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Rules amended to facilitate Sukuk-II issuance

18 May 2020 16:50 Pakistan's Power Division has amended the Energy Sukuk Rules aimed at facilitating issuance of Rs 200 Sukuk-II through Pakistan Stock Exchange (PSE). On May 6, 2020, the government approved a new mechanism/criterion for disbursement of payments to...

Islamic Finance and Prospects for Weathering COVID-19

14 May 2020 16:26 COVID-19 continues to have profound implications for the global economy. All around the world, the lockdown has contributed to rising unemployment, reduced incomes, and increased food insecurity. Private sector workers and the self-employed are di...

International Islamic Trade Finance Corporation releases 2019 Annual Development Effectiveness Report

14 May 2020 16:17 The International Islamic Trade Finance Corporation (ITFC) released its 2019 Annual Development Effectiveness Report (ADER). In 2019, ITFC approved US$5.8 billion trade financing. Of this, US$5 billion was disbursed towards improving the livelihoo...

Gulf banks could see second wave of mergers after pandemic dust settles

14 May 2020 16:11 The impact of the novel coronavirus on the global economy is growing and continues to shock the markets. S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the COVID-19 outbreak. It comes as no su...

NMC Health administrators are said to have started selling off assets

13 May 2020 14:43 Administrators of NMC Health have started selling off assets of the troubled Middle Eastern hospital operator as they seek funds to pay back creditors. Administrators are planning to start a sale process for NMC’s lucrative fertility business as s...

BIBF and UK firm Cogneum developing platform to converge Shariah governance and UN SDGs

13 May 2020 14:38 The Bahrain Institute of Banking and Finance (BIBF) is working with UK-based developer Cogneum on a Shariah governance software platform. The cloud-based platform is meant to allow Islamic banks and financial institutions to streamline their inter...

Virus crisis highlights potential role of Islamic finance in reaching sustainable development goals

12 May 2020 11:59 Amid an ongoing severe global healthcare crisis some research institutions and scientific entities are wondering if and how the world will change after the virus has eventually subsided. A new report issued last week is shedding light on the antic...

#Indonesia to Roll Out Relief Fund for Banks to Ease Impacts from Pandemic

12 May 2020 11:47 The Indonesian government has issued a regulation for the relief fund to the banking sector to cope with the financial impacts of the Covid-19 outbreak. The regulation states that the government may channel fund to the so-called participating bank...

Albaraka Türk's 5th International Calligraphy Competition Exhibition on Instagram

11 May 2020 14:35 The fifth International Albaraka Calligraphy Competition Exhibition meets art lovers on Instagram. Albaraka Türk continues to boost its success in culture and art events as well as in participation banking. The fifth edition of the bank’s Internat...

World’s first Halal network launched aiming to tap $5 tr market

11 May 2020 14:30 The world’s First Halal Angels Network was launched to help investors, businesses, entrepreneurs and startups during the COVID-19 pandemic. The Network would provide huge market opportunities to tap the $5 trillion worth Halal consumer global mark...

NMC CFO and family left UAE on Indian repatriation flight: reports

11 May 2020 14:26 NMC Health is at the centre of a multi-billion dollar fraud investigation, but its chief financial officer (CFO) Suresh Krishnamoorthy has left the UAE and returned to India. Krishnamoorthy stepped down as CFO in 2017 when Prasanth Manghat took ov...

Gulf bonds prove resilience amid virus-induced adversity

11 May 2020 14:19 As investors dealt with volatility across most of its prized asset classes, Gulf bonds are emerging resilient after yet another crisis. The region’s debt markets did witness instances of sharp sell-off in the last few weeks, but analysts still see...

GCC banks face 'earnings shock' from lower oil price, Covid-19

11 May 2020 14:11 GCC banks will see significantly reduced revenue as they face an earnings shock from the oil price drop and Covid-19 pandemic. S&P Global Ratings credit analyst Mohamed Damak says the coronavirus will take a toll on important sectors such as r...

