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MSM releases new Shari’ah-compliant banks and #Takaful firms

20 Jun 2018 14:55 Muscat Securities Market (MSM) has announced a list of Shari’ah-compliant companies for the first quarter of 2018. Acording to ONA, these firms business and financial behaviour conformed to the requirements of Islamic Shari’ah according to the rul...

Franklin Templeton #funds awarded QFI status in Saudi Arabia

20 Jun 2018 10:46 Franklin Templeton is evaluating opportunities to expand its Shariah business, which grew 32 percent in 2017. Franklin Templeton funds have become Qualified Foreign Investors (QFI) in Saudi Arabia, allowing the funds to invest directly in the king...

#Takaful pays debts to free 400 female inmates

15 Jun 2018 09:56 The Kuwaiti Takaful Society for Prisoners Care assisted in releasing 400 female prisoners after paying their debts. Chairman Dr Musaed Mandani said the Society wanted to help more women, but unfortunately their debt runs in thousands of dinars whi...

Dubai Islamic donates $5.4m to RAK charity

15 Jun 2018 09:52 The Dubai Islamic Bank (DIB) has donated Dh20 million ($5.4 million) in Zakat money to the Ras al-Khaimah Charity Association. The association will distribute the funds to those eligible for Zakat though legitimate channels during the month of Ram...

Growing Islamic finance firms lobby British government for #tax relief

15 Jun 2018 09:41 Islamic finance firms are lobbying the British government for tax reforms, arguing that the treatment of some shariah-compliant structures is hindering their growth. Islamic financial transactions often require multiple title transfers of underlyi...

Early Eid Mubarak

13 Jun 2018 11:48 Dear Reader,An early Eid Mubarak wish for you and your families! May your fasting and good deeds being accepted. Looking forward to meet you in real life again.Last Saturday I was participating with 1’300 other cyclists in the Swiss Alps in the ev...

Deloitte Islamic Finance insights series

12 Jun 2018 14:45 This series of Islamic finance insights discusses social infrastructure trends and the value proposition of an alternative Sharia’- compliant funding model, which resembles sustainable finance, shares guidelines of responsible investment and sound...

Dubai Islamic Bank sees huge demand for capital raising plan

12 Jun 2018 14:37 Dubai Islamic Bank (DIB) has announced a successful closing to its capital raising programme. The issuance of 1.6 billion additional shares at price of AED3.11 per share was announced in April with the aim to boost the core capital of the bank by...

Abu Dhabi Islamic Bank Funds $32.2 Million Deal Of A #UK Property

12 Jun 2018 14:30 Abu Dhabi Islamic Bank (ADIB) UK, has arranged a Sharia’a-compliant transaction to finance the acquisition of Lateral House, located in Leeds, UK. The deal involves a sum of $32.2 million on behalf of an Abu Dhabi-based private banking client. Ear...

#Morocco to issue first sovereign Islamic bond worth 1 bln dirhams

08 Jun 2018 13:36 Morocco is preparing to issue its first sovereign sukuk worth 1 billion dirhams ($105 million). According to Finance Minister Mohamed Boussaid, the legal framework is now prepared and issuance is expected in the coming weeks. Earlier, the cabinet...

Opinion: Why there's no better time for GCC's #fintech revolution

08 Jun 2018 13:26 As financial technologies continue to develop, one region in particular stands to benefit: the Gulf. This isn’t a revolution that is far off, it is happening today. For the countries of the GCC, fintech couldn’t arrive at a better time. The countr...

UNHCR calls on Muslims to aid refugee families through #Zakat contributions

08 Jun 2018 13:16 UNHCR, the UN's Refugee Agency, is counting on the generosity of Muslims to allocate their Zakat to refugee families before the end of the Holy Month. UNHCR provides much-needed cash assistance to extremely vulnerable Syrian refugee families witho...

