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Humania’s US$125 Million Islamic Financing Facility

11 Jun 2020 10:49 Clifford Chance has advised four international development finance institutions on a US$125 million Islamic financing facility to Humania. Led by International Finance Corporation (IFC), the institutions involved in the consortium were: the Europe...

Dubai Islamic Bank closes $1bn #sukuk

11 Jun 2020 10:45 Dubai Islamic Bank (DIB) closed a $1 billion (Dh3.67bn) 5-year sukuk with a profit rate of 2.95%. The sukuk attracted more than 170 investors with the order book rising to over $4.5bn. The sukuk was issued as a drawdown under DIB’s $7.5bn Trust Ce...

Al Salam Bank sponsors the BIBF Islamic Finance Handbook

11 Jun 2020 10:25 Al Salam Bank-Bahrain announced the sponsorship of the Islamic Finance Handbook for practitioners, produced locally by the Bahrain Institute of Banking and Finance (BIBF). The Islamic Finance Handbook will cover all major Islamic financial product...

‘Hibah’ best tool to resolve Muslim inheritance issues: Experts

09 Jun 2020 11:04 When Muslims fail to draw up a will outlining the proportion of distribution of their assets to their heirs, families resort to faraid, the Islamic law of inheritance, which can lead to disputes. According to sociologist Prof Datuk Dr Mohammad Sha...

The Majority of #Indonesia’s Shariah-Compliant Fintech Firms are Using the P2P Business Model

09 Jun 2020 10:51 The steady rise and adoption in Sharia Fintech has transformed Indonesia’s trillion dollar economy. The majority of Shariah-compliant Fintechs in Indonesia use the P2P model, which usually works well with the profit-sharing model. Sharia Fintechs...

Shariah-compliant #gold trading platform to launch in #UK

09 Jun 2020 10:45 A digital gold-trading platform compliant with Islamic finance norms is about to get launched in the UK. Minted is a start-up domiciled in London that aims at making gold trading simple, secure and affordable. Minted launched the beta version of i...

Dubai Islamic Bank gives initial guidance for long 5-year dollar #sukuk - document

09 Jun 2020 10:39 Dubai Islamic Bank (DIB) gave initial price guidance of around 280 basis points over midswaps for a planned issuance of long five-year dollar sukuk. On Monday, DIB hired a group of 10 banks to arrange a global investor call for the deal, which is...

‘It’s beyond our dreams to have Islamic banks all over the world’ – Shaikh Saleh Kamel, 1941 – May 18, 2020

09 Jun 2020 10:35 Shaikh Saleh Kamel, founder of Al Baraka Banking Group, passed away on May 18. He was one of the pioneers of Islamic banking, having set up one of the first of the modern-day Shariah-compliant banks in the late 1970s that became the Al Baraka Bank...

Dantata, Dangote et Indimi : qui sont les oligarques derrière la banque islamique Jaiz du milliardaire Umaru Mutallab ?

09 Jun 2020 10:29 Le vétéran de la banque et ancien ministre Umaru Mutallab s'est reconverti dans la finance islamique avec d'autres notables et magnats du nord du pays, tels qu'Aminu Dantata, Aliko Dangote et Muhammed Indimi. Ils sont soutenus par la banque publiq...

#Egypt Faisal Islamic Bank gets FRA's approval for capital raise

09 Jun 2020 10:27 The Egyptian Financial Regulatory Authority (FRA) approved a request from Faisal Islamic Bank of Egypt to publish the disclosure form to proceed with its capital increase procedures. The disclosure form included the board of directors’ approval to...

Al Baraka Bank appoints new chairman

09 Jun 2020 10:24 Al Baraka Banking Group announced the appointment of Abdullah Saleh Kamel as the board's new chairman. Previously, the chairman position was held by the late Sheikh Saleh Abdullah Kamel, the group's founder who passed away last month. Kamel served...

#Indonesia government partners with biggest Islamic organization to set up 10,000 grocery stores

09 Jun 2020 10:20 Indonesia’s Ministry for Economic Affairs is teaming up with the country’s largest Islamic organization Nahdlatul Ulama (NU) to set up 10,000 grocery stores in the next 4 years. The ministry’s vice deputy Gede Edy Prasetya estimates that it will c...

