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Islamic Finance Changemakers Competition is now open

27 Aug 2020 12:13 The Islamic Development Bank (IsDB) in partnership with the Saudi-Spanish Center for Islamic Economic and Finance have launched an Islamic Finance Changemakers Competition to support social entrepreneurs, innovators and business leaders seeking to...

#Kuwait's Alafco delays delivery of Airbus order

21 Aug 2020 15:47 Kuwait-based Alafco Aviation Lease and Finance is to delay delivery of its aircraft order from Airbus as a result of the impact of the global Covid-19 pandemic on the aviation industry. Although the number of aircraft impacted is unclear, reports...

ITFC seals $8mln #Murabaha financing facility with #Uzbekistan's Trustbank

21 Aug 2020 15:41 The International Islamic Trade Finance Corporation (ITFC) signed an $8 million worth of Murabaha-structured line of trade finance with Uzbekistan's Trustbank. The financing aims to minimise the impact of COVID-19 by supporting the import and pre-...

Noor Takaful presents N15m surplus cheques to policyholders

20 Aug 2020 12:44 Noor Takaful has announced the distribution of surplus (cashback) payment worth over fifteen million Naira to participants who did not make claims. The company has also announced the launch of its mobile app to make its products and services more...

Arcapita and Mumtalakat Sell Stakes in NAS Neuron Health Services

20 Aug 2020 12:35 Arcapita Group and Bahrain Mumtalakat Holding sold their ownership stake in Abu Dhabi-based NAS Neuron Health Services. The two companies partnered to acquire an equity stake in NAS United Healthcare Services in 2017. Umair Nizami is the Managing...

Govt to raise Rs150bln from Ijarah #Sukuk issuance

20 Aug 2020 12:31 The government of Pakistan is set to raise Rs150 billion with the reopening of its existing five-year Ijarah Sukuk issuance, maturing in July 2025. The steps of reopening of existing Sukuk is similar as that of issuance of a completely new Sukuk....

Fund Management: Bridging the gap between ESG and shariah-compliant investing

20 Aug 2020 12:22 ESG (environmental, social and governance) investing and shariah-compliant investing share similar objectives in that they promote stewardship and societal value creation. However, the two strategies are often viewed as distinctly separate approac...

Bitcoin Association sponsors Islamic Fintech Week 2020

18 Aug 2020 18:30 Bitcoin Association has joined the inaugural Islamic Fintech Week 2020 as a sponsor and ecosystem partner. The three-day event will bring together stakeholders, regulators and innovators to chart the future of financial technology in the Islamic w...

#UAE's first ETF tracking Sharia-compliant index lists on UAE markets

18 Aug 2020 18:24 The UAE's first exchange traded fund tracking a Sharia-compliant index began trading on the Abu Dhabi Securities Exchange and the Dubai Financial Market. Bourses in the the region are ramping up efforts to diversify their product offerings to attr...

State urged to expand sharia compliance loans to Muslims

18 Aug 2020 18:16 As coronavirus pandemic continues to disrupt businesses in Kenya, the Muslim community has been urged to take advantage of financial institutions offering low bank charges to jump-start their businesses. Islamic finance expert Khalfan Abdallah has...

Kenanga Cap Islamic partners Bay for digitised factoring solution

18 Aug 2020 18:09 Kenanga Capital Islamic (KCI) has collaborated with a financing company Bay Group Holdings to enhance digitisation in the local factoring market. The collaboration will introduce a maiden local solution to the local factoring market through mergin...

#Malaysia launches #Sukuk Prihatin, maiden digital Islamic bond

18 Aug 2020 18:00 The Malaysian government has launched the RM500 million Sukuk Prihatin which aims to raise funds from the public and corporates who wish to help contribute towards the Covid-19 Fund. Prime Minister Tan Sri Muhyiddin Yassin said the fund would be u...

Moody's and IFN team up on global Islamic finance expertise

18 Aug 2020 17:55 Moody's Investors Service (Moody's) and Islamic Finance news (IFN) have announced their collaboration to provide insights and analysis for Islamic finance worldwide. IFN readers will gain access to Moody's exclusive content covering Islamic financ...

