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Hill International to Provide Project Management for Bank Aljazira Project, Supporting #Saudi Arabia National Vision 2030

31 Aug 2018 11:01 Hill International has received a three-year contract from Bank Aljazira to provide project management services for Aljazira’s Regional Management Office Building in Riyadh. The project will be one of Riyadh’s landmarks, reflecting Bank Aljazira’s...

AUB in push for #merger with KFH

31 Aug 2018 10:54 Bahrain’s largest lender Ahli United Bank (AUB) has announced that two investment banks are evaluating a potential merger with Kuwait Finance House (KFH). HSBC and Credit Suisse are currently undertaking necessary valuations studies to assist AUB...

The IFSB Database Completes Five Years Data for Islamic Banking Systems in 21 Countries, including the United Kingdom for the First Time

31 Aug 2018 10:48 The Islamic Financial Services Board (IFSB) published country-level data on financial soundness and growth of the Islamic banking systems for Q1 of 2018 from 21 IFSB member jurisdictions. This report includes the data from four newly joined countr...

Will Global Fintech top guns help #Nigeria achieve 80% Financial Inclusion ?

31 Aug 2018 10:39 Nigerian Fintech company Paystack has received an investment of $8 Million from Stripe, Visa, Y Combinator and Tencent. Over the last three years, Fintechs in the country have received funding, and that has increased steadily. Including Flutterwav...

ADGM’s aviation finance structure utilized in #sukuk issuance

31 Aug 2018 10:29 Abu Dhabi Global Market (ADGM) has facilitated the transaction of a 12 year Sukuk issued by Natixis and Noor Bank. It is the first instance where an ADGM structure has been used specifically to hold aircraft assets for issuing Sharia compliant bon...

Bricklane receives Shariah accreditation for its residential property investment #funds

30 Aug 2018 12:03 Bricklane’s funds have been certified as compliant by the Shariah Committee of Minarah Consulting chaired by Sheikh Faizal Manjoo. Through Bricklane’s online platform, individuals can invest flexibly in geographically focussed funds that buy and l...

#Sukuk remains a key vehicle for infrastructure financing in Asia

30 Aug 2018 11:52 Sukuk remains an important segment in Islamic finance in Asia where they are preferentially used to fund large public or private infrastructure or combined public-private projects. Recent estimates by the Asian Development Bank (ADB) have put the...

Sharia Compliant #Cryptocurrency Exchange Sets its Sights on #Malta

29 Aug 2018 16:34 Malta continues to take the lead in attracting blockchain and cryptocurrency ventures and now also in the upcoming Islamic finance scene. The new Sharia compliant cryptocurrency exchange Huulk has applied for a digital exchange license in Malta an...

#Qatari Islamic banks grow despite regional rift — IFSB data

29 Aug 2018 16:26 Assets and revenues at Qatar's Islamic banks have grown over the past year, but an increase in problem loans and a drop in foreign currency lending underscore the impact of a diplomatic rift in the region. Qatar Islamic Bank, Masraf Al Rayan, Qata...

Financing deals push Gulf earnings to Sh212m

29 Aug 2018 16:20 Gulf African Bank's net profit increased to Sh212.42 million from Sh191.60 million in the first half of 2018. It is a 10.86% growth after fees on financing deals quadrupled. Fees and commissions on financing arrangements surged 309.72% to Sh122.89...

#UAE Startup Launches First-Ever Sharia-Compliant Islamic #Crypto Exchange

29 Aug 2018 10:56 UAE-based Adab Solutions has announced the launch of the First Islamic Crypto Exchange (FICE). An in-house Sharia Advisory Board (SAB) made up of independent international Sharia experts will be in place to ensure that the exchange is in complianc...

BIMB sets aside RM300m for digital roadmap

28 Aug 2018 15:49 BIMB Holdings, the parent company of Bank Islam Malaysia, has allocated RM300 million for investment under its three-year (2018-2020) digital roadmap. Bank Islam CEO Mohd Muazzam Mohamed said digital investment was the group's future focus and it...

