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#Sukuk market to lag 2019 performance on lower corporate issuance

23 Sep 2020 16:59 The Islamic bond market has seen some improvement in recent months but its overall performance in 2020 will remain weaker than last year, pulled back by a lack of issuance from corporate borrowers and central banks. According to Mohamed Damak, glo...

#Saudi fintech surges even as coronavirus bites private sector

23 Sep 2020 16:53 Saudi Arabia is seeing a faster adoption of technology at a time when the coronavirus pandemic has weighed heavy on the private sector. The FSD programme, which was launched three years ago, has achieved 90% of its targets and the coronavirus pand...

Cayman Islands: What Are The Go-To Jurisdictions For Wealthy Middle Easterners And Why?

23 Sep 2020 16:46 Ultra High Net Worth Middle Eastern families and individuals have a variety of jurisdictions to look to for succession planning and asset protection vehicles, but the three "go-to" jurisdictions are Cayman, Guernsey and Jersey. Historica...

In-Focus: ME Islamic & Conventional banks, wading through COVID-19 and Low Oil Prices

23 Sep 2020 16:38 Fitch Ratings is organizing a webinar on September 30th with the title ME Islamic & Conventional banks, wading through COVID-19 and Low Oil Prices. Discussion topics will include: ME Banks Overview (conventional and Islamic); Rating Actions so...

#Russia’s Sberbank to set up office in Abu Dhabi, exploring opportunities with Mubadala including in Islamic finance

23 Sep 2020 16:33 Russian state-owned Sberbank will establish a presence in Abu Dhabi by the end of the year. Sberbank has also signed an agreement with Abu Dhabi sovereign investor Mubadala Investment Company. The agreement covers cooperation in areas including co...

Banks cannot charge fees on loan deferral says Central Bank of #Bahrain

23 Sep 2020 16:28 The Central Bank of Bahrain (CBB) has clarified that no fees, except insurance, can be charged by lenders on the four-month loan deferral for Bahrainis and local companies. The regulator also said no late payment fees must be charged on credit car...

Chimera S&P UAE Sharia ETF adds three new companies listed on DFM, ADX

23 Sep 2020 16:20 Amanat Holdings, Aldar Properties, and Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) were added to the S&P UAE Domestic Shariah Liquid 35/20 Capped Index. In August the ADX and DFM listed Chimera Capital’s Exchange Trade...

Dubai Islamic Economy Development Centre Reviews Developments of Strategic Initiatives

23 Sep 2020 16:16 The Dubai Islamic Economy Development Centre (DIEDC) recently held its third virtual board meeting of 2020. Dubai has successfully positioned itself as a prestigious regional centre that offers significant opportunities to traders and investors. D...

The ethnicity pensions gap

23 Sep 2020 15:43 The People’s Pension identified that pensioners from ethnic minorities are on average £3,350 a year, or 24.4%, worse off than other pensioners – calling this the ‘ethnicity pensions gap’. Furthermore, the Black and Minority Ethnic population is pr...

Emirates Islamic's $500m #sukuk issue draws in a substantial $1.2b

23 Sep 2020 15:33 Emirates Islamic has closed a $500 million five-year sukuk forming part of its $2.5 billion 'Certificate Issuance Programme'. The issue, rated A+ by Fitch, will be listed on Nasdaq Dubai and Euronext Dublin. Bank ABC, Citigroup, Dubai Islamic Bank...

FinCEN files: Big banks let $2 trillion 'dirty money' move around world

21 Sep 2020 14:43 The FinCEN files show that the world's biggest banks have allowed criminals to move "dirty money" around the globe. In total, these reports flagged more than $2 trillion in transactions. The BBC reported that Russian oligarchs used banks...

Saudi Re receives Sharia certification from Shariyah Review Bureau

21 Sep 2020 14:36 Saudi Reinsurance Company (Saudi Re) announced receiving the Sharia certificate for its offerings from Shariyah Review Bureau (SRB). With a solid financial base of total assets SAR 2.9 billion and an A3 rating by Moody's, Saudi Re is eyeing opport...