Book annoucement for German readers: Q1 / 2021

18 Aug 2020 16:24 Dear Reader,for Q1 / 2021 a second book is to be published in German after the successful standard reference for financial professionals in German:https://www.amazon.de/Islamic-Finance-Islam-gerechte-Finanzanlagen-Finan... The new book targets the...

55%-83% of Retail Investors in CFDs loosing money as disclosed by the financial providers

17 Aug 2020 20:25 Dear Reader,Following up on my earlier post on CFD and wether those are halal and why not: http://www.islamicfinance.de/?q=node/9330 here a follow up with some disclosed data. The regulators asking CFD provider to disclose how many retail investo...

APIB aims to cooperate with domestic financial institutions to promote Islamic finance industry

17 Aug 2020 18:18 Asia Pacific Investment Bank (APIB) aims to cooperate with domestic financial institutions to promote the internationalisation of the Islamic finance industry. APIB CEO Chris Wang is confident that APIB could be the bridge that connects Malaysia a...

DIB Tier 1 Sukuk (3) Ltd. -- Moody's announces completion of a periodic review of ratings of Dubai Islamic Bank PJSC

14 Aug 2020 14:29 Moody's Investors Service (Moody's) has completed a periodic review of the ratings of Dubai Islamic Bank (DIB).Dubai Islamic Bank's A3 long-term Issuer ratings are derived from the bank's ba2 standalone baseline credit assessment and a five notch...

Bitcoin Affiliation joins Islamic Fintech Week (IFW2020) as ecosystem accomplice and sponsor

14 Aug 2020 14:23 Islamic Fintech Week 2020 organizers revealed Bitcoin Affiliation as its ecosystem accomplice and sponsor. IFW2020 is hosted with the theme “Envisioning Islamic FinTechFuture” and is ready to be a platform for international stakeholders, regulator...

#Indonesia’s #sukuk issuance to rise to $27b to finance COVID-19 battle: Moody’s

14 Aug 2020 14:17 Credit rating agency Moody’s Investors Service expects Indonesia’s sukuk issuance to increase to US$27 billion this year from $16 billion last year. Lead analyst Thaddeus Best said on Tuesday that he expected Indonesia’s sukuk issuance to increase...

Sombank takes Islamic banking to the cloud with Temenos

13 Aug 2020 14:46 Somalia's Sombank selected the Temenos Islamic Banking solution in the cloud to accelerate its digital transformation and create innovative products to increase access to financial services in Somalia. Sombank will implement the full front-to-back...

Corporate #sukuk to grow slow in 2020

13 Aug 2020 14:38 According to Malaysian Rating Corp (MARC) chief ratings officer Rajan Paramesran, domestic corporate sukuk are in a better position than during the global financial crisis or the Asian financial crisis. Going into the current crisis, corporate suk...

International Islamic Liquidity Management Corporation issues $1.06bn #sukuk

12 Aug 2020 17:20 The Malaysia-based International Islamic Liquidity Management Corporation (IILM) successfully conducted an auction for a total issuance of $1.06bn short-term A-1 rated Sukuk in three series. The three series have been priced by the market as follo...

College of Islamic Studies at HBKU and Qatar FinTech Hub Sign MoU

10 Aug 2020 16:06 The College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU) has signed a Memorandum of Understanding (MoU) with Qatar FinTech Hub (QFTH). Through the agreement, CIS and QFTH will engage and contribute actively to the development of...

#Russia’s Sberbank structures Islamic finance deal to supply wheat to #Egypt

10 Aug 2020 16:03 Russia’s Sberbank has structured its first trade finance deal with an Islamic bank to supply Russian wheat to Egypt. The deal with Saudi Arabia’s International Islamic Trade Finance Corporation (ITFC) was implemented through Sberbank’s subsidiary...

Uganda: Resolve Islamic Banking Delay, Finance Minister Directs Bou

10 Aug 2020 16:00 Finance Minister Matia Kasaija has said that whereas Bank of Uganda still has challenges, it should work around the clock to quickly resolve the pending establishment of Islamic Banking. Mr Kasaija said that, as government, they had done their job...