#Qatari Banks May Reveal Merger Plan as Soon as This Week

27 Aug 2018 13:06 Barwa Bank and International Bank of Qatar (IBQ) may announce plans to merge as early as this week. Combining Barwa and IBQ would partially salvage a proposed three-way merger with Masraf Al Rayan that was abandoned in June after 18 months of talk...

Abu Dhabi Islamic Bank gets nod for $270m rights issue

27 Aug 2018 13:01 Shareholders of Abu Dhabi Islamic Bank (ADIB) have approved proposal for a rights issue of AED1 billion ($270 million) by offering 464 million new shares. Shareholders also approved the issuance of a $750 million sukuk and the repayment of its $1...

#Bahrain's GFH Financial Group pays off $200m #sukuk

27 Aug 2018 12:48 GFH Financial Group has paid the entire amount of its $200 million sukuk, which was originally drawn in 2007. The facility has now been settled with a recent payment of an outstanding amount of $34 million. With this repayment, GFH said it frees u...

A second look at the performance of Shariah compliant share indices

27 Aug 2018 12:32 The Shariah compliant index generally under-performs its conventional analogue before the global financial crisis years of 2007 and 2008, outperforms during the global financial crisis and then under-performs again afterwards. A conventional equit...

Faisal Islamic Bank of #Egypt to employ women for first time

27 Aug 2018 12:11 Faisal Islamic Bank of Egypt (FIBE) will start appointing women to all of its branches for the first time since the bank was established in 1979. Egyptian member of parliament Inas Abdel Halim had submitted May 31 a briefing paper to then-Prime Mi...

New group forming to alleviate poverty in Palestinian territories

27 Aug 2018 12:00 The Islamic Development Bank (IsDB) has established an investment fund aimed at curbing Palestinian poverty. The fund will help finance the Palestinian People’s Economic Empowerment Institution. The Palestinian government has given instructions to...

#Qatari issuers raise $19.97bn, lead GCC bonds and #sukuk market in H1

27 Aug 2018 11:48 According to a recent report by Kuwait Financial Centre, Qatari issuers led the GCC aggregate bonds and sukuk market in the first half of this year, raising a total of $19.97bn. The report stated that the aggregate primary issuance of bonds and su...

Abu Dhabi Investment Council increases Al Hilal Bank's capital

27 Aug 2018 11:36 Abu Dhabi Investment Council has increased the share capital Al Hilal Bank by AED 400 million. Al Hilal Bank's CEO Alex Coelho said this move will allow the lender to meet the growing demand for Islamic finance by investing in areas with the great...

#Fintech for Good – A feasible dream or just pretty posturing?

24 Aug 2018 14:02 Many Fintech firms have sustainability and social impact at the heart of what they do. For example, Omisego has a Blockchain based use case, focused on Financial Inclusion in South East Asia. They offer users a mobile eWallet that runs on the Omis...

In memory of Kofi Annan: Father of the modern corporate sustainability movement

24 Aug 2018 12:15 A great son of Africa and a true global leader has passed away. Kofi Annan, United Nations secretary general from 1997 to 2006 and co-recipient, with the UN, of the Nobel Peace Prize in 2001, is being mourned all over the world. As last great refo...

#Indonesia’s Bank Mandiri is on track to list its Islamic finance unit in 2020

22 Aug 2018 14:50 Indonesia’s Bank Mandiri plans to list its Islamic finance unit Mandiri Syariah in 2020. According to Mandiri’s president Kartika Wirjoatmodjo, the Islamic bank is seeing 16% to 17% growth in savings, triple the pace of conventional banks. Indones...

Bitcoin Continues Making Inroads in Islamic Finance

22 Aug 2018 14:38 On paper, it will be very difficult for Bitcoin and other cryptocurrencies to gain traction within the Islamic finance industry. Unlike what most people may assume, Bitcoin can still be Shariah-compliant. For example, Adab Solutions has launched t...

Wahed Invest launches #UK’s first easy access digital Halal investment platform

21 Aug 2018 13:12 Wahed Invest has launched the UK’s first Halal online investment platform that is authorised by the Financial Conduct Authority. This way savers from all income brackets can easily invest in a globally diversified portfolio of ethically responsibl...

