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World Health Organization thanks Saudi Arabia for contributing $500 million to combat Coronavirus

21 Apr 2020 20:31 The Director General of the World Health Organization (WHO) Dr. Tedros Adhanom thanked Saudi Arabia for donating 500 million dollars to support the international efforts in combating and preventing the spread of novel Coronavirus (Covid-19). Saudi...

Qatari humanitarian organisation pledges $43mn to UNHCR Refugee Zakat Fund

21 Apr 2020 20:26 Qatar based Thani Bin Abdullah Bin Thani Al-Thani Humanitarian Fund will contribute $43mn to the United Nations High Commissioner for Refugees (UNHCR) Refugee Zakat Fund. UNHCR also launched the findings of its 2020 Islamic Philanthropy Report. Ac...

Refugee Zakat Fund received over $43 million last year

21 Apr 2020 20:21 The Refugee Zakat Fund had received a total of more than $ 43 million in contributions during the past year, including an individual contribution that is the largest ever made. It was made by the Qatari Thani Bin Abdullah Bin Thani Al Thani Humani...

Abu Dhabi Islamic Bank Completes Trade Finance Distribution Transaction Using Blockchain

21 Apr 2020 20:16 Abu Dhabi Islamic Bank (ADIB) has successfully completed a secondary market transaction using TradeAssets, a blockchain-powered trade finance e-marketplace. TradeAssets developed its blockchain-powered trade finance platform with an initial focus...

First Rs200bn #sukuk issue launched via stock market

21 Apr 2020 20:11 Pakistan's state-owned Power Holding announced the 10-year Sharia-compliant sukuk up to Rs200 billion through the Pakistan Stock Exchange. The amount generated from the Pakistan Energy Sukuk-II will also be used for the settlement of partial circu...

Alvarez & Marsal administrators to ailing NMC healthcare group

21 Apr 2020 20:06 Richard Fleming, Mark Firmin and Ben Cairns of Alvarez & Marsal Europe have been appointed joint administrators of Abu Dhabi-based NMC Health. In February the company uncovered $335m (£258m) in previously undisclosed loans to related parties,...

Organization of Islamic Cooperation holds virtual symposium on COVID-19

21 Apr 2020 20:01 The Organization of Islamic Cooperation (OIC) held a videoconference on the COVID-19 outbreak. The symposium reviewed Sharia provisions on isolating confirmed and suspected patients; social distancing; acts of worship, including congregational pra...

Ayman Amin Sejiny, CEO at Islamic Development Bank Group

21 Apr 2020 19:56 Ayman Amin Sejiny has been the chief executive officer of the Islamic Corporation for the Development of the Private Sector (ICD) since October 2018. The ICD is the private sector arm of the Jeddah-based Islamic Development Bank Group. Recently, I...

RM100b corporate bonds, #sukuk issuances to be expected

21 Apr 2020 19:49 The Securities Commission Malaysia (SC) is expecting up to RM100 billion worth of corporate bonds and sukuk issuance this year. The regulator said the Covid-19 outbreak and the resultant disruption on businesses have affected fundraising activitie...

ADCB to lead NMC Health lenders group formed to hold talks on $6.6bn debt

15 Apr 2020 17:21 NMC Health's biggest creditors have set up a coordinating committee, taking a major step toward restructuring the $6.6 billion debt of the hospital operator. The company asked Abu Dhabi Commercial Bank (ADCB) to chair a coordinating committee of d...

#Malaysia’s BIMB Investment launches Shariah-ESG robo-advisor

15 Apr 2020 17:14 BIMB Investment launched a robo-intelligence investing platform focused on sustainable and Shariah-ESG assets. BEST Invest will give investors access to a suite of BIMB Investment’s Shariah-ESG unit trust funds across asset classes including globa...

#UK digital challenger bank Rizq eyeing summer launch

15 Apr 2020 17:04 Rizq, a UK-based Islamic digital challenger bank is preparing for its launch this summer. Akmal Saleem, the fintech’s co-founder and CEO is positioning Rizq from the Muslim lifestyle perspective, so the new bank wants to solve mainstream banking i...

