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Matrix Concepts, #Indonesian consortium to jointly develop Islamic financial district in Jakarta

16 May 2018 14:54 Malaysian property developer Matrix Concepts is teaming up with an Indonesian consortium to jointly develop an Islamic financial district in Jakarta. Matrix entered into a memorandum of understanding (MoU) with Bangun Kosambi Sukses (BKS) and Nikk...

Regulators meet to explore ways of expanding Islamic financing

16 May 2018 14:43 The National Treasury of #Kenya and the International Financial Services Board organized a three-day forum on Islamic finance. The country's five financial regulators met to explore ways of expanding Islamic finance and discuss the challenges they...

Asset management industry ‘set for growth’

16 May 2018 14:33 #Bahrain’s assets management industry is set to see continued strong growth in the next five years. Central Bank of Bahrain supervisor Abdulrahman Al Baker said this positive trend can be attributed to the rapid expansion and increasing sophistica...

Damac Properties lists $400m #sukuk on Nasdaq Dubai

14 May 2018 15:35 Damac Properties listed $400 million (Dh1.4 billion) sukuk on Nasdaq Dubai. It is the third Sukuk listed by Dubai-based Damac Properties on Nasdaq Dubai, following a $650 million Sukuk listed by the company in April 2014 and a $500 issuance in Apr...

QIB and INJAZ Qatar sign deal to launch financial literacy programme

14 May 2018 15:24 Qatar Islamic Bank (QIB) has signed an agreement with the youth organization INJAZ Qatar to sponsor a three-year financial literacy programme for selected high schools and universities in Qatar. The agreement was signed by Bassel Gamal, QIB Group...

Green #sukuk creates ripples on prominent environmental concerns

14 May 2018 15:11 According to Securities Commission Malaysia (SC) deputy CEO Datuk Zainal Izlan Zainal Abidin, the world will need up to US$90 trillion (RM360 trillion) worth of investments for infrastructure by 2030. This presents a significant opportunity for gr...

#UAE’s Dana Gas agrees $700m #sukuk restructuring deal

14 May 2018 14:58 Dana Gas has reached agreement with creditors on restructuring $700m of sukuk. Under the deal with the sukuk holders’ committee, investors who want to exit the instruments can do so in a tender at 90.5 cents on the dollar. Alternatively, investors...

Dana Gas reports 27% increase in net profit in Q1 2018

14 May 2018 14:49 Dana Gas reported a net profit of $14 million for the first quarter of 2018 compared to $11 million reported during the same period last year. The company attributed the increase in net profit to better realised prices and the positive arbitration...

Islamic Finance’s #Sukuk innovation needs to go further

14 May 2018 14:42 As opposed to earlier structures, today’s sukuk come with a variety of features. There are two broad thrusts in the innovation that has taken place. First, the use of embedded options for better risk management and second, innovation seeking to ov...

VEB and The Islamic Development Bank Group to Establish a Partnership Fund Amounting up to $100 mln

14 May 2018 10:06 Russia's Vnesheconombank (VEB) and the Islamic Development Bank (IDB) Group will establish a Partnership Fund. According to VEB Chairman Sergei Gorkov, the joint fund will be based on the principles of Islamic finance and will aim at promoting inv...

Dana Gas close to a deal on $700m #sukuk dispute, say sources

11 May 2018 11:34 Dana Gas has reached an agreement with key holders of $700m of its sukuk to restructure the securities. A committee representing sukukholders agreed to accept an immediate cash payout of 20 cents to the dollar and to roll the rest into a three-yea...

Gulf Capital Acquires Strategic Stake in #Saudi Arabia #Fintech Geidea

09 May 2018 15:43 Asset management firm Gulf Capital has acquired a strategic stake in Saudi Arabian fintech company, Geidea. According to Gulf Capital, this deal with Geidea is the largest acquisition in the Saudi Fintech sector. Geidea was founded in 2008 and is...

