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Don't believe media buzz about Arab buying spree in #Turkey

20 Jan 2020 15:01 Turkey has been talking a lot about Arab purchases in the country. Most recently, the issue of Arab acquisitions has made headlines as part of a simmering controversy over a government plan to build an artificial waterway in Istanbul as an alterna...

The DFSA Signs Guiding Principles on Sustainable Finance Together With Leading Authorities in the #UAE

15 Jan 2020 18:46 Dubai Financial Services Authority (DFSA) has published the UAE’s first Guiding Principles on Sustainable Finance. The Guiding Principles are the result of co-operative efforts among a number of authorities in the UAE, namely the Dubai Financial S...

Ensuring the Benefits of Capital Flows in the Middle East

15 Jan 2020 18:42 Since the global financial crisis of 2008, gross capital inflows to the Middle East and North Africa (MENA) have remained high compared to other emerging markets, but their composition has changed significantly. There has been a surge in portfolio...

Evolving Islamic fintech

14 Jan 2020 14:52 In this interview Stalla Cox CBE, the Managing Director of DDCAP speaks about her company and the evolving Islamic fintech scene. DDCAP Group was established over twenty years ago and has always selected its global expansion strategically. DDCAP o...

S&P projects $170bn #sukuk issuance in 2020; #Qatar key player in 2019

13 Jan 2020 13:03 According to S&P Global Ratings, global sukuk issuance increased by 25.6% in 2019 compared with 2018. Foreign currency issuance also increased by almost 20.8% during the year, explained primarily by activity in Turkey, and also issuance by Qat...

Islamic fintechs are on the rise — but how viable is this tailored offering?

13 Jan 2020 12:57 Fintech is a crowded space, but a new subgenre is emerging to attract the world’s 1.8bn Muslims with a Shariah-compliant alternative. The new ecosystem includes Islamic online wealth managers like Wahed and streams of Islamic mobile-first banks, i...

#Bahrain's GFH hires banks to market five-year dollar #sukuk

13 Jan 2020 12:46 Bahrain-based GFH Financial Group has hired Societe Generale and Standard Chartered to act as global coordinators and joint lead managers for the issuance of five-year dollar sukuk, The banks will market the bonds through a series of meetings star...

Dubai International Humanitarian Aid and Development Conference to Host Marathon and Hackathon for African Children

09 Jan 2020 18:34 Dubai International Humanitarian Aid and Development Conference (DIHAD) is scheduled to take place from 6-12 March 2020 and is focusing on Africa this year. DIHAD’s two key events include a marathon and hackathon. The marathon is expected to attra...

#Bahrain's sovereign wealth fund Mumtalakat hires banks for dollar #sukuk

09 Jan 2020 18:28 #Bahrain’s sovereign wealth fund Mumtalakat has hired banks to arrange fixed income investor meetings ahead of a potential issue of U.S. dollar-denominated sukuk. The fund has picked Citi, Gulf International Bank, HSBC, National Bank of Bahrain an...

Islamic Banking & Finance: What is Holding Back Sharia Finance in #Indonesia?

09 Jan 2020 18:24 Despite having the world’s largest Muslim population and despite forming a dynamic emerging economy, Indonesia plays a small role only in the global Islamic banking industry. Islamic banking apparently has a hard time taking off in Southeast Asia’...

Are bank mergers in the GCC as profitable as they seem?

09 Jan 2020 18:19 In the past two years, we have seen a number of bank mergers take place in the GCC. While the cost synergies of a bank merger can be tempting, the strategies to execute such a consolidation vary significantly and there is no "one size fits al...

Noor Bank reshuffles board ahead of merger with DIB

09 Jan 2020 18:13 UAE’s Dubai Islamic Bank (DIB) is progressing with the acquisition of Noor Bank whose board of directors has been reconstituted recently. Following the reshuffle, Noor Bank’s board of directors now includes Adnan Chilwan, the Group CEO of DIB and...

