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Islamic banking industry continues to offer financing to eligible Malaysians: Aibim

25 Jun 2019 16:05 The Association of Islamic Banking and Financial Institutions Malaysia (Aibim) has ensured that its member banks will continue to provide access for Islamic finance banking products. Aibim’s president Datuk Adissadikin Ali assured that customers w...

Pakistani startup Tez Financial Services wins at Inclusive Fintech50

25 Jun 2019 15:57 Pakistani fintech startup Tez Financial Services has been selected as one of the winners of 2019’s Inclusive Fintech 50. Tez was the only Pakistani startup to have qualified for the competition. Inclusive Fintech 50 is a competition to help early-...

TAKAFUL: SANLAM VEUT BIEN VENDRE DES PRODUITS D’ASSURANCE ISLAMIQUE, MAIS...

24 Jun 2019 13:17 La filiale marocaine du sud-africain Sanlam vient de créer une nouvelle filiale, du nom de Sanlam Takaful, dédiée à l’assurance participative. Le projet de loi introduisant le Takaful dans le Code marocain des assurances a déjà franchi, en février...

Bank Muamalat to grow revenue from Islamic pawnbroking

24 Jun 2019 13:12 Bank Muamalat Malaysia aims to grow its revenue from Islamic pawnbroking (Ar-Rahnu) by up to RM50million. The bank's second pawnbroking campaign was launched on June 20 and will run for 10 months until March next year. Bank Muamalat consumer banki...

Experts meet on Islamic finance

18 Jun 2019 12:37 Experts from the private and public sectors are meeting today in Lagos to discuss the progress of Islamic finance in Nigeria. The inaugural edition of the IFN Nigeria Forum "Harnessing the Islamic Finance Sector for Infrastructure Development...

Saudi Arabian issuers boost #sukuk in first five months of 2019

18 Jun 2019 12:27 According to S&P Global Ratings, the sukuk market enjoyed a strong start to the year but it may not last. S&P Global Ratings Head of Islamic Finance, Mohamed Damak said high levels of liquidity in Indonesia, Turkey's efforts to tap all ava...

Sharjah Islamic Bank mandates banks for capital boosting #sukuk

18 Jun 2019 12:16 United Arab Emirates’ Sharjah Islamic Bank has hired banks to arrange investor meetings ahead of an issuance of U.S. dollar-denominated sukuk. Citi, HSBC and Standard Chartered have been hired to coordinate the deal, and they are bookrunners along...

Dubai developer The First Group to issue $135mln #sukuk

13 Jun 2019 15:06 Dubai-based real estate developer The First Group plans to issue $135 million in sukuk. The developer has appointed investment bank Shuaa Capital to arrange the planned transaction. The First Group specialises in hotel investments. It has complete...

College launches degrees in Islamic finance

12 Jun 2019 15:54 Dundee’s Al-Maktoum College of Higher Education is collaborating with the University of Dundee to offer qualifications in MSc Islamic Finance, MSc Islamic Banking and Finance and MSc Islamic Banking, Finance and International Business. Dr Salah Al...

Dubai issues new financial centre insolvency law after Abraaj collapse

12 Jun 2019 15:46 Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum issued a new insolvency law for companies operating in the Dubai International Financial Centre (DIFC). The new law has been issued following the collapse of Dubai-based private equity firm Abraa...

#UAE's Sharjah Islamic Bank readies capital-boosting dollar #sukuk

12 Jun 2019 15:41 Sharjah Islamic Bank is expected to issue U.S. dollar-denominated sukuk by the end of June to boost its Tier 1 core capital. The bank's board approved earlier this year the issuance of sharia-compliant Tier 1 instruments for up to 2.8 billion dirh...

#Russia's Sberbank to Acquire Stake in Islamic Charity Platform PayZakat

12 Jun 2019 15:37 Russia's state-controlled Sberbank will acquire 25% of the PayZakat platform that collects charity for Muslims in need. PayZakat is a start-up that won Sberbank’s first Sber#Up corporate accelerator competition for its own employees, and the bank...