The Islamic Development Bank Launches New Brand for the First Time in its History

08 Jun 2018 13:08 The Islamic Development Bank (IsDB) has been undergoing significant strategic reform in the last year, led by the Bank’s new President, H.E. Dr Bandar Hajjar. The new brand identity maintains the core elements of the IsDB’s heritage while signalli...

Algosaibi signs grant agreement with Ebdaa Bank

08 Jun 2018 12:56 The Algosaibi Holding Group has signed a grant agreement with Ebdaa Bank. This grant of BD100,000 ($263,000) will enhance the bank’s financial solvency and increase its ability to expand borrowers list which currently includes more than 2,500 borr...

Fitch: #UAE Reforms Aid #Sukuk Market; Implementation Still Key

08 Jun 2018 12:46 The UAE's Securities and Commodities Authority (SCA) said that issuers of Islamic securities should improve disclosure. Issuers should specify how transaction resources and revenues would be treated if a security were deemed no longer compatible w...

Lombard Odier launches Shari'ah-compliant #investment offering

07 Jun 2018 15:15 Lombard Odier has launched a full suite of Shari'ah-compliant investment solutions. Arnaud Leclercq, Limited Partner at Lombard Odier Group said that since the offering began as a bespoke creation for one client, it has grown from a $10 million to...

Exciting weekend- going on fundraising; Swiss vote for full money

06 Jun 2018 15:48 Dear Readers,The coming weekend has two highlights for me:1st: On Saturday I participate the second time at Unicef Cycling for Children. Going with my bike in the Swiss alps and cycle there about 800 elevation meters one lap over 20 km. Looking fo...

Better late than never? #Brunei and its role in the #Fintech revolution

05 Jun 2018 19:43 Singapore battles with Australia and Hong Kong to be the region’s leading Fintech hub. She has moved ahead of her Southeast Asian neighbours, including newcomers like Brunei. Brunei launched its Fintech office in 2017 and at the same time put in p...

#Malaysia to retain position as world's premier #sukuk issuer

05 Jun 2018 19:28 Malaysia will remain the market leader in global sukuk issuance despite recent delays and cancellations of mega projects. CIMB Islamic Bank CEO Rafe Haneef said the delays of some mega projects would have some impact sukuk deals, but it is still b...

GII Islamic REIT acquires $32mln office in Dubai

05 Jun 2018 19:18 GII Islamic REIT has acquired an AED 117.54 million two-floor office property in Downtown Dubai developed by Emaar Properties. The property is under a lease agreement with a global professional services firm, whose term will end after three years....

Dana Gas gets wide support from creditors for #sukuk restructuring

05 Jun 2018 19:12 UAE energy producer Dana Gas announced that a large majority of holders of its outstanding $700 million sukuk had consented to a proposed restructuring of the notes. The company, which last year refused to repay creditors, reached last month a res...

ESG podcast: Securities Commission #Malaysia outlines plans for green Islamic finance (part 2)

05 Jun 2018 10:16 In this podcast Zainal Izlan Zainal Abidin of Securities Commission Malaysia speaks about the country's strategy for socially responsible and sharia-compliant investing. He talks about the challenges in making Malaysia a global Islamic finance cen...

#Australia should consider Islamic finance to bridge infrastructure gap

05 Jun 2018 10:11 According to Crescent Wealth managing director Talal Yassine, Australia should consider Islamic finance to bridge its infrastructure gap. In his opinion, if super funds continue to spurn local infrastructure investment in favour of offshore assets...

We can’t wait for Islamic Banking - bankers

05 Jun 2018 09:57 In #Uganda more than half of the 24 licensed conventional banks have expressed interest in providing Islamic banking products. The latest to show interest is EXIM Bank. Raj Banerjee, the deputy chief executive of EXIM bank, said they cannot wait t...

INTERVIEW-How can new crowdfunder GlobalSadaqah improve transparency, impact of Islamic social finance?

05 Jun 2018 09:48 In this interview Umar Munshi, the founder and CEO of Ethis Ventures talks about the Islamic crowdfunding sector. Ethis Ventures is a pioneer in the sector centred in Southeast Asia, in Singapore, as well as in Malaysia and Indonesia. Ethis Ventur...

