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World Bank, IDB urge Islamic finance to play the long game

05 Apr 2018 16:10 The World Bank and the Islamic Development Bank want to increase the use of long-term investments in Islamic finance. The two multilateral bodies set out a series of policy recommendations in a joint report, aiming to capitalize on the risk-sharin...

Coincidental documents reveal Iranian Guard smuggled billions via Bahraini bank

05 Apr 2018 16:01 Iranian owners of a Bahraini bank complained about Bahrain to an international arbitration court in the Netherlands. Bahrain responded with documents proving that $7 billion was smuggled through suspicious accounts with the consent and knowledge o...

Jaiz Bank, IDB Sign $20m SMEs Financing Deal

05 Apr 2018 15:47 Jaiz Bank and Islamic Corporation for the Development of Private Sector (ICD) have signed a $20 million line of agreement to finance the Small and Medium Sized Enterprises (SMEs) of Nigeria. The financing deal covers sectors such as industry, comm...

Islamic bank to meet business world in Izmir this month

05 Apr 2018 15:36 Turkey's Aegean province of Izmir will host an Islamic Development Bank Group (IDB) event between 26-27 April. The announcement was made by Turk Eximbank CEO Adnan Yildirim, who said that Turkey aims to boost trade relations with the IDB's 57 memb...

#Malaysia remains lead in Islamic finance

05 Apr 2018 15:27 Malaysia has great potential to broaden its market share and strengthen its leadership in Islamic finance. According to the latest report by the Malaysia International Islamic Financial Centre, Asia’s Islamic financial assets amounted to US$528.7...

#Saudi- Finance Minister heads the Kingdom's delegation to the 43rd Islamic Development Bank board of governors Annual Meeting in Tunis

04 Apr 2018 14:41 Saudi Finance Minister Mohammed Al-Jadaan will head the Kingdom's delegation to the 43rd Annual Meeting of the Board of Governors of the Islamic Development Bank between April 4-5 in Tunis. The Saudi delegation will include Dr. Ahmad Al-Khulaifi,...

The rise of Muslim #Millennials and what it means for Islamic finance

04 Apr 2018 14:31 Millennials are the generational demographic bracket following Generation X, which was a more consumerist, independent-minded age cohort. In the Muslim world, the Arab Spring, the Global Recession and other developments like dropping oil prices ha...

And The Country With The 'Most Expensive' Plate Of Food Is...

04 Apr 2018 14:07 A report from the World Food Programme (WFP) analyzed the glaring gap in food costs around the world. The report points out that people living in poor countries have to spend the bulk of their wages on basic nourishment. The research measured the...

Syed Alwi is Agrobank’s new CEO

04 Apr 2018 13:58 Agrobank has appointed Syed Alwi Mohamed Sultan as its new president and CEO. The appointment has received approval from Bank Negara Malaysia and the Ministry of Finance. Previously, he had held several senior management positions with various ban...

#Qatar central bank backs three-way Islamic bank #merger

04 Apr 2018 13:51 Qatar’s central bank hopes the planned merger between three local Islamic banks can proceed this year. Masraf Al Rayan, Barwa Bank and International Bank of Qatar have been discussing a merger, though they missed the target date to complete the pr...

Islamic bank IDB officially launches $500M science #fund

04 Apr 2018 13:43 The Islamic Development Bank (IDB) launched a $500 million fund to strengthen science, technology and innovation in the Muslim World. The launch of the fund was made at the IDB's 43rd Annual Meeting in Tunis. The fund had been announced for the fi...

DFSA hosts accounting standard-setters for Islamic finance

04 Apr 2018 12:56 The Dubai Financial Services Authority (DFSA) recently hosted the International Accounting Standards Board (IASB) as part of a consultancy meeting. The Authority's involvement reflects its commitment to developing an effective and supportive regul...

IDB Group and World Bank launch second edition of Global #Report on Islamic Finance

03 Apr 2018 11:57 The Islamic Development Bank (IDB) Group and the World Bank Group launched the second edition of the Global Report on Islamic Finance. The report is entitled "The Role of Islamic Finance in Financing Long-Term Investments". It presents a...