Wahed Raises $25 million

09 Jun 2020 10:12 Wahed raised $25 million in venture funding with proceeds being funneled into ensuring people can invest their money into a diversified portfolio consisting of stocks, commodities, real estate and sukuk. Since launching in 2017, Wahed was recently...

DIFC invests in four FinTech start-ups through $100m fund

09 Jun 2020 10:06 Dubai International Financial Centre (DIFC) said it invested in four innovative FinTech start-ups on Monday. The companies receiving funding are: Sarwa, a roboadvisory wealth management firm; FlexxPay, a cloud-based B2B employee benefits platform...

#UAE and #Saudi women control assets worth $326bln - BCG

03 Jun 2020 17:47 Women’s wealth in the Middle East is expected to grow to $1.1 trillion from the current $786 billion during the 2019-2023 period. As of 2019, more than 40% of women’s wealth in the Middle East is concentrated in the UAE and Saudi Arabia where wome...

UAE- Islamic finance can heal Covid pain

03 Jun 2020 17:39 Islamic finance can play an important role in navigating the economic turbulence brought by the Covid-19 crisis on individual and corporate levels. It is believed that the four Islamic finance instruments of Qard Hassana, social sukuk, waqf and za...

#Indonesia’s BNI Syariah to expand international banking services

03 Jun 2020 17:31 Indonesia’s state-owned BNI Syariah plans to add overseas representative offices to run trade finance, and financial institutions and remittance services. The Islamic bank will leverage the branch offices of its parent company, Bank Negara Indones...

International Islamic Trade Finance Corporation Signs COVID-19 Emergency Food Package Relief Program for Republic of #Kyrgyzstan

03 Jun 2020 16:50 The International Islamic Trade Finance Corporation has signed an agreement to support the provision of a food relief program for the most vulnerable people in Kyrgyzstan during the outbreak of the new coronavirus (COVID-19). The support will prov...

Emirate of Sharjah hires banks for #sukuk that could go up to $1 billion

03 Jun 2020 16:45 Sharjah has hired banks to arrange the issuance of seven-year U.S. dollar denominated sukuk. HSBC was hired as global coordinator for the planned transaction and is joined by Bank ABC, Dubai Islamic Bank, Gulf International Bank, Mashreqbank and S...

Banque Zitouna fête son 10ème anniversaire

03 Jun 2020 16:43 Fondée en 2010, Banque Zitouna s’est rapidement développée en peu d’années s’imposant ainsi en tant que banque islamique entièrement évolutive en Tunisie. Le long de ses 10 années d’existence, Banque Zitouna n’a cessé de se réinventer toujours en...

REMINDER: FGN Ijara #Sukuk Bond auction?closes on 2nd June 2020

03 Jun 2020 16:39 The Nigerian Debt Management Office has reminded the general public that the offer for subscription to the N150 billion FGN Ijara Sukuk Bond will close on Tuesday June 2nd, 2020. Proceeds from the Ijara Sukuk Bond auction will be used solely for t...

Bank of Sharjah to manage, arrange Dh2B Sharjah government #sukuk

03 Jun 2020 16:35 The Sharjah government has raised Dh2 billion through sukuk to support its economy, corporates, SMEs, individuals and banking sector during the coronavirus crisis. Bank of Sharjah was appointed as sole lead manager and arranger for the issuance. T...

Abu Dhabi Islamic Bank PJSC CEO steps down, COO takes charges as caretaker

03 Jun 2020 16:30 Abu Dhabi Islamic Bank has announced the resignation of its Chief Executive Officer, adding that the Chief Operation Officer (COO) will take over as caretaker. The bank did not provide reasons for Mazin Manna’s resignation. COO Sandeep Chouhan has...

#Thailand’s Islamic bank doubles branches; #Cambodia gets #takaful option

03 Jun 2020 16:13 Islamic finance is making further foray in non-Muslim countries in Southeast Asia. The Islamic Bank of Thailand (branded as IBank) announced it will more than double its branches. Etiqa Insurance & Takaful, the insurance division of Malaysian...