Foreign banks invited to open Islamic branches in the #Philippines

08 Jan 2020 10:44 With the approval of a new Islamic banking law in the Philippines doors are now open for domestic and foreign banks to open an Islamic banking window or to establish a subsidiary Islamic bank in the country. The law states that it is the responsib...

#Philippines central bank approves preliminary Islamic banking regulations

08 Jan 2020 10:38 Bangko Sentral Ng Pilipinas has approved preliminary regulations for Islamic banks and Islamic banking units. The preliminary policy initiatives of the central bank came after the Islamic banking law was signed by President Duterte on August 22 an...

Alliance Islamic Bank Launches Halal in One Programme

08 Jan 2020 10:33 Alliance Islamic Bank launched its Halal in One Programme, a halal enterprise ecosystem that aims to help small-and-medium enterprises (SMEs). The programme offers business owners solutions like business advisory, business matching services, and s...

Wahed Invest strengthens Sharia compliance management with Shariyah Review Bureau

08 Jan 2020 10:25 Wahed Invest announced the assignment of Shariyah Review Bureau to manage its Sharia compliance affairs. Wahed is seeking to expand geographically from its historical focus on clients in the US and now has offices strategically located in USA, UK,...

#Qatar Financial Centre Puts Blanket Ban on Cryptocurrency Businesses

06 Jan 2020 11:28 The Qatar Financial Centre Regulatory Authority (QFCRA) announced that virtual asset services may not be conducted in or from the Qatar Financial Centre (QFC). The QFC is a business and financial center with its own legal, regulatory, tax and busi...

Islamic finance industry needs a global ecosystem driven by tech

06 Jan 2020 11:21 The overall macroeconomic conditions have contributed to a slowdown in economic and banking growth. To address the challenges, the industry must come together to create a global ecosystem for Islamic finance. Currently, there are several disconnec...

Islamic finance gains ground in #UK despite confusion about offerings

06 Jan 2020 11:14 According to the 2019 Islamic Finance Consumer Report from Gatehouse Bank, several new faith-based lending or savings accounts have been launched in the UK, but only 54% of Muslim consumers have tried any of them. Gatehouse Bank CEO Charles Haresn...

Islamic banks ready to support SMEs

06 Jan 2020 11:05 According to the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), local SMEs are not fully utilising various solutions provided by Islamic banks despite credit availability. AIBIM has 26 members comprising of 11 domestic...

Is return to gold standard imminent?

06 Jan 2020 10:52 The Kuala Lumpur Summit 2019 called for a common cryptocurrency to be implemented among Muslim nations to avoid dependence on the US dollar. Prime Minister Tun Dr Mahathir Mohamad also called for the use of gold among Muslim nations particularly f...

Malaysia Plans Digital Banking License Launch

31 Dec 2019 09:48 Malaysia becomes the latest to capitalize on the rising trend of digital banking with plans to issue up to five licenses. Source:  https://www.finews.asia/finance/30597-malaysia-plans-digital-banking-lic...  

Islamic banks ready to support SMEs

31 Dec 2019 09:45 The local Malayesean small and medium enterprises (SMEs) are not fully utilising various solutions provided by Islamic banks despite credit availability. The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) took a survey...

Islamic finance gains ground in UK despite confusion about offerings

31 Dec 2019 09:39 The UK Islamic finance sector holds an estimated £15 billion ($19 billion) of assets, the largest outside the Middle East and Asia. The Gatehouse Bank is intent on developing the Islamic finance sector in Britain. Source:  https://www.zawya.c...

Africa: Striking the Right Balance Between Sustainable Development and Sustainable Debt

23 Dec 2019 15:09 Over the past two decades sub-Saharan Africa has made considerable economic progress, as extreme poverty levels have declined by one third; life expectancy has increased by a fifth; and real per capita income has grown by about 50 percent on avera...

QFC and UN Sign MoU to address global humanitarian issues

23 Dec 2019 15:03 The Qatar Financial Centre (QFC) inked a Memorandum of Understanding (MoU) with the Special Adviser to the UN Secretary-General. The MoU, will see increased collaboration between the QFC and the Special Adviser of the UN Secretary-General and aims...