Islamic Development Bank aims to empower women

03 Apr 2018 11:49 The Islamic Development Bank (IDB) aims to improve women’s access to infrastructure that will offer economic opportunities through Islamic microfinance. IDB president Bandar Hajjar was speaking at the "Partnerships for Promoting Women’s Econo...

Gotta Have Faith: A Biblically Responsible #Investment Strategy

03 Apr 2018 11:37 There are several ways for financial advisors to diversify an investment portfolio. For example, the James Biblically Responsible Investment ETF (JBRI) tries to reflect the performance of the James Biblically Responsible Investment Index. Indexing...

Public Mutual launches e-Islamic flexi allocation #fund

03 Apr 2018 11:27 Public Mutual has on Tuesday launched an e-series fund called Public e-Islamic Flexi Allocation Fund (PeIFAF). The fund's objective is to achieve capital growth over the medium to long-term by investing up to 98% of its net asset value in Shariah-...

MBSB rebrands AFB as MBSB Bank

03 Apr 2018 11:20 Malaysia Building Society Bhd (MBSB) has rebranded its recently acquired Asian Finance Bank Bhd (AFB) as MBSB Bank. MBSB Bank's CEO Datuk Seri Ahmad Zaini Othman said the bank would provide Shariah-compliant products and services, such as consumer...

Dubai’s Damac said to hire Barclays, HSBC for possible #sukuk

03 Apr 2018 11:05 Damac Properties Dubai hired banks for a possible sale of U.S. dollar-denominated sukuk. Hired banks include Barclays and HSBC and more banks will follow to arrange the debt sale, which may happen as soon as this month. Damac is the latest company...

Why Is Financial Inclusion in #Nigeria Lagging Compared to Its African Peers?

03 Apr 2018 10:56 According to InterMedia’s Financial Inclusion Insights (FII) 2016 Annual Report, the number of adults who are considered financially included in Nigeria has not improved since 2014. Financial inclusion in Nigeria dropped slightly from 37% in 2015...

Tunisia to host Islamic Development Bank annual meeting

03 Apr 2018 10:34 The annual meeting of the Islamic Development Bank (IDB) Group will be held in the first week of April in the Tunisian capital, Tunis. Fifty-seven ministers of economy and finance of member countries and about one thousand experts, economists and...

DE Asset Management Invests $500K into Hada DBank

03 Apr 2018 10:29 HADA Bank has received a $500,000 investment from DE Asset Management as they look to secure a long-term business partnership. DE Asset Management is looking to develop and launch its own cryptocurrency fund through Hada DBank. The $500,000 invest...

WGC, IIFM to develop #standards for gold-based Islamic contracts

29 Mar 2018 11:26 The World Gold Council (WGC) and the International Islamic Financial Market (IIFM) plan to develop a series of standard templates for sharia-compliant gold contracts. Gold had traditionally been classified as a currency in Islamic finance, but new...

Call for Good Practices on Islamic Finance and Impact Investing Activities

29 Mar 2018 11:06 Click here to apply http://bit.ly/2tN5RAZ Purpose of this call is to invite private and public sector to share their good practices on •Islamic finance funded impact investments and dedicated vehicles •impact investment vehicles in the OIC region...

Over One Fifth of Student Borrowers Used Loans to Gamble on #Cryptocurrencies

28 Mar 2018 10:33 According to a study by The Student Loan Report, over one-fifth of current university students with student loan debt indicated that they used their student loan money to invest in digital currency such as bitcoin. While school administrators may...

Jaiz Bank, others secure $50m for #SMEs financing

28 Mar 2018 10:25 Jaiz Bank, Wema Bank and SunTrust Bank signed a Memorandum of Understanding (MoU) and secured $50 million from the Islamic Corporation for the Development of the Private Sector (ICD) for lending to SMEs. Under the terms of the MOU, SunTrust bank w...