#Egypt FRA eyes 5 #sukuk offerings in 2020

15 Apr 2020 16:51 Egypt's Financial Regulatory Authority (FRA) plans for five new sukuk offerings worth EGP 5 billion this year. In early April, FRA approved issuing the first-of-kind sukuk in favor of the Arab Company for Projects and Urban Development, a subsidia...

Govt to raise Rs225bln through Ijara #Sukuk auction in three months

14 Apr 2020 12:07 The State Bank of Pakistan (SBP) has issued the auction calendar for issuance of Rs225 billion sovereign Sukuk based on Ijarah. Pre-auction target is set at Rs75 billion for April, while similar amounts are set for May and June 2020. The latest is...

#Sukuk auction announced to finance budget deficit

14 Apr 2020 11:58 The State Bank of Pakistan (SBP) announced the auction for three-year Ijara Sukuk to raise some Rs 225 billion for the federal government. Recently, the federal cabinet approved the issuance of a five-year Ijara Sukuk to generate some Rs700 billio...

Administrators of NMC Health Revamp Company's Board

14 Apr 2020 11:48 The administrators of troubled hospital operator NMC Health have announced a new board of directors. Previous board members, including executive chairman Faisal Belhoul have been removed. The move came after London's High Court on Thursday placed...

COVID-19: Indonesian banks face challenging time but hopes remain

14 Apr 2020 11:43 The spread of COVID-19 is expected to hit Indonesian banks’ performance this year, but analysts remain hopeful that the industry will still be resilient. The Financial Services Authority (OJK) recorded gross non-performing loan (NPL) ratio at 2.79...

#Oman's Taageer Finance and Sohar disclose 4.67m rial exposure to NMC

14 Apr 2020 11:33 Oman's Taageer Finance and Sohar International Bank disclosed they have exposures to NMC Health. Taageer has a 1.23 million rial (Dh11.72m) exposure to NMC, while Sohar International Banke's exposure stays at 3.45m rials. Last week NMC was placed...

#Bahrain’s Al-Salam Bank appoints new chairman

14 Apr 2020 11:24 Al-Salam Bank-Bahrain has announced the appointment of Sheikh Khalid bin Mustahail Al-Mashani as the chairman of the board of directors. He is now replacing Khaleefa Butti bin Omair bin Yousif Al-Muhairi, who submitted his resignation as chairman...

Is this stock halal? Islamic finance charts high-tech future

14 Apr 2020 10:58 The Zoya mobile application screens US-listed stocks based on criteria issued by the Accounting and Auditing Organization for Islamic Financial Institutions. US-based Wahed Invest also uses those criteria to help tens of thousands of people invest...

Global #sukuk issuance down 32% in Q1 2020, recovery expected in Q3

14 Apr 2020 10:50 The volumes of the global issuance of sukuk have dropped 32% in the first quarter of this year against Q1 2019, and a further decline is expected in Q2 2020, as several countries implement measures to control the spread of COVID19. Most government...

#Egypt approves first issuance of sukuk by Talaat Mostafa subsidiary

09 Apr 2020 14:31 Egypt's Financial Regulatory Authority approved the first issuance of sukuk worth 2 billion Egyptian pounds ($127 million) by a subsidiary of Talaat Mostafa Group. The sukuk, issued by the subsidiary Arab Company for Projects and Urban Development...

NMC Health set for administration as negotiation attempts with creditors fail

09 Apr 2020 14:27 Abu Dhabi's biggest healthcare company is heading for administration as the company revealed it had been unable to secure an agreement on its debt. NMC Health has made a series of damaging disclosures in the past few months after a report by activ...

COVID-19 and Islamic Law Roundup (4/4)

09 Apr 2020 14:16 Countries and communities around the world are working to contain COVID-19 and mitigate its effects. Religious communities use digital tools, such as Zoom, to host services, lead classes on spiritual cultivation, and build community amidst mosque...

NMC Health expects to enter administration

09 Apr 2020 14:14 Healthcare company NMC Health failed to reach agreement with its creditors. Its major lender, Abu Dhabi Commercial Bank (ADCB) has filed an application in the UK's High Court requesting the company be placed into administration. ADCB’s exposure to...

