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Bank Islam launches social finance platform, Sadaqa House

22 Jan 2018 09:28 Bank Islam Malaysia has recently launched its social finance initiative, Sadaqa House. It aims to provide products and services to collect sadaqah, waqf and hibah. The public can contribute to realising social finance projects for sectors such as...

#Saudi Arabia asks banks for proposals to refinance $10bn loan, raise more debt

22 Jan 2018 09:18 Saudi Arabia has asked banks for proposals to refinance its $10 billion international syndicated loan. The refinancing of the loan, which was raised in 2016, will include a repricing of the facility and the extension of its maturity to 2023 from 2...

Islamic finance assets projected to reach $3.8tr by 2022

19 Jan 2018 11:34 According to the Islamic Corporation for the Development of the Private Sector (ICD), Islamic finance assets are projected to reach $3.8 trillion by 2022 from $2.2 trillion in 2016. In cooperation with Thomson Reuters, the ICD released its new rep...

Islamic #FinTech in 2018

19 Jan 2018 11:21 2018 may prove to be a pivotal year for Islamic finance stakeholders and their approach to FinTech. Potential areas where FinTech is likely to have an impact on Islamic finance are remittances, takaful, investment advisory services and online trad...

Digital currencies remain tricky subject for Islamic finance

19 Jan 2018 11:13 The role and status of cryptocurrencies remains a hotly disputed issue in the Muslim world. While entrepreneurs and Islamic finance startups openly encourage the use of digital currencies, others keep thinking otherwise. The latest escalation in t...

Gatehouse Bank expands residential team with appointments from Al Rayan

18 Jan 2018 11:02 London-based Gatehouse Bank has expanded its residential home finance team with two new appointments. Umar Ali joins Gatehouse Bank as Head of Home Finance after five years at Al Rayan Bank. Junaid Sarwar has been appointed as a London-based Busin...

Gatehouse Bank partners with Blueprint Real Estate Company

18 Jan 2018 10:58 London based Gatehouse Bank has partnered with Kuwait based Blueprint Real Estate Company to offer finance to expats looking to purchase property in the UK. Gatehouse Bank says this forms part of the strategy of its move into the home finance busi...

Dubai Islamic Bank weighs capital-raising in 2018 -CEO

18 Jan 2018 10:47 Dubai Islamic Bank (DIB) plans to raise capital in 2018 to help support an expected double-digit rise in loan growth. DIB's CEO Adnan Chilwan said the bank was considering options including a rights issue and an issue of Islamic bonds. The final d...

Exclusive: Weeks of talks fail to resolve Dana Gas #sukuk dispute - sources

18 Jan 2018 10:42 Weeks of talks between UAE energy firm Dana Gas and some local holders of a disputed $700 million sukuk have failed to reach an agreement. Last year, Dana refused to redeem $700 million of maturing Islamic bonds, arguing they were no longer valid...

Khazanah Launches #Sukuk Exchangeable into Citic Shares

18 Jan 2018 10:25 #Malaysia's Khazanah Nasional pushed out an exchangeable sukuk to raise US$ 309.4 million to US$ 320.8 million. The zero-coupon sukuk are exchangeable into CITIC Securities Co Ltd’s Hong-Kong listed H-shares. They have a tenor of five years and an...

Responsible investing: ESG factors set to alter the #investment landscape

18 Jan 2018 10:21 Environmental, social and corporate governance (ESG) and sustainable investing (SI) are central topics for policymakers, institutional investors and corporates. According to a 2017 study by BNP Paribas, 46% of asset owners plan to have 50% or more...

Khazanah's RM1.27b #Sukuk oversubscribed 5.5 times

18 Jan 2018 09:56 Khazanah Nasional's exchangeable Sukuk of USD320.8mil (RM1.27bil), which has a tenure of five years, was oversubscribed by 5.5 times. The exchangeable Sukuk would reference the value of H-shares in CITIC Securities, China’s largest securities brok...

