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Moroccan jurist Ahmed Raissouni slammed for calling micro loans «Sharia-compliant»

18 Feb 2020 13:19 Moroccan jurist Ahmed Raissouni and his recent fatwa on micro loans in Morocco has stirred controversy among Moroccan salafists. They urged the head of the International Union of Muslim Scholars to review his opinion on the matter. Raissouni said...

#Bangladesh's Islamic finance industry keeps booming with no slowdown in sight

18 Feb 2020 12:55 The central bank of Bangladesh approved applications from two domestic banks, Standard Bank and NRB Global Bank, to become fully Islamic banks. The two banks so far only operated Islamic windows but sought to convert to fully-fledged Shariah-compl...

BRIEF-Dar Al Takaful In Negotiations To Acquire Noor Takaful General And Noor Takaful Family

18 Feb 2020 12:44 Dar Al Takaful executed a conditional offer letter to acquire 100% of shares of both Noor Takaful General and Noor Takaful Family. Completion of transaction is expected to take place in second quarter of 2020. After the transaction, Noor Takaful G...

Saudi Arabia's Riyad Bank starts marketing 10-yr dollar #sukuk

18 Feb 2020 12:37 Saudi Arabia’s Riyad Bank has started marketing 10-year dollar sukuk at around 225 basis points over mid-swaps. The Tier 2 subordinated sukuk sale is part of a $3 billion issuance programme. The bank hired JPMorgan, Riyad Capital and Standard Char...

Pirate Statement on Homelessness for the United Nations

12 Feb 2020 14:27 Pirate Parties International (PPI) released a statement, which also appeared on the website of the United Nations. PPI concludes that technology-based tools such as internet crowd sourcing of information and low threshold access to resource inform...

Riyad Bank planning USD #sukuk under new programme

11 Feb 2020 13:05 Saudi Arabia's Riyad Bank is planning to issue an international Tier 2 U.S. dollar sukuk under a new programme. Funds raised from the first issuance under the new programme will diversify the bank's sources of finance, strengthen its capital base,...

Al Baraka celebrates Art Week in headquarters with an Art Exhibition by employees

11 Feb 2020 13:03 Al Baraka Islamic Bank organized an art exhibition for talented employees of the Bank as well as for the staff of Al Baraka Banking Group. The Art exhibition took place on 28th January 2020 at the Al Baraka Headquarters in Bahrain Bay. Al Baraka G...

INJAZ #Bahrain set to launch its first mobile application

11 Feb 2020 12:58 INJAZ Bahrain has endeavored to develop its first mobile application with the support of Al Salam Bank-Bahrain, K-Labs and Inforise IT. The application will offer an enhanced registration experience by enabling new joiners, volunteers and alumni t...

Al Salam Bank offers exclusive financing for Saraya Al Reem villas

11 Feb 2020 12:54 Al Salam Bank-Bahrain signed a memorandum of understanding with Al Saraya Properties Company to offer an exclusive financing facility for customers purchasing villas in the new Saraya Al Reem 3 development. The bank's property finance scheme is av...

ShariaPortfolio rolls out portfolio management services in #Canada

11 Feb 2020 12:36 ShariaPortfolio has introduced portfolio management services in Canada. The firm recently launched offices in Vancouver as well as Toronto. Plans are on to expand the employee strength of ShariaPortfolio Canada in additional provinces eventually....

Maybank Islamic establishes regional footprint with Dubai branch

11 Feb 2020 12:29 Maybank Islamic has officially opened its first overseas branch in Dubai International Financial Centre (DIFC). It offers wholesale banking services and facilities, with emphasis in corporate financing, treasury, and capital market and trade finan...

IMF: Oil-rich Gulf Arab states may spend savings in 15 years

10 Feb 2020 14:32 The International Monetary Fund warned that Gulf Arab states could burn through all their savings in the next 15 years as worries about climate change and supply from new competitors dampen oil prices. The stark alarm from the IMF comes as the isl...

Swiss fintech firms venture deeper into Middle East

07 Feb 2020 14:02 Swiss fintech company Instimatch has launched into the Middle East, having won a licence to operate in Qatar, and signed up its first Kuwaiti bank. The company is poised to incorporate Islamic finance-compliant solutions and blockchain into its pl...

