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#Oman's Islamic banking assets reach RO3.3bn

29 May 2017 13:20 Total assets of Islamic banks and windows in Oman reached to RO3.3bn at the end of March 2017. This accounts for 10.8% of total banking system assets in the country. According to Central Bank of Oman (CBO) statistics, Islamic banking entities prov...

Sharia-compliant, gold-backed digital #currency OneGram’s ICO kicks off

29 May 2017 13:08 OneGram, a Sharia-compliant, gold-backed digital currency, has raised $461,497.59 so far in its OGC token crowdsale. The crowdsale will run for a total of 120 days, in which OneGram seeks to raise $500 million by selling over 12 million OGC tokens...

STC Establishes Venture Capital #Fund

29 May 2017 13:00 Saudi Telecom Company (STC) has decided to form a $500 million venture capital fund to develop digital innovation in the region. During a news conference in Riyadh, STC CEO Khaled Biyari said the huge growth of e-commerce in Saudi Arabia represent...

Bank Melli Iran Revamping European Branches

29 May 2017 12:52 Bank Melli Iran (BMI) is planning to overhaul its European branches after clearing the procedures both inside the country and abroad. BMI's director for Foreign Exchange, Gholamreza Panahi, said the bank held negotiations with European officials t...

Financial sustainability imperative to supporting Awqafs

29 May 2017 12:31 Waqf or the plural, Awqaf, provides funding towards initiatives that promote social and community welfare. Due to various reasons, Waqf had gradually become less popular, but it has now re-emerged as a beneficial force of good within society. In t...

Zukri: Islamic banking sector ripe for M&As

29 May 2017 12:05 According to outgoing Bank Islam director Datuk Seri Zukri Samat, there are too many Islamic banks in Malaysia, which means that this segment of the local financial sector is ripe for mergers and acquisitions (M&A). Zukri is also advocating di...

KFH Said in Talks for #Bahrain Ahli United Bank, Kuwait Unit

29 May 2017 11:55 Kuwait Finance House is in talks to buy Bahrain’s Ahli United Bank in a deal that would create one of the Middle East’s largest Islamic lenders with $85 billion of assets. However, there is no guarantee that a deal will take place and final agreem...

Many teenagers struggle to understand money matters: OECD

26 May 2017 14:32 The latest OECD Programme for International Student Assessment (PISA) test shows that around one in four students are unable to make financial decisions. Some 48,000 15-year-olds took part in the test, which evaluated teenagers' personal finance s...

Ramadan Karim - Fundraising for UNICEF!

26 May 2017 13:44 Ramadan Karim! As you may know, I will participate at the UNICEF Cycling for Children event in Crans-Montana, Switzerland on 10th of June. It is a challenge to support raising funds for the much needed children work of UNICEF.Ramadan is the month...

#Oman tightens price on $2bn #sukuk amid rush of orders

25 May 2017 14:03 Oman's $2bn sukuk sale lured orders for more than three times the issue size. The sultanate set final terms on its seven year sukuk at 235 basis points over the mid-swap rate, from initial guidance of about 270 basis points. Landesbank Berlin Inve...

#Kuwait's Noor to Weigh Stake Sale of #Pakistan's Meezan Bank

25 May 2017 13:55 #Kuwait’s Noor Financial Investment is considering the sale of its 49% stake in Pakistan’s largest Islamic lender Meezan Bank. The stake has a market value of about $396 million at the current market price, according to data compiled by Bloomberg....

#Morocco opens first Islamic bank branch months after approval

24 May 2017 12:18 The first Islamic bank in Morocco, Umnia Bank, has opened its doors five months after the central bank's approval. The North African country long rejected Islamic banking because of concern about Islamist movements, but its financial markets lack...

Islamic finance is making a case for ‘impact investment’

24 May 2017 12:10 Islamic finance is increasingly being discovered as a vehicle to support sustainable development goals by a method called "impact investing". For this the Islamic Development Bank (IDB) and the Istanbul International Center for Private S...

