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Abu Dhabi bank delays instalments on personal financing in Ramadan

13 May 2019 12:50 Abu Dhabi Islamic Bank (ADIB) revealed it would postpone a monthly instalment for its personal finance customers at no extra charge during the holy month of Ramadan. ADIB annually offers flexible payment to customers during Ramadan to meet their i...

Moody’s expects strong growth in the Islamic finance sector in 2019

13 May 2019 12:38 Moody’s Investor Services expects strong growth in the Islamic finance sector, reflecting the increasing demand for Shari’ah-compliant financial instruments. The rating agency stated that familiarity as well as understanding of the instrument is i...

The #UK can be a world leader in Islamic finance

13 May 2019 12:36 According to Al Rayan Bank CFO Amir Firdaus, Islamic finance is reinforcing the UK’s position as a global financial hub. London is the leading centre for Islamic finance outside the Muslim world, with assets of UK-based institutions that offer Isl...

CBK rejects Warba Bank #merger with KMEFIC

09 May 2019 19:04 In February, Kuwait’s Warba Bank announced the purchase of Ahli United Bank (AUB) and its subsidiary to acquire their collective 75.7% stake in Kuwait & Middle East Financial Investment Company (KMEFIC).Warba Bank said that the Central Bank o...

QIB launches #Takaful product for low-income workers

09 May 2019 18:57 Qatar Islamic Bank (QIB) announced the launch of its affordable Takaful product for low-income workers called "Family Sheild - WPS". This low cost Takaful product can also be purchased by companies who want to give additional protection...

Islamic financing marketplace Alami bags funding led by Singapore-based tryb

07 May 2019 15:03 Indonesian startup Alami has closed an undisclosed pre-seed round led by fintech investor tryb. The company’s peer-to-peer (P2P) platform recently obtained a P2P registration from the country’s Financial Services Authority and is set to soon expan...

Global #sukuk market to hit $2.7trln by 2030: Franklin Templeton

07 May 2019 14:57 According to investment management firm Franklin Templeton, the global sukuk market is set to grow at a compound annual rate of around 15% to reach $2.7 trillion by 2030. Global sukuk issuance stood at over $477 billion at the end of last year, bu...

S&P: GCC Islamic Banks to Show Resilience in 2019,2020

07 May 2019 14:44 According to S&P Global Ratings, Islamic banks of the Gulf Cooperation Council (GCC) are expected to show resilience over the next two years after weathering tough market conditions in 2018. Last year they expanded slower than conventional pee...

Fixed Income: Bite-sized #sukuk with #blockchain

07 May 2019 13:29 According to Matthew Martin, founder of microfinance investment fund Blossom Finance, technology will make sukuk issuance much cheaper and simpler as well as more available to investors and issuers. The potential for blockchain to transform the bo...

#UAE's Majid Al Futtaim markets green dollar #sukuk

07 May 2019 13:04 UAE-based shopping mall operator Majid Al Futtaim is set to raise between $500 million and $650 million in green sukuk. The proceeds of the sukuk will back environmentally-friendly projects in areas such as renewable energy and sustainable water m...

Sharia-compliant #fintech startup nets funding in round led by Singapore’s Tryb

07 May 2019 12:58 Indonesian sharia-compliant fintech startup Alami secured funding in a pre-seed round led by Singapore-based VC firm Tryb. Alami, which recently obtained a P2P registration from Indonesia’s Financial Services Authority (OJK), operates a platform f...

#Jordan Islamic Bank is focusing on inclusivity to drive prosperity in the country

03 May 2019 12:41 Between 2014 and 2017, Jordan has made significant progress in terms of financial inclusion. According to the latest World Bank report, 42.5% of adults in Jordan now have a bank account, a remarkable increase from the 24.6% seen in 2014. Raising t...

Inside one of the finest pieces in today's Sotheby’s Arts of the Islamic world #auction

03 May 2019 12:33 In May, Sotheby’s holds its latest Arts of the Islamic World auction. The auction includes a number of rare Qur’ans, including one exemplary fine and rare miniature Qur’an on vellum, estimated to sell at GBP 70,000-90,000. The miniature manuscrip...