#Emirates said to seek $1bn #sukuk to diversify funding

17 Jan 2018 11:51 Dubai's Emirates airline plans to raise as much as $1bn through sukuk before higher US interest rates push up borrowing costs. A spokeswoman said the company was constantly seeking diverse sources of funding, including bank finance, operating leas...

Digital currencies remain tricky subject for Islamic finance

17 Jan 2018 11:36 The role and status of cryptocurrencies remains a hotly disputed issue in the Muslim world. While entrepreneurs and Islamic finance startups openly encourage the use of digital currencies, others keep thinking otherwise. The latest escalation in t...

#Qatar witnessing robust momentum in #fintech, says Sheikh Abdulla

17 Jan 2018 11:22 According to Qatar Central Bank (QCB) Governor Sheikh Abdulla bin Saoud al-Thani, Qatar is witnessing a robust momentum in fintech. The country is opening up increasing opportunities for digital payments, money management, lending, loyalty and rew...

US$50m of i-VCAP Islamic ETF expected to be subscribed

17 Jan 2018 11:11 i-VCAP Management is expecting US$50 million (RM198 million) to be subscribed upon its initial subscription period via an initial public offering on Feb 9. The MyETF-US50 will be the first US dollar-denominated Syariah-compliant security to be lis...

Responsible finance: #Malaysia leads the way with new guidelines

15 Jan 2018 13:01 The Securities Commission Malaysia recently issued its 'Guidelines on Sustainable and Responsible Investment (SRI) Funds' to promote the growth of such funds in Malaysia. Often termed as ethical investments, SRI investments not only provide benefi...

An Islamic Bank for The Poor, Including 4% Hindus, Who Can't and Need Not Pay Interest

15 Jan 2018 12:53 Reserve Bank of India guidelines specifically state that banks are compulsorily required to charge an interest and pay taxes to the central government. However, the Muslim Fund Trust in Deoband headed by Haseeb Siddiqui is a financial institution...

The First Investor acquires another #German asset

15 Jan 2018 12:44 The First Investor (TFI) Qatar, a subsidiary of Barwa Bank Group has acquired a new office building in Frankfurt. The asset is another unique blend to TFI Euro Income Fund, which was launched in 2017 with sharia compliant stature. Europe continues...

#Qatar’s QR25bn worth #sukuk to mature soon

15 Jan 2018 12:38 Almost half of Qatar’s outstanding sukuk, worth of over QR25bn, will mature in 2018. With the ongoing growth of Shariah-compliant institutions, new issuances are vital. If no sukuk are issued in the country to replace the maturing ones, Shariah-co...

Head of Islamic finance body AAOIFI resigns

15 Jan 2018 12:32 The head of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has resigned. Hamed Hassan Merah presented his resignation after more than three years and the board of trustees accepted it. As a complex organisatio...

Wahed Invest: a Sharia-compliant #investment #robo-adviser

15 Jan 2018 12:24 Robo-advisers are opening up investment advice to the masses. They can provide sound investment advice for a fraction of the cost of their human counterparts, making it affordable enough for those with as little as US$100 to invest. Junaid Wahedna...

#GAMBIA – MEDIA INVITATION – New agreement between The Gambia and The International Islamic Trade Finance Corporation (ITFC), a member of the Is...

15 Jan 2018 12:13 The CEO of The International Islamic Trade Finance Corporation (ITFC) will be on an official visit to The Gambia on 16th January 2018. A new agreement will be signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E. Hon. Mrs. Fatoumata Jallow-Tambaj...

#Saudi bank #merger presses ahead after delays

12 Jan 2018 16:26 The proposed merger of Saudi British Bank (SABB) and Alawwal Bank has been delayed but not derailed. The two banks announced in April that they had agreed to start talks, but progress has since faltered because of the complexity of the deal. Progr...

Finance Minister: #Qatar's Islamic Banks is the third largest contributor to global growth in Islamic Banking

12 Jan 2018 16:19 According to Qatar's Finance Minister Ali Shareef Al Emadi, Qatar's Islamic Banking sector is the third largest contributor to global growth in Islamic banking. At the 4th Doha Islamic Finance Conference, the Minister called for continued growth i...