Why a second #merger wave may hit #UAE lenders

12 Jun 2019 15:28 According to Bloomberg Intelligence, banks in the United Arab Emirates may go through a second wave of consolidation as lenders seek to improve profitability. Bloomberg analyst Edmond Christou said the absence of common shareholders and a lack of...

OPINION: #Sukuk bonds becoming increasingly mainstream

12 Jun 2019 15:22 According to Dino Kronfol, CIO at Franklin Templeton Investments, the future is bright for investing in sukuk. He is confident that sukuk could provide the stability that mitigates an uncertain global economy, particularly as more risk management...

US startup PayJoy unlocks smartphone loans for Asia's unbanked

12 Jun 2019 15:11 American startup PayJoy makes it easier for people without a bank account or credit profile to purchase a smartphone on installment. The phones and loans are provided by third parties. What PayJoy provides is proprietary software that locks the ph...

Scientific heritage of Fuat Sezgin to be appreciated at symposium

11 Jun 2019 10:39 The International Fuat Sezgin Islamic Science History Symposium will be organized in Instanbul from June 13 to June 15 with the theme of "Fuat Sezgin's Scientific Heritage." Various Islamic science history experts from all over the world...

For $83,000, Harvard teaches rich kids how to do good (and make money)

11 Jun 2019 10:32 In collaboration with the World Economic Forum, Harvard University and the University of Zurich have launched a course called "Impact Investing for the Next Generation". In this context, that generation means the heirs to some of capital...

What is a sharia-compliant investment and how should I save for a rainy day?

11 Jun 2019 10:27 A shariah-compliant unit trust fund is a collective investment scheme that requires all investments in the fund to adhere to Islamic law or shariah requirements. These requirements are underpinned by Islam’s prohibition on charging interest and th...

Faith-Based Finance

11 Jun 2019 10:20 What caused the global financial crisis? And how can the United States avoid a repeat? Those questions have sparked endless discussions among economists, policymakers, financiers, and voters over the last decade. The crisis not only entailed the w...

HSBC #Malaysia launches ESG Islamic structured product

11 Jun 2019 10:13 HSBC has launched its first environmental, social and governance (ESG) Islamic structured product in Malaysia. The product offered by HSBC Amanah provides customers the opportunity to invest in a product that matches their values when it comes to...

WATCH: Islamic finance institutions serve a crucial role for BRI

11 Jun 2019 10:01 The crucial role of Islamic finance in financing China’s Belt and Road Initiative (BRI) pays homage to the Silk Road and symbiotic relationship between China and the Islamic world prior the 15th Century. Rightfully so, as BRI is the 21st Century’s...

Dubai Islamic Bank board approves plan to acquire Noor Bank

11 Jun 2019 09:50 Dubai Islamic Bank (DIB)’s board has approved its acquisition of lender Noor Bank to create one of the largest Islamic banks in the world with combined assets of nearly Dhs275bn. Following the completion of the deal, Noor Bank’s operations will be...

Doris Duke Foundation for Islamic Art Awards $2.4 Million in Grants

07 Jun 2019 15:15 New York's Doris Duke Foundation for Islamic Art has announced fifteen grants totaling $2.49 million in support of arts and media projects dedicated to strengthening relationships between U.S. Muslim and non-Muslim communities. The grants are part...

Islamic Banking already in #Uganda, says Kasaija

06 Jun 2019 12:10 According to the Minister of Finance, Mr Matia Kasaija, no amount of opposition will stop the operationalisation of Islamic Banking in Uganda because it has already kicked off. He is the one who signed the instruments operationalising it and he sa...

Maybank Islamic wants to link up Gulf Cooperation Council with Asean

06 Jun 2019 11:58 Maybank Islamic wants to be the bridge for the Islamic banking sector between the Gulf Cooperation Council (GCC) and the ASEAN region. CEO Datuk Mohamed Rafique Merican expressed confidence that the company would be able to play the role in facili...

