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#UK gets its first Islamic P2P crowdfunder for SMEs

14 Jul 2020 15:41 A new UK-based Shariah-compliant crowdfunding platform providing business financing to small and medium sized enterprises (SMEs) launched at the end of June. Qardus is an appointed representative of Share In Ltd. According to founder Hassan Daher,...

The Asset webinar: ESG, Islamic finance help shield economies during pandemic

14 Jul 2020 15:31 In Malaysia Islamic finance has demonstrated its resiliency in this difficult time with continuing issuances of green and sustainable sukuk, a trend that will continue over the short-to-medium term. To this end, Malaysia’s Employees Provident Fund...

Property financing campaign launched by #Bahrain-based Al Baraka Islamic Bank

14 Jul 2020 15:16 Al Baraka Islamic Bank has launched a promotional campaign to provide property financing to the beneficiaries of the Housing Ministry’s Mazaya programme. Under the campaign, profit rates will be calculated at competitive rates, there will be no do...

Islamic Development Bank Group in partnership with the #UAE Ministry of Economy and Annual Investment Meeting Hosted a Live Webinar To Discuss Chall...

14 Jul 2020 15:12 The Islamic Development Bank Group in partnership with the UAE Ministry of Economy conducted a live webinar entitled "IsDB Group Private Sector Action Response to COVID-19". The webinar discussed the future outlook to overcome the COVID-...

ADIB continues its support to customers impacted by COVID-19

13 Jul 2020 11:30 ADIB has launched a series of special offers exclusively to healthcare professionals as a tribute for their efforts during the COVID-19 pandemic. These offers include reductions and discounts on ADIB products: special reduction on the profit rate...

#Saudi Arabia’s mortgage lender Amlak to start trading on Tadawul from Monday

13 Jul 2020 11:23 Saudi Arabia’s mortgage lender Amlak International for Real Estate Finance starts trading shares on the Tadawul stock exchange. The company is floating 27.18 million shares, or 30 per cent of its total, with an indicative price range set at 15-17...

FinTech can help Islamic finance sector to innovate

10 Jul 2020 08:55 FinTech has spurred the evolution of the Islamic finance industry over the last year. It helps to address the need for simplification and innovation in the sector. It also provides a great opportunity for the sector to streamline services and attr...

At least one in ten billionaires have donated for COVID-19 relief

09 Jul 2020 11:09 More than 10% of the world's nearly three thousand billionaires made a philanthropic commitment in support of COVID-19 response and relief efforts between January and May. According to the Billionaire Census 2020, billionaires who have donated wer...

FinTech can help the Islamic finance sector to innovate and grow

09 Jul 2020 11:03 FinTech has spurred the evolution of the Islamic finance industry over the last year. It helps to address the need for simplification and innovation in the sector. It also provides a great opportunity for the sector to streamline services and attr...

Islamic Development Bank Deploys #Sukuk to Counter Corona Impact

09 Jul 2020 10:52 The Islamic Development Bank Group (IsDB) set aside $2.3 billion for its Strategic Preparedness and Response Programme for its member countries to tackle the economic fallout of the corona pandemic. OIC member states may partake in Digital Country...

Global #sukuk market: A window of opportunity is opening

09 Jul 2020 10:44 According to S&P Global Ratings, total sukuk issuance volume for the full year 2020 will be lower than in 2019. Central banks have already taken measures to boost banks' liquidity in core Islamic finance countries, so they are unlikely to issu...

The impact of Saudi Arabia's VAT increase on Islamic financial institutions

09 Jul 2020 10:37 Value added tax ("VAT") was pioneered by the European Union, but is gradually spreading worldwide. Saudi Arabia recently tripled its rate of VAT. While VAT in Saudi Arabia is only a couple of years old, the Saudi VAT law follows widespre...

S&P Global expects #sukuk issuance to touch $100bn in 2020

09 Jul 2020 10:29 Sukuk issuance volume is expected to total around $100bn for 2020, about 40% lower than in 2019. The issuance volume fell 27% in the first six months of this year. S&P Global Ratings noted the number of defaults among sukuk issuers with low cr...

