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Responding to demand, Islamic #microfinance start-up starts accepting cryptocurrencies for zakat

25 May 2018 09:50 Islamic microfinance start-up Blossom Finance has started accepting zakat payments in cryptocurrencies for zakat-eligible cryptocurrency assets in response to user demand. Blossom Finance has designated a wallet for zakat payments at a cryptocurre...

Dana Gas CEO talks about Sukuk Litigation to protect assets on Bloomberg TV

24 May 2018 15:32 Dana Gas CEO Patrick Allman-Ward discusses the company's Sukuk litigation and performance. Click on th source. Source:  https://www.bloomberg.com/news/videos/2018-05-24/dana-gas-ceo-says-sukuk... Facebook Like Google Plus One Tweet Widget...

Islamic finance feels heat from $700mn Dana saga

24 May 2018 11:26 Global standards are likely to become more explicit and a shift to centralised regulation may accelerate after Dana Gas reached a conditional deal with creditors on its contested $700mn sukuk issue. Dana shook the industry last June, saying it wou...

New Islamic banking service to be launched in Germany

24 May 2018 09:48 AlBaraka Türk launches basic online Islamic account services in Germany utilizing solarisBank as service provider and license holder. Source:  https://www.getinsha.com/en Facebook Like Google Plus One Tweet Widget Linkedin Share Button

Ali Allawala appointed CEO of #Malaysia’s Standard Chartered Bank Islamic unit

23 May 2018 14:04 Pakistani banker Ali Allawala has been appointed as the chief executive officer of the Islamic Unit of Standard Chartered Bank Malaysia. Ali Allawala possesses over 22 years of experience in retail banking, both within conventional and Islamic ban...

Deloitte launches new Islamic finance insights series

22 May 2018 16:55 Deloitte’s Islamic Finance Knowledge Center (IFKC) in collaboration with the Chartered Institute of Securities and Investment (CISI), UK published its latest whitepaper entitled "Scalable and sustainable source of funding social infrastructur...

First Islamic trade finance #workshop in #Uzbekistan

22 May 2018 12:00 The International Islamic Trade Finance Corporation (ITFC), the Ministry for Foreign Trade of Uzbekistan and the United Nations Development Program (UNDP) have come together for the first trade finance workshop titled "Trade Finance as a Key...

UK taxation needs to accommodate Shariah compliant #real estate refinancing

21 May 2018 15:42 For well over a decade, the UK has been amending its tax laws for Islamic finance. The goal is to ensure that Islamic finance transactions are not taxed more heavily, or more lightly, than their conventional finance equivalents. In a diminishing m...

Save the Date – Financial Inclusion Week 2018

18 May 2018 12:10 The fourth annual Financial Inclusion Week will take place between October 29 and November 2, 2018. This year’s theme is Getting Inclusion Right. In 2018, the Center for Financial Inclusion at Accion is celebrating its 10th anniversary and using t...

#Kuwait's Noor Financial to divest stake in #Pakistan's largest Islamic bank

17 May 2018 16:17 Noor Financial Investment Company will divest a portion of its 49% stake in Pakistan's Meezan Bank. The company is in preliminary discussions with foreign institutional investors for a proposed divestment of 9.59% of the total issued and paid up c...

First Islamic #crowdfunding platform for affordable homes to increase impact with backing of Expo 2020 Dubai

17 May 2018 16:12 The world’s first Islamic real estate crowdfunding platform Ethis Crowd will showcase the solution at Expo 2020 Dubai. Ethis Crowd enables individuals to collectively fund and invest in new residential developments for low-income households in Ind...

Ramadan Karim

17 May 2018 12:58 End of Ramandan I participate and fundraise at UNICEF Cycling for Children. Please donate online: https://www.unicef.ch/en/cycling-for-children/action/michael-gassner (1 CHF almost equal to 1 USD)If you plan to do a large donation, I would be gla...

MICROCAPITAL BRIEF: Blossom Finance Launches Shariah-compliant #Microfinance #Fund to Invest in BMT Microfinance Institutions in #Indonesia via PBMT...

16 May 2018 15:11 US-based Blossom Finance recently launched a fund that will lend local-currency on the Indonesian island of Java via Permodalan BMT (PBMT) Ventura. Baitul Maal wat Tamwil (BMTs) are financial institutions that follow Shariah law. They provide savi...

#Sukuk issuance: QIIB weighs market mood

16 May 2018 15:02 Qatar International Islamic Bank (QIIB) is waiting for the right time to issue its $500m sukuk in the international market. QIIB CEO Abdulbasit Ahmed Al Shaibei said that QIIB is currently weighing market conditions before the issuance of the 5-ye...

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...

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