IFSB database disseminates data for Islamic Banking Systems in 22 countries

31 May 2019 16:30 The Islamic Financial Services Board (IFSB) has published country-level data on financial soundness and growth of the Islamic banking systems for Q3 and Q4 of 2018 from 22 IFSB member jurisdictions. A special feature of this publication is the inc...

IFSB issues working paper on risk-sharing in Islamic Banking

31 May 2019 16:23 The Islamic Financial Services Board (IFSB) issued its 10th research (WP-10) in the IFSB Working Paper series which explores the risk-sharing practices in the Islamic banking sector. It describes the views of both Islamic banks and regulatory and...

KIB issues $300 million AT1 #sukuk

31 May 2019 16:18 Kuwait International Bank’s (KIB) Chairman Sheikh Mohamed Jarrah Al Sabah announced the issuance of an AT1 Sukuk. On Wednesday 29 May 2019, KIB has successfully priced a $ 300 Million AT1 perpetual Sukuk that classifies under Tier 1 capital at an...

Why biblically responsible investing is gaining traction

29 May 2019 13:15 Biblically responsible investing (BRI) is an investment decision making process that applies Christian values to issues facing shareholders and stakeholders regarding moral and social principles. Currently it represents a tiny portion of the total...

#Kuwait International Bank starts marketing $300mln #sukuk

29 May 2019 13:00 Kuwait International Bank started marketing $300 million perpetual sukuk to boost its tier 1 capital, with a yield of around 6.25%. Perpetual bonds mimic some of the characteristics of equity because they lack a maturity date. Citigroup, Dubai Isl...

NGOs appeal for immediate end to attacks on civilians and hospitals in Idlib

29 May 2019 12:57 Heads of 48 NGOs working in Syria have signed an open letter to the UN Security Council calling for an immediate end to attacks on civilians and hospitals in Idlib. Three million civilians in northwest Syria are scared and many are homeless. Accor...

#Nigeria Should Develop Policies To Enhance Islamic Estate Planning – Awojobi

28 May 2019 10:39 In this interview FBNQuest Trustees managing director Kunle Awojobi speaks about the benefits of Islamic Estate Planning. Islamic Estate Planning is considered an act of purifying or cleansing the individual, which involves voluntary and compulsor...

#Qatar- QIIB stays focused on digitalisation, utilising #fintech: CEO

28 May 2019 10:24 Qatar International Islamic Bank (QIIB) remains focused on digitalisation and utilising financial technology. Bank CEO Dr Abdulbasit Ahmad al-Shaibei sees fintech as the future of banking. QIIB cannot afford to miss out, so it is looking closely a...

VCBank buys majority stake in Caribou and Fuddruckers

28 May 2019 10:06 Bahrain's Venture Capital Bank (VCBank) announced its acquisition of a significant stake in the Caribou Coffee and Fuddruckers Restaurant franchises in Bahrain. From its first outlet in Bahrain in 2007, Caribou has grown its network to 22 stores,...

Medina Islamic Finance Boost Financial #Inclusion in Africa

28 May 2019 10:03 Medina Islamic Finance, an Africa-focused digital Islamic microfinance platform has announced a strategic partnership with United Labs, a New York-based data science venture studio. The announcement was made by the founder and CEO of Medina Islami...

BML launches complete range of Shariah-compliant business financing products

28 May 2019 09:54 Bank of Maldives (BML) Islamic launched a range of Shariah-compliant financing products. BML Islamic Retailers’ Financing allows businesses with average monthly sales of MVR 50,000 to finance up to three times the monthly sales volume, and a repay...

UNHCR Study: REFUGEES: THE MOST IN NEED OF ZAKAT FUNDS

27 May 2019 15:42 UNHCR report also describing their Zakat Fund created.https://zakat.unhcr.org/wp-content/uploads/2019/04/UNHCR-Annual-Zakat-Re...

Call for Innovation via Transform Fund 2019

24 May 2019 14:44 The Islamic Development Bank (IsDB) has established a special Fund, known as Science, Technology and Innovation Transform Fund (IsDB-STIF) to support its Member Countries in finding practical solutions to key development challenges related to 6 fo...