UAE Islamic Banks: 2019 Results Dashboard

01 Jul 2020 09:45 According to Fitch Ratings, Islamic financing and deposits accounted for 27% of total sector financing and deposits at end-2019. Growth in Islamic financing slowed significantly in 2019. Asset-quality metrics deteriorated in 2019, particularly due...

#Qatar- #Merger was a smooth affair: Barwa Bank Chairman

26 Jun 2020 09:42 Barwa Bank held yesterday its Ordinary General Assembly and approved all the agenda of the meeting. The annual general meeting was presided over by the Bank's Chairman and Managing Director Sheikh Mohammed bin Hamad bin Jassim Al Thani. It was hel...

Sustainable development for real economy: Some lessons from the 12th ICIEF

25 Jun 2020 11:39 The 12th International Conference on Islamic Economics and Finance (ICIEF) was held in Istanbul this month. It was organized by Istanbul Sabahattin Zaim University, Islamic Research and Education Institute (IRTI) and the Islamic Development Bank (...

The Hajj Pilgrimage Is Canceled, and Grief Rocks the Muslim World

25 Jun 2020 11:30 The cancellation of the Hajj pilgrimage sent shock waves of sadness and disappointment across the Muslim world. Performing the pilgrimage at least once for those who are physically and financially able is one of the five pillars of Islam. Making t...

My Say: Financing Covid-19 stimulus packages with GDP-linked #sukuk

25 Jun 2020 11:16 The fiscal cost of fighting the economic fallout of the pandemic has been great for each nation. Many governments have already pledged billions in grants to support fiscal stimulus packages. Through moratoriums and debt relief programmes, capital...

NBB diversifies its Murabaha service to clients by offering #Sukuk-based #Murabaha facility

25 Jun 2020 11:03 The National Bank of Bahrain (NBB) announced its subscription to Bahrain Bourse’s (BHB) newly introduced Murabaha service, which will be used by the Bank when transacting in Islamic Commodity Murabaha financing. NBB is one of the first banks in th...

Religion Meets Profit Generation in a Slew of New Faith-Based ETFs

25 Jun 2020 10:58 Wahed Invest launched its first exchange-traded fund in the U.S. in July 2019. In June 2020, money manager Global X filed to launch a bond fund aligned to Catholic values. The surge in religious ETF offerings has come alongside the boom in respons...

Sharjah Islamic Bank lists USD500m #Sukuk on Nasdaq Dubai

25 Jun 2020 10:40 A USD500 million Sukuk has been listed by Sharjah Islamic Bank (SIB) on Nasdaq Dubai. The capital raised will support SIB’s activities and strategic development. The five-year Sukuk was subscribed 7.2 times by regional and international investors...

Not enough Shari’ah experts, lack of tax neutrality hinder Islamic banking in PH

24 Jun 2020 17:17 One of the challenges of developing Islamic banking in the Philippines is that there are not enough Shari’ah scholars or Islamic finance experts. The Bangko Sentral ng Pilipinas (BSP) also noted the lack of tax neutrality as a challenge. In order...

Al Salam Bank-Bahrain tops key performance indicator rankings for GCC banking sector

24 Jun 2020 17:09 Al Salam Bank-Bahrain (Al Salam Bank) has achieved the highest reduction in non-performing financing (NPF) amongst 55 GCC listed banks in 2019. According to KPMG, the Bank also ranked sixth in the region for Capital Adequacy Ratio (CAR), with a st...

#Indonesia is finally waking up to Islamic finance

24 Jun 2020 16:57 Despite its potential in sheer numbers of underbanked Muslims, Indonesia has been a slow starter in Islamic finance and is about a decade behind Malaysia. Only in the last few years, there have been some visible steps to support Islamic finance an...

BusinessJUNE 23, 2020 8:06 AM AESTShare World Bank Approves $US500 Million to support Morocco’s financial and digital inclusion reforms

24 Jun 2020 16:47 The World Bank approved a US$500 million Financial and Digital Inclusion Development Policy Financing (DPF) program, which will support key policy reforms to promote digital transformation. The current DPF seeks to improve financial inclusion and...