SAJIDA Foundation combats Covid-19 as beacon of hope

11 May 2020 14:01 Microfinance institution SAJIDA Foundation has rapidly diverted its resources and operations to tackle the pandemic from multiple frontiers. On the health front, one of its secondary-care hospitals have been dedicated to the treatment and isolatio...

Should big money give poor nations debt relief to fight COVID-19?

11 May 2020 13:55 On May 1 G20 nations gave debtors a payment holiday until the end of the year, giving developing nations more time to pay for healthcare during the pandemic. Despite more than 100 countries applying to the International Monetary Fund for emergency...

Loan moratorium: Borrowers need to inform banks on consent, says finance minister

08 May 2020 16:21 Malaysian borrowers who wish to continue with the six-month moratorium need to inform their respective banks of their consent via the banks’ designated platforms. Although the moratorium is automatic starting April 1, the borrowers’ consent is sti...

#Bahrain's Al Baraka Bank looks for acquisitions as coronavirus pandemic hits valuations

08 May 2020 16:14 Bahrain's Al Baraka Banking Group plans to expand into India, China and Indonesia as the coronavirus pandemic pushes valuations down. The pandemic, which has tipped the global economy into a recession, slated to be the deepest since the Great Depr...

Foundations Help Launch Financial Inclusion Nonprofit

08 May 2020 16:06 Sponsored by the Bill & Melinda Gates Foundation Mojaloop software project has announced the launch of the Mojaloop Foundation. With additional support from founding sponsors Omidyar Network, the Rockefeller Foundation, Coil, Google, and Modus...

Unified legislative framework for Islamic finance launched

07 May 2020 16:18 Sheikh Hamdan Bin Rashid Al Maktoum announced the launch of a new initiative to create a unified global legal and legislative framework for the Islamic finance sector. The framework is set to enable the Islamic economy to expand its reach and resp...

Islamic bank, Türk Eximbank ink $100 mln deal to aid SMEs

07 May 2020 16:07 The Islamic Development Bank (IsDB) and Türk Eximbank signed a syndicated murabaha deal of $100 million to finance small and medium-sized enterprises (SMEs). The new murabaha facility is expected to increase companies' export capacity and workforc...

South Africa working on rand-denominated #sukuk issue

07 May 2020 16:00 The Republic of South Africa is working on a rand-denominated sukuk for the financial year 2020/2021. Details regarding the size, tenor and structure of the Shariah-compliant notes will be made in due course. The government may also consider issui...

Launched World’s First Halal Angels Network to promote Innovation, Entrepreneurship & Startups to tap $5 trillion, Halal consumer market

05 May 2020 13:52 The World’s First Halal Angels Network was launched to promote Innovation, Entrepreneurship & Startups to tap the $5 trillion Halal consumer market. It was launched during the COVID-19 pandemic to help investors, businesses, entrepreneurs &...

Islamic finance gaining stronger foothold in #China

05 May 2020 13:44 As this year’s GDP growth of China is forecast to reach a 44-year low of just 2.5%, there is enough ongoing in the background to prepare for a post-coronavirus rebound. One such sector bustling with activity is Islamic finance which has grown in i...

PSE delays Rs200bn #sukuk

05 May 2020 13:28 The Pakistan Energy Sukuk-II (PES-II) has been delayed by 7-10 days. The Power Holding Limited (PHL) is issuing the second issue of the Energy Sukuk to address the liquidity constraints being faced by the country’s power sector. Sources said the d...

Abu Dhabi based NMC Health’s trading arm sees major job cuts

05 May 2020 13:24 More than 300 staff members at NMC Trading have been laid off and more are likely to follow. It was on April 9 that NMC was placed under administration on the UK High Court’s orders, following a request submitted by ADCB, the UAE bank with the hig...