KFH signs partnership agreement with international platform to Showcase Kuwaiti Youth's initiatives

23 Dec 2019 14:58 A strategic partnership agreement had been signed, between Kuwait Finance House (KFH) and Entrepreneur Magazine. (KFH) asumes that they will sponsor the Entrepreneur platform for Kuwait with “Entrepreneur Middle East” which specializes in business...

Experts say the odds are against gold dinar

23 Dec 2019 14:49 Prime Minister Dr Mahathir Mohamad brought an idea of a gold dinar as an international reserve currency for Muslim countries in preference to the US dollar as the dollar was sometimes unstable. Nazari Ismail, a professor of economics at Universiti...

Islamic finance body IILM names new CEO

23 Dec 2019 14:26 The International Islamic Liquidity Management Corporation (IILM) has announced on monday that Dr. Umar Aimhanosi Oseni is their new CEO. (IILM) is an international consortium that issues short-term Shariah-compliant financial instruments to facil...

Islamic finance legal framework coming

23 Dec 2019 14:21 The goverment is setting up regulatory frameworks for the Islamic financing, that is growing fast. In Tanzania at the time, it is only one bank that provides sharia-compliant financial products and services but other three conventional banks habe...

BIMB group restructuring to finally unfold

23 Dec 2019 14:11 The BIMB Holdings Bhd group is set to finally unfold. BIMB announced a series of proposals that will ultimately see it transfer its listing status to its wholly-owned subsidiary Bank Islam Malaysia Bhd. In the first step, BIMB will undertake a pri...

Al Baraka Bank aligns to United Nations Development Programme

20 Dec 2019 14:17 Al Baraka Bank, the islamic financial institution has joined several traditional banks in South Africa in aligning its Corporate Strategy and Social Investment responsibilities with the 2030 Agenda for Sustainable Development. Al Baraka Bank has b...

Saudi hardware retailer and wholesaler signs 100 mln riyals Islamic financing

20 Dec 2019 13:59 The Saudi Company for Hardware has signed 100 million riyals ($26.67 million) worth of Islamic financing. The finance was obtained from the Gulf International Bank in a five-year Shariah-compliant facilities. SACO Hardware posted 14.64 million riy...

Global Refugee Forum: Multilateral Development Banks vow to support forcibly displaced people

19 Dec 2019 15:00 The Multilateral Development Banks are set to support for refugees and people affected by forced displacement. The African Development Bank, the European Investment Bank, the Asian Development Bank, the European Bank for Reconstruction and Develop...

#Pakistan, the Lives and Livelihoods Fund Partners and Islamic Development Bank re-affirm commitment to support the polio programme

19 Dec 2019 14:53 A high-level delegation of the Islamic Development Bank (IsDB) and Lives and Livelihoods Fund (LLF) re-affirmed their commitment to support Pakistan in their fight against polio. The LLF has prioritized the eradication of polio and contributed ove...

Leaders call for use of alternative currency among Muslim countries against US Dollar

19 Dec 2019 14:40 At the ongoing Kuala Lumpur Summit 2019, leaders of the Muslim world have pressed for alternative currency for use in trade and seek independence from US Dollar. Turkish President Recep Tayyip Erdogan said Muslim countries should try to create new...

Shareholders of Dubai Islamic Bank approve acquisition of Noor Bank

18 Dec 2019 17:43 Following the conclusion of its General Assembly Meeting, Dubai Islamic Bank (DIB) announced that the assembly has approved the acquisition of Noor Bank. With this acquisition, DIB is set to position itself as one of the largest Islamic Banks in t...

#Cameroon bets on Islamic financing to boost financial inclusion and attract Middle Eastern investors

17 Dec 2019 14:32 In Cameroon, only one bank (Afriland First Bank) and three microfinance institutions practice Islamic financing. Yet, the appropriation of this type of financing can considerably contribute to the development of financial inclusion in Cameroon. To...