CII helps launch Islamic Finance MBA

10 Aug 2020 15:54 The Chartered Insurance Institute (CII) has teamed up with the Islamic Insurance Association of London on the launch of a new MBA in Islamic Finance. The two-year, part-time graduate degree will focus on commerce and management. Applicants will ne...

Mideast family businesses should focus on succession planning, wealth transfer

10 Aug 2020 15:50 The desire for wealth transition means that many family businesses may have to change their approach and look outside the family to increase that longevity rather than simply relying on the next generation inheriting the family business. It may be...

Islamic law principles applicable to the administration of trusts

10 Aug 2020 15:39 Under English Law, a trustee who breaches his duties is exposed to a potential claim for breach of trust; breach of fiduciary duty; and/or negligence, and if he is a professional trustee, e.g. a bank , accountant, or solicitor, will have professio...

VP seeks greater digital literacy among Islamic economic actors

07 Aug 2020 20:43 Vice President Ma'ruf Amin has appealed to Islamic economic and financial actors to hone their digital literacy skills to survive amid the changes arising from the COVID-19 pandemic. He gave a speach at the virtual opening of the 2020 Sharia Econo...

Doing Business The Shariah Way - Mufti Ebrahim Desai

07 Aug 2020 20:32 Shariah adviser Mufti Ismail Ebrahim Desai noted that Islam was a religion of balanced justice and equity, and had no room for business dealings that could cause social imbalance, deprivation and injustice. He spoke at a recent Webinar organized b...

Moody's - Decline in #sukuk issuance to be limited by GCC financing needs

06 Aug 2020 12:10 Moody’s expects sukuk issuance to modestly decline by 5% this year to about $170 billion because of the coronavirus crisis. Despite the decline, 2020 will still see the second highest sukuk issuance total ever, following a 36% increase in 2019. To...

Fitch Named Best Islamic Finance Rating Agency for Fourth Year

06 Aug 2020 12:03 Fitch Ratings has been recognised as the Best Rating Agency for Islamic Finance for the fourth consecutive year by The Asset magazine. Fitch has a dedicated sukuk rating criteria and provides takaful-specific considerations within its global insur...

Mideast Islamic banks, investors urged to expand operations to #Philippine market

06 Aug 2020 11:56 Islamic banks and investors from the Middle East have been urged to expand their operations into the Philippines which is currently seeing a growing halal industry. Speaking at the webinar ‘Islamic Finance as Vehicle to Economic Recovery’, Philipp...

Dubai Islamic Bank reports Dh2.1b first half 2020 net profit

03 Aug 2020 16:51 The Dubai Islamic Bank (DIB) reported a net profit of Dh2.11 billion for the first half of 2020. Due a difficult quarter, DIB continues to demonstrate healthy profitability whilst ensuring prudence in growing the balance sheet. Source:  https...

Islamic Banks: Structural Advantage

03 Aug 2020 16:47 Banks who are in the Gulf Cooperation Council (GCC) states, will have weaker earnings and profitability this year, due deterioration in nearly all their sources of income said Junaid Ansari, head of Research and Strategy at Kamco Invest, Kuwait. C...

Collaboration Between Industry and Academia, Key To Developing Islamic Finance In Nigeria

03 Aug 2020 16:37 Dr. Umar Oseni said that the collaboration between Islamic finance practitioners and academia will be vital to the development of Islamic Finance Law in Nigeria. Dr. Umar Oseni also said that western models dominate financial markets and that conv...

‘Economies must rely on equity, not debt,’ expert outlines globalization challenges during virtual session

30 Jul 2020 15:08 The Western economies have relied on debt has got to stop says former Deputy Governor at the Bank of Canada. Governments and central banks have got to start following more symmetrical monetary and fiscal policies and that the world needs to look a...

How relief measures impact Islamic banking clients

30 Jul 2020 15:01 Due the Covid-19 pandemic crisis all banks have introduced measures to help customers that are struggling. Islamic banking are offering now cirisi products and are more flexible to their costumers and their needs. Source:  https://www.sowetan...

Tribune/Finance islamique : comment la #Guinée peut-elle saisir les opportunités de l’émission des Sukuk (emprunt obligataire islamique) ?

