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Islamic #Insurance sector to stay profitable in ’18

23 Jul 2018 13:52 The net income of listed companies in the GCC Islamic insurance sector has nearly halved in 2017 to $375m, from $674m in 2016. The decline in 2017 net income was mainly driven by weaker results in the Saudi Arabian insurance sector. S&P Global...

BNM introduces Rahn policy document

23 Jul 2018 10:06 Bank Negara Malaysia (BNM) has issued the Rahn policy document which is aimed at strengthening the practice among Islamic financial institutions to offer services that are end-to-end Shariah-compliant. BNM stated that the subject matter of the Rah...

#Malaysia's use of Islamic bonds to fund deficit credit positive: Moody's

23 Jul 2018 09:57 According to Moody's Investor Service, the Malaysian government is increasingly using longer-term Islamic instruments to fund its deficit to lower liquidity risk. The shift toward Islamic financial instruments is seen as credit positive for the so...

Do Shariah compliant shares perform better?

20 Jul 2018 12:51 During the global financial crisis many experts pointed out that Shariah compliant shares had performed much better than those which were not. However, once the world emerged from the crisis, the Shariah All-World index has consistently underperfo...

La Société internationale islamique de financement du commerce fait le point de son portefeuille au #Cameroun

20 Jul 2018 12:42 La Société internationale islamique de financement du commerce du Groupe de la Banque islamique de développement (BID) est satisfaite de sa coopération avec le Cameroun. Aliou Barki Kane et le ministre camerounais en charge de l’Economie, Alamine...

Bank Pasargad of #Iran to Open Branch in #India: Report

19 Jul 2018 16:53 India has reportedly approved a proposal from Bank Pasargad of Iran to open a branch in Mumbai. The Federation of Indian Export Organizations had earlier objected the entry of Iranian banks into India. In the wake of new US sanctions, India may ex...

#Kuwait's KFH invites #Bahrain's AUB to begin due diligence

19 Jul 2018 16:41 Kuwait Finance House (KFH) invited Bahrain's Ahli United Bank (AUB) to begin a due diligence process for a potential merger. KFH also asked AUB to sign a non-disclosure agreement. If the merger goes ahead, it would be the latest of several recent...

RAM Ratings: #Turkey rating downgrade triggers Kuveyt Turk downgrade

19 Jul 2018 16:36 RAM Ratings has downgraded Kuveyt Turk's long-term rating to A1/Stable from AA3/Negative. The rating of KT Kira Sertifikalari Varlik Kiralama’s RM2.0 billion Islamic MTN Programme (2015/2025) has been revised downwards to A1(s)/Stable from AA3(s)/...

AAOIFI holds public event

18 Jul 2018 12:57 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) held a public hearing of two of its standards hosted by Banque du Liban (BDL) (Central bank of Lebanon) in Beirut, Lebanon. AAOIFI also held its 10th meeting of t...

#Kuwait bank in #merger talks to create $92bn Islamic lender

18 Jul 2018 12:44 Kuwait Finance House (KFH) is seeking to hold talks with Bahrain's Ahli United Bank (AUB) for a potential merger. This would create an Islamic lender with about $92 billion of assets, six months after negotiations broke down. KFH sent a letter inv...

New Saudi bankruptcy law 'tries to find balance' between investor and creditor interest

16 Jul 2018 16:25 Saudi Arabia’s new bankruptcy law will come into effect in late August and aims to attract foreign and domestic investment in private businesses. The new law is designed to outline bankruptcy proceedings and will offer protection to creditors and...

New products, standards buoy Islamic trade finance business

16 Jul 2018 16:14 Islamic trade finance is poised for change with the launch of new products and common standards. Islamic banks have been laggards in trade finance but some see a business opportunity here. According to the General Council for Islamic Banks and Fin...

KIB closing its $250 mln #Murabaha

16 Jul 2018 16:06 Kuwait International Bank (KIB) closed a $250 million 3-year syndicated Murabaha financing facility. The financing was concluded with a consortium of international and local banks that includes Standard Chartered Bank, First Abu Dhabi Bank, Nation...