Emirate of Sharjah starts marketing 7-year dollar #sukuk - document

03 Jun 2020 16:03 Sharjah began marketing a seven-year dollar denominated sukuk. It comes as several governments in the Gulf seek to bolster their finances to face the economic fallout from the coronavirus pandemic and a slide in oil prices. Sharjah gave an initial...

International Islamic Trade Finance Corporation (ITFC) supports Senegal’s COVID-19 Plan with EUR 8 Million disbursement for the Private Sector

03 Jun 2020 15:58 The International Islamic Trade Finance Corporation (ITFC) has approved a Murabaha Financing of EUR 8 million for the Senegalese bank Banque Islamique du Sénégal (BIS). The Murabaha facility is expected to support around 1,000 jobs within the priv...

Hong Leong Islamic appoints Rusni Hassan as Shariah Committee chairman

03 Jun 2020 15:52 Hong Leong Islamic Bank (HLISB) has appointed Professor Dr Rusni Hassan as the chairman of its Shariah Committee effective April 1, 2020. Rusni is a professor at the IIUM Institute of Islamic Banking and Finance and is an influential veteran in th...

Elon Musk bekommt 765 Millionen US-Dollar

02 Jun 2020 17:06 Elon Musk ist berechtigt, eine etwa 765 Millionen US-Dollar hohe Vergütung zu beziehen, weil der Börsenkurs von Tesla eine vorher vereinbare Zielmarke über längere Zeit gehalten hat. Auch Gewinn und Umsatz haben die vereinbarten Zielmarken erreich...

The angel network looking for halal opportunities

27 May 2020 14:10 Muslims concluded the celebration of Eid Al Fitr this week, marking the end of Ramadan in lockdown. Governments in the GCC region urged people to give presents instead of the traditional Eidiyah (cash) to children in a bid to prevent the spread of...

Central Asia pushes Islamic finance in preparation of post-Covid era

26 May 2020 19:50 Islamic banking in Central Asia, namely in the Commonwealth of Independent States (CIS) is developing fast and is on the best way to become integrated into the global Islamic finance industry. One sign for this are the currently ongoing preparatio...

#Kazakhstan: First Steps To Becoming A Regional Hub For Islamic Finance

26 May 2020 19:45 Despite the attempts of the government of Kazakhstan to make its Islamic finance market more attractive, Islamic products are still rarely used in Kazakhstan. Nevertheless, the government is continuing its efforts to create a favorable legislative...

TAJBank announces N150b Fed Govt #Sukuk Bond Issuance

26 May 2020 19:39 Nigerian TAJBank has announced a N150 billion Sukuk Bond of the Federal Government. The FGN Sukuk 2020 is open to investors, which include retail investors, high networth individuals, institutional investors such as commercial banks, insurance/tak...

UN chief calls for solidarity in Eid Al Fitr message

25 May 2020 18:06 UN Secretary-General Antonio Guterres has called for solidarity and unity in the context of the Covid-19 pandemic in his Eid message. He called for solidarity for a large-scale, coordinated and comprehensive health response, guided by the World He...

Higher Shari’ah Authority at CBUAE hosts 2nd meeting of Centralised Shari’ah Authorities

23 May 2020 11:02 The Higher Shari’ah Authority at the Central Bank of the UAE, CBUAE, has hosted the 2nd meeting of the Centralised Shari’ah Authorities to discuss the economic implications of the COVID-19 pandemic. The meeting was held via a video conference and...

Ziina launches #UAE's first social P2P payments solution

23 May 2020 10:57 Ziina, the UAE's first licensed social peer-to-peer (P2P) payment application, has raised a pre-seed round of $850,000. The application will help the UAE bank account holders to use their smartphones to send and receive money as easily as sending...

With Islamic social finance increasingly responding to global humanitarian efforts, Muslim donors explain why they choose to give to refugees

23 May 2020 10:49 There’s an increasing awareness of the significance of Islamic social finance and philanthropy with more organizations reaching out to potential donors. In the Middle East, three donors explain why they choose to give to refugees through the Unite...

We need responsible multifaith solidarity to fight the pandemic

23 May 2020 10:40 On April 11, the UN-secretary general, Antonio Guterres, urged religious leaders of all faiths to unite and work together to fight the common battle against COVID-19. The call for interfaith solidarity is echoing at a time when governments are dis...