Islamic Finance Centre opens in #Kazakhstan

23 May 2019 12:49 Qatar's Hamad Bin Khalifa University (HBKU), Al-Farabi Kazakh National University, and Astana International Financial Centre (AIFC) have opened an Islamic Finance Centre (IFC) in Kazakhstan. The opening ceremony was attended by HBKU president Dr A...

GCC Banking Sector to Witness Mergers Worth Nearly $1 Trillion

22 May 2019 11:48 The GCC banking sector is undergoing major consolidation phase with 20 banks negotiating mergers and acquisitions with an estimated $1 trillion worth of assets. The UAE leads the pack with highest number of mergers both in terms of value and volum...

Ethis Group Comments on Receipt of Islamic Equity #Crowdfunding License in #Malaysia

21 May 2019 10:25 The Securities Commission Malaysia revealed updated regulations as well as the approval of 8 new "Regulated Market Operators" serving the investment crowdfunding market. Best known for its impact investing in Indonesia, Ethis Ventures la...

Najib's SRC trial: Interesting use of Islamic banking facilities, inter-posed charitable trusts to break-up cash flows into discrete unconnected pac...

20 May 2019 10:11 Two diagrams published by the Malay Mail illustrate the cash flows relied on by the prosecution to prove the charges against Najib Razak. The diagrams reveal the use of Islamic banking facilities and inter-posed charitable trusts to break-up what...

SAMA fines 16 financial institutions for violating principles of responsible finance

20 May 2019 10:02 The Saudi Arabian Monetary Authority (SAMA) has fined 16 financial institutions for violating principles of responsible finance and has instructed them to correct the violations. SAMA stated that the fines were imposed in order to implement princi...

At fintech meet, Guan Eng says only Pakatan provides the tolerance needed for innovation to thrive

20 May 2019 09:55 Malaysia's Finance Minister Lim Guan Eng said the country finally gained the tolerance element needed for digital innovation when Pakatan Harapan (PH) became the federal government. In his speech at the Securities Commission Fintech Roundtable 201...

Alliance Islamic Bank launches social #crowdfunding platform

20 May 2019 09:46 Alliance Islamic Bank launched its first social crowdfunding platform to create greater socioeconomic impact for the financially disadvantaged. The new platform is named SocioBiz and targets individuals seeking to raise funds to start or expand a...

Turkish banks and investors disagree on bad loan talks

16 May 2019 14:33 Turkish lenders disagreed on almost everything with potential investors when they met for the first round of talks about unloading a pile of bad loans. Investors demanded a 30% discount on the face value of the loans and an ownership stake, but th...

UNHCR unveils Refugee #Zakat Fund

16 May 2019 10:48 The United Nations Refugee Agency has launched a new global structure that transforms UNHCR’s existing Zakat programme into a global fund. UNHCR unveiled its 'UNHCR Zakat Program: 2019 Launch Report', which shows that global Zakat giving stands at...

Goldman Sachs brings forward claim linked to Saudi debt saga

15 May 2019 14:22 Goldman Sachs has bought forward a claim against Bahrain’s TIBC whose default 10 years ago triggered the biggest financial crisis in Saudi Arabia. The Bahraini lender raised money in international markets, transferring the funds to now defaulted S...

Malaysia leads global sukuk issuance

15 May 2019 14:14 Malaysia continued to maintain the leadership as the largest issuer of sukuk globally with a total of US$13.9 billion in the first three months of 2019. This means a market share of 35.2% from the overall issuance of US$39.5 billion during the per...

The Hajdari Group Unveils Newly Pioneered Sharia-Compliant Investment Strategies Option: 'InvestHalal' Wealth Management for American Muslim Investors

15 May 2019 14:11 The Hajdari Group recently announced the creation of its newest, faith-based financial planning platform: InvestHalal. InvestHalal utilizes a strict code-of-ethics and series of standards established by prestigious global authorities like the Fiqh...

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