BIMB Invest eyes RM100m for Shariah-ESG #fund within 1 year

13 Jul 2018 16:23 BIMB Invest is expected to achieve a subscription of RM100 million of its BIMB-Arabesque ValueCAP Malaysia Shariah-ESG Equity Fund within a year. The fund was launched together with Arabesque Asset Management and ValueCAP and approved by the Secur...

How Islamic finance can manage rupiah stability

13 Jul 2018 16:14 According to the Jakarta Interbank Spot Dollar Rate, the rupiah dropped to a new low of 14,418 against the US dollar on July 3. In the last few weeks, all emerging markets showed an increase in foreign currency volatility. Since April 2018, there...

#Malaysia: BIMB Investment targets RM100m for Shariah equity fund

13 Jul 2018 16:04 BIMB Investment is targeting RM100 million in subscription for its newly launched BIMB-Arabesque ValueCAP Malaysia Shariah-ESG Equity Fund. The fund will be invested in 100 local shariah compliant companies listed on Bursa Malaysia. BIMB Investmen...

Why we rejected N21.5bn #Sukuk bond – #Niger speaker

13 Jul 2018 15:59 Speaker of the Niger State House of Assembly, Alhaji Ahmed Marafa Guni, has explained why the house rejected to access N21.5 billon Sukuk bond for infrastructure development. He said the house discovered a lot of discrepancies in the bond deal and...

Apply for Islamic Development Bank undergraduate scholarship by 21 August

13 Jul 2018 15:53 The Islamic Development Bank (IDB) announced the availability of scholarships for Muslim Community in India to pursue undergraduate studies in India. The scholarship may cover tuition fees and/or monthly stipends, books & clothing allowance an...

Gulf banking transparency on the rise - study

13 Jul 2018 15:48 Non-credit ratings agency Sigma Ratings found that Gulf countries outperform many Latin American and European countries in transparency and compliance. Among the most transparent banks in the region are Emirates Islamic Bank, Al Hilal Bank, the Na...

Official Launch of the IFSB Islamic Financial Services Industry Stability Report 2018 at the Astana Islamic Economy Forum

13 Jul 2018 15:37 Astana International Financial Centre (AIFC) officially launched the sixth edition of the Islamic Financial Services Industry (IFSI) Stability Report 2018. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta highlighted some of the key fin...

#Maldives launch first Islamic finance magazine: ‘Laaba’ to act as a platform to engage regional & global industry developments

13 Jul 2018 15:32 Maldives Center for Islamic Finance (MCIF) has launched Laaba, the first publication in the archipelago dedicated to Islamic finance. The magazine aims to be the first platform in South Asia to bring together regional hubs with global partners in...

Savings Status Quo Challenged As 79% Of Shariah-Compliant Accounts Now Beat The Market

11 Jul 2018 15:31 Gatehouse Bank surveyed eight different types of account: easy access, 1, 2, 3 and 5 Year Fixed Term and 30, 60 and 90 Day Notice accounts. It found average returns on Shariah-compliant savings products trumped their mainstream counterparts on all...

IFSB launches 2018 financial services industry stability report

11 Jul 2018 15:22 The Islamic Financial Services Board (IFSB) has launched the 2018 Islamic Financial Services Industry (IFSI) Stability Report. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, highlighted some of the key findings of the 2018 Report, pa...

#China’s support is critically instrumental in developing Islamic finance

11 Jul 2018 15:14 While China and Arab countries discuss ways to develop their bilateral ties, #Kazakhstan aims to become a new global financial hub. At the newly established Astana International Financial Center (AIFC) an economic event was carried out between Jul...

ADIB launches 100% capital protected green notes

11 Jul 2018 14:57 Abu Dhabi Islamic Bank (ADIB) launched a 100% capital protected smart and green energy equities basket note. The investment note, which matures in 12 months, is open for subscription until July 28, with a 31% participation rate in the upside posit...