BisB signs #murabaha financing pact

24 Jun 2020 16:41 Bahrain Islamic Bank (BisB) has signed an agreement with Bahrain Bourse for a murabaha financing framework using a Sharia-compliant lending service. The underlying asset is Ijara sukuk provided by the Central Bank of Bahrain (CBB). Adding this Mur...

Dubai Islamic Bank expected to sell over $200 mln in tap of 2026 #sukuk - document

24 Jun 2020 16:36 Dubai Islamic Bank is expected to sell more than $200 million of its existing sukuk issuance due in 2026. The bank set final price guidance at 240-245 basis points over midswaps, tightening from initial price guidance of around 250 bps. DIB receiv...

Gatehouse Bank Review – Islamic Mortgage: a deep dive

24 Jun 2020 16:32 Gatehouse Bank’s Home Purchase Plan (HPP) is the cheapest option available in the home purchase space for a number of the HPP products. The structure is identical in legal form to the Al Rayan HPP. The Gatehouse HPP uses a combination of freehold...

NBB diversifies its Murabaha service to clients by offering #Sukuk-based #Murabaha facility

23 Jun 2020 14:42 The National Bank of Bahrain (NBB) announced its subscription to Bahrain Bourse’s newly introduced Murabaha service, which will be used by the Bank when transacting in Islamic Commodity Murabaha financing. NBB is one of the first banks in the King...

New #UK waqf fund to start investing in real estate with eye on other asset classes

22 Jun 2020 14:51 The recently established UK-based National Waqf Fund (NWF) will start investing in real estate, according to CEO and co-founder Umer Suleman. NWF will be focused on the charity and social aspects of waqf. The three main aims of NWF are to establis...

DP World hires banks for perpetual Islamic bonds - document

22 Jun 2020 14:39 Dubai-based port operator DP World has hired a group of banks for a potential sale of perpetual U.S. dollar-denominated sukuk. Citi, Deutsche Bank and JPMorgan will arrange investor calls in Asia, the Middle East and Europe, to be followed by the...

#Indonesia issues $2.5 bln global #sukuk including $750 mln green tranche

19 Jun 2020 15:32 The government of Indonesia issued $2.5 billion in wakalah global sukuk in three tranches. The 5-year paper of $750 million was sold as a green sukuk, while the other two tranches consisted of a 10-year tenor of $1 billion, and a 30-year maturity...

ESG, syariah stock indices slightly outpaced conventional counterparts on better management, lower leverage — Islamic finance heads

19 Jun 2020 15:27 Environmental, social and governance (ESG) and Islamic stock indices have marginally outperformed their conventional counterparts this year, owing to their better management and lower leverage. Refinitiv head of Islamic finance Mustafa Adil said w...

Al Baraka signs #sukuk trading deal with BHB

17 Jun 2020 11:03 Al Baraka Islamic Bank and Bahrain Bourse (BHB) have signed an agreement allowing the bank to buy and sell Sharia-complaint ijara sukuk through the exchange. Proceeds from the sukuk will contribute to facilitating the bank’s financing operations f...

Potential of Islamic capital market remains promising at home and abroad – Bursa chairman

17 Jun 2020 11:00 According to Bursa Malaysia chairman Tan Sri Abdul Wahid Omar, the potential of the Islamic capital market remains promising both in Malaysia and abroad. During his keynote address at the Shariah Investing Virtual Conference 2020 Abdul Wahid said...

World Bank: Islamic finance value proposition has to be clear

17 Jun 2020 10:54 The World Bank said the Islamic capital market's (ICM) value proposition has to be very clear to show that its concept is more powerful than the environmental, societal and governance (ESG) investment schemes. World Bank financial sector specialis...

#Malaysia’s Islamic finance sector to hit RM3t this year, says Bursa chairman

17 Jun 2020 10:48 Malaysia’s Islamic finance sector is expected to sustain double-digit growth to reach almost RM3 trillion in 2020 under the second Capital Market Masterplan. The chairman of Bursa Malaysia, Tan Sri Abdul Wahid Omar, said the country’s Islamic fund...

Dubai outlines plans to unify legal framework for Islamic finance

15 Jun 2020 11:51 The CEO of Dubai Islamic Economy Development Centre (DIEDC) outlined the phases for the development of a unified legal framework for Islamic finance. Abdulla Al Awar said that once complete, the project would bring standardisation to the Islamic f...