Patterns of light and colour that bear endless repeating

21 Aug 2018 13:06 The Monir Museum in Tehran is displaying the work of Monir Sahroudy Farmanfarmaian, first for a female artist in the country. She saw many of her works confiscated and destroyed following the Islamic Revolution in Iran in 1979, so she emigrated to...

Gulf grapples with ‘silent’ economic crisis

21 Aug 2018 12:52 After years of strong economic growth, most of the economies of the six-member Gulf Cooperation Council (GCC) began to slow back in 2014. Major layoffs started soon after 2015, with major and minor employers shedding jobs. The cuts continued in 20...

RBI’s efforts to stabilise rupee hit country’s forex reserves, experts say

20 Aug 2018 14:47 A strong US dollar and subsequent interventions by the country’s central bank to stabilise the rupee drained over $1.80 billion (Dh6.61 billion) from India’s foreign exchange reserves. Reserves plunged by $1.82 billion during the week ended August...

World’s first ESG #sukuk #fund another step forward for #Malaysia’s responsible finance

20 Aug 2018 14:37 Malaysia’s Shariah-compliant BIMB Investment Management launched the world’s first environmental, social and governance (ESG) sukuk fund on August 1. BIMB’s ESG Sukuk Fund is the company’s fifth ESG-focused fund as a result of its partnership sinc...

ADIB’s Shareholders approve ADIB’s capital proposal to support growth

20 Aug 2018 14:25 Shareholders of Abu Dhabi Islamic Bank (ADIB) have approved proposal for a rights issue of AED 1 billion to raise the Paid and Issued Share Capital through a tradeable rights issue of 464 million new shares. Shareholders also approved the issuance...

Anticipating fraud in Islamic #fintech

20 Aug 2018 14:17 The rapid development of information technology has a huge impact on the development of financial products and services. The advances in technology have forced banks to change and follow innovation in business strategies that use technology as an...

Which are the Sharia-compliant mutual #fund schemes in #India?

20 Aug 2018 14:14 There are three Sharia-compliant mutual funds in India: Tata Ethical, Taurus Ethical and Reliance ETF Shariah BeES. The first two are actively-managed multi-cap schemes and Reliance ETF Sharia BeES is an exchange-traded fund (ETF) that invests in...

Waqfcoin: Crowdfunding Platform Uses Blockchain to Serve Humanity

20 Aug 2018 09:57 Singapore-based fintech firm Finterra has developed a crowdfunding platform that uses blockchain to create smart contracts that would be linked to specific Waqf projects. Cash Waqf is a type of Waqf which is categorised as movable Waqf. It aims to...

Islamic finance in the shipping industry

20 Aug 2018 09:43 As the shipping industry continues to struggle with access to finance, Islamic finance may be a viable option for ship owners. The global growth of sukuks has been steadily increasing, but Islamic finance has its own uncertainties. The lack of sta...

Use of Ripple as a Cross-Border Solution Confirmed by #Kuwait Finance House (KFH)

17 Aug 2018 14:28 Kuwait Finance House (KFH) is establishing the first blockchain-powered transaction system in the country. A series of questions arose when the formation of this system was announced. KFH has itself confirmed that they are using Ripple’s cross-bor...

#Saudi’s Al Rajhi Bank says expat exodus could impact its remittance business

17 Aug 2018 09:49 Al Rajhi Bank expects low-single digit loan growth for the rest of 2018 as it curtails its loans while economic reforms take shape. A plan to reduce reliance on expatriates to generate jobs for Saudis has seen the number of foreign workers fall by...

Turkish Lira

16 Aug 2018 16:51 Dear Readers,The dramatic fall of the Turkish lira leads to a lot of coverage in the international media. What are the underlying economic drivers of this fall in value?All economies are suffering from too much debt on sovereign, corporate and con...