Indonesian Islamic P2P lender Ammana Fintek Syariah eyes international expansion starting with #Malaysia

07 Feb 2020 13:55 Indonesian Islamic peer-to-peer lender Ammana Fintek Syariah is keen on entering international markets and is starting its expansion with neighbouring Malaysia. Ammana is also eyeing Brunei and Dubai as part of its international expansion. The Sha...

Global Iman Fund: Learn about Canada's Shariah Compliant Equity Mutual Fund

07 Feb 2020 13:51 Global Growth Assets Inc. has Canada’s only Shariah compliant equity mutual fund, the Global Iman Fund, which boasts a solid 10-year track record showing consistent growth. Fundata has awarded the fund its coveted FundGrade “A” rating, which place...

Shariah-compliant Qatar First Bank buys Seattle office building for $117 mln as it seeks to overturn losses

04 Feb 2020 15:02 Qatar First Bank has acquired a property in Seattle, Washington, USA, for $117 million as it seeks to overturn its 2018 loss of 482 million riyals ($132.38 million). The four-building corporate campus property is fully rented by telco T-Mobile and...

Jaiz Bank gets investment grade rating from IIRA

03 Feb 2020 12:22 Nigeria’s Jaiz Bank has been assigned positive rating by the Islamic International Rating Agency (IIRA). This is the first rating for the bank as the first Sharia compliant bank in the country. The Bank gets an investment grade rating of BBB (Trip...

DIB set to cut jobs following merger with Noor Bank

03 Feb 2020 12:15 Dubai Islamic Bank (DIB) is planning more than 500 dismissals at newly acquired Noor Bank as part of cost cuts across both lenders. DIB, the largest Shari’ah compliant lender in the UAE, has more than 9,000 employees, while Noor Bank has between 1...

Islamic Bank hires new CIO

31 Jan 2020 10:17 Birmingham-based Al Rayan Bank has appointed Simon Nash as the new chief information officer.Simon Nash has 30 years’ experience in the financial services sector with multinational businesses including RBS, Credit Suisse and Deutsche Bank. He wil...

Abu Dhabi Islamic Bank extends $87 million financing for 2 deals in #UK

31 Jan 2020 10:11 Abu Dhabi Islamic Bank (ADIB) has provided $87 million to help finance two deals in the United Kingdom that are valued more than $200 million. One of the clients is based in Abu Dhabi and plans to refinance a prime central London healthcare facili...

BSP to jumpstart Islamic banking in PH

31 Jan 2020 10:05 The central bank of the Phillipines has issued regulations to kickstart the implementation of Islamic banking in the country. Special emphasis is on bringing banking services to the underserved areas of Muslim Mindanao.The Bangko Sentral ng Pilip...

Lecture in London: Islamic Social Finance and the Sustainable Development Goals,Wednesday, 12 February, 18.00-20.00

30 Jan 2020 09:35 Dear readers,Looking forward at the following public lecture in London, which I am planning to attend.Best regards,Michael Gassner---PUBLIC LECTURE ON ISLAMIC FINANCE CHAIR Dr Jonathan Ercanbrack Centre for Islamic and Middle Eastern Law (CIMEL)Le...

Turkish Islamic banking set for fast growth after slow start

28 Jan 2020 17:53 According to Moody's Investors Service, Turkey's Islamic banking assets are set to double within 10 years from a low level as government initiatives drive growth in the sector. Turkey's Islamic finance sector currently is smaller than other large...

IsDB celebrates ‘International Day of Education’

28 Jan 2020 17:44 The Islamic Development Bank Group’s President Dr. Bandar Hajjar inaugurated 'the International Day of Education' event at the bank’s headquarters in Jeddah. The aim of this celebration is to support the efforts to achieve the 4th Sustainable Deve...

ADIB plans to end several banking services in the #UK

28 Jan 2020 17:34 Abu Dhabi Islamic Bank (ADIB) has announced plans to streamline its UK operations in a bid to end several banking services and to focus on commercial real estate financing. The bank will refrain from providing regulated services to customers, whic...