Dr. Mabid Al-Jarhi, IsDB Prize Laureate, Delivers Lecture on Gains of Switching from Conventional to Islamic Finance

16 Dec 2019 20:05 Winner of the 2019 Islamic Development Bank (IsDB) Prize in Islamic Economics, Dr. Mabid Al-Jarhi, has delivered a lecture on the gains of switching from conventional to Islamic Finance. He argues that mainstream economics has many limitations, an...

#Qatar reaches out to Shariah market in #Malaysia, #Turkey

16 Dec 2019 19:55 Qatar has taken the lead in reaching out to Malaysia and Turkey through which the country aims to be the dominant player in the global Shariah financial landscape. Under the proposed plan, Turkey would cover Islamic finance needs in Europe, Qatar...

Islamic finance sector to benefit from rapid family takaful growth

16 Dec 2019 19:47 According to Malaysian Reinsurance CEO Zainudin Ishak, the Islamic finance industry as a whole is poised to benefit from the rapid growth of family takaful into a dominant position. The company aims to attain a sustainable long-term growth through...

BCG survey finds GCC residents the most globally optimistic

16 Dec 2019 19:38 The first consumer sentiment survey conducted by Boston Consulting Group has found that GCC residents hold higher levels of financial optimism than their contemporaries around the world. Only in the UAE and Oman does the optimism level dip below 9...

2020 is the year of sustainability on Arab stock exchanges: AFE’s Secretary General

16 Dec 2019 16:08 The Arab Federation of Exchanges (AFE) has been working on launching a development strategy to localise financial technology and sustainable development, declaring 2020 the year of sustainability in Arab stock exchanges. “Reforming the home from w...

ADIB‘s falling revenue rounds up combined outcomes season for Abu Dhabi banks

16 Dec 2019 16:00 Abu Dhabi Islamic Bank (ADIB) saw profits fall in the fourth quarter while peer Union National Bank reported a surge in revenues. The emirate‘s five domestic banks are battling tight liquidity and rising bad loans due to the economic impact of low...

Alibaba-backed Indonesian multifinance fintech Akulaku planning Islamic roll-out

16 Dec 2019 15:55 Indonesian fintech Akulaku will launch its Shariah-compliant platform in the first half of 2021. The Jakarta-based company is a leading online multifinance provider in Indonesia and now it wants to enter the Islamic sector with Akulaku Syariah to...

#Qatar to host 14th World Islamic Economic Forum next year

13 Dec 2019 10:19 The State of Qatar will host the 14th session of the World Islamic Economic Forum (WIEF) in October next year. The agreement was signed by Nasser Mohammed Al-Mohannadi, Director of the Financial and Administrative Affairs Department at the Ministr...

ED attaches Rs 10-crore assets in 'Islamic banking' Bengaluru ponzi scam

13 Dec 2019 10:09 Assets worth over Rs 10 crore of a Bengaluru-based firm have been attached under the anti-money laundering law in connection with an alleged 'Islamic banking or halal investment' ponzi scam case. The accused firm is Ambidant Marketing Pvt Ltd and...

IIRA reaffirms GFH Financial Group’s BB / B fiduciary ratings

12 Dec 2019 12:10 Islamic International Rating Agency (IIRA) has reaffirmed its 'BB/B' international scale ratings at GFH Financial Group (GFH), with a stable outlook. GFH's key business lines include investment banking, real estate development as well as the recen...

WWF calls on Asean banks’ 'proactivity' in addressing environmental risks

12 Dec 2019 12:03 According to the World Wide Fund For Nature (WWF), banks belonging to the Association of Southeast Asian Nations (Asean) need to shore up regulatory safeguards to address the environmental and climate crisis. WWF’s Head of Asia Sustainable Finance...

Islamic fintech 2020: P2P crowdfunding, challenger banking and Southeast Asia biggest growth opportunities - study

10 Dec 2019 11:17 According to the Global Islamic Fintech Report, P2P crowdfunding and challenger banking are the top expected growth sectors for Islamic fintech in 2020. The report is produced by London-based digital finance firm Elipses in collaboration with the...

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