CBK-IFSB #Conference on Islamic Finance themed "Islamic Finance: A Universal Value Proposition"

28 Mar 2018 10:10 The Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB) are organizing a conference on Islamic Finance on the 2nd of May 2018. The conference will be held in the State of Kuwait in conjunction with the IFSB Annual Meetings...

Spreading Islamic Banking in #Uganda, One Sermon at a Time

28 Mar 2018 09:59 Ugandan investors are set to start a fully fledged Islamic institute called Midsoc Bank. Its promoter, Haruna Sebaggala, says it may start operations in six months, depending on licensing and funds. Midsoc Bank aims to target the unbanked populati...

QIIB to raise up to $500m via #sukuk; plans roadshows

27 Mar 2018 11:54 QIIB plans to raise between $300m-$500m via Sukuk this year. CEO Dr Abdul Basit Ahmed Al Sheibi said the bank got shareholders' approval and will hold roadshows in selected Asian and European markets next month. QIIB’s $2bn Trust Certificate Issua...

The race to become the world’s leading leading Islamic fintech hub

27 Mar 2018 11:39 According to Pew Research, the demand for Islamic financial technology is set to grow siginificantly, as the global Muslim population is expected to explode from less than two billion in 2015 to almost three billion by 2060. Malaysia, the UK and I...

It's cool to be kind: family offices and impact investing

27 Mar 2018 11:21 The Global Family Office Report 2017 (GFOR) shows that more than a quarter of family offices (28%) report being engaged in impact investing, and two-fifths plan to increase their allocations in 2018. This investment method is now being practised a...

#UAE's Dana Gas plans cash dividend despite $700 mln #sukuk dispute

27 Mar 2018 11:03 Dana Gas plans to pay a dividend for 2017 despite its legal dispute with investors demanding that the company settles $700 million of sukuk bonds. International funds and local investors want Dana to direct its resources towards repaying that debt...

Turkiye Finans gets regulatory nod for $450 mln #sukuk

27 Mar 2018 10:53 Turkish Islamic lender Turkiye Finans has been granted regulatory approval to raise $450 million via dollar-denominated sukuk. It previously issued dollar-denominated sukuk in 2013, a $500 million five-year deal that matures in May. The bank has b...

#Malaysia central bank to launch revised #takaful operational framework

27 Mar 2018 10:29 Bank Negara Malaysia (BNM) plans to revise its takaful operational framework. Governor Tan Sri Muhammad Ibrahim said the revised framework would be published for consultation before the middle of the year. He said it would strengthen the governanc...

Financial Inclusion Strategy For Marginalized Zimbabwean Muslims: Islamic Finance

27 Mar 2018 10:04 In 2016 The Reserve Bank of Zimbabwe (RBZ) introduced the Financial Inclusion Strategy to increase the banking population from 30% at the time it was implemented to at least 90% by 2020. The action targets groups such as Micro, Small and Medium-si...

Republic of #Indonesia’s $3 Billion Sovereign #Green #Sukuk Offering

27 Mar 2018 09:43 Indonesia issued a 5-year US$1.25 billion green Wakala Sukuk as the first issuance under its recently established Green Bond and Green Sukuk Framework. Norton Rose Fulbright has advised Abu Dhabi Islamic Bank, Citigroup, CIMB, Dubai Islamic Bank a...

Corrected: Arkan Bank could tap investors for $200mln through Nasdaq Dubai listing

22 Mar 2018 12:51 Dubai Investments announced the establishment of a new Islamic bank called Arkan Bank. It will be the first home-grown, wholesale Islamic Bank operating from Dubai International Financal Centre. It will have an initial paid-up capital of $100 mill...

World's largest single country Islamic ETF launched on QSE

22 Mar 2018 12:45 #Qatar launched the world's largest single country Islamic exchange traded fund (ETF). Al Rayan Qatar ETF (QATR), sponsored by Masraf Al Rayan, is planning to create more units to meet the increasing demand. The QATR is listed on the Qatar Stock E...

