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Abu Dhabi National #Takaful Co. PSC announces combined net profit of AED 48.6 million for H1 2018 achieving a growth of 19% in profit

16 Aug 2018 15:36 Abu Dhabi National Takaful Co. PSC (ADNTC) released its financial results as at end of second quarter on 30 June 2018. The company announced a combined net profit of AED 48.6 million, achieving a growth of 19% compared to AED 41 million for the sa...

#Kuwait’s Warba Bank receives licence to conduct securities activities

16 Aug 2018 15:27 Warba Bank has obtained licence from the Capital Market Authority (CMA) to engage in certain securities activities. The new licence allows the lender to conduct activities like investment portfolio manager, collective investment scheme manager as...

Prominent Turkish bankers, businesspeople see no macroeconomic reason for currency volatility

16 Aug 2018 15:23 For Turkey's bankers and businesspeople it has been impossible to explain the high volatility in the exchange rate over the past few weeks. The fundamentals of the Turkish economy are solid and macroeconomic indicators fail to account for the rece...

Creating footsteps in Kuwait’s Islamic banking sector

16 Aug 2018 14:58 Kuwait Finance House (KFH) has embarked on a digital transformation journey. Kuwait and Bahrain have each launched their respective digital banking platforms and soon, Malaysia will have its own. By the end of 2018, a seamless digital customer exp...

How Lombard Odier got into the Islamic investment space

16 Aug 2018 14:48 Lombard Odier has launched a full suite of Shari’ah-compliant investment solutions. Arnaud Leclercq, Limited Partner at Lombard Odier Group, said the offering began as a bespoke creation for one client six years ago, it has grown from a $10 millio...

Supporting Islamic #fintech’s growth

16 Aug 2018 14:35 In this interview Ayman Sejiny, CEO of Ibdar Bank, talks about founding the Bahrain Fintech Bay. Bahrain Fintech Bay (BFB) is working to build a fintech ecosystem that will support industry growth and position Bahrain as a regional fintech hub. Se...

Reconciling #cryptocurrency in Islamic finance

16 Aug 2018 13:07 Over the last few years, the market capitalisation of cryptocurrencies has reached a near $400 billion with over 1500 currencies been created. Among them, bitcoin has been the most popular with a market capitalisation of over $150 billion. Current...

Mortgages set to boost lending at #Saudi banking giant Al Rajhi

16 Aug 2018 12:48 A jump in mortgages and a recovery in Saudi Arabia’s economy may help Al Rajhi Bank to reverse a decline in lending. According to CEO Steve Bertamini, higher government spending and faster economic growth amid higher oil prices should help the rev...

#Saudi refinance firm mulls #Sukuk issuance to fund mortgage drive

14 Aug 2018 13:20 The Saudi Real Estate Refinance Company (SRC) plans to begin issuing sukuk in late September or early October 2018. SRC aims to refinance 20% of Saudi Arabia's primary home loans market, which authorities hope to expand to SAR 500 billion by 2020....

AAOIFI adoption set to standardise #UAE Islamic finance

14 Aug 2018 13:12 The Central Bank of the UAE announced that the country's Islamic finance industry will be required to comply with AAOIFI Shariah standards from September 1. Islamic finance products in the UAE have historically adhered to AAOIFI standards, but the...

Dana Gas issues new #sukuk, drawing earlier dispute to a close

14 Aug 2018 12:49 Dana Gas has completed refinancing its $700 million sukuk which has been sized down to $530m. The issuance of the debt instrument had been completed and listed on the Euronext Dublin, previously known as the Irish Stock Exchange. Dana has paid $23...

Noor exits $6mln stake in #Pakistan’s Meezan Bank

13 Aug 2018 13:10 Noor Financial Investment announced selling 9 million shares or 0.85% of its equity ownership in Meezan Bank, Pakistan's first and largest Islamic bank. The equity transaction is valued at $5.57 million or KWD 1.68 million. Following this exit tra...