Asia’s Islamic finance industry growing stronger by the year

09 May 2018 15:30 The Malaysia International Islamic Finance Center (MIFC) published in cooperation with the Islamic Corporation for the Development of the Private Sector (ICD) the latest report entitled “Islamic finance in Asia: Reaching new heights”. According to...

#Kazakhstan's financial hub adds Islamic arbitration capabilities

09 May 2018 15:20 Kazakhstan's financial hub, the International Arbitration Centre (IAC) is adding specialists in Islamic law to its dispute resolution services. The IAC provides mediation and arbitration services as an alternative to traditional court litigation....

Sharjah turns to the debt market to raise investment capital

09 May 2018 15:08 The government of Sharjah is tapping the debt markets to help fund large-scale infrastructure and economic development programmes. On March 8 the emirate closed the book on a dollar-denominated sukuk, valued at $1bn. The 10-year bond was listed on...

#Afghanistan enlists faith-based banks to aid financial inclusion

07 May 2018 12:53 Afghanistan hopes its first Islamic bank will attract more customers and improve access to financial services in the country. The central bank granted its first Islamic license last month and is now developing wealth management products and new di...

Islamic Banking on the Blockchain, Hada DBank, Releases Token Sale Structure

04 May 2018 14:15 The first blockchain-powered Islamic Bank, Hada DBank, has launched its token sale on May 1st, 2018. HADA DBank is a platform aimed at providing Islamic banking methodology. The platform offers a maximum liability to asset at a ratio of 1:3. Hada...

#Turkey holds great potential for Islamic finance

04 May 2018 14:05 According to Abdelilah Belatik, secretary general of the General Council for Islamic Banks and Financial Institutions (CIBAFI), Turkey's potential for Islamic banks is very big. Turkey has three participation banks, Al Baraka, Kuwait Turk, and Tur...

Banking #Merger Imminent

03 May 2018 15:47 The planned merger of three Iranian lenders will take place in the coming days. The three banks are: Mehr Eqtesad Bank, Samen Credit Institution, and Ansar Bank. Samen and Mehr Eqtesad are currently branded by the Central Bank of Iran (CBI) as &qu...

Al Baraka Banking Group and the Bank of London & The Middle East (BLME) sign a Memorandum of Understanding to enhance their collaborations and produ...

03 May 2018 15:39 Al Baraka Banking Group (ABG) has signed a Memorandum of Understanding (MoU) with the Bank of London & The Middle East (BLME). The MoU was signed by Mohammed El Qaq, Senior Vice President & Head of Commercial Banking of Al Baraka Banking G...

Dentons advised banks on Islamic financing for Byrne Group sale

03 May 2018 15:26 Dentons has revealed that it acted as legal counsel advising on the Islamic financing of the proposed $270 million acquisition of Byrne Group by Itqan Investments. Byrne is an equipment rental company servicing the construction, industrial, oil an...

Sharia #fintech in #Indonesia seeing early boom, but VCs need convincing

03 May 2018 15:12 Indonesia has seen a rapid growth of sharia fintech. In fact, the country’s Sharia Fintech Association already has 28 members, although it was established only in February. The interest is understandable given the size of the market for Islamic fi...

Islamic finance body AAOIFI issues #standard for agency contracts

03 May 2018 14:55 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued its first standard covering wakala, or investment agency contracts. The guidance aims to address the use of wakala in areas such as over-the-counter in...

Istanbul: Islamic financial body vows to stay relevant

02 May 2018 17:34 The General Council for Islamic Banks and Financial Institutions (CIBAFI) held its two-day Global Forum in Istanbul. The forum’s main theme was "The New Face of Financial Services: Disruptions, Opportunities and the New Normals". Secreta...

‘SCB plans to bring more Islamic liquidity to #Bangladesh’

02 May 2018 17:22 According to Rehan M Shaikh, CEO of Standard Chartered Saadiq, Standard Chartered Bank (SCB) wants to bring more Islamic liquidity into the market as the demand is increasing in Bangladesh as well as in the global markets. Islamic banking has expa...