Amana Bank gets regulatory nod to bring in fresh capital with exception to single shareholder limit

23 May 2017 15:15 As an exception to the banking sector single shareholder limit, the Central Bank has allowed one of the shareholders of Sri Lanka’s Amana Bank to own up to 30% of the issued shares of the bank. Currently IDB has 120.4 million shares or 9.62% stake...

VEB to build bridge to Islamic world through Abu Dhabi, Iran and Bahrein

23 May 2017 15:04 The 9th international economic summit is taking place in Tatarstan, Russia. The plenary session was dedicated to the discussion of partnership financing to develop relations between Russia and Organisations of Islamic Cooperation (OIC). Islamic Fi...

#Oman starts marketing seven-year US dollar #sukuk

23 May 2017 14:42 The Sultanate of Oman has started marketing a seven-year US dollar benchmark-sized sukuk offering at 270bp area over mid-swaps. Books are open for pricing via Alizz Islamic Bank, Citigroup, Dubai Islamic Bank, Gulf International Bank, HSBC, JP Mor...

BRIEF-Kuwait Finance House denies any decision to merge with Ahli United Bank

23 May 2017 14:38 Kuwait Finance House denies any decision to merge with Ahli United Bank. Kuwait Finance House is currently studying many other strategic alternatives to enlarge its profitability and marketshare among local and regional banks. Source:  http:/...

Islamic Development Bank to buy more stock in #Sri Lanka's Amana

23 May 2017 14:34 The Islamic Development Bank will invest more cash in Sri Lanka's Amana Bank through an investment vehicle. Approval has been recently given for the investment group to go up to 29.9% of the stock by subscribing to a cash call. The investment vehi...

Ongoing row among Islami Bank board of directors

23 May 2017 14:30 Finance Minister Abul Maal Abdul Muhith said that the board of directors of Islami Bank Bangladesh has been engaged in an internal row. The row is over the appointment of new staff, that Islami Bank Vice-chairman Professor Ahsanul Alam claims were...

#Nigeria May Become IsDB Regional Hub for Africa

23 May 2017 14:22 Nigeria may become the regional operational hub of the 43-year old Islamic Development Bank (IsDB) in Africa. IsDB is considering a proposal to expand its existing country gateway office in Abuja to serve as a key regional office. The office will...

Wifak Bank, une 3e banque islamique tunisienne

23 May 2017 14:11 Le lancement officiel des activités de Wifak International Bank s’est tenue dans le hall du nouveau centre d’affaires au nord de Tunis. Wifak Bank a eu son agrément de la Banque centrale de Tunisie (BCT), le 8 octobre 2014. Selon M. Mellousse, Wif...

#Oman To Sell $2 billion In Islamic #Bonds To Close Oil Crisis Budget Deficit

22 May 2017 11:30 Low oil revenues are prompting the government of Oman to sell $2 billion in Islamic bonds to raise funds for the national budget. The hole in Oman’s national budget will measure 12% of gross domestic product (GDP) this year, though forecasts predi...

Dana Gas receives partial payment of $50m from #Egypt

22 May 2017 11:17 Dana Gas has received an initial payment of $50 million (Dh184 million) from the Egyptian government as partial payment of its outstanding receivables. This payment represents 18% of Dana Gas Egypt’s total overdue receivables of $283 billion (Dh1....

ICD and KIMB signed a MoU to cooperate in Islamic #Microfinance

22 May 2017 11:10 The Islamic Corporation for the Development of the Private Sector (ICD) and Al Kuraimi Islamic Microfinance Bank (KIMB) have entered into a Joint Strategic Collaboration to implement Islamic Microfinance Institutions. The memorandum was signed by...

ICD Signs MOU with the City Bank Limited to Strengthen Collaboration

22 May 2017 11:02 The Islamic Corporation for the Development of the Private Sector (ICD) signed a Memorandum of Understanding (MOU) with City Bank Bangladesh in order to strengthen their collaboration. The signing ceremony was held at the 42nd Annual Meeting of th...