Jaiz to commence disbursement of $20m SMEs #fund

13 Aug 2018 13:01 The Managing Director of Jaiz Bank Hassan Usman has said the bank would soon begin the disbursement of the $20m facility for Small and Medium Enterprises (SMEs). The bank had in March signed the agreement with the Islamic Corporation for the Devel...

#Pakistan likely to borrow $4bn loan from Islamic Development Bank: report

10 Aug 2018 14:21 Pakistan plans to borrow over $4 billion from the Islamic Development Bank to bolster the country's low level of foreign currency reserves. A senior advisor in Islamabad said the paperwork is all in place. Finance minister-in-waiting Asad Umar has...

Saudi-based ITFC, Federated Investors to launch $300 mln trade finance #fund

09 Aug 2018 16:35 The Saudi-based International Islamic Trade Finance Corp (ITFC) plans to launch a $300 million fund alongside U.S. fund manager Federated Investors. The sharia-compliant fund is expected to launch later this year and would invest in energy-related...

Cagamas issues RM825m 1-year bond and #sukuk

09 Aug 2018 16:26 The National Mortgage Corp of Malaysia (Cagamas) has issued a RM825 million 1-year bond and sukuk comprising RM800 million Conventional Medium Term Notes (CMTN) and RM25 million Islamic Medium Term Notes (IMTN). Proceeds will be used to fund the p...

Looming economic crisis: #Sukuk, dollar-denominated bonds to be launched, says Asad

09 Aug 2018 15:42 Pakistan is considering to launch dollar-denominated bond and Sukuk bond to tap a favorable response from expatriates in order to tackle the looming economic crisis. Finance minister Asad Umar said the coming government will have to take tough dec...

Awqaf And Minors Affairs Foundation Adopts #Endowments Investment Policy 2018-2021

08 Aug 2018 10:59 The Awqaf and Minors Affairs Foundation (AMAF) has adopted a three-year Endowments Investment Policy. The board meeting was attended by senior board members who reviewed the achievements of AMAF’s newly appointed Charity Work Committee, Investment...

#Kazakhstan: Will Astana’s financial gamble pay off?

08 Aug 2018 10:48 With the official opening of the Astana International Financial Center (AIFC), Kazakhstan aims to become the region’s main financial hub. The aspiration is for the center to draw $40 billion in finance by 2025 and in the process rebrand oil-rich K...

Common Shariah norms for Islamic finance still remain a tricky issue

08 Aug 2018 10:30 Shariah governance and regulations in Islamic finance remain a diverse topic despite countless initiatives to set a common international framework. There are different approaches towards establishing unified standards. Another issue is that Islami...

#Saudi Arabia’s first #sukuk issuance through primary dealers positive for Islamic capital market development

06 Aug 2018 10:06 Saudi Arabia announced the completion of its first sukuk issuance under the primary dealers program. The Saudi government has been a regular issuer of Islamic bonds since the Ministry of Finance established a Saudi riyal-denominated sukuk program...

Islamic Banks' Assets Surge To AED565 Billion In H1 2018

03 Aug 2018 09:39 Assets of Islamic banks operating in the UAE amounted to AED565 billion by the end of H1 2018, a 6.7% growth of AED35.5 billion over the corresponding period in 2017. The assets of Islamic banks account for 20.55% of total bank assets in UAE, valu...

Sadiq Khan backs #crowdfunding campaign for pro bono advice app

03 Aug 2018 09:31 The mayor of London, Sadiq Khan, has backed a campaign to raise money to boost free legal services to disadvantaged people. The money is being raised on a crowdfunding site for an application that could be made accessible through advice centres an...

Physical Gold #Fund SP announces Shariah compliance

03 Aug 2018 09:20 Physical Gold Fund SP (PGF) has been endorsed as Shariah-compliant by Amanie Advisors. Amanie Advisors issued the fatwa in accordance with the Shariah Standard on Gold set by the Accounting and Auditing Organization for Islamic Financial Instituti...

BRIEF-#Qatar Islamic #Insurance Receives C.Bank Nod To Change Name

03 Aug 2018 09:13 Qatar Islamic Insurance Company received central bank approval to change its name to Group Islamic Insurance Company. The company also received approval from the central bank to establish a real estate company owned 100 percent by the group. Sourc...