After downturn, Islamic finance eyes profits, #fintech: survey

02 May 2018 17:00 Islamic banks and insurers are focusing on profitability and new financial products. Surveys by the General Council for Islamic Banks and Financial Institutions (CIBAFI) show a strong focus on fintech and digital transformation. Islamic banks are...

Islamic finance body IFSB to develop financial inclusion guidance

02 May 2018 16:50 The Malaysia-based Islamic Financial Services Board (IFSB) plans to develop a technical note on financial inclusion. The technical note will cover regulatory issues including Islamic microfinance, financial technology and integration of social fin...

Islamic Development Bank finalizing 4-year investment plan with #Turkey

02 May 2018 16:44 The Islamic Development Bank (IsDB) is working on finalizing a four-year partnership strategy plan with Turkey. Walid Abdelwahab said the IDB aims to invest in various sectors that will fuel growth, such as infrastructure, energy, transportation a...

New report highlights how Islamic financial institutions are addressing the environmental & social impact of their financing

02 May 2018 16:32 The Responsible Finance & Investment Summit 2018 concluded with a report about Islamic financial institutions’ perceptions and actions on their environmental and social impacts. The report includes a detailed survey of over 30 Islamic financia...

Hong Kong Gov’t Report Says Bitcoin Poses ‘Medium-Low’ Risk In Financial Crime

02 May 2018 16:19 The Hong Kong Financial Services and Treasury (FSTB) released a report on the status of money laundering and terrorism financing. The report concluded that virtual currencies, like Bitcoin, are not particularly involved in either type of financial...

Munich Re reinsures life portfolio for Iranian insurer Mellat

02 May 2018 16:09 German reinsurer Munich Re has entered into an agreement with Iranian insurer Mellat Insurance and will cover Mellat's entire life insurance portfolio. For smaller insurers operating in emerging economies it is vital to have access to reinsurance...

UBF launches handbook on financial literacy

02 May 2018 15:57 UAE Banks Federation (UBF) launched its handbook 'Financial Literacy for Individuals'. Financial experts have often noted that consumer debt has been piling up, resulting primarily from a lack of financial knowledge. The 'Financial Literacy for In...

Ibn Sina washes its hands of Islami Bank

02 May 2018 15:48 Ibn Sina Trust is set to sell off its entire 2.24% stake in Islami Bank Bangladesh (IBBL) within the next 30 days. Ibn Sina's exit from the country's biggest private lender comes a few days after the resignation of Chairman Arastoo Khan. The forme...

Board of Directors of Awqaf and Minors Affairs Foundation in Dubai Approves 2018-2020 Strategic Plan

02 May 2018 15:40 Awqaf and Minors Affairs Foundation’s (AMAF) new strategic plan for 2018–2020 has been approved by its Board of Directors. The strategic plan covers 18 main objectives that collectively aim to achieve AMAF’s mission and expand the number of people...

SEDCO Holding Group Signs a Partnership Agreement with Saudi British Bank

02 May 2018 15:31 SEDCO Holding Group signed a partnership agreement with the Saudi British Bank (SABB), for its Riyali Financial Literacy Program. The agreement was signed by Hasan Al Jabri, CEO of SEDCO Holding Group, and Naif Alabdulkareem, General Manager Retai...

More than 70 countries commit to combat terror financing

27 Apr 2018 14:58 More than 70 countries committed to bolster efforts in the fight against terrorism financing. Participants at an international conference in Paris vowed to improve international coordination and enhance transparency of financial flows. The two-day...

Ibn Sina Trust to sell off all Islami Bank shares, worth nearly Tk100cr

27 Apr 2018 14:49 Ten days after losing its chairman, Islami Bank Bangladesh is preparing to lose one of its biggest sponsor shareholders. Ibn Sina Trust announced its intention to withdraw by the end of next month. The Ibn Sina Trust is the largest local corporate...

Islamic bank retrieves $170 million as it uncovers internal fraud

27 Apr 2018 14:25 Abu Dhabi's Al Hilal Bank has uncovered internal fraud worth more than 600 million dirhams ($163 million). The case is now before the courts and includes several bank employees. A total of 38 bank employees from Asian and European backgrounds were...

