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Deadline for comments on #AAOIFI #Sukuk Exposure Draft set for 31 March

28 Mar 2017 12:05 The Auditing Organisation for Islamic Financial Institutions (AAOIFI) has published the exposure draft of the accounting standard on Sukuk and invites feedback from the Islamic finance industry. The objective of the standard is to prescribe the ac...

Financial regulators keen on Shariah - compliant guidelines

28 Mar 2017 11:57 #Kenyan financial regulators expect new guidelines in 2017 for the supervision of the entire sector. Insurance Regulatory Authority (IRA) supervisor Mary Nkiomu said the Islamic Finance Project Management Office established in December 2015 has su...

#Pakistan updates guidance for Islamic banks' external #audits

28 Mar 2017 11:40 Pakistan's central bank has updated guidance on sharia governance for Islamic finance institutions. The goal is to expand the scope of external audits to help mitigate conflicts of interest and increase transparency. Those religious scholars who a...

Maybank Islamic launches new products to boost deposit base

28 Mar 2017 11:30 Maybank Islamic hopes to attract RM2 billion (USD453 million) in deposits – within a year – by launching two new financial products. The products are Foreign Currency Mudharabah-i (FCM-i) and the Profit Now Account-i (PNA-i). FCM-i is a short-term...

Why Islamic #mortgages normally cost more than conventional mortgages

27 Mar 2017 12:38 The principal reasons are the small size of Islamic banks, and the additional legal transactions involved with Islamic mortgages. In the UK, Muslims are often surprised to find that Shariah compliant Islamic mortgages are noticeably more expensive...

#Turkey's grain board TMO, Gap Insaat to sell debut Islamic #bonds

27 Mar 2017 12:25 Turkey's state grain board TMO and construction firm Gap Insaat have received regulatory approval for debut sukuk sales. Turkey has seen steady issuance of sukuk from the government and the country's Islamic banks, but an increase in corporate iss...

#Takaful Ikhlas to introduce online platform by year-end

27 Mar 2017 12:17 Takaful Ikhlas aims to introduce its online platform for basic term life insurance to encourage youths to obtain insurance coverage. Senior Vice-President, Wan Rosli Shaharuddin Wan Yaacob is optimistic the online platform will attract youths as t...

Maybank Islamic unveils Islamic #Private #Wealth Solution

27 Mar 2017 12:03 Maybank Islamic launched a new account for its Islamic private wealth clientele. The new feature will provide high net worth (HNW) clients with comprehensive private banking services. The bank explained that the enhanced platform will allow HNW cl...

#Turkish treasury says mandates three banks for #sukuk issue

27 Mar 2017 11:48 Turkish treasury mandated the Dubai Islamic Bank, HSBC, and Standard Chartered to explore opportunities for a possible sukuk issue. A series of investor meetings will be organised in the UAE on March 28, 2017. Meanwhile, the country’s monetary aut...

Islamic finance aims for easier #sukuk investment with proposed new #standards

27 Mar 2017 11:41 Two standard-setting bodies are proposing new guidelines for sukuk that would make them more transparent and easier to structure. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) published draft accounting stand...

Discussion - Islamic Finance: what it means & the opportunities for the UK post-Brexit

24 Mar 2017 17:02 Wednsday 5th April 2017: 18:00 – 20:30. Discussion starts promptly at 18.30PwC, 1 Embankment Place, London WC2N 6RH, United Kingdom. The Committee of IoD City of London in partnership with The British Malaysian Society invites IoD membersand guest...

#Launchgood raises funds for the victims of the #londonattack

24 Mar 2017 11:13 Please consider participating in the fundraising campaign for the victims of the #londonattack: https://www.launchgood.com/project/muslims_united_for_london#/ And also share and distribute further the letter to baghdadi http://www.lettertobaghdadi...

CORRECTED-#Indonesian global #sukuk may be issued this week -minister

22 Mar 2017 12:52 Indonesia's finance minister Sri Mulyani Indrawati announced the government plans to issue a global sukuk this week. Indrawati did not give further details on the planned issuance. An official has previously said the government will issue global s...