Blockchain platform-as-a-service for Islamic finance launched

11 Jul 2018 14:50 Blockchain experts ArabianChain Technology and Curiositas will offer blockchain-based smart contracts and legal automation for Islamic finance products. The 'Wethaq' platform is targeting Islamic capital markets, acting as a platform-as-a-service...

#Saudi securities regulator awards first two #fintech licences

11 Jul 2018 14:38 Saudi Arabia's securities regulator approved its first two financial technology licences on Tuesday. The Capital Market Authority (CMA) approved licences allowing Manafa Capital and Scopeer to offer crowdfunding investment services on a trial basi...

RHB Bank #Singapore seals world's largest Islamic hotel financing deal

11 Jul 2018 14:31 RHB Bank's Singapore branch completed the world’s largest Islamic bilateral hotel financing deal with the Royal Group, for a five-star luxury hotel valued at S$300mil (RM888.72mil). RHB Bank explained the rarity value of this deal was that hospita...

A new term is born: Shariah #fintech, and it has quite some potential

11 Jul 2018 14:22 #Indonesia’s Deputy Finance Minister Mardiasmo said at the third Annual Islamic Finance Conference that fintech will play an important role in Islamic finance. Shariah fintech is a new buzzword to describe the venture of financial technology into...

$3 trillion sovereign wealth funds agree framework for vetting asset managers climate credentials

10 Jul 2018 16:26 Sovereign wealth funds (SWF) from Norway, New Zealand and the Middle East have drawn up a framework to better target their collective efforts on climate change. The agreed principles advocate integrating climate considerations into their investmen...

Will Islamic bonds help revive #Egypt's economy?

10 Jul 2018 16:21 The Egyptian government plans to issue dollar-dominated and euro-dominated sukuk over the next fiscal year. Finance Minister Mohamed Maait made the announcement, expecting that the issuance of the Sharia-compliant bonds would attract huge demand....

Why #Malaysian bonds are set to attract investors despite emerging-market jitters

10 Jul 2018 16:11 With the improving quality of issuances, Malaysia is set to attract more investments into its growing bond market, say panellists at The Asset Malaysia Issuers and Investors Leaders Dialogue in Kuala Lumpur. Source:  https://www.theasset.com/...

#Maroc : Vers le lancement du premier #sukuk souverain

09 Jul 2018 16:40 Le royaume chérifien se prépare à lancer son premier sukuk pour un montant de 105 millions de dollars. Le ministre des Finances, Mohamed Boussaïd s’est voulu clair et rassurant indiquant notamment que le Maroc émette son premier sukuk souverain da...

Banks want 'costly' Islamic banking regulations adjusted

09 Jul 2018 16:32 Banks in Uganda have petitioned the central bank to review key regulations in Islamic banking to make it less costly for the banks. According to Patrick Mweheire, the chairman of Uganda Bankers' Association (UBA), the current regulation requires t...

South America is on radar of Islamic finance

09 Jul 2018 16:25 South America isn’t known to be a popular region for Islamic finance. However, there have been some activities to approach it as a new frontier. The first foray Islamic finance has made on the continent was into Suriname. Last year, the Central Ba...

Why Islamic finance is yet to realise its full potential in #Kenya

03 Jul 2018 16:34 Kenya's Islamic finance industry is over a decade old but is yet to realize its full potential. The uptake of Shariah compliant financial products has been adversely affected by the absence of supportive legal and regulatory infrastructure, lack o...

MOVES-#Britain's largest Islamic bank Al Rayan appoints new COO

03 Jul 2018 16:23 Birmingham-based Al Rayan Bank appointed Paul McMillan as chief operating officer as part of the bank’s expansion efforts. McMillan, a former chief executive of mortgage servicing firm Acenden, takes over the role from the bank’s previous COO Venk...