Munir Lallmahamood, CEO de la Century Banking, interrogé par l'ICAC pour transactions frauduleuses

21 Sep 2020 14:28 Century Banking Corporation, qui opérait dans la finance islamique, fait l’objet d’une enquête de la Commission anticorruption. C’est avec effet immédiat que la Banque de Maurice a pris la décision de révoquer le permis de Century Banking Corporat...

Saudi German Hospital secures $81.33mln loan from Al Rajhi Bank

21 Sep 2020 14:23 The Middle East Healthcare Company (Saudi German Hospital) received Sharia-compliant credit facilities worth SAR 305 million from Al Rajhi Bank. A total of SAR 120 million of the financing is revolving loans that will be renewed periodically, whil...

Jaiz Bank: First shared-profit bank in #Nigeria approaches 10 years

21 Sep 2020 14:06 Nigeria’s first non-interest bank has moved from being a regional bank to a national bank, with several branches and customers. JAIZ International was established on 11th of November 2011, and began the long walk to the actualization of their drea...

Vice President Ma’ruf can ‘do more’ to develop sharia economy

17 Sep 2020 14:55 As a respected elder figure among the Muslim grassroots, Indonesian Vice President Ma’ruf Amin was initially expected to play a significant role in enacting policies that could benefit the country’s majority-Muslim population. But analysts have su...

Responsible Investing: Combining ESG and shariah principles in a fund

17 Sep 2020 14:44 Sustainable investing is increasing in popularity as more investors and companies prioritise the need to act responsibly in order to create a positive lasting impact on the community and the environment. Shariah-compliant investing shares many sim...

Demand for green Islamic bonds gain momentum in GCC states

17 Sep 2020 14:30 Investor appetite for green sukuk is growing in the Arabian Gulf countries despite the lukewarm economic growth amidst the ongoing pandemic. Saudi Arabia’s electric transmission monopoly, Saudi Electricity Company (SEC), issued a multi-tranche $1....

Egypt's Faisal Islamic Bank records $7.15bln in business volume during August

17 Sep 2020 14:23 The Faisal Islamic Bank of Egypt has reported a 9.3% increase in its volume of business to EGP 112.751bn in August 2020, compared to EGP 103.149bn in August 2019. The bank’s total assets reached EGP 109.713bn in August 2020, which reflects a 13% g...

Malik Riaz’s Bank ‘EIBL’ to offer Islamic Housing Financing for Bahria Town

16 Sep 2020 10:27 Escorts Investment Bank Limited (EIBL) is planning to launch Islamic housing finance. Malik Riaz, the Pakistani business tycoon owns EIBL. The new financing is expected to help in the business of the parent project of EIBL, Bahria Town. Bahria Tow...

Emirates Islamic Bank hires banks for 5-year dollar #sukuk - document

16 Sep 2020 10:21 Emirates Islamic Bank has hired banks to arrange the issuance of U.S. dollar-denominated five-year sukuk.It hired Emirates NBD Capital, HSBC, The Islamic Corporation for the Development of the Private Sector, and Standard Chartered to arrange inv...

Oman plans to launch third issue of sovereign #sukuk issue

16 Sep 2020 10:19 Oman's Ministry of Finance announced to launch of the third issue of sovereign sukuk denominated in Omani rials within the framework of the sovereign sukuk programme launched in 2019. The ministry has appointed Bank Muscat and its Islamic window (...

ADIB partners with Ministry of Finance to offer NextGen eDirham cards

15 Sep 2020 11:45 Abu Dhabi Islamic Bank (ADIB) has partnered with the UAE’s Ministry of Finance (MoF) to offer the new range of eDirham cards. eDirham cards offer a smart payment method accepted by more than 5,000 government services in ministries, federal and loc...