Qatar- Malaysia builds framework for digital Islamic banks

28 Jan 2020 17:30 Malaysia's central bank Bank Negara Malaysia is pushing the financial sector to join the digital banking revolution. It is preparing the issuance of the country's first five digital banking licences. Digital banks also named virtual banks, neobank...

#Kuwait's KFH plans to drop assets of about 100 million dinars this year - CEO

28 Jan 2020 17:21 Kuwait Finance House (KFH) plans to shed assets worth about 100 million dinars ($329.5 million) in 2020 as it finalises the acquisition of Bahrain’s Ahli United Bank. KFH has sold assets worth 137 million dinars in 2019 and achieved a profit of 40...

#Indonesia's financial inclusion index increased in 2019: Jokowi

28 Jan 2020 17:14 President Joko Widodo (Jokowi) drew attention to Indonesia's financial inclusion index (FII) having risen from 67.8% to 76.19% in 2019. However, the index is yet below that recorded of neighboring countries in the ASEAN, with Singapore standing at...

#Turkey's Islamic banking assets expected to double in 10 years - Moody's

28 Jan 2020 17:04 According to Moody's Investors Service, Turkey's Islamic banking assets are expected to double in the following 10 years as a result of government initiatives and new regulation that push the sector's expansion. With just over 5.8% of banking asse...

Lack of awareness behind low demand for Sharia-compliant mortgages

28 Jan 2020 16:58 Specialist Sharia Islamic mortgages are available with certain lenders but take-up is currently low. According to Lilla Dilliway, mortgage and protection adviser at BlueWing Financials, the low demand is because applicable borrowers are unaware th...

Boubyan Bank announces a successful offer for BLME Holdings plc (BLME)

28 Jan 2020 16:50 Boubyan Bank had received valid acceptances in respect of a total of 73,263,270 BLME Shares. On 27 January 2020, Boubyan Bank announced that all conditions to the offer were either satisfied or waived and the offer became unconditional. The offer...

Al Baraka Bank Egypt confirms its intent to launch digital bank

28 Jan 2020 16:46 Al Baraka Bank Egypt is establishing a digital bank, as it decided to increase the capital to EGP 5 billion through 3 years abiding by the Central Bank of Egypt's (CBE) new act. The bank injected EGP 1.7 billion joint funding to the national proje...

Interest-Free Banking in #Sweden: How much is it Islamic? – Dr. Akmal S. Hyder

27 Jan 2020 15:57 This study goes into the depth of a European bank which entirely practices interest-free banking for its saving and lending operations. The study shows that there are some similarities between JAK and Islamic banks but differences are many. One di...

Stronger GCC appetite set to spur uptick in #sukuk issuance in 2020

27 Jan 2020 15:52 A stronger appetite for sukuk issuance in some GCC countries is among the key factors that promise to spark an uptick in the market. S&P Global Ratings estimates a total sukuk issuance of between $160 billion and $170 billion this year, repres...

AAOIFI partners with Turkish Islamic banks to promote Islamic finance

23 Jan 2020 18:31 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has signed an MOU with the Participation Banks Association of Turkey (TKBB) to collaborate in the promotion of Islamic finance in Turkey. AAOIFI and TKBB agreed t...

Bridging the gap between faith and investment discussed by investors, asset managers, developers, churches

23 Jan 2020 18:24 Cooperation between different groups was the focus of recent a two-day conference held at the World Council of Churches in Geneva, Switzerland. The conference titled: "FaithInvest: Impactful Cooperation" was sponsored by the Geneva Agape...

Dubai Islamic Bank completes the acquisition of Noor Bank

23 Jan 2020 18:17 Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank through a share swap deal. As part of the agreement, DIB has issued 651 million new shares to take its issued share capital to 7.2 billion shares. The new DIB shares have been lis...

Saudi SRC buys $67mln mortgage portfolio from Bank Aljazira

22 Jan 2020 18:36 The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Saudi Public Investment Fund signed an agreement with Bank Aljazira to buy a SAR 250 million mortgage portfolio. The two entities signed a memorandum of understanding (MoU) that al...