#Germany and Islamic Development Bank support Augusta Victoria Hospital in East Jerusalem

03 Jul 2018 16:20 Cancer patients from the Palestinian territories can soon benefit from a new modern diagnosis apparatus, financed by Germany and the Islamic Development Bank. The Augusta Victoria Hospital (AVH) in East Jerusalem received a PET/CT scanner which al...

Connecting International Organisations with finance and of course, Islamic finance

03 Jul 2018 12:19 Sustainable Development Goals by the United Nations affect Geneva from two major players. The United Nations family being one of the major locations for it and the well known financial industry:Geographically, on the Right Bank mainly, we have 34...

Global Donors Forum September 10-12 London - early bird registation

01 Jul 2018 14:45 Dear Reader,As you probably know Global Donors Forum 2018 will be held in London from September 10-12 under the theme of "Building Resilient Ecosystems". The Forum will be co-hosted with the Cass Business School and City of London Corpor...

BoG must use Islamic banking to promote financial inclusion – Dubai Chamber

29 Jun 2018 15:57 The Head of Dubai Chamber-Ghana Office, Cyril Darkwa, is encouraging the Bank of Ghana (BoG) to see Islamic banking as a way to promote financial inclusion in the country. Mr. Darkwa stated that this type of finance is being utilised by banks, com...

ACC sues Al-Arafah Islami Bank director

29 Jun 2018 15:49 The Anti-Corruption Commission (ACC) filed a case against an incumbent director of Al-Arafah Islami Bank for allegedly laundering Tk 1.68 crore in Singapore. ACC filed the case against Badiur Rahman, who was also chairman of the bank's board of di...

Executive #education : Dauphine #Tunis se lance dans la finance islamique

29 Jun 2018 15:42 L’Université Dauphine Tunis lance un executive master intitulé "Principes et pratiques de la finance islamique". La première promotion se déroulera de janvier à juillet 2019 pour 420 heures de cours, en anglais, en français et, pour part...

Launch of #Malta Islamic Finance Association

29 Jun 2018 15:33 Malta Islamic Finance Association (MIFA) was officially launched on 26th June 2018 by Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri. The present government headed by Prime Minister Joseph Muscat ful...

East Africa rides the Islamic finance train; #Uganda next to join

29 Jun 2018 15:23 Countries in East Africa are increasingly joining the Islamic finance industry as their Muslim population grows and demand for Shariah-compliant banking and finance rises. In Ethiopia the central bank is planning to develop Islamic finance in orde...

AIFC: Development of Islamic Finance

29 Jun 2018 15:14 Astana International Financial Center (AIFC) aims to be the driver of the Islamic finance development in Kazakhstan. For this, the AIFC is strengthening its capacity building by establishing the Bureau for Continuing Professional Development. AIFC...

AIIB and IsDB Group join forces to grow sustainable infrastructure

29 Jun 2018 15:06 The Asian Infrastructure Investment Bank (AIIB) and the Islamic Development Bank Group (IsDB Group) have signed a Memorandum of Understanding (MOU) to establish a framework for strategic cooperation. The MOU will have a strong focus on sustainable...

New #Egypt Finance Chief Looks to #Sukuk for Funds

29 Jun 2018 15:02 Egypt is considering tapping the international sukuk market in the coming fiscal year, as it looks to diversify funding sources. The issuance would mark a revival of a plan shelved since 2013 when the government issued the law to pave the way for...

Islamic Windows of Coris Bank International pave the way to achieve SDG goal by ensuring financial inclusion and shared prosperity

29 Jun 2018 14:54 Islamic banking is gaining a strong footing in Africa with the launch of Islamic banking windows of Coris Bank International in Mali, Senegal, Benin and Côte d’Ivoire. The official launch of Coris Bank Baraka Senegal took place in the presence of...

#Qatari banks lead Gulf states in real estate lending despite blockade: report

26 Jun 2018 19:57 Qatari banks lead the Gulf Cooperation Council (GCC) members states in real estate lending despite the economic blockade. Qatar disbursed 3.36 billion U.S. dollars of incremental credit in the first quarter of this year. Saudi Arabian banks ranked...

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