Egyptian central bank to launch a #microfinance initiative next Tuesday

22 May 2017 10:47 Egypt’s central bank is launching its anticipated microfinance initiative to support the country’s small and medium-sized businesses. According to the new initiative, the banks will not be obliged to establish a special unit for microfinancing; as...

Middle East WEF to focus on building jobs for young people

22 May 2017 10:43 The World Economic Forum’s Middle East and North Africa meeting takes place this year at the Dead Sea in Jordan. The meeting’s formal programme has the theme: Enabling a Generational Transformation, and is based on three interrelated pillars: two...

Gulf African banks on Shariah compliant #insurance scheme

22 May 2017 10:30 #Kenya’s first fully Shariah compliant bank Gulf African is banking on a Shariah compliant insurance premium financing facility. The regular Insurance Premium Financing (IPF) enables customers to cover costs of immediate insurance premiums while s...

ICD, the private sector arm of the Islamic Development Bank Group (“IDB”) cooperates with Coris Bank International to launch Islamic windows

22 May 2017 10:22 The Islamic Corporation for the Development of the Private Sector (ICD) and Coris Bank International have entered into a Joint Strategic Collaboration to establish Islamic windows. ICD is assisting Coris Bank International’s subsidiaries in launch...

Islamic Development Bank Provides #Jordan With US$100 Mln In Aid

19 May 2017 15:03 The Islamic Development Bank signed an agreement with Jordan to provide the Kingdom with US$100 million in loans and grants. Jordan's Minister of Planning and International Cooperation Imad Fakhoury said that the deal included a US$79 million loan...

Bitcoin Mania versus Tulip Mania?

18 May 2017 15:41 Dear Reader,regular readers may remember my critic on bitcoin from an Islamic perspective missing intrinsic value. The former blog entry you find here: http://www.islamicfinance.de/?q=node/7840 - almost two years ago.So far bitcoin just went up h...

Sime’s #sukuk plan gets okay, crucial step to carve 3 listed companies

17 May 2017 14:33 #Malaysian holding company Sime Darby has received approval from its bondholders to restructure US$800mil (RM3.46bil) worth of sukuk. Holders of the sukuk approved the company’s plan to buy back the papers or replace the borrower to Sime Darby Pla...

#Qatar Islamic Bank's dollar #sukuk books top $1 billion -lead

17 May 2017 14:22 Order books for Qatar Islamic Bank's planned dollar five-year sukuk have topped $1 billion. The senior unsecured deal is part of a $3 billion sukuk programme. It will be of benchmark size, which conventionally means upwards of $500 million. Initia...

Islamic Development Bank 42nd #Annual #Meeting: Policymakers, experts urge more youth engagement in agriculture to fight unemployment, food insecurity

17 May 2017 14:18 Leading international policymakers, experts and scientists have called for urgent action to engage more youth in agricultural production to tackle unemployment and food insecurity. More than 100 delegates from different countries gathered on the s...

The IFSB releases the Islamic Financial Services Industry #Stability #Report 2017

17 May 2017 14:06 The Islamic Financial Services Board (IFSB) has released the fifth edition of its annual Islamic Financial Services Industry Stability Report 2017. The Report finds that despite subdued growth conditions, the global IFSI has been able to sustain i...

#CALL FOR #PAPER: TURKISH JOURNAL OF #ISLAMIC #ECONOMICS (TUJISE)

16 May 2017 17:09 The Research Center for Islamic Economics (IKAM) continues to contribute in Islamic economics. Turkish Journal of Islamic Economics (TUJISE) started to be published by IKAM by 2016. It is is a peer-reviewed biannually published international jour...

ICD, stakeholders tackle opportunities, challenges

16 May 2017 14:20 On the occasion of the Islamic Development Bank Group 42nd annual meeting, the Islamic Corporation for the Development of the Private Sector (ICD) organized a side event entitled ICD Clients Day. During the event, ICD seized the opportunity to mee...