#Turkey's Erdogan says Islamic economy can pull world 'out of crisis'

15 Jun 2020 11:43 Turkey's President Recep Tayyip Erdogan said Islamic economic system is the key to getting out of crisis as global economy continues to suffer from coronavirus pandemic. President Erdogan said the loss of nearly 440,000 lives worldwide can't be at...

IsDB eager to support development projects Madinah

15 Jun 2020 11:36 IsDB President Dr. Bandar Bin Hajjar stated that the bank was working on a pioneering project to establish a "Global Waqf Centre of Excellence" in Madinah, with a capital of $50 million. The aim of the center is to build a global umbrell...

Hafeez for potential of Islamic finance to help developing states

15 Jun 2020 11:27 Pakistan's Adviser on Finance and Revenue, Dr Abdul Hafeez Shaikh said the Covid-19 has engulfed the whole world, and the global GDP is going to contract by 3-4%. Hafeez said Islamic banking was growing at a fast pace in Pakistan and he emphasized...

#Saudi property firm Amlak plans first post-coronavirus Riyadh IPO

15 Jun 2020 11:20 Saudi real estate financing firm Amlak International plans to float 30% of its shares in Riyadh, in what will be the exchange’s first initial public offering (IPO) since the coronavirus crisis. Amlak said the final offer price would be announced o...

New York Online Investment Firm Gets Aramco Financing for Islamic Products

15 Jun 2020 11:13 New York-based Wahed Invest has secured financing from oil giant Saudi Aramco to expand into the Middle East and make Riyadh its regional hub. The Saudi Aramco Entrepreneurship Ventures extended the funding to the online Islamic investment platfor...

Sharjah Islamic Bank hires banks for dollar #sukuk, document shows

15 Jun 2020 11:06 Sharjah Islamic Bank has hired a group of banks to arrange a global investor call ahead of a potential issuance of five-year U.S. dollar-denominated sukuk. The bank hired Standard Chartered, Bank ABC, Citi, Dubai Islamic Bank, Emirates NBD Capital...

Global high net worth (HNW) wealth will decline by $3.1 trillion in 2020: report

15 Jun 2020 11:04 According to a new report released by Oliver Wyman and Morgan Stanley, Covid-19 will fundamentally change the way the Wealth Management industry in the Middle East operates. The report, called Wealth Management: After the Storm, highlights how a g...

El-Gamal claims lender violated sharia terms on Tribeca tower loan

12 Jun 2020 11:20 Sharif El-Gamal put together one of the most unusual financing packages when he secured a sharia-compliant construction loan four years ago for his Tribeca condo tower. El-Gamal is now claiming that the Malaysian bank that made the loan has violat...

International Islamic Trade Finance Corporation Signs US$15 million Murabaha Financing Facility to support SMEs in Bangladesh

12 Jun 2020 11:06 The International Islamic Trade Finance Corporation (ITFC) has approved a US$15 million Murabaha Financing Facility in favour of City Bank Limited in Bangladesh to support the Bank’s private sector businesses. The financing comes at a critical tim...

#Indonesia raises $681.74mln from Islamic bonds auction, above target

11 Jun 2020 11:02 Indonesia raised 9.5 trillion rupiah ($681.74 million) from sukuk, more than the indicative target of 7 trillion rupiah. The weighted average yields for the sukuk sold on Tuesday were lower than comparable notes sold at the previous auction on May...

#UAE- Al Hilal Bank sells Al Hilal Takaful to Siraj Holdings

11 Jun 2020 10:58 Al Hilal Bank has completed the sale of Al Hilal Takaful to Siraj Holding. The divestment was driven by Al Hilal Bank's strategic decision to focus on delivering high-quality retail banking services, primarily through digital channels. Al Hilal Ba...

Meezan bank completes issuance of Rs200 billion energy #sukuk

11 Jun 2020 10:55 Meezan Bank concluded the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs 200 billion by state-owned Power Holding Limited (PHL). The Sukuk aims to help the Government in addressing the challenges for resolving circular debt in t...

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