British International Campaign to Attract Islamic Investments

12 Jan 2018 16:06 The UK's Department of International Trade has announced the launch of a wide-ranging campaign in the Middle East and the Gulf to encourage investment in the UK. London is considered the largest market for Islamic finance outside the Islamic world...

Sharjah Islamic Bank issues #Sukuk to raise $72.47m

12 Jan 2018 15:58 Sharjah Islamic Bank (SIB) has successfully completed the issuance of Dh266.8 million worth of Sukuk convertible into equity of the bank to the Sharjah Social Security Fund (SSSF). SIB chairman Abdul Rahman Al Owais announced that income generated...

Global #Sukuk issuance looks ‘uncertain’ for 2018

12 Jan 2018 15:50 According to ratings agency S&P Global, the outlook for Islamic bonds remains uncertain for the coming year. Global Sukuk issuance in 2017 reached $97.9 billion, an increase of 45.3%, from the $67.4 billion recorded in 2016. The increase was u...

IIRA rates Al Baraka Bank #Syria strong for second year in a row

12 Jan 2018 15:44 Al Baraka Bank Syria was granted a BBB investment grade rating by the International Islamic Rating Agency (IIRA). The bank was also assigned a sufficient credit capacity, with a rating of (71-75) as a total credit score. It also earned a strong cr...

Global Islamic Finance trends – Would the #digitization drive overcome a lack of standards?

12 Jan 2018 15:39 Islamic Finance has seen massive growth since the recession in 2008 as sovereign and institutional investors consider them more stable than the conventional banking system. Fintech has been very popular in the West over the last few years, but the...

What Does Responsible Finance Have To Do With What Is Happening in #Iran?

11 Jan 2018 15:28 In Iran more than a dozen people have been killed and thousands have been arrested in demonstrations over the last few weeks. Massive numbers of Iranians say their savings have been lost because of the collapse of poorly regulated or fraudulent in...

SBP voted as best central bank for promoting Islamic finance

11 Jan 2018 15:12 State Bank of Pakistan has been voted as the Best Central Bank in Promoting Islamic Finance by a poll conducted by International Finance News (IFN). The central bank has also won this award in 2015. In 2016, Pakistan was awarded Global Islamic Fin...

DEAL: MENA region's first Reit #sukuk

10 Jan 2018 11:03 Emirates REIT has issued the first sukuk by a real estate investment trust (REIT) in the MENA region. It's also the first REIT from the region to have a credit rating (BB+). REITs have not traditionally issued sharia-compliant bonds, and have inst...

The new #investment trend: Islamic ETFs

10 Jan 2018 10:48 The growing popularity of Islamic finance has led to the constant development of new Shariah-compliant investment products. Most of those products have been developed and popularised in Malaysia. Islamic Exchange Traded Funds, or Islamic ETFs have...

#UK Firm Launches Sharia-Compliant Home #Insurance

10 Jan 2018 10:35 Green Dome Financial Services has launched the UK's first Sharia-compliant home insurance policy. The company has begun selling policies that meet Islamic restrictions on uncertainty and usury, or unreasonably high interest rates, while falling wi...

#Bahrain-headquartered investment firm buys controlling stake in Mentor-based MC Sign

10 Jan 2018 10:30 Bahrains's Arcapita has acquired 75% interest in Mentor-based signage and lighting services firm MC Sign. The deal is worth more than $100 million. Atif A. Abdulmalik, Arcapita's CEO, said the company was well positioned to acquire market share in...

Global #sukuk issuance jumps 45.3% to $98bn in ’17: S&P

10 Jan 2018 10:21 According to Standard & Poor’s (S&P), global sukuk issuance increased 45.3% year-on-year to $97.9bn in 2017. This performance was primarily driven by good liquidity conditions in the Gulf Cooperation Council (GCC) countries. S&P head o...

#Qatar needs to develop regulatory framework to cement Islamic finance lead: QFC

10 Jan 2018 10:09 According to a Qatar Financial Center (QFC) study, Qatar needs to reform interbank liquidity management to study leakages from Islamic banks through interbank finance. Moreover, there is also a need to develop a regulatory framework and promote gr...

