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Coronavirus in #UAE: Easa Saleh Al Gurg Group donates Dh13 million

24 Mar 2020 10:21 Easa Saleh Al Gurg Group has announced donations worth Dh13 million aimed at supporting the healthcare sector and schools in Dubai to support the country amidst the global coronavirus (Covid-19) outbreak. The Easa Saleh Al Gurg Group Charity Found...

Islamic Development Bank comes to the rescue of virus-hit members

24 Mar 2020 10:15 The Islamic Development Bank (IsDB) has set up an emergency funding line to tackle the coronavirus crisis. The Strategic Preparedness and Response Facility with a volume of $730mn is established in order to support the member countries and to miti...

Takaful insurer gets approval for majority stake sale

23 Mar 2020 18:21 Egypt’s regulators have approved the sale of 75% of Tokio Marine Egypt Family Takaful Co. for nearly 85 million Egyptian pounds ($5.4 million). Hermes Finance Group and GB Capital will each buy 37.5% of the takaful insurer. Mr Reda Abdel Moaty, FR...

COVID-19 and Islamic Law Roundup (2/2)

23 Mar 2020 18:18 Countries and communities around the world are working to contain COVID-19 and mitigate its effects. The following digest represents a variety of sources in which Islamic law was invoked in the decision making process. Kuwait amends the adhan to...

BOFIA Act Should Be Reviewed To Enhance Islamic Banking In #Nigeria - Abdul -Wahab Saadudeen

23 Mar 2020 18:13 According to Imam Abdul-Wahab Saadudeen, the Banking and Other Financial Institutions Act (BOFIA) should be reviewed to enhance Nigeria's Islamic banking industry. He believes the regulatory bodies must take into cognizance the principles of Islam...

New Islamic endowment trust seeks to be UK’s first waqf to combine commercial and social investments

18 Mar 2020 14:45 A new charitable foundation is being set up in the UK that aims to become a £1 billion waqf fund combining commercial and social investments. Sultan Choudhury, Executive Chairperson of the new One Endowment Trust (OET) said that the vision of the...

Dubai Islamic Bank shareholders approve 35 per cent dividend

16 Mar 2020 17:42 Dubai Islamic Bank (DIB) announced that the Annual General Meeting has approved the bank’s 2019 financial statements and other tabled resolutions. For the year 2019, DIB reported a net profit of over Dh5.1 billion, the highest ever in its history....

Bank Nizwa Discusses Growth of Islamic Finace With Local Treasury Dealers and Financial Institutions

16 Mar 2020 17:37 Oman's Bank Nizwa recently hosted a special dinner event for local Treasury Dealers and Financial Institution managers. With over 60 guests the gathering was a networking opportunity for industry professionals to share views and discuss the latest...

Islamic Fintech Startups On The Rise In Southeast Asia

13 Mar 2020 12:49 Islamic fintech firms in the Southeast Asian region are providing digital services with wide appeal. The services—especially peer-to-peer financing and crowdfunding—can easily be used by the world’s 1.9 billion Muslims, and the tech-savvy firms ar...

British Museum to exhibit 150 works by Middle Eastern artists in new major exhibition

13 Mar 2020 12:28 The British Museum has emerged as one of the foremost sites for collecting and exhibiting Middle Eastern art in the UK. Much of the museum’s prominence is due to Venetia Porter, its curator of Islamic and contemporary Middle East art. The 150 work...

Net profit of Emirates Islamic increases by 15 percent

12 Mar 2020 17:48 In 2019, Emirates Islamic net income grew by 15% to stand at AED1.061 billion. Total profit rose by 8% to AED2.7 billion, and financing and investing receivables were at AED37.5 billion, climbed by 4% from end 2018. Customer deposits reached AED45...

Saudi based Alinma Investment stuns the market with their Sukuk Bond ETF launch

12 Mar 2020 17:43 Alinma Investment has recently launched its Sukuk Bond ETF in order to provide a low risk investment vehicle for the end investor. The world is currently awash with volatility and there has never been a better time to reap the benefits of a well-d...