Alizz-OAB #merger to provide customers with better services

22 Jan 2020 18:32 The upcoming proposed merger between Alizz Islamic Bank and Oman Arab Bank (OAB) will provide customers with better services and more outlets. Al Yusr Islamic Banking, Oman Arab Bank’s Islamic window with all its branches and staff will become par...

UK: Inaugural Meeting for the All-Party Parliamentary Group on Islamic Finance

22 Jan 2020 09:25 There will be an inaugural meeting for the All-Party Parliamentary Group on Islamic Finance held on Tuesday 4th February in the Grimond Room in Portcullis House at 4pm. At the meeting, the office bearers will be elected and a brief plan for the Gr...

Kuwait Finance House Shareholders Give Green Card to AUB’s Acquisition

21 Jan 2020 18:00 Kuwait Finance House has affirmed plans to purchase Bahrain’s Ahli United Bank. The merger can possibly become the Gulf’s sixth-biggest lender with $101 billion in assets. Reaching the value of about $101 billion, the acquisition will generate the...

One of Germany’s senior Muslim diplomats, Murad Hoffman, returns to his Lord

20 Jan 2020 15:56 The well-known scholar and diplomat, Murad Hoffman, has passed to meet his Lord. May Allah have mercy upon him. Murad Hofmann was born a Catholic in 1931 in Aschaffenburg, Germany. He later studied at the University of Munich and Harvard Universit...

Results of global family philanthropy survey released

20 Jan 2020 15:51 Rockefeller Philanthropy Advisors (RPA) and Campden Wealth published the report "Global Trends and Strategic Time Horizons in Family Philanthropy 2020". The report is based on a survey of 201 families of significant wealth who are engage...

Abdulla Al Ghurair Foundation for Education appoint Dr. Sonia Ben Jaafar as CEO

20 Jan 2020 15:43 The Abdulla Al Ghurair Foundation for Education (AGFE) has appointed Dr. Sonia Ben Jaafar as Chief Executive Officer. Dr. Ben Jaafar’s experience in the education development sector spans over 20 years in Canada, Africa, the Middle East and Asia....

Dubai’s Fajr Capital sells its stake in Bank Islam Brunei

20 Jan 2020 15:39 Dubai-based Fajr Capital has completed its divestment from Bank Islam Brunei Darussalam (BIBD) to Brunei Investment Agency. Fajr Capital stated that this transaction marks another successful exit for the firm, following several recent high-profile...

CIMB Islamic contributes RM1 million for conservation efforts of Setiu Wetlands

20 Jan 2020 15:34 CIMB Islamic Bank has committed RM1 million per year, renewable annually for up to 3 years for the conservation efforts of Setiu Wetlands, Terengganu. The three-year project with a total potential commitment of RM3 million, is in collaboration wit...

Alizz Islamic Bank approves share swap for proposed merger with OAB

20 Jan 2020 15:28 Alizz Islamic Bank’s Board of Directors has approved a share swap ratio for its proposed merger with Oman Arab Bank (OAB). The share swap ratio is around 81%: 19% for the shareholders of OAB and Alizz Islamic Bank respectively. The proposed merger...

DAVOS-Capitalism seen doing "more harm than good" in global survey

20 Jan 2020 15:23 A majority of people around the world believe capitalism in its current form is doing more harm than good. The survey was launched in 2000 to explore the theories of political scientist Francis Fukuyama, who after the collapse of communism declare...

Boubyan Bank's profits in 2019

20 Jan 2020 15:16 Boubyan Bank has reported net profit of KD 62.7 million in 2019, at a growth rate of 12% compared to 2018, with an earnings per share of 20.4 fils compared to 19.2 fils in 2018. Boubyan Bank CEO Adel Abdul Wahab Al-Majed said that the total equity...

NBB acquires 78.8% stake in Bahrain Islamic Bank

20 Jan 2020 15:08 The National Bank of Bahrain (NBB) has acquired a 78.8% controlling stake in Bahrain Islamic Bank (BisB). The offer which initially opened on 18 December 2019 was launched by NBB in a bid to develop its Islamic banking activities. NBB’s CEO Jean-C...

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