Abu Dhabi banks ADCB, UNB and Al Hilal complete three-way #merger

03 May 2019 12:26 The Abu Dhabi Commercial Bank (ADCB) has completed its merger with Union National Bank (UNB) and the combined company has acquired Al Hilal Bank to create the third largest financial institution in the UAE. Following the merger with ADCB, UNB has...

Who's Talking to Whom as Record #Merger Wave Shakes Up Gulf Banks

03 May 2019 12:21 Bloomberg provides an overview of which lenders are in merger talks and where those conversations are at. Talks are underway in Abu Dhabi for a possible tie-up between Abu Dhabi Islamic Bank with First Abu Dhabi Bank, a merger that would create on...

Guide Urges Funders to Support Sustainable Development Goals

03 May 2019 12:15 A new guide from Rockefeller Philanthropy Advisors offers advice for philanthropic funders on how to align their missions and activities with the United Nations' Sustainable Development Goals (SDGs). The publication provides practical advice as we...

Islamic artworks go under the hammer at Sotheby’s

30 Apr 2019 16:35 Some of the best examples of artwork from the Islamic world will go under the hammer at Sotheby’s on May 1. The auction includes a portrait of the great Ottoman Sultan, Suleyman the Magnificent, a landmark portrait valued at around 250,000 - 350,0...

SC sees good year ahead for #sukuk

30 Apr 2019 16:26 Malaysia could see more Islamic capital market funds raised this year as sukuk activity has picked up in the first quarter of 2019. According to Securities Commission Malaysia (SC) deputy CEO Datuk Zainal Izlan Zainal Abidin, sukuk issuances are p...

Experts Urge Nigerians to Embrace Islamic Estate Planning

30 Apr 2019 16:20 At the Islamic Estate Clinic held on April 28, 2019 in Abuja, different speakers highlighted how Nigerians, both Muslims and non-Muslims can benefit from the Islamic Estate Planning system. The event was put together by FBNQuest Trustees, with Man...

#UAE aim to become regional Islamic art and culture capital boosted by Jameel Prize’s first exhibition in Dubai

30 Apr 2019 16:12 The UAE’s status as a centre for Islamic art and design was boosted this past week as Jameel Arts Centre opened the Jameel Prize 5 exhibition. First awarded in 2009, the Jameel Prize is a collaboration between London's Victoria & Albert Museum...

Islamic finance has prominent role in financial #inclusion, says SC chairman

30 Apr 2019 15:59 According to Securities Commission Malaysia chairman Datuk Syed Zaid Albar, Islamic finance has a prominent role in helping to address unmet needs of the world's Muslim population. He delivered a keynote speech at the SC-World Bank- IOSCO Asia Pac...

Dar Al Arkan set to redeem $400m Islamic bond

25 Apr 2019 12:09 Saudi Arabia’s Dar Al Arkan Real Estate Development Company aims to redeem its $400-million sukuk by using internal cash reserves. The sukuk, listed on Irish Stock Exchange and Nasdaq Dubai, is set to mature on May 28, 2019. Over the last decade,...

#Saudi Arabia's Al Rajhi Bank to boost mortgage #lending

23 Apr 2019 17:11 Al Rajhi Bank aims to boost mortgage lending as more affordable housing comes on the market. CEO Steve Bertamini said the bank's mortgage book grew 27% year-on-year in 2018 and it is looking for double digit growth for the next two to three years....

Top ADCB executives appointed to lead Al Hilal Bank

23 Apr 2019 17:03 Senior executives at Abu Dhabi Commercial Bank (ADCB) were appointed to top leadership positions at Al Hilal Bank, as it prepares to be acquired by ADCB. Alaa Eraiqat was announced on Sunday as the new chairman of Al Hilal Bank, while Amr Al Menha...

INTERVIEW: Gulf banking consolidation 'long overdue' - Investcorp's co-CEO

23 Apr 2019 16:58 According to the co-chief executive of Bahrain’s Investcorp, Rishi Kapoor, consolidation in the financial services industry in the region is long overdue. Consolidation in banking would build the scale required to increase investments in financial...