#Morocco opens an Islamic finance window

22 Mar 2017 12:47 Casablanca Finance City welcomes international businesses that have been flocking to Morocco to take advantage of its cheap labour, skilled work force and proximity to sub-Saharan Africa. Amid the uprisings that characterised the Arab Spring, Moro...

BRIEF-#Kuwait Finance House shareholders approve issue of #sukuk and other financial instruments

22 Mar 2017 12:21 Shareholders of Kuwait Finance House (KFH) have approved issue of sukuk and other sharia-compliant financial instruments. Source:  http://www.reuters.com/article/brief-kuwait-finance-house-shareholders-i... Facebook Like Google Plus One Tw...

Bhaimia named CEO of Asian Finance Bank

22 Mar 2017 12:18 Asian Finance Bank (AFB) has appointed Khalid Mahmood Bhaimia as its new chief executive officer effective from March 21, 2017. Bhaimia has over 20 years of experience in the global Islamic banking industry. He previously served as the CEO of Unic...

CEOs advocate collaboration to drive SDGs

22 Mar 2017 12:14 Nigerian CEOs have hinged the achievement of Sustainable Development Goals (SDGs) on partnership by businesses. This was stated by CEO of the Sahara Group, Tonye Cole, who delivered a keynote address at the CEO roundtable organised by First Bank o...

#Islamic #Banking Could Be Coming to the North Caucasus

22 Mar 2017 12:02 The recently established International Islamic Business Association (IAIB) has announced plans to develop halal businesses and open offices throughout the region. However, changes in Russian legislation are needed to attract investment from Muslim...

#Jordanians show high interest in Islamic #bonds — CBJ

22 Mar 2017 11:53 The Central Bank of Jordan (CBJ) the second sukuk issuance on behalf of the National Electric Power Company (NEPCO) at a total value of JD75 million, 4.1% returns and a five-year maturity period. The bank reported that demand on the sukuk was 2.73...

IMF acknowledges #Islamic #banking's prolific growth

22 Mar 2017 11:47 The International Monetary Fund (IMF) has been a proactive supporter of Islamic banking and has declared it a priority for its operations in countries with Islamic banking. In a recent report titled "Ensuring Financial Stability in Countries...

#Malaysia Woos #FinTech Devs for Shariah-Compliant Islamic Finance

21 Mar 2017 10:45 Malaysia’s proximity in the ASEAN region and its mix of urban, suburban and rural population makes it a suitable environment for testing and launching FinTech solutions for the global Islamic Finance market. Datuk Yasmin Mohamood, CEO of Malaysia...

#Bahrain’s sovereign wealth fund is back on track

21 Mar 2017 10:29 Mahmood Hashim Al Kooheji, the head of Bahrain’s sovereign wealth fund, Mumtalakat, is intent on brokering safe, considered deals that yield long-term growth. The wealth fund is taking an increased interest in the comparatively stable sectors of h...

#GCC #insurers’ gross premiums set to grow despite slowing economies

21 Mar 2017 10:07 The insurance sector across the GCC is expected to report growth in gross premiums on continued growth in infrastructure investment and favourable regulatory changes. S&P Global Ratings analyst Emir Mujkic said gross premiums will increase in...

QInvest’s income-generating #Ijara #fund oversubscribed

21 Mar 2017 09:54 #Qatar’s QInvest has successfully launched its QInvest SQN Income Fund. It aims to pay out a net yield of 7% per annum on a monthly basis and has a targeted IRR of between 8-9%, with a tenure of 5 years. The Fund invests in the leasing and financi...

GLOBAL #INVESTING: Why investors should look at Makkah hotels

21 Mar 2017 09:41 Land prices in Makkah are higher than in downtown Tokyo or Paris, this ensures that five-star luxury hotel supply growth is the norm. Makkah is also at a macro inflection point since 25,000 three-/four-star rooms were demolished or reclassified by...