Egyptians pay tribute to Saudi businessman Saleh Kamel

21 May 2020 12:32 Egyptians have been paying tribute to Saudi businessman Saleh Kamel who died in Jeddah on Monday after suffering a heart attack. Members of the country’s business, political, religious, and entertainment communities joined in mourning the passing...

#Qatar Islamic Bank offers family shield ‘takaful’ policy

21 May 2020 12:25 Qatar Islamic Bank (QIB) launched its family shield takaful policy, designed to provide nationals and residents financial security during unforeseen circumstances. The product is tailor-made to mitigate financial liabilities of the family of the i...

The legacy of Saudi tycoon Saleh Kamel

21 May 2020 12:14 Saudi billionaire Saleh Kamel died on Monday and has been buried in Makkah, but his legacy is sure to endure. Even at the age of 79, despite suffering from age-related health issues, Kamel remained active and busy. After graduating, he worked at t...

Saudi Islamic banks’ financial metrics sound, says Fitch Ratings

21 May 2020 12:04 According to Fitch Ratings, Saudi Islamic banks’ financial metrics deteriorated mildly in 2019 but remained sound. As for conventional banks, the rating agency noted that the impaired financing ratios continued to increase in 2019. Islamic banks h...

The Islamic Corporation for the Development of the Private Sector signed a collaboration MoU with FINTERRA Pte Ltd

21 May 2020 11:55 Mr. Ayman Sejiny, the CEO of The Islamic Corporation for the Development of the Private Sector (ICD) and Mr. Satesh Khemlani, the Managing Director of Finterra, signed a Memorandum of Understanding to achieve sustainable business growth. Both orga...

#Philanthropy in emerging market countries and the opportunity for radical transformation

21 May 2020 11:44 The global coronavirus crisis has exacerbated existing inequalities and laid bare the fissures in our societies. If philanthropic actors were able to ignore this state of affairs before, they no longer can. If we are to first survive, then thrive,...

Sheikh Saleh Kamel deceased

19 May 2020 23:17 Sheikh Saleh Kamel was among the founding fathers of the modern Islamic banking industry and founder of the Albaraka Group.May Allah accept his deeds and reserve a place in Jannah.Inna Lillahi wa inna ilayhi raji'un

AAOIFI concluded first global Islamic Finance Virtual Forum on COVID-19

18 May 2020 17:30 The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) organized its first Islamic Finance Virtual Forum on "Covid-19 Economic Implications, Islamic Finance and the Way Forward". It was organized in collabor...

Dubai Islamic Bank donates AED16 million to Zakat Fund projects

18 May 2020 17:19 The Dubai Islamic Bank donated AED16 million to the Zakat Fund. Abdullah Aqeeda Al Muhairi, Secretary-General of the Zakat Fund, praised the bank for its donation as well as for its positive humanitarian and charitable role in improving the life o...

Pandemic may force GCC banks to cut dividends, drive future M&A

18 May 2020 17:13 Banks in the Arabian Gulf could be forced to scrap 2020 dividends as profits plunge in 2020 due to the coronavirus pandemic. The region's lenders are unlikely to require additional capital should loan defaults soar, despite facing headwinds relate...

#Saudi Arabia raises $1.53bln in local sukuk -statement

18 May 2020 17:01 Saudi Arabia has raised 5.755 billion riyals ($1.53 billion) in sukuk. The first tranche of the sukuk issue is 3.8 billion riyals, and the total tranche size is 6.549 billion, maturing in 2025. The second tranche has a size of 1.95 billion riyals,...

First sharia crypto exchange opens in #UAE

18 May 2020 16:59 A new sharia-compliant crypto exchange has announced plans to launch in the UAE. Sustain Exchange hopes to offer sharia-complaint and ethical services to give Muslims a space in which to invest in the crypto market. An initial coin offering is pla...

#Bangladesh’s first digital crowd-funding platform Ekdesh launched

18 May 2020 16:54 Bangladesh launched its first digital crowd-funding platform Ekdesh for raising funds and disbursing them as zakat or financial aid. Information and Communication Technology Division State Minister Zunaid Ahmed Palak inaugurated the platform via a...

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