KFH–Bahrain launches a first-of-its-kind Islamic Securitization Program

15 Sep 2020 11:37 KFH-Bahrain launched a first-of-its-kind Shari'a compliant Securitization Program which offers a series of Mudaraba Sukuk under a trust structure. Under the program, sukuk will be issued against a select pool of financing portfolios, where the suk...

Aligning Money and Mission at Banks: What Nonprofits and Foundations Can Do

15 Sep 2020 11:21 Banking has fueled racial inequity and social harm in many ways and for a long time. Before the Fair Housing Act passed in 1968, banks regularly contributed to racial segregation and wealth inequality in the US by refusing to make loans to Black A...

International Islamic Trade Finance Corporation and Mizuho Bank Malaysia sign $100 mln trade financing deal

15 Sep 2020 10:56 The International Islamic Trade Finance Corporation (ITFC) signed a US$100 million Murabaha-structured line of trade finance with Mizuho Bank Malaysia, a subsidiary of Mizuho Bank Japan. This financing will help ITFC extend its support to the memb...

Nigerian Islamic bank Jaiz targets N5.41b gross income in Q4

15 Sep 2020 10:47 Jaiz Bank has projected that the flagship non-interest bank will post a gross income of N5.41 billion in the fourth quarter with average pre-tax profit per average sales expected at 13.03%. The bank predicted that profit before tax will be N705.37...

Asia Pacific Investment Bank to launch new Islamic digital finance fund

15 Sep 2020 10:38 Asia Pacific Investment Bank (APIB) will be launching an Islamic digital finance fund in Malaysia to invest in shariah-compliant financial technology (fintech) start-ups. The fund will be launched in collaboration with OUD Asset Management, a bout...

Arabesque: An Islamic Fund That Bucks the Trend

15 Sep 2020 10:28 Arabesque is a UK based fund manager. Their basic premise is that they combine cutting-edge artificial intelligence and algorithms with a powerful ethical screening tool. Arabesque consists of academics coming from a diverse array of fields includ...

Digitization In Banking Market will touch a new level in upcoming year with Top Key Players like Islamic Insurance Company, JamaPunji, AMAN, Salama,...

15 Sep 2020 10:15 The Digitization In Banking Market report focuses on the comprehensive analysis of current and future prospects of the Digitization In Banking industry. Top Key Vendors of this Market includes: Islamic Insurance Company, JamaPunji, AMAN, Salama, S...

Shariah-compliant businesses shown to rate more highly in ESG than conventional firms

03 Sep 2020 18:06 According to a recent analysis by asset management firm Arabesque, Shariah-compliant companies scored better than the overall group in 19 out of 22 environmental, social and corporate governance (ESG) categories. For the vast majority of 22 busine...

With building blocks in place, #Malaysia says it’s ready to welcome Islamic fintech investors

03 Sep 2020 17:57 The Islamic fintech space is growing in Malaysia, with recent entrants and an expanding consumer base. Government support and related initiatives are helping to drive the sector’s development. There are currently some 26 Islamic fintechs operating...

Cover Story: Sustaining the performance of shariah funds

03 Sep 2020 17:51 Shariah-compliant investments are resilient and even tend to perform better than their conventional peers in troubled times. This was proven during the first half of the year, when the average returns of global and Malaysian equity shariah funds w...

Amanie Shariah supervisory board endorses Walton’s land investment product as Shariah-compliant

03 Sep 2020 17:40 The Walton Group's Exit-Focused Land investment has been endorsed by the Amanie Shariah Supervisory Board as a Shariah-compliant investment product. Walton’s exit-focused pre-development land investment provides an innovative solution to U.S. publ...

#Egypt signs $2bn conventional, Islamic facility to finance budget deficit

01 Sep 2020 20:54 Egypt’s Ministry of Finance has signed the first conventional and Islamic financing facility, worth $2bn, to finance the state’s budget deficit. The facility was closed by Emirates NBD Capital Limited, and First Abu Dhabi Bank (FAB) as the transac...