Government decides to issue fresh #Sukuk worth Rs 200 billion

23 Apr 2019 16:45 Pakistan's Federal Government has decided to issue fresh Sukuk worth Rs 200 billion, in addition to earlier Sukuk of Rs 200 billion through the same consortium of Islamic banks aimed at reducing circular debt. The consortium comprising Meezan Bank...

OPINION-Strategic Compassion: The power of Islamic finance in the service of global good

23 Apr 2019 16:37 The practitioners of Islamic finance are increasingly framing their practices as ethical, socially responsible and conducive to humanity’s wellbeing. Tools like the obligatory zakat and charitable donations generate between $200 billion to $1 tril...

Bank Islam continues to focus on affordable housing segment

17 Apr 2019 14:01 Bank Islam Malaysia expects its home financing business model will continue to help the bank to grow and boost its assets. Malaysia’s oldest Islamic lender has been growing organically over the years, despite the crowded market. Bank Islam CEO Moh...

Emirates Islamic Bank's net profit surges 97% to Dh411 million

17 Apr 2019 13:49 Emirates Islamic reported a net profit of Dh411 million for the first quarter of 2019, an increase of 97% year-on-year and 54% quarter-on-quarter. Emirates Islamic CEO Salah Mohammed Amin said the bank recorded its highest ever quarterly net profi...

FBNQuest Trustees to Host Islamic Estate Planning Clinic

16 Apr 2019 14:46 FBNQuest Trustees is set to host an Islamic Estate Planning Clinic, on the 28th of April, 2019 in Abuja, Nigeria. This forum aims to educate Muslims about the importance of Estate Planning in line with Islamic laws. The Islamic Estate Planning Cli...

Financial inclusion of low-income groups a must for economic growth

16 Apr 2019 14:40 Jameel Ahmad, Deputy Governor of State Bank of Pakistan believes that the newly adopted National Financial Inclusion Strategy (NFIS) will contribute significantly to the economic growth. He said the central bank and Pakistan's government have a fi...

Bank Alfalah & Ghandhara Industries signed a MoU for Promoting Isuzu D Max Variants

16 Apr 2019 14:28 Pakistan’s Bank Alfalah Islamic has recently signed a Memorandum of Understanding (MoU) with Ghandhara Industries Limited (GIL). Under this MoU, Bank Alfalah Islamic and Ghandhara Industries Limited have agreed on a joint campaign to promote “Isuz...

Insurance Sector Projected to Witness Majors Mergers in GCC Soon

15 Apr 2019 15:10 Mergers and acquisitions will inevitably happen in the UAE's overcrowded insurance and Takaful industry. According to Vasilis Katsipis, general manager at AM Best, there are several reasons that hamper local insurers and Takaful firms from consoli...

ICD invests $230M in various sectors in #Egypt

15 Apr 2019 14:56 Ayman el Segeny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD) met Sahar Nasr, Egyptian Minister of Investment and International Cooperation. Segeny said that ICD's investment in Egypt reached $230 million, of whic...

Growing demand to support Islamic #insurance premium growth

15 Apr 2019 14:41 According to ratings agency Moody’s, the Takaful industry is expected to experience improved premium growth this year supported by growing demand from key regions such as the Gulf Cooperation Council (GCC), Southeast Asia and Africa. Mohammed Ali...

Dubai Islamic Bank confirms #merger and #acquisition prospects

15 Apr 2019 14:36 Dubai Islamic Bank is looking at acquisitions among other options as part of its expansion strategy. A potential acquisition of Noor Bank by DIB would create a lender with AED 275 billion in assets if completed. The Investment Corporation of Dubai...

PM: Islamic banking players must invest in technologies

15 Apr 2019 14:31 Malaysian Prime Minister Tun Dr Mahathir Mohamad said Islamic banking and finance players must be intensely invested in technologies. He said the application of smart technology has positively disrupted the industry, however, the potential disrupt...