Albaraka Türk launches mobile-only banking service for Europe's Muslim community

03 Aug 2018 09:08 Turkey's Albaraka Türk is targeting Europe's Muslim community with the launch of an interest-free digital banking app. "Insha" is initially being rolled out in Germany ahead of a Europe-wide expansion. It features a document-free account...

Shariah investments continue growth spurt in SE Asia

03 Aug 2018 09:03 According to the latest Cerulli Associates research, Shariah-compliant investments are gaining further ground in Asia. Growth continues to be concentrated in South-East Asia, with Malaysia remaining at the forefront with $28.4bn in Shariah mutual...

GCC bonds, #sukuk issuance rises by 10 per cent

01 Aug 2018 15:18 The aggregate primary issuance of bonds and sukuk by GCC entities increased by 9.64 per cent to $95.25 billion in first half of 2018, compared to the same period in 2017. Source:  https://timesofoman.com/article/139080/TimesTV/Oman/Videos/GCC...

GFH fully settles $200m #sukuk

31 Jul 2018 08:33 Gulf Finance House (GFH) has fully settled its $200 million (Dh734 million) sukuk, which was originally drawn in 2007. The facility, which had its final maturity in July 2018, has now been settled with a recent payment of an outstanding amount of...

DIB donates Dh3m to Al Jalila Foundation

31 Jul 2018 08:30 Al Jalila Foundation has received a donation of Dh3 million from Dubai Islamic Bank (DIB) to support it’s Aawen (treatment) programme. Since its inception in 2013, Al Jalila Foundation has supported 467 patients from 36 nationalities, including 19...

Sigma Pensions’ Sharia funds to drive private equity investments

27 Jul 2018 15:39 Sigma Pensions has commenced plans to boost investments in private equity through Sharia Funds. Chairman Mark Collier stated this in a conference hosted by the firm recently in Lagos. According to Collier, there is huge interest in Sharia Funds, a...

Enact legislation tailored to Islamic finance sector, CBK urged

27 Jul 2018 09:54 The Central Bank of Kenya (CBK) is asked to enact a sector-specific legislation tailored to Islamic finance sector to monitor and regulate transactions. According to Jacqueline Wangui, Partner at MMC Africa Law, the absence of specific legislation...

ADIB plans a Dh1.16bn rights issue and tapping the #sukuk market

27 Jul 2018 09:40 Abu Dhabi Islamic Bank (ADIB) plans to maintain growth and pay off some of its old debt. The board of ADIB is recommending to increase the bank’s issued capital through more than a Dh1.16 billion rights issue. The proposed deal includes issuing 46...

#Bahrain's Bank Alkhair sells stake in Turkish investment firm

25 Jul 2018 16:16 Bahrain’s Bank Alkhair has sold its majority stake in Turkish investment firm Alkhair Capital, as the lender exits some markets. Bank Alkhair entered the Turkish market a decade ago, acquiring an initial 75% stake in the investment firm. The bank...

#UAE private wealth forecast to grow to $590bn by 2022

25 Jul 2018 16:08 According to the Boston Consulting Group (BCG), private wealth in the UAE saw positive growth between 2016 and 2017 of 8% and this growth is projected to remain steady over the next five years. Private wealth is expected to reach $590 billion in i...

Dr M To Deliver Teleconference Address At Sarajevo Halal #Fair

25 Jul 2018 16:00 Malaysian Prime Minister Tun Dr Mahathir Mohamad has agreed to deliver a keynote address, via teleconferencing, at the three-day Sarajevo Halal Fair. Bosna Bank International's CEO Amer Bukvic announced that the fair would begin on the 27. of Sept...

Shariah #Fintech – A Case Study of #Indonesia

25 Jul 2018 15:51 Fintech has permeated the Islamic banking industry and this development is particularly evident in Indonesia. In July 2018, the country's deputy finance minister Mardiasmo plugged the term "Shariah fintech" in reference to financial tech...

