay 396.9 million ringgit in cash an...

The resurgence of Islamic social finance

06 Nov 2017 12:53 The growth of the global Islamic finance has provided a niche market with solutions through a well-defined Islamic ethos. Unfortunately, Islamic finance has been criticised for having diverted from its core principles of socio-economic empowerment...

APICORP lists $500 million #Sukuk on Nasdaq Dubai

06 Nov 2017 12:29 Nasdaq Dubai has welcomed the listing of a $500 million Sukuk by APICORP, the development bank of the Arab world’s oil and gas industries. The transaction is APICORP’s second Sukuk listing on Nasdaq Dubai, as the first was in January 2016. The Suk...

Dana Gas Is Said to Miss Payment on $700 Million #Sukuk Today

06 Nov 2017 12:23 Dana Gas has no plans to repay the two mudaraba sukuk of $350 million in size each due Oct. 31. The company shocked the Islamic finance industry when it said it no longer considered its sukuk Shariah-compliant. The missed payment will be the secon...

Ibdar: Pioneering a Fully Digitised Islamic Investment Bank

03 Nov 2017 12:50 Ibdar Bank is directing its FinTech strategies to position the bank as a fully-digitised Islamic investment bank. The Bank has USD277 million in paid up capital and a geographical reach that spans the GCC and Middle East North Africa Turkey (MENAT...

Dubai Islamic Bank #Pakistan, Shahnawaz Ltd sign strategic alliance

03 Nov 2017 12:39 Dubai Islamic Bank (DIB) and Shahnawaz have entered into a strategic alliance agreement. Shahnawaz is the authorized general distributor of Mercedes-Benz in Pakistan. This initiative will help in establishing Dubai Islamic Bank Pakistan as the pre...

#Workshop on #waqf management begins in Dhaka tomorrow

03 Nov 2017 12:27 An international workshop on waqf management begins in Dhaka tomorrow. The event is jointly organized by the Islamic Research and Training Institute, Islami Bank Bangladesh and the Centre for Zakat Management. The workshop on the revival of waqf f...

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