AXA partners with Cobalt Underwriting for Sharia-compliant policy

27 Apr 2018 14:10 AXA Insurance has teamed up with Cobalt Underwriting to create a new Shariah-compliant insurance product for the real estate sector. As part of the partnership, AXA directly manages the trading and underwriting of the product. Cobalt employs in-ho...

Bidaya’s first #Sukuk issuance successful

26 Apr 2018 13:07 Bidaya Home Finance has successfully closed its inaugural Sukuk issuance under the recently established SR500 Million Sukuk Issuance Programme. The total amount raised in relation to the Series 1 Sukuk was SR250 Million. Bidaya's CEO Mazin Al Ghun...

Lack of scale, lower returns in Islamic finance need addressing

26 Apr 2018 13:01 According to Sultan Nazrin, Islamic finance needs to address the lack of scale, volatility in Islamic equity markets and lower returns for Islamic investing. In his keynote speech at the Franklin Templeton 2018 Islamic Forum in Kuala Lumpur, he hi...

#Malaysia should look beyond ringgit to draw Chinese to #sukuk market

26 Apr 2018 12:52 Malaysia is one of the largest markets for Islamic finance. According to Mohieddine Kronfol, chief investment officer at Franklin Templeton Investments, Malaysia's sukuk market could attract Chinese companies if there were more foreign currency-de...

#Qatar bank #merger said to stall over price dispute

26 Apr 2018 12:35 Talks to merge three Qatari banks have hit a roadblock as shareholders disagree on price. The three banks include Masraf Al Rayan, Barwa Bank and International Bank of Qatar. Discussions are currently on hold and it’s not clear if the deal will be...

Islamic banks’ financial profile to stabilise in ’18

26 Apr 2018 12:26 According to S&P Global Ratings, the GCC Islamic banks’ financing growth will reach 4-5% in 2018-19, supported by strategic initiatives by the regional governments. Powered by Qatar FIFA World Cup, Dubai Expo 2020 and Saudi Vision 2030, and hi...

SECP registers Al Hilal as first Shariah advisory company in #Pakistan

25 Apr 2018 11:10 The Securities & Exchange Commission of Pakistan (SECP) has registered Al Hilal Shariah Advisors as the first Shariah Advisory company in Pakistan. Al Hilal aims at converting the conventional interest-based economy to the Islamic financial sy...

Cryptocurrency Infused Islamic #Microfinance Fund Launches in Central Java

25 Apr 2018 10:56 Blossom Finance announced the open enrollment for an Islamic microfinance fund that will accept multiple cryptocurrencies. Investors will focus on socially responsible opportunities and receive profit sharing from Blossom’s network of microfinance...

#Saudi issues new Islamic bond to finance budget

25 Apr 2018 10:43 Saudi Arabia has completed the issuance of a new sukuk sale to help finance its budget deficit. The Kingdom raised $1.3 billion from the sale of sukuks in three tranches maturing in five, seven and 10 years. This was the second sukuk sale this yea...

Islamic Equity Class Should Explore Solutions To Stay Competitive - Sultan Nazrin

25 Apr 2018 10:35 According to the Sultan of Perak, Sultan Nazrin Shah, the Islamic equity asset class needs to explore solutions and achieve critical mass volume in order to remain competitive. He delivered his keynote speech at the Franklin Templeton Investments...

Al Salam Bank names group chief executive

25 Apr 2018 10:25 Al Salam Bank-Bahrain (ASBB) has appointed Rafik Nayed as chief executive of the group following regulatory approvals. According to ASBB chairman Khaleefa Butti Al Muhairi, Rafik Nayed has a proven international track record in banking and finance...

Dubai launches Sharia compliant #crypto assets backed with diamonds

25 Apr 2018 10:21 Dubai's Al Kasir Group and Sheikh Ahmed bin Obaid Al Maktoum have jointly initiated the launch of a new crypto asset backed with diamonds. The crypto assets can be redeemed for diamonds of the same amount. Amit Lakhanpal, the founder of Al Kasir G...

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