The IILM Issues a total of USD 1.06 billion #sukuk

09 Apr 2020 14:07 The International Islamic Liquidity Management Corporation (IILM) has issued three short-term A-1 rated sukuk for a total amount of USD1.06 billion. The auction drew more than USD1.85 billion in demand. With over 60 orders from diversified investo...

Time to mobilise #zakat, retail #sukuk for Indonesia’s COVID-hit MSMEs – KNEKS official

07 Apr 2020 14:44 An official of Indonesia’s National Committee for Islamic Economy and Finance (KNEKS) says that Islamic finance instruments and domestic retail sukuk are more sustainable financial support alternatives for COVID-hit MSMEs than loans from multilate...

COVID-19 to impact GCC #sukuk issuance in 2020

06 Apr 2020 18:37 According to rating agency Moody’s, Islamic finance is set to keep expanding in 2020 and beyond as the GCC countries and Malaysia help drive growth in Shariah-compliant financial products. Moody’s VP-Senior Credit Officer Nitish Bhojnagarwala expe...

Islamic investments a more stable choice in uncertain times

06 Apr 2020 18:26 According to Malaysian Principal Islamic Asset Management CEO Datuk Syed Mashafuddin Syed Badarudin, Islamic investments are less volatile than their conventional counterparts and may be a better choice for investors during times of uncertainty. H...

NMC’s Deepening Debt Crisis Heads to a Showdown in U.K. Court

06 Apr 2020 17:26 The crisis surrounding NMC Health widened, as the struggling hospital operator rejected a call to be put into administration and United Arab Emirates’ banks disclosed more than $2 billion of exposure. The next chapter opens Thursday when a U.K. co...

IFSB organises online facilitating implementation of standards workshop on financial inclusion and Islamic finance from IFSB Technical Note 3

02 Apr 2020 14:08 The Islamic Financial Services Board (IFSB) is organising an online workshop on Financial Inclusion and Islamic Finance based on the IFSB’s recent Standard, Technical Note 3 (TN-3) on 21 April 2020 at 4.30pm (Malaysian Time). This is part of the...

Maybank Islamic’s new Dubai branch sets out to attract Gulf investors to Southeast Asia

02 Apr 2020 14:01 Maybank Islamic’s move into branch banking in the Middle East aims to attract Gulf investors to Southeast Asia. The Malaysian bank opened its first overseas branch at Dubai International Financial Centre (DIFC) in February. Maybank Islamic deputy...

National Takaful Company “Watania” Earns 13.1 Million Dirhams in Net Profit for the Year 2019.

01 Apr 2020 15:25 National Takaful Company Watania has announced positive financial results in 2019, as the company's net profit increased to 13.1 million UAE dirhams, compared to 9.4 million dirhams in 2018. The company launched many new initiatives in 2019 to boo...

Does divesting shares for ethical or religious reasons produce real change?

31 Mar 2020 14:47 Making moral and religious investment decisions is right, but does not change the world. Shariah compliant screening of stock market investments enables investors to invest in accordance with their religious beliefs, but that is all it does. To co...

Moody's expects $180bn #sukuk issuance this year

31 Mar 2020 14:38 According to Moody's Investor Service, sukuk issuance will stabilise after growing for four consecutive years, supported by the deficit financing needs of some GCC sovereigns, amid weaker oil prices and higher sukuk refinancing. Moody's expects su...

Islamic finance to expand in 2020 as demand for Shariah-compliant products grows

31 Mar 2020 14:30 According to Moody’s Investors Service, Islamic finance is poised to expand in 2020 and beyond, helped by growing use of Shariah-compliant products in the GCC region and Malaysia. Moody's vice president Nitish Bhojnagarwala expects sukuk issuance...

Philanthropy cannot self-isolate, and good ideas should never be quarantined

30 Mar 2020 17:19 From 12-20 March the European Foundation Centre (EFC) surveyed its membership to find out what measures they are taking in response to the COVID-19 pandemic. All respondents confirmed that their organisations have taken internal measures to protec...