ICD and TUV SUD to develop private sector in Central Asia

21 Mar 2017 09:29 The Islamic Corporation for the Development of the Private Sector (ICD) and TUV SUD signed a memorandum of understanding (MoU) to foster their joint operations in the countries of Central Asia. ICD's CEO Khaled Al-Aboodi and the managing director...

DFM adds significant risks in Islamic finance on #hedging #standards

21 Mar 2017 09:20 Dubai Financial Market (DFM) said it has officially published the final version of its Standard on Hedging against Investment and Finance Risks. This standard is the newest addition to DFM’s Sharia-compliant standards, which include Standard on St...

Book Review: Too Little, Too Late

17 Mar 2017 11:47 The increase in emerging market debt to more than $900 billion in outstandings according to the International Monetary Fund (IMF) heightens the importance of sovereign debt restructuring. This concern affects not only holders of sovereign debt but...

UEM Edgenta to make RM1b #sukuk issuance

17 Mar 2017 11:37 UEM Edgenta will issue Islamic commercial papers (ICP programme) and Islamic medium-term notes (IMTN) with a combined aggregate up to RM1bil in nominal value and a sub-limit of RM300mil.UEM Edgenta said the proceeds raised from the sukuk programm...

EdAid launches first ever Sharia-compliant #crowdfunding platform

17 Mar 2017 11:33 EdAid has launched the first ever Sharia-compliant crowdfunding platform to finance Muslim students interest-free. QardHasan will help students raise up to £30,000 within 40 days, channelling funds from charitable trusts and potential employers. T...

BRIEF-Abu Dhabi Islamic Bank appoints Khamis Buharoun as acting CEO

17 Mar 2017 11:26 On March 15 Abu Dhabi Islamic Bank appointed Khamis Buharoun as acting CEO. The appointment of acting CEO Khamis Buharoun is in context of CEO Tirad Marouf Al Mahmoud's medical leave. Source:  http://www.reuters.com/article/brief-abu-dhabi-is...

Qatar- Islamic finance making inroads into the #US

17 Mar 2017 11:22 Islamic finance is increasingly making inroads into the US in a variety of forms, but widely out of the radar of the broader public. In the recent past, there has been a rise in the number of Islamic financial service providers. There are now abou...

Islamic Bank invites financial institutions to invest in it

17 Mar 2017 11:09 Islamic Bank of Thailand plans to set up an asset management team to handle its Bt48 billion in non-performing loans. The bank also plans to invite 35 financial firms to invest in the bank to restructure its business and boost its new loans, which...

Moody's: #GCC Islamic banks more profitable than conventional peers for second year running in 2017

17 Mar 2017 11:04 According to Moody's Investors Service, the profitability of Islamic banks' in the Gulf cooperation Council (GCC) region will outpace that of their conventional peers for the second consecutive year in 2017. Islamic banks will maintain stronger ma...

CAIA Association #Survey: Responsible Investment Principles Growing in Importance

17 Mar 2017 10:56 According to a new survey by the Chartered Alternative Investment Analyst (CAIA) Association, incorporation of environmental, social, governance and ethics principles into the investment process is growing in importance. More than three quarters (...

Islamic capital market can support financing needs

17 Mar 2017 10:47 The #Malaysian Securities Commission (SC) released its SC 2016 Annual Report. The report states that the Malaysian capital market remains resilient and sustainable, growing in an orderly trajectory, attracting sound investor interest. According to...

Arab Regulators #Conference: Regional firms slow to adopt global corporate government standards

17 Mar 2017 10:36 The Arab Regulators Conference, hosted by the Arab Monetary Fund, took place on 8-9 March in Abu Dhabi. The two-day conference was an opportunity for regulators to engage in an open dialogue on how to strengthen the development of corporate govern...

Can #responsible #investment integrate with Islamic finance?

17 Mar 2017 10:29 The Responsible Finance & Investment (RFI) Summit 2017 has announced a series of Executive Sessions organized by the RFI Foundation and INCEIF, the Global University of Islamic finance. These sessions will introduce participants from all backg...