As #fintech startups drive innovation in the finance sector, the banking industry looks to catch up as demand for digital services increases

16 May 2017 14:10 International banking group BNP Paribas, in partnership with startup accelerator Plug and Play, is searching for the brightest minds to develop innovative banking solutions. From June 9 to 11, the bank will host 36-hour hackathons across Berlin, B...

Islamic finance transaction broadens investor base for the Africa Finance Corporation

16 May 2017 14:03 In 2016 the Africa Finance Corporation (AFC) sought to raise financing at competitive pricing levels to fund a number of new infrastructure projects in Africa. It also aimed to diversify its investor base in the process. This objective was achieve...

IDB/World Bank #report details role of Islamic finance in ending poverty

16 May 2017 12:48 A report published by the Islamic Development Bank (IDB) Group and World Bank Group has outlined the potentials of Islamic finance in curbing income inequality and ending poverty worldwide. The report was unveiled by IDB President, Dr Bandar Hajja...

UNICEF: 29 Million Children Live in #Poverty in the Middle East

16 May 2017 12:31 A UNICEF study covering 11 countries in the Middle East and North Africa (MENA) states that at least 29 million children live in poverty, one in four children in the region. The analysis said that children were deprived of the minimum requirements...

Alizz islamic bank launches Tharwa Wealth Management

15 May 2017 17:07 Alizz islamic bank recently celebrated the launch of the Tharwa Wealth Management Segment. Tharwa offers an array of financial services led by a team of seasoned relationship managers. Tharwa customers benefit from a selection of exclusive privile...

Qatari investors focus on #US #property market

15 May 2017 16:56 Qatari investors are increasingly looking for opportunites in the booming US propery market. Just Real Estate (JRE) has recently launched its new US portfolio, while QInvest announced its US mulitifamily residential-focused real estate fund Magnol...

New Shariah #standards for Islamic financing, banking launched in Dubai

15 May 2017 16:45 A set of new Shariah standards for Islamic banking and financing have been launched by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The launching ceremony was attended by Islamic finance scholars and specia...

No big surge in bank #mergers expected in the #GCC

15 May 2017 16:37 According to analysts, GCC’s banking sector is not expected to see a big surge in mergers and acquisitions. National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) in the UAE recently merged to create the largest bank in the UAE. Masraf Al Ray...

Hogan Lovells advises on the first #Sukuk to be listed on ISE's Global Exchange market

15 May 2017 16:27 Hogan Lovells has advised Aktif Bank on the first Sukuk ever to be listed on the Global Exchange Market of the Irish Stock Exchange (ISE). The $118million Sukuk was issued under a mudarabah structure with GAP Insaat Yatirim ve D?s Ticaret, a Turki...

Islamic Development Bank launches Innovation #Forum to empower youth

15 May 2017 16:19 The week-long Innovation Forum hosted by the Islamic Development Bank brought together international experts as well as youth to discuss ways to foster an innovation culture. Experts agree that the major challenges of the IDB member countries incl...

$453 million in infrastructure projects for Islamic Development Bank members

15 May 2017 16:07 A total of $453 million worth of infrastructure projects for five member states has been approved by the Islamic Development Bank (IDB). The approval was given ahead of its annual meeting of the Board of Governors on 17-18 May 2017 in Jeddah, Saud...

Islami Bank transfers executive in a move to curb Jamaat's control

15 May 2017 15:57 Islami Bank Bangladesh has removed the head of its human resource division amid a war between the old guard belonging to Jamaat-e-Islami and newly-appointed executives. The removed executive, Md Mahboob Alam, is also an executive vice president of...

‘Islamic finance is not religious, but ethical business’

15 May 2017 15:47 Professor Binta Tijani Jibril is the Director of International Institute of Islamic Banking and Finance, Bayero University, Kano State. In this article she talks about Islamic finance and its role in Nigeria. She believes that Islamic findance wil...

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