Crowdfunding with Music Securities: A New Approach to Impact Investing

27 Mar 2020 14:31 Impact investing activity in Asia has grown quickly, but it will be a challenge to maintain the pace of scaling due to the complex and widely heterogeneous landscape of the region. Crowdfunding has been identified as a potential solution to match...

Al Baraka Bank #Tunisia increases its net income by 256%

27 Mar 2020 14:27 Al Baraka Bank Tunisia recently announced its financial results for the year 2019. The results revealed that the bank has moved forward with a net income that increased by 256% and total assets by 20% compared to the end of 2018. The Bank’s financ...

Fitch Ratings: Coronavirus intensifies pressure on Qatari banks

27 Mar 2020 14:21 The spread of the corona virus will pressure Qatari banks' asset quality and funding volatility could recur. As Fitch does not expect any changes in the Qatari authorities' ability to provide timely support all Qatari banks have a Stable outlook....

Islamic Development Bank earmarks $630m for members

27 Mar 2020 14:16 The Islamic Development Bank (IsDB) Group has set-up a special Strategic Preparedness and Response Facility worth $730 million to mitigate the negative impact of the COVID -19 pandemic. The IsDB Group stated that its entities will support the priv...

Leaders of world’s most powerful countries come together for Saudi-led virtual summit

26 Mar 2020 13:21 Leaders of the most powerful countries in the world will today come together in a virtual summit organized by the Saudi Arabia G20 presidency to tackle the accelerating coronavirus crisis. Among world leaders expected to participate in the meeting...

Etiqa gives RM1mil to buy ventilators

26 Mar 2020 13:12 Etiqa is contributing RM1mil for the purchase of ventilators through Mercy Malaysia’s Pandemic Fund to support strategic preparedness and response plan to the Covid-19 virus. This initiative will also help ensure all communities are well prepared,...

Jack Ma Foundation, Alibaba Foundation donation arrives

26 Mar 2020 13:03 The first batch of the much-needed medical supplies donated by the Jack Ma Foundation and the Alibaba Foundation has arrived in Pakistan. The shipment is part of the donation of medical supplies to 10 Asian countries announced on March 21. Collect...

Covid-19: Saudi delivery app raises funds as virus lockdown boosts demand

26 Mar 2020 12:58 A grocery delivery app in Saudi Arabia has raised funds to expand across the Middle East as lockdown measures related to the coronavirus boost demand for online shopping. The Nana app raised $18 million from investors including venture capital fun...

Covid-19 fund amassed RM8.1m in donations

25 Mar 2020 20:35 THE Covid-19 fund, launched by Malaysian Prime Minister Tan Sri Muhyiddin Yassin on March 11, received a RM5 million contribution yesterday. The donations came from Spanco Sdn (RM2 million), followed by DRB-Hicom, MMC Corp and YTL Corp who contrib...

Saudi billionaire's charity adds second donation to help global polio fight

25 Mar 2020 20:26 Prince Alwaleed Bin Talal Al Saud has joined Bill Gates and other leading figures to announce the first round of funding to a major global initiative to end polio. Alwaleed Philanthropies’ donation of $2 million to the Global Polio Eradication Ini...

#Sukuk issuance stalls on subdued economy

25 Mar 2020 20:21 Sukuk issuance could potentially take a hit this year, dragged by subdued economic growth. In 2018, when Malaysia’s GDP growth slowed to 4.7%, sukuk issuances fell by 2.6%. In 2019, when real GDP growth moderated further to 4.3%, sukuk issuances s...

Khalifa Foundation receives donation from Dubai Islamic Bank

24 Mar 2020 10:37 The Khalifa bin Zayed Al Nahyan Foundation received a AED1.2 million donation from Dubai Islamic Bank, to support its efforts to provide laptops to school and university students. The financial support comes as part of efforts to implement remote...

Philanthropists in UAE donate millions to fight Covid-19

24 Mar 2020 10:31 As the UAE is stepping up its fight against the new coronavirus (Covid-19), the Emirati business community is showing its solidarity and support. Abdul Rahim Al Zarooni, chairman of Zarooni Group, has allocated Dh10 million to support medical and...

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