Newly empowered #Saudi women to help drive growth at Al Rajhi Bank

22 Mar 2018 12:37 Saudi Arabia's Al Rajhi Bank has opened 133 female-only branches and a car showroom for women to help them access car loans. Women have been allowed to attend mixed sporting events and will be able to drive from June. Al Rajhi Bank is a major prov...

#Saudi tycoon auctions off 900 vehicles to clear debt

22 Mar 2018 12:26 Thousands of people attended the first day of an auction of vehicles owned by indebted Saudi Arabian tycoon Maan al-Sanea. Officials say the sale will go towards repaying about 18 billion riyals (US$4.8 billion) owed to creditors. The businessman...

Islamic trade finance has much more potential

22 Mar 2018 12:09 The main precondition for Islamic trade finance to increase its presence in Islamic finance is a closer co-operation between banks and businesses. Experts say Islamic trade finance needs to be developed with instruments that allow better control o...

Bank Rakyat to continue Islamic Banker Programme for the second edition

22 Mar 2018 11:50 Bank Rakyat has recently launched its second edition of the Islamic Banker Programme which aims to produce future leaders for the banking industry. The programme recently received recognition from the 26th World HRD Congress 2018 by winning three...

Arkan Bank could tap investors for $100mln through Nasdaq listing

22 Mar 2018 11:41 Dubai Investments announced the establishment of a new Islamic bank called Arkan Bank. It will be the first home-grown, wholesale Islamic Bank operating from Dubai International Financal Centre. It will have an initial paid-up capital of $100 mill...

Dubai Investments to launch sharia-compliant Arkan Bank

20 Mar 2018 11:26 Dubai Investments will lead a consortium of investors to launch Arkan Bank. Arkan Bank is now applying to the Dubai Financial Services Authority for approval for a licence to operate as an Islamic financial institution. It plans to offer sharia-co...

#Qatar’s first Shariah compliant ETF to hit market tomorrow

20 Mar 2018 11:19 Qatar’s second listed exchange traded fund (ETF), the Al Rayan Qatar ETF will begin trading tomorrow on Qatar Stock Exchange (QSE). Al Rayan Qatar ETF is the first Shariah-compliant exchange traded fund listed on QSE.The ETF, issued by Masraf Al...

Govt plans ministry’s division for Islamic finance industry

20 Mar 2018 11:11 The Pakistani government is mulling a dedicated division at the finance ministry to deal with Islamic finance. The Prime Minister's Finance adviser, Miftah Ismail said the committee would be set up for the promotion of Islamic banking in Pakistan....

Crypto vs. Cash - How the Numbers Stack Up on Drugs, Guns, Murders

20 Mar 2018 10:46 There was a time when Bitcoin was used often for buying of illegal substances, from drugs to guns and even hitmen. It was decentralized, anonymous and digital. As Bitcoin has organically grown and been adopted into more mainstream markets, the use...

#Cybercriminals Launder Up to $200B in Profit Per Year

20 Mar 2018 10:28 Cybercriminals launder an estimated $80-200 billion in illegal profit each year, which amounts to 8-10% of all illegal proceeds laundered around the world. Virtual currencies are the most common tool used for money laundering, but Bitcoin isn't q...

Spearheading innovation in Islamic banking

20 Mar 2018 10:16 In this interview, Zahid Parekh, General Manager of Habib Bank Limited (HBL), speaks about the evolution and future of Islamic banking. In his view, Islamic banking has evolved as a natural phenomenon in Pakistan. HBL's initial focus was to bring...

#Indonesia sells 8.44 trillion rupiah in retail #sukuk

20 Mar 2018 09:50 The Indonesian government sold 8.44 trillion rupiah ($613.19 million) of sukuk bonds to local retail investors. The sales were slightly higher than the initially-allotted 8.11 trillion rupiah. The tradeable sukuk carry a fixed annual rate of 5.9%,...

DIEDC to collaborate with #Turkmenistan bank

20 Mar 2018 09:45 The Dubai Islamic Economy Development Centre (DIEDC) signed a Memorandum of Understanding (MoU) with The State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) to exchange knowledge, experience and best practices in Islamic economy. The Mo...

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