CBK in final stage of licensing two banks

17 Mar 2017 09:58 The Central Bank of #Kenya (CBK) announced it was in final stages of licensing two banks, DIB Bank Kenya, which is owned by Dubai Islamic Bank, and Mayfair Bank which is owned by Kenyan investors. The two firms had received an "approval in pr...

#Bahrain's GFH banks says it may merge with Dubai's Shuaa Capital, others

17 Mar 2017 09:48 Bahrain's GFH Financial Group may merge with Dubai-based Shuaa Capital, GFH said in a statement. A web of ties between GFH and Shuaa began forming last year. In May, Abu Dhabi Financial Group (ADFG) and GFH said they were jointly setting up an Isl...

Payment App for Foreign Tourists Wins #FinTech Award in #Iran

17 Mar 2017 09:38 ZPay, a payment application for foreign tourists in Iran, has won Bank Pasargad Iran’s award for best fintech innovation at the First Fintech Festival. ZPay enables foreigners to shop in Iran while keeping their money outside the country. Iran is...

Editorial Note: UNICEF Cycling For Children

15 Mar 2017 11:20 Dear Readers,Currently we face several humanitarian crisis, the most afffected are the children. The large organisations need more funds. UNICEF organises the Cycling for Children challenge, which I will join. Please support my effort and campaign...

#Dubai: Low-income #housing policy to be introduced

14 Mar 2017 11:55 A low-income housing policy will be introduced in Dubai, to provide housing units for individuals earning low income and renovate some old areas in the emirate. The Crown Prince of Dubai HH Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum approved...

JPMorgan, HSBC, Citigroup Said to Be Hired on #Saudi Dollar #Sukuk

14 Mar 2017 11:48 Saudi Arabia hired Citigroup, JPMorgan Chase and HSBC as global coordinators on its international Islamic bond sale. The kingdom also picked Deutsche Bank and BNP Paribas among others as lead managers for the sale. The sukuk could come as soon as...

Stock Exchanges of #Nairobi and #Qatar to Cooperate on Islamic Finance

14 Mar 2017 11:38 The Kenyan capital markets regulatory authority and the Nairobi Securities Exchange today visited the Qatar Stock Exchange (QSE) and signed a memorandum of understanding (MOU) for cooperation between the two exchanges. The two sides will share inf...

Bank Muscat’s #sukuk issue expected this month, says official

14 Mar 2017 11:26 Towards the end of this month Bank Muscat is expected to raise OMR23-30 million, which is the first tranche of Meethaq’s OMR100 million-sukuk programme. Meethaq is Bank Muscat’s pioneer Islamic banking window in Oman. The bank has already received...

No #mergers likely in #UAE’s Islamic banking industry, says Noor Bank CEO

14 Mar 2017 10:59 Noor Bank CEO Hussain Al Qemzi has ruled out possibilities of any possible mergers in the UAE’s Islamic banks. The last merger is between First Gulf Bank and National Bank of Abu Dhabi, expected to complete by end of first quarter 2017. The merged...

Metito's experience with islamic finance in Africa

14 Mar 2017 10:47 Metito is the largest privately held water treatment company in the Middle East. Metito’s African operations account for nearly about a third of its revenues and the current backlog is around $300 million. Metito approached Islamic banks in early...

Why do #Iranian #banks remain stuck with toxic assets?

14 Mar 2017 10:36 On Feb. 26 the Iranian government got the parliament approval to sell a total of 10 trillion rials ($308 million) worth of excess properties owned by its ministries. The raised money is expected to help shore up the troubled Post Bank of Iran and...

#UAE's Sharjah Islamic Bank plans convertible #sukuk issue

14 Mar 2017 10:18 The United Arab Emirates' Sharjah Islamic Bank (SIB) plans to issue convertible sukuk equivalent to 10% of the lender's capital. Funds raised through the debt sale will be used by Islamic endowments selected by the government of the emirate of Sha...

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