New cat bond an important piece of #Mexico’s social protection strategy: Government

11 Mar 2020 17:37 Mexico has newly issued a $485 million World Bank facilitated catastrophe bond, the IBRD / FONDEN 2020 transaction and sees it as an important part of the country’s social protection strategy. The new cat bond will provide the country with a four-...

Islamic fintech shows how inclusivity makes good business sense

09 Mar 2020 16:39 Customers across the world are quickly taking to new mobile-based payment technologies; contactless and e-wallets taking the lead over cold, hard cash. But not every nation is moving quite as fast. In Indonesia there are some concerns about whethe...

Shariah gold ETF rises as safe havens in demand

09 Mar 2020 16:25 Malaysian Affin Hwang Investment Bank expects gold prices to average higher in 2020, helped by sustained accommodative monetary policies among major central banks. Using the TradePlus Shariah Gold Tracker exchange-traded fund (ETF) as an avenue to...

How the #UK tech startup scene has become a powerful engine for Islam

09 Mar 2020 16:15 Today, technology and Islam are seeing a valuable convergence in its contribution to exercising faith in a modern era. Technology has been a real driving force in the introduction of Islamic business banking in the UK, with more than 20 banks now...

Dubai Islamic Bank shareholders approve Noor Bank acquisition

09 Mar 2020 16:02 Dubai Islamic Bank (DIB) received shareholder approval for the acquisition of unlisted Dubai-based Noor Bank. With the acquisition, DIB will become one of the largest Islamic banks in the world, with total assets worth 275 billion dirhams ($74.9 b...

#Nigeria: Islamic Finance - Opportunities, Challenges and Policy Direction

09 Mar 2020 15:53 Despite its growing acceptability around the world, there are untapped opportunities that can be accessed through Islamic finance in Nigeria. When the Central Bank of Nigeria (CBN) granted approval to the defunct Habib Bank to operate an Islamic b...

Impact de la finance participative sur les Objectifs de développement durable (ODD)

06 Mar 2020 10:11 La Société islamique pour le développement du secteur privé (ICD) et Al Akhdar Bank organisent une conférence et des masterclasses autour de l’impact de la finance participative sur les Objectifs de développement durable (ODD). En effet, l’impact...

Nasser Hideur, Directeur général d'Al Salam Bank #Algérie : «La finance islamique contribue à la mobilisation de l'épargne»

06 Mar 2020 10:00 Lors du colloque international sur la finance islamique le ministre délégué à la prospective et aux statistiques, le docteur Bachir Messaitfa, avait réaffirmé l'intérêt des pouvoirs publics de voir ces activités financières se développer et contri...

Les fintechs à l’assaut de la finance islamique

06 Mar 2020 09:52 Dans son rapport « Islamique Finance Outlook 2019 Edition », S&P Global Ratings a déclaré qu’à moyen terme, le secteur des fintechs pourrait entraîner certaines disruptions sur le marché de la finance islamique. L’adoption de la finance islami...

ISDB, LSE Plc Partner To Boost Green #Sukuk

03 Mar 2020 13:03 The Islamic Development Bank (ISDB) and the London Stock Exchange Plc (LSE) have both pledged to partner to boost Green Sukuk globally. President of the ISDB, Dr. Bandar Hajjar, met with the CEO of the LSE Plc, Nikhil Rathi, to discuss ways of bro...

KFH participates in Int’l Invention Fair of Middle East

03 Mar 2020 12:59 Kuwait Finance House (KFH) participated as a platinum sponsor in the activities of the 12th International Invention Fair of the Middle East. The exhibition is a platform which allows investors, creators, interested parties, official and government...

"Sharia fintech": Startups race to tap #Indonesia growth by aligning with Islam

03 Mar 2020 12:51 Winning over conservative Muslims is both a challenge and multi-billion dollar opportunity for fintech firms in Indonesia. Questions about compliance with Islamic law are a significant hurdle for the adoption of digital payments and other fintech...

#Qatar- Masraf Al Rayan subsidiary to establish digital bank in Astana International Financial Centre

03 Mar 2020 12:42 Al Rayan Investment is working on the requirements of authorising a new bank with an expected paid-up capital of $10mn and an authorised capital of $20mn. The new bank is intended to be the first full-fledged digital bank in the Astana Internation...