MAG Lifestyle Development to accept Sharia-compliant OGC for #property

09 Jan 2018 14:18 #UAE-based MAG Lifestyle Development has announced that it will accept OneGramCoin (OGC) as payment for real estate it sells. This move offers real estate investors an opportunity to utilize their digital assets while also welcoming OGC into the m...

TradePlus Shariah #Gold Tracker marks #Malaysia’s first commodity ETF

09 Jan 2018 14:07 Affin Hwang Asset Management has launched the TradePlus Shariah Gold Tracker (GOLDETF MK) on Bursa Malaysia, the first commodity-tracking ETF listed in Malaysia. The fund provides investors with exposure to gold through a shariah-compliant investm...

Afreximbank taps Islamic finance to support Africa trade

09 Jan 2018 13:59 The African Export-Import Bank (Afreximbank) has raised around $260 million via three Islamic finance facilities to support small- and medium-sized businesses in the region. The Egypt-based bank obtained a $100 million financing from the Islamic C...

Islamic #FinTech in 2018

09 Jan 2018 09:26 2018 may prove to be a pivotal year for Islamic finance stakeholders and their approach to developments in FinTech. Potential areas for FinTech are remittances, insurance, investment advisory services and online trading. In the coming years, deman...

#Venezuela to issue oil-backed #cryptocurrency in ‘coming days’

08 Jan 2018 15:17 President Nicolas Maduro announced that Venezuela would issue 100 million units of an oil-backed cryptocurrency known as the petro. Maduro said that the petro would be backed by 5 billion barrels in the Ayacucho block of the Orinoco Oil Belt. Base...

BTMU provides $353m Islamic #loan to Malaysian Saudi Telecom unit

08 Jan 2018 15:10 The Bank of Tokyo-Mitsubishi UFJ has provided an Islamic syndicated loan to the Malaysian affiliate of Saudi Telecom. The ringgit-based loan amount is about 41.7 billion yen ($353 million). BTMU is the first Japanese bank to act as an agent bank f...

#Zakat Fund aid amounted to QR13.6m in December

08 Jan 2018 15:06 Qatar's Ministry of Endowments and Islamic Affairs provided zakat to the needy families, the zakat totalled QR13,624,806 last December. The aid was distributed to the beneficiaries, including the permanent aid provided monthly and the irregular ai...

Saudi Telecom gets 1.5 bil ringgit Islamic #loan

08 Jan 2018 15:00 Saudi Telecom Co (STC) has obtained a 1.51 billion ringgit (US$378.5 million) Islamic loan through its Malaysian subsidiary. The company will use the Islamic loan to refinance existing debt originally used to acquire a stake in Malaysian mobile-ph...

Nominations open for Royal #Award for Islamic Finance

08 Jan 2018 14:52 The Royal Award for Islamic Finance is on a global search for an exceptional individual in the field of Islamic finance. The biennial award is spearheaded by Bank Negara Malaysia and the Securities Commission Malaysia. It recognises Islamic financ...

Emerging Markets: Middle East debt markets roll with the punches

08 Jan 2018 14:33 The Middle East faces a very tricky 2018. War rages in Yemen. Qatar and its neighbours are at loggerheads, in an inter-Gulf feud without precedent. Saudi Arabia is purging its princes. But bond and loan markets are placid. Overall borrowing in the...

A #bond dispute threatens the future of Islamic finance

08 Jan 2018 13:03 Dana Gas stocks rose by 13.2% on Christmas Day 2017, to complete a buoyant six months for the stock. This may be due to the company's arbitration victory against the regional government of Iraqi Kurdistan, over $2bn it and its consortium partners...

BEP Systems to deliver Gatehouse Bank’s residential financing processes

08 Jan 2018 12:47 BEP Systems has added Gatehouse Bank to its roster of financiers using their customisable Apprivo2 system. Gatehouse Bank will use the new system to help make their business more efficient. For Gatehouse Bank, BEP have re-configured their systems...

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