Saudi's Al Moammar Information Systems signs $77mln Islamic loan

05 May 2020 13:16 Saudi Arabia’s Al Moammar Information Systems (MIS) signed an Islamic facility agreement with Riyad Bank for 290 million Saudi riyals ($77.15 million). The revolving facility will be renewable every year. MIS’s listing on Tadawul last year marked...

International Islamic Trade Finance Corporation extends US$100m COVID-19 Emergency Financing for purchasing wheat and sugar in favor of Egypt

05 May 2020 13:13 The International Islamic Trade Finance Corporation (ITFC) has signed a US$100 million financing agreement with the General Authority for Supply Commodities (GASC) to cover the Egyptian Government’s commodity needs during the Corona outbreak. ITFC...

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03 May 2020 16:12 Dear reader,If you appreciate IslamicFinance.de, then now you have the chance to become a part of it:Become a Patron! Your support is most welcome!Best regards, Michael GassnerEditor, IslamicFinance.de

#Bahrain’s Al Salam Bank exits $182.5 mln U.S. multifamily real estate

29 Apr 2020 09:51 Bahrain's Al Salam Bank has sold a portfolio of seven multifamily assets in the United States for $182.5 million. Al Salam acquired the real estate assets in North Carolina and Texas in 2016. The bank said the sale price exceeds the original under...

Many Join Saudi Online Platform to Teach Arabic Calligraphy

29 Apr 2020 09:48 The Saudi Ministry of Culture announced its launch of the first electronic platform to teach Arabic calligraphy and Islamic decoration. The electronic platform will be supervised by a group of professional calligraphers from the Kingdom and the Ar...

Alwaleed Philanthropies allocates $30mln to fight COVID-19

29 Apr 2020 09:42 Alwaleed Philanthropies has allocated $30 million to a variety of diverse initiatives to battle against COVID-19 in collaboration with a variety of partners. The fund, chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, includes an additio...

Islamic factoring tipped as game-changer for Turkish exports

29 Apr 2020 09:36 At the moment there are six Islamic banks operating in Turkey, with Kuveyt Turk, Turkiye Finans and Albaraka Turk holding around three quarters of their market share. Harun Çelik, the Islamic Trade Finance Corporation’s (ITFC) regional head for Tu...

Gulf bonds prove resilience amid virus-induced adversity

27 Apr 2020 14:25 Gulf bonds are emerging resilient after yet another crisis. In the last few weeks the pandemic-induced investor worries soared and oil prices plummeted, but analysts still see them ending the year strong. According to capital markets expert Anita...

Saudi Arabia raises $1.48bln in local #sukuk -statement

24 Apr 2020 14:13 Saudi Arabia has raised 5.55 billion riyals in sukuk. The first tranche of the sukuk issue has a size of 1.3 billion riyals, and a total tranche size of 2.523 billion riyals, maturing in 2027. The second tranche has a size of 4.25 billion riyals,...

UK court's intervention is worst-case scenario, says NMC Health chairman

24 Apr 2020 14:11 According to hospital operator NMC Health and its Executive Chairman Faisal Belhoul, getting placed in administration by a UK court order would be the "worst-case scenario" for the company’s future. The threat of coming under administrat...

Gulf Islamic Investments’ Acquisition of Class A New York Office Building

24 Apr 2020 14:03 Gulf Islamic Investments (GII) has announced the acquisition of 140 & 150 Grand Street Plaza, an office building in White Plains, Westchester County, New York, USA on behalf of its investors. Located just 30 minutes away from Manhattan, the Cl...

Ramadan during coronavirus may seem disheartening but it's the ideal time for reflection

24 Apr 2020 13:58 It is going to be a very different Ramadan this year due to the Covid-19 global pandemic and the social isolation laws. Ramadan in 2020 means no communal gatherings in mosques for "tarawih" night prayers, no large "iftar" dinne...

Bahrain Islamic Bank launches Tejoori Instant Finance

24 Apr 2020 13:50 Bahrain Islamic Bank (BisB) launched the Tejoori Instant Finance service allowing customers to obtain instant finance within 5 minutes. According to BisB Chief Retail Banking, Dalal Al Qais, customers can get instant finance on amounts ranging bet...