Abu Dhabi National #Takaful Co. PSC announces combined net profit of AED 48.6 million for H1 2018 achieving a growth of 19% in profit

16 Aug 2018 15:36 Abu Dhabi National Takaful Co. PSC (ADNTC) released its financial results as at end of second quarter on 30 June 2018. The company announced a combined net profit of AED 48.6 million, achieving a growth of 19% compared to AED 41 million for the sa...

#Kuwait’s Warba Bank receives licence to conduct securities activities

16 Aug 2018 15:27 Warba Bank has obtained licence from the Capital Market Authority (CMA) to engage in certain securities activities. The new licence allows the lender to conduct activities like investment portfolio manager, collective investment scheme manager as...

Prominent Turkish bankers, businesspeople see no macroeconomic reason for currency volatility

16 Aug 2018 15:23 For Turkey's bankers and businesspeople it has been impossible to explain the high volatility in the exchange rate over the past few weeks. The fundamentals of the Turkish economy are solid and macroeconomic indicators fail to account for the rece...

Creating footsteps in Kuwait’s Islamic banking sector

16 Aug 2018 14:58 Kuwait Finance House (KFH) has embarked on a digital transformation journey. Kuwait and Bahrain have each launched their respective digital banking platforms and soon, Malaysia will have its own. By the end of 2018, a seamless digital customer exp...

How Lombard Odier got into the Islamic investment space

16 Aug 2018 14:48 Lombard Odier has launched a full suite of Shari’ah-compliant investment solutions. Arnaud Leclercq, Limited Partner at Lombard Odier Group, said the offering began as a bespoke creation for one client six years ago, it has grown from a $10 millio...

Supporting Islamic #fintech’s growth

16 Aug 2018 14:35 In this interview Ayman Sejiny, CEO of Ibdar Bank, talks about founding the Bahrain Fintech Bay. Bahrain Fintech Bay (BFB) is working to build a fintech ecosystem that will support industry growth and position Bahrain as a regional fintech hub. Se...

Reconciling #cryptocurrency in Islamic finance

16 Aug 2018 13:07 Over the last few years, the market capitalisation of cryptocurrencies has reached a near $400 billion with over 1500 currencies been created. Among them, bitcoin has been the most popular with a market capitalisation of over $150 billion. Current...

Mortgages set to boost lending at #Saudi banking giant Al Rajhi

16 Aug 2018 12:48 A jump in mortgages and a recovery in Saudi Arabia’s economy may help Al Rajhi Bank to reverse a decline in lending. According to CEO Steve Bertamini, higher government spending and faster economic growth amid higher oil prices should help the rev...

#Saudi refinance firm mulls #Sukuk issuance to fund mortgage drive

14 Aug 2018 13:20 The Saudi Real Estate Refinance Company (SRC) plans to begin issuing sukuk in late September or early October 2018. SRC aims to refinance 20% of Saudi Arabia's primary home loans market, which authorities hope to expand to SAR 500 billion by 2020....

AAOIFI adoption set to standardise #UAE Islamic finance

14 Aug 2018 13:12 The Central Bank of the UAE announced that the country's Islamic finance industry will be required to comply with AAOIFI Shariah standards from September 1. Islamic finance products in the UAE have historically adhered to AAOIFI standards, but the...

Dana Gas issues new #sukuk, drawing earlier dispute to a close

14 Aug 2018 12:49 Dana Gas has completed refinancing its $700 million sukuk which has been sized down to $530m. The issuance of the debt instrument had been completed and listed on the Euronext Dublin, previously known as the Irish Stock Exchange. Dana has paid $23...

Noor exits $6mln stake in #Pakistan’s Meezan Bank

13 Aug 2018 13:10 Noor Financial Investment announced selling 9 million shares or 0.85% of its equity ownership in Meezan Bank, Pakistan's first and largest Islamic bank. The equity transaction is valued at $5.57 million or KWD 1.68 million. Following this exit tra...

Jaiz to commence disbursement of $20m SMEs #fund

13 Aug 2018 13:01 The Managing Director of Jaiz Bank Hassan Usman has said the bank would soon begin the disbursement of the $20m facility for Small and Medium Enterprises (SMEs). The bank had in March signed the agreement with the Islamic Corporation for the Devel...

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