Family Bank in #Bahrain opens Seef headquarters

02 Mar 2020 13:40 Bahrain's Family Bank has opened its new headquarters in the Diplomatic Area of Manama. The ceremony was attended by the bank’s board members, chief executives of contributing banks and economic personalities. The establishment of the Family Bank...

Dubai Islamic Postpones #Sukuk Amid Coronavirus Volatility: Sources

02 Mar 2020 13:33 Dubai Islamic Bank (DIB) has postponed a planned issuance of U.S. dollar-denominated sukuk due to market conditions resulting from the new coronavirus outbreak. DIB was planning to raise the financing on Feb. 26, but decided to wait for better mar...

#UAE's Gulf Islamic Investments buys New York office building

02 Mar 2020 12:58 Gulf Islamic Investments (GII) has acquired a property in New York, which brings the firm’s US portfolio to more than $230 million. The property is an office building in White Plains, Westchester County, with a leasable area of 220,000 square feet...

Regulating AI in Finance: Putting the Human in the Loop

02 Mar 2020 12:50 Globalization, digitization and technology are propelling Artificial Intelligence (AI) forward in finance at an ever increasing pace. Despite the fact that finance is where some of the greatest investment is taking place, little has been written a...

Report Calls for Multi-Stakeholder Partnerships to Accelerate SDGs

02 Mar 2020 12:37 A new report from Philanthropy University, the Conrad N. Hilton Foundation, and GSVlabs offers recommendations for strengthening multi-stakeholder partnerships focused on advancing the United Nations' Sustainable Development Goals. According to th...

Nasdaq Dubai welcomes listing of $2 billion Sukuk by Islamic Development Bank

02 Mar 2020 12:30 Nasdaq Dubai welcomed the listing of a US$2 billion Sukuk by the Islamic Development Bank (IsDB). The sukuk was priced at a profit rate of 1.809 percent payable on semi-annual basis. This Sukuk makes IsDB the leading Sukuk issuer by total value on...

Saudi's Fawaz Abudulaziz Alhokair secures $800mln Islamic finance

02 Mar 2020 12:27 Saudi-listed retail group Fawaz Abdulaziz Alhokair Company has signed a Murabaha facility and a revolving credit facility agreement with a syndicate of Saudi banks. The $800 million debt facility is composed of two tranches, including a $650 milli...

Digital platform to drive takaful demand

25 Feb 2020 14:01 Malaysia has firmly established itself as an Islamic hub in the world through leadership and innovative product offerings. As such, the creation of an Islamic finance-enabling ecosystem is the key driver of the Malaysian takaful industry’s growth....

#Kenya: Djibouti's East African Bank Distance Self From Kenya Registered Bank

24 Feb 2020 15:48 The East Africa Bank based in Djibouti has written to the Central Bank of Kenya raising concerns of a fraud using the bank's name and logo. Curiously, the logo, colours and the information on the website of the East African Savings Bank (EASB) are...

Casablanca : Des experts étudient l'impact de la finance participative sur les ODD

21 Feb 2020 14:59 La Société Islamique pour le Développement du Secteur Privé (ICD) et Al Akhdar Bank organisent les 20 et 21 février 2020 à Casablanca une conférence de l’impact de la Finance Participative sur les Objectifs de Développement Durable (ODD). Les Mast...

Sukuk Islamique: La Côte d’Ivoire remboursera une dette de 19 milliards de fcfa le 7 mars

21 Feb 2020 14:51 L’Etat de Côte d’Ivoire procédera le 7 mars 2020 au paiement des profits semestriels et au remboursement partiel du capital de son Sukuk Etat de Côte d’Ivoire 5,75% 2016-2023 pour un montant global net d’impôt de 18,488 milliards de FCFA (27,732 m...

KYC Blockchain consortium in Dubai: possible implications?

21 Feb 2020 14:43 The Know Your Customer or KYC blockchain consortium in Dubai is due to happen soon in the United Arab Emirates (UAE). Banks and financial authorities have come together to form a consortium that would be sharing the KYC information not just betwee...