Noor Bank rolls out Noor Wealth

23 Jul 2018 13:58 Noor Bank has launched Noor Wealth, a Shari’ah-compliant platform offering tailored product mixes. Noor Wealth targets customers with a minimum of AED 367,300 of assets under management or a minimum salary of AED 50,000. The bank offers mutual fun...

Islamic #Insurance sector to stay profitable in ’18

23 Jul 2018 13:52 The net income of listed companies in the GCC Islamic insurance sector has nearly halved in 2017 to $375m, from $674m in 2016. The decline in 2017 net income was mainly driven by weaker results in the Saudi Arabian insurance sector. S&P Global...

BNM introduces Rahn policy document

23 Jul 2018 10:06 Bank Negara Malaysia (BNM) has issued the Rahn policy document which is aimed at strengthening the practice among Islamic financial institutions to offer services that are end-to-end Shariah-compliant. BNM stated that the subject matter of the Rah...

#Malaysia's use of Islamic bonds to fund deficit credit positive: Moody's

23 Jul 2018 09:57 According to Moody's Investor Service, the Malaysian government is increasingly using longer-term Islamic instruments to fund its deficit to lower liquidity risk. The shift toward Islamic financial instruments is seen as credit positive for the so...

Do Shariah compliant shares perform better?

20 Jul 2018 12:51 During the global financial crisis many experts pointed out that Shariah compliant shares had performed much better than those which were not. However, once the world emerged from the crisis, the Shariah All-World index has consistently underperfo...

La Société internationale islamique de financement du commerce fait le point de son portefeuille au #Cameroun

20 Jul 2018 12:42 La Société internationale islamique de financement du commerce du Groupe de la Banque islamique de développement (BID) est satisfaite de sa coopération avec le Cameroun. Aliou Barki Kane et le ministre camerounais en charge de l’Economie, Alamine...

Bank Pasargad of #Iran to Open Branch in #India: Report

19 Jul 2018 16:53 India has reportedly approved a proposal from Bank Pasargad of Iran to open a branch in Mumbai. The Federation of Indian Export Organizations had earlier objected the entry of Iranian banks into India. In the wake of new US sanctions, India may ex...

#Kuwait's KFH invites #Bahrain's AUB to begin due diligence

19 Jul 2018 16:41 Kuwait Finance House (KFH) invited Bahrain's Ahli United Bank (AUB) to begin a due diligence process for a potential merger. KFH also asked AUB to sign a non-disclosure agreement. If the merger goes ahead, it would be the latest of several recent...

RAM Ratings: #Turkey rating downgrade triggers Kuveyt Turk downgrade

19 Jul 2018 16:36 RAM Ratings has downgraded Kuveyt Turk's long-term rating to A1/Stable from AA3/Negative. The rating of KT Kira Sertifikalari Varlik Kiralama’s RM2.0 billion Islamic MTN Programme (2015/2025) has been revised downwards to A1(s)/Stable from AA3(s)/...

AAOIFI holds public event

18 Jul 2018 12:57 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) held a public hearing of two of its standards hosted by Banque du Liban (BDL) (Central bank of Lebanon) in Beirut, Lebanon. AAOIFI also held its 10th meeting of t...

#Kuwait bank in #merger talks to create $92bn Islamic lender

18 Jul 2018 12:44 Kuwait Finance House (KFH) is seeking to hold talks with Bahrain's Ahli United Bank (AUB) for a potential merger. This would create an Islamic lender with about $92 billion of assets, six months after negotiations broke down. KFH sent a letter inv...

New Saudi bankruptcy law 'tries to find balance' between investor and creditor interest

16 Jul 2018 16:25 Saudi Arabia’s new bankruptcy law will come into effect in late August and aims to attract foreign and domestic investment in private businesses. The new law is designed to outline bankruptcy proceedings and will offer protection to creditors and...

New products, standards buoy Islamic trade finance business

16 Jul 2018 16:14 Islamic trade finance is poised for change with the launch of new products and common standards. Islamic banks have been laggards in trade finance but some see a business opportunity here. According to the General Council for Islamic Banks and Fin...

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