Decentralized Islamic Bank Hada DBank Lands First Corporate Client

04 Jun 2018 12:24 Hada DBank has landed its first corporate client in the shape of Uberstate. As part of the deal Uberstate will purchase $1 million worth of HADA tokens. Both the startups will look to support each other to make a sustainable crypto-economy possibl...

Regulations are hindering growth of Islamic finance

04 Jun 2018 12:14 The steady growth in Islamic banking in Kenya was unexpected when Islamic finance started in Kenya in the last decade. The Finance Act of 2017 made amendments to the Co-operative Societies Act to facilitate shariah compliant products and enhance f...

The evolving landscape of Islamic finance: regulatory developments

04 Jun 2018 12:00 The Securities and Exchange Commission of Pakistan (SECP) has taken a number of measures for the effective regulation of Islamic finance in the country. The SECP has constituted a Shariah Advisory Board, consisting of renowned scholars and has est...

ABL asset management launches ABL Islamic asset allocation #fund

04 Jun 2018 11:39 ABL Asset Management has launched the ABL Islamic Asset Allocation Fund (ABLIAAF), an open-end Shariah Compliant Asset Allocation Scheme. The fund is now open for subscription. ABL Islamic Asset Allocation Fund will operate under the guidelines of...

#Kuwait Bank Adopts Ripple for Instant Cross-Border Payments

31 May 2018 17:39 The Kuwait Finance House (KFH) has joined RippleNet, an enterprise blockchain network for international remittance payments. RippleNet is a SWIFT-replacement global blockchain network that sees over 100 financial institutions including banks, paym...

#Sukuk issuance growth to remain 'unspectacular' on structural constraints, Fitch says

31 May 2018 17:28 According to Fitch Ratings, the moderate growth in sukuk issuances in the first quarter underpins continued investor interest, but it also points out to structural constraints. The total volume of sukuk rated by Fitch for the three-month period th...

Group roots for deepening of Islamic finance

31 May 2018 17:18 In #Kenya a lobby group has called for the review of regulations governing Islamic banking and Sharia'h compliant products offered by conventional banks so as to resolve the issue of interest rates. The group, Bayt-ul-Maal has commenced gathering...

Islamic wealth management and its relevance in modern times

30 May 2018 15:05 The objective of Islamic wealth management is economic justice through equitable distribution of wealth. This by no means restricts private ownership and entrepreneurship but a wider circulation of wealth and invested in socially beneficial econom...

Global #Sukuk issuances surges 44 per cent in Q1

30 May 2018 14:41 According to the latest statistics by RAM Ratings, a total of $12 billion worth of Sukuk was issued in March 2018, bringing global Sukuk issuance to $30 billion in Q1 2018, a 44.4% surge from $20.8 billion for the same period last year. The increa...

Dana Gas receives $40mn from #Egyptian government

30 May 2018 14:34 UAE based natural gas producer Dana Gas has now received almost $90mn so far this year from the North African nation. Source:  http://theiraqfile.com/dana-gas-receives-40mn-from-egyptian-government/ Facebook Like Google Plus One Tweet Widg...

#Saudi Arabia's #Sukuk selling crosses SAR 3.95 bn

30 May 2018 14:32 Saudi Arabia's finance ministry sold 3.95 billion riyals (USD1.05 billion) of domestic Sukuk in its monthly sale by re-opening an issue originally made last month. It sold 3.35 billion riyals of five-year Sukuk, 350 million riyals of seven-year an...

Call for promoting role of Islamic Waqf

30 May 2018 14:27 Qatar's Ministry of Awqaf and Islamic Affairs organized a forum on waqf where participants called for the advancement of the waqf to regain its role in the Islamic economy. Qatar has made great steps in the advancement of the waqf, starting with t...

Noor Financial sells $16 million stake in Meezan Bank

30 May 2018 14:08 Kuwait-based Noor Financial Investment Company (NFIC) has sold its stake in the Pakistani Meezan Bank Limited (MEBL), which is worth $16.014 million. A total of 2.49% of the total issued and paid up capital of the bank was sold and shares have bee...