Algérie : Vers la création de banques islamiques (Finance Islamique)

21 Feb 2020 14:36 Sous le thème « L’avenir de la finance islamique à la lumière des développements contemporains en Algérie », le colloque international sur la finance islamique s’est tenu à l’Université de Tipaza les 18 et 19 Février. Le colloque a appelé les auto...

Meezan Bank Shariah Board endorsed guidelines for digital mobile account

21 Feb 2020 14:31 Meezan Bank's Shariah Board endorsed new guidelines related to digital accounts, supply chain financing and a housing finance facility. The Shariah Supervisory Board showed its overall satisfaction on the Shariah-compliance environment and operati...

Standard Chartered commits USD75bn towards Sustainable Development Goals

20 Feb 2020 19:45 Standard Chartered announced new business targets for supporting its clients as they transition to a low carbon economy. By the end of 2024, the Bank commits to providing USD40 billion of project financing services for infrastructure that promotes...

Insurance Firm Takaful Launches MyCyberCare Tool to Protect Businesses from Online Fraud

20 Feb 2020 19:37 Takaful Insurance of Africa developed a new product, a digital data protection tool that will enable individuals and businesses to secure their online presence. Known as MyCyberCare, the product will cover users on all forms of online fraud and vi...

Chubb in talks to merge Chubb Arabia with AlAhli Takaful Company

20 Feb 2020 19:33 Property/casualty insurer Chubb's Saudi Arabian division, Chubb Arabia Cooperative Insurance Company, has entered into preliminary discussions with AlAhli Takaful Company to explore the possibility of merging the two companies. Source:  https...

Abu Dhabi Islamic Bank to cut jobs as it seeks to save $136m

20 Feb 2020 19:31 Abu Dhabi Islamic Bank (ADIB) is considering cutting jobs and closing branches as part of a series of cost-cutting measures. The cutbacks come as ADIB announced a growth of 4% in net profit for 2019 to AED2.6 billion while group net revenues incre...

Dubai Islamic Bank hires banks to arrange dollar #sukuk issuance - document

20 Feb 2020 19:28 Dubai Islamic Bank has hired regional and international banks to arrange a potential long five-year or seven-year dollar sukuk issuance. The bank hired Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, KFH Capit...

$26mln Islamic financing for #Oman copper-gold project

20 Feb 2020 19:26 The Omani-Australian partnership Al Hadeetha Resources has secured funding to the tune of RO 10 million from Alizz Islamic Bank, which will support the financing of the formers copper-gold project. Australian-based mining firm Alara Resources is a...

Al Baraka Bank leveraging a robust global network

19 Feb 2020 14:38 In this interview Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group reviews the group’s 2019 results. Overall, Al Baraka Bank maintained its healthy financial performance despite the lower-income. However, Al Baraka's...

Saudi art organisation acquires vast collection of Middle Eastern art from Dubai's bankrupt Abraaj firm

19 Feb 2020 14:26 The private Saudi art organisation Art Jameel has bought a vast collection of works by leading artists commissioned by the now defunct, Dubai-based private equity firm Abraaj. The collection had been planned to go on long-term loan to Art Jameel’s...

Islamic Development Bank starts marketing dollar #sukuk

19 Feb 2020 14:19 Saudi Arabia’s Islamic Development Bank began marketing a five-year dollar sukuk at high-40s basis points over mid-swaps. The bank has hired Citi, Dubai Islamic Bank, HSBC, Islamic Corporation for the Development of the Private Sector, LBBW, Natix...

#Turkey sees inflow of angel investments surge 66% in 2019

19 Feb 2020 14:16 Turkey saw $102 million worth of angel investments come into the country in 2019, a 66% year-on-year increase, amid efforts to improve venture capital and angel investment fields in the country. Turkey is the fourth largest angel investment countr...

More hope for #sukuk market growth: S&P

18 Feb 2020 13:26 Global Sukuk issuances witnessed a 25.6% hike last year from 2018 numbers, with foreign currency issuances leaping 20.8%. This was driven by high levels of liquidity in Indonesia, good performance in Malaysia, Turkey's efforts to tap all available...

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