Islamic Development Bank to help #Pakistan fight coronavirus

24 Apr 2020 13:44 The Islamic Development Bank (IsDB) Thursday offered financial support to Pakistan amid the lockdown due to coronavirus pandemic. In a video call, IsDB President Dr Bandar MH Hajjar assured Federal Minister for Economic Affairs Makhdoom Khusro Bak...

Norton Rose Fulbright acts for HSBC on unique USD 1 billion Islamic financing

24 Apr 2020 13:02 International law firm Norton Rose Fulbright (NRF) has been called on to advise HSBC and Tokyo-headquartered Mizuho Bank, on an Islamic financing facility worth USD 1 billion. The cross-border financing, which had to be compliant with Shariah law,...

Islamic Development Bank prepares $2.3b package for member countries

24 Apr 2020 12:57 The Islamic Development Bank (IsDB) Group has approved a $2.3 billion package for its member countries to mitigate and recover from the impact of the Covid-19 pandemic. IsDB President Dr Bandar M H Hajjar said that this will be achieved through a...

Middle East investors target $5.3bn London commercial property spend in 2020

24 Apr 2020 12:50 According to Knight Frank, Middle East investors are set to increase commercial real estate investment in London this year. Investors from the region are forecast to spend £4.1 billion ($5.3 billion) in the UK capital this year, up by £100 million...

RAM Ratings: #Takaful industry’s strong capitalisation sufficient to withstand headwinds

24 Apr 2020 12:46 RAM Ratings Services has maintained its "stable" outlook on the Malaysian takaful industry for 2020 despite the economic slowdown. Its Financial Institution Ratings co-head Sophia Lee said the industry’s strong capitalisation is sufficie...

#Indonesia’s national Islamic economy committee budget slashed, plans suspended as gov't focuses on COVID-19

22 Apr 2020 14:43 Indonesia’s National Sharia Economy and Finance Committee (KNEKS) will suspend non-urgent programs this year after its budget was slashed by a third as the government allocates resources to fight COVID-19. The committee will conduct a series of we...

Covid-19: World faces 'biblical' famines from pandemic, warns UN food agency chief

22 Apr 2020 14:37 The head of the UN food agency warned that besides the coronavirus pandemic the world is on the brink of a hunger pandemic that could lead to multiple famines of biblical proportions within a few months if immediate action isn't taken. World Food...

EXCLUSIVE: Gulf Family Offices And European Distressed Assets - An Analysis

22 Apr 2020 14:26 The Financial Times published an article about Gulf sovereign wealth funds which are mobilising to buy assets whose valuations have been hard hit by the coronavirus pandemic. Sadly, distressed assets will no doubt soon be flooding the market looki...

Arabic Collections Online

22 Apr 2020 14:17 Arabic Collections Online (ACO) is a publicly available digital library of public domain Arabic language content. ACO currently provides digital access to 13,224 volumes across 7,842 subjects drawn from rich Arabic collections of distinguished res...

Temenos helps Yemeni bank to digitalise operations

21 Apr 2020 21:29 Yemen’s Al Kuraimi Islamic Bank (KIB) is replacing its legacy IT systems with a single cloud-native, cloud-agnostic digital banking platform from Temenos. Temenos Infinity will support the delivery of hyper-personalised, omnichannel customer exper...

NMC board, management should be held accountable: Al Ghurair

21 Apr 2020 21:24 According to Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, the board and management of NMC Healthcare should be held accountable for the financial irregularities. It is estimated that more than 80 local, regional and international ba...

A new normal will require Islamic fintech to address financial inclusion

21 Apr 2020 20:40 The COVID-19 pandemic has been an unexpected catalyst for digitalisation and this global crisis now may well be a boon to businesses promoting digital financial inclusivity. Approximately 40% of startups will not survive if the COVID-19 crisis con...

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