Potential Noor Bank acquisition 'positive' for Dubai Islamic Bank

15 Apr 2019 14:18 According to Egyptian investment bank EFG-Hermes, the potential acquisition of Noor Bank by Dubai Islamic Bank would be a positive move for the buyer. Also, there is room for more consolidation among local lenders as the UAE is overbanked, with 22...

Running to fundraise for UNICEF !

15 Apr 2019 09:17 Dear friends,After participating in the fundraising challenge for UNICEF by Cycling in the Swiss Alps, Crans-Montana, this year I changed the discipline - I do my FIRST ever participation in a running event!Would you mind to donate - even for a fi...

#Morocco to Launch Islamic Insurance (#Takaful) in 2019

07 Sep 2018 13:05 Morocco will launch Takaful next year after introducing Islamic banking services in 2017. In July 2017, the Moroccan Government Council adopted a draft decree paving the way for implementation of the Takaful Law. Insurers wishing to operate in the...

Pope Francis Ditches Charity in Favor of Impact Investing

07 Sep 2018 12:58 After decades of giving to charity, a growing number of Catholics are starting to put their philanthropic billions into profitable investments instead. The new aid model is also backed by Pope Francis. Catholic investment funds are increasingly in...

IRTI and Dar Al Sharia Sign MOU to Develop Solutions for Islamic Financial Institutions

07 Sep 2018 12:47 The Islamic Research and Training Institute (IRTI) and Dar Al Sharia have signed a memorandum of understanding (MOU) for strategic collaboration. The MOU was signed by IRTI Director General, Dr. Humayon Dar, and CEO of Dar Al Sharia, Mian Muhammad...

#Egypt to get $1bln for basic goods from Islamic Bank - ministry

07 Sep 2018 12:36 The International Islamic Trade Finance Corporation (ITFC) will provide Egypt with $1 billion to support the provision of basic goods. The financing is part of a $3 billion agreement with the ITFC, which is part of the Islamic Development Bank (I...

Wahed Invest robo-adviser expands with new Islamic index funds

06 Sep 2018 12:52 New York-based Wahed Invest has launched two sharia compliant index-tracking funds under its robo-adviser platform. According to CEO Junaid Wahedna, the company's goal is to make every asset class available to Muslim investors. The new equity fund...

Islamic GCC Bond Sales Fall by 32 Percent Due to Oil Price Hike

05 Sep 2018 11:51 According to Moody’s Investors Service, the GCC region's sukuk issuance fell by 32% to reach $16.7 billion in the first half of 2018. This contributed to a reduction in the Gulf’s overall share of the global sukuk issuance to less than a third (30...

ADIB's Riad Sees Strong Uptick in #Sukuk Activity in Second Half

05 Sep 2018 11:41 In this interview Amir Riad, head of corporate finance at Abu Dhabi Islamic Bank (ADIB) talks about the UAE's economy and the lender's sukuk business. Riad sees a positive traction as the oil price is stabilising and the capital markets are deepen...

#Fintech: Democratising #ESG investing

04 Sep 2018 15:55 The use of artificial intelligence (AI) has made it easier for retail investors to access investments that adopt environmental, social and governance (ESG) principles. According to Omar Selim, CEO of Arabesque Asset Management, technology is democ...

#Saudi Arabia sells 4 billion riyals of domestic #sukuk

04 Sep 2018 15:44 Saudi Arabia's finance ministry sold 4.0 billion riyals ($1.1 billion) of domestic Islamic bonds in its monthly auction. The issuance is actually a re-opening of the issue originally made in July. The ministry sold 2.25 billion riyals of five-year...

Global Donors Forum London - Registration closes soon!

31 Aug 2018 17:05 Please note that registration is about to close soon for Global Donors Forum 2018: Registration: https://globaldonorsforum.org/register-delegate/ Draft agenda: https://globaldonorsforum.org/wp-content/uploads/2018/GDF2018_DraftAgend... Looking for...

Paper by Torkel Brekke: Halal Money: Financial #inclusion and demand for Islamic banking in #Norway

31 Aug 2018 12:57 Financial inclusion is high on the agenda for governments as well as for organizations such as the World Bank. Research has pointed out that Muslims worldwide are less included in the formal financial system than non-Muslims, but there is no knowl...

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