24 Jul 2020 12:36 Plusieurs pays africains se lancent depuis quelques années dans cette finance d’éthique et prometteuse. Présentement, les différents gouvernements de l’espace UEMOA (Union économique et monétaire ouest-africaine) ont déjà élaboré un cadre règlemen...

Abdulkader Thomas To Speak on Islamic Trade Finance: Challenges and Opportunities in #Nigeria

24 Jul 2020 12:26 WebTV's Islamic Finance Weekly will be featuring a robust conversation with Abdulkader Thomas on Islamic Trade Finance, Challenges and Opportunities in Nigeria and Africa. Key discussion points include: understanding the concept of "Islamic T...

Islamic fintech industry sets strategic priorities to drive financial inclusion

24 Jul 2020 12:21 The stakeholders of the Islamic fintech space have determined nine strategic priority areas that will further reinforce and enhance financial inclusion in Malaysia. These include the setting-up of a national Islamic fintech taskforce; the renewed...

#Algerie : Aymen Ben Abderrahmane, la finance islamique lancée en août

20 Jul 2020 13:15 Le ministre algérien des Finances, Aymen Ben Abderrahmane, a annoncé la mise sur le marché des produits de la finance islamique. Ben Abderrahmane a dévoilé que deux banques publiques ont achevé les procédures d’obtention d’une fatwa, afin de faire...

CIMB hunts for marcomms and CSR lead for group Islamic banking

20 Jul 2020 13:10 CIMB Bank is looking for a director, Islamic marketing, communications and CSR, group Islamic banking (GIB). The appointed individual will develop and enhance the CIMB Islamic brand platform in line with business aspirations. The individual will a...

Emirates Islamic announces First Half 2020 Financial results

20 Jul 2020 13:04 Emirates Islamic announced its financial results for the half year ending 30 June, 2020. The Bank reported a net profit of AED 12 million for the first half of 2020. The total income is of AED 1.1 billion, lower by 15% year-on-year. Funded Income...

#UAE’s personal wealth shoots past $400 billion mark

20 Jul 2020 12:53 According to Boston Consulting Group (BCG), personal wealth held by UAE residents surged to $400 billion between 2014 and 2019, with 48.5% of it held by millionaires in 2019. The consultancy reckons the ranks of UAE’s millionaires are expected to...

Faisal Islamic Bank's profit down 54% in Q1 2020

20 Jul 2020 12:46 The consolidated financial results of Faisal Islamic Bank of Egypt showed a 53.6% year-on-year (YoY) drop in its net profits to EGP 483.53 million in the first quarter (Q1) of 2020 from EGP 1.043 billion. Meanwhile, the bank’s revenues fell to EGP...

#Sukuk Market Developing Fastest in #Saudi Arabia

20 Jul 2020 12:39 Launched in 2017 with the aim to diversify funding, the Saudi finance ministry had planned to raise US$31.5 billion of Sukuk in 2019. A new ‘primary dealer’ scheme for local-currency government sukuk was launched in 2018, under which five local ba...

Sukuk Issuance Cross $1 Trillion Mark

20 Jul 2020 12:33 Since the issuance of the first modern sukuk in 1996, cumulative issuance of sukuk has crossed the US$ 1 trillion mark. As of the end of 2018, outstanding sukuk were valued at US$ 469.7 billion across 2,887 sukuk. The Saudi and Malaysian governmen...

Siraj Holding completes deal for Al Hilal Bank's Islamic insurance business

20 Jul 2020 12:29 Private investment firm, Siraj Holding, has officially acquired Al Hilal Takaful, the Islamic insurance business and operations of Al Hilal Bank. The transaction, which was initially expected to be complete in the first quarter of 2020, was given...

Une deuxième émission de #sukuk se prépare en #Egypte

20 Jul 2020 12:22 Sarwa Capital finalise une opération évaluée à 152,2 millions $. Ce sera la deuxième émission de ce type de produits financiers sur le marché financier égyptien après celle de Talaat Mostafa Holdings en avril 2020. Sarwa Capital est aussi en train...

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