Muslims demand Islamic banking

25 May 2018 11:07 The Muslim community of Uganda asked the Government to speed up the process of providing regulations for Islamic banking. According to Speaker of Parliament, Rebecca Kadaga, the laws for Islamic banking have been passed but Bank of Uganda is reluc...

#Uzbekistan set to develop Islamic banking system

25 May 2018 10:56 Uzbekistan is joining the rising number of Central Asian nations to develop a Shariah-compliant banking system given its large Muslim population. This month, the Uzbek government issued a draft resolution to create infrastructure for Islamic banki...

Muslims in #India develop mutual health #insurance scheme as alternative to #takaful

25 May 2018 10:45 A not-for-profit health assurance scheme, called Uplift Mutuals Biradaree, started in April this year in India. The scheme works on the model of mutual assurance, with certain features maintaining the values of Shariah-compliant finance. The healt...

Fitch issues rating for KFH #Sukuk

25 May 2018 10:34 Fitch Ratings has assigned Kuwait Finance House’s sukuk programme an expected A+ and F1 rating. KFH Sukuk, the issuer and trustee, is a special purpose vehicle (SPV), incorporated in the Dubai International Financial Centre (DIFC), solely to issue...

Men More Likely to Replace Charitable Giving With Impact Investing

25 May 2018 10:14 While both men and women embrace impact investing, a recent report found that men are more likely to replace charitable giving with impact investments. The report comes from the Women's Philanthropy Institute and is entitled How Women and Men Appr...

#UK Mosque Opens #Crypto #Donations in National First 'Bitcoin Ramadan'

25 May 2018 09:57 A UK mosque has broken with opinion and opted to accept cryptocurrency donations for this year’s Ramadan period. The Shacklewell Lane Mosque in East London partnered with local Blockchain startup Combo Innovation to set up a Bitcoin and Ethereum w...

Responding to demand, Islamic #microfinance start-up starts accepting cryptocurrencies for zakat

25 May 2018 09:50 Islamic microfinance start-up Blossom Finance has started accepting zakat payments in cryptocurrencies for zakat-eligible cryptocurrency assets in response to user demand. Blossom Finance has designated a wallet for zakat payments at a cryptocurre...

Dana Gas CEO talks about Sukuk Litigation to protect assets on Bloomberg TV

24 May 2018 15:32 Dana Gas CEO Patrick Allman-Ward discusses the company's Sukuk litigation and performance. Click on th source. Source:  https://www.bloomberg.com/news/videos/2018-05-24/dana-gas-ceo-says-sukuk... Facebook Like Google Plus One Tweet Widget...

Islamic finance feels heat from $700mn Dana saga

24 May 2018 11:26 Global standards are likely to become more explicit and a shift to centralised regulation may accelerate after Dana Gas reached a conditional deal with creditors on its contested $700mn sukuk issue. Dana shook the industry last June, saying it wou...

New Islamic banking service to be launched in Germany

24 May 2018 09:48 AlBaraka Türk launches basic online Islamic account services in Germany utilizing solarisBank as service provider and license holder. Source:  https://www.getinsha.com/en Facebook Like Google Plus One Tweet Widget Linkedin Share Button

Ali Allawala appointed CEO of #Malaysia’s Standard Chartered Bank Islamic unit

23 May 2018 14:04 Pakistani banker Ali Allawala has been appointed as the chief executive officer of the Islamic Unit of Standard Chartered Bank Malaysia. Ali Allawala possesses over 22 years of experience in retail banking, both within conventional and Islamic ban...

Deloitte launches new Islamic finance insights series

22 May 2018 16:55 Deloitte’s Islamic Finance Knowledge Center (IFKC) in collaboration with the Chartered Institute of Securities and Investment (CISI), UK published its latest whitepaper entitled "Scalable and sustainable source of funding social infrastructur...

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