Indonesian personal finance portal Finansialku eyeing more investors with new Islamic feature

01 Sep 2020 20:50 Indonesian personal finance assistant PT Solusi Finansialku plans to launch a dedicated Islamic feature to capture a broader base of investors. Finansialku currently has more than six certified financial planners focused on Shariah-compliant inves...

Dubai lifts veil on debt, showing it owes much less than thought

01 Sep 2020 20:47 Dubai made a rare foray into public bond markets, revealing that its debt burden is now a lot smaller than estimated by analysts only months ago. The emirate’s outstanding direct debt stood at 123.5 billion dirhams ($33.6 billion) as of June 30. T...

Sustainability and Islamic Finance in the United Arab Emirates

31 Aug 2020 17:59 The targets set by the UAE to prepare the country’s economy for a post-hydrocarbon era have been very ambitious. As part of its economic diversification actions, the UAE has undertaken to increase the clean energy contribution to the total energy...

Dubai to come back to debt market with 10-year #sukuk, 30-year bonds

31 Aug 2020 17:49 Dubai has hired banks to arrange investor calls ahead of a potential sale of U.S. dollar-denominated 10-year sukuk and 30-year conventional bonds. Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered are man...

#Qatar- Masraf Al Rayan's $750mn #sukuk generates overwhelming demand from global investors

31 Aug 2020 17:45 Masraf Al Rayan has announced the issuance of $750mn Sukuk with a term of five years under the bank's existing $2bn sukuk programme. The issuance was 4.4 times oversubscribed to the tune of nearly $3.3bn. The overwhelming demand from investors has...

Millennium launches worldwide operations in Dubai to help $2.5 trillion international Islamic finance sector

31 Aug 2020 17:26 Islamic banks have emerged stronger after each monetary disaster which uncovered the weaknesses of the traditional banking methods. Millennium Info Answer FZ-LLC (MISL) launched its operations on the Dubai Worldwide Metropolis to assist Islamic ba...

Registration deadline for Ma’an third Social Incubator extended to 12th September

31 Aug 2020 17:11 The Authority of Social Contribution, Ma’an, is urging all social entrepreneurs in the UAE and wider MENA region to complete the online application, as the Authority announces an extension for registrations until 12th September. The teams shortlis...

Kenya: State Urged to Expand Sharia Compliance Loans to Muslims

31 Aug 2020 17:04 As the coronavirus pandemic continues to disrupt businesses in Kenya, the Muslim community has been urged to take advantage of financial institutions offering low bank charges. Islamic finance expert Khalfan Abdallah has urged the government to re...

Bahrain's GFH inks deal to hold majority share in Sharia investment firm

31 Aug 2020 16:57 GFH Financial Group announced that it has acquired an additional 21.8% stake in Global Banking Corporation. The deal gives GFH a majority stake of 50.4% in the Bahrain-based investment bank following Central Bank of Bahrain approval to acquire up...

Islamic Corp. for the Dev. of the Priv. Sec. -- Moody's - ICD's credit profile reflects its robust capital position, strong liquidity balanced again...

31 Aug 2020 16:52 According to Moody’s Investors Service, the Islamic Corporation for the Development of the Private Sector’s credit strengths lie within its robust liquidity buffer and high quality treasury portfolio. While ICD remained lossmaking in 2019, the siz...

Why Islamic Finance And Impact Investing Should Join Forces

31 Aug 2020 16:34 The Islamic finance sector is growing, and as the global community responds to the COVID-19 pandemic, key stakeholders are working together to address the challenges. Islamic finance will continue to grow over the next decade across asset classes...

Moody's - Structural features underpin Malaysian Islamic banks' resilience against coronavirus fallout

31 Aug 2020 16:25 According to Moody’s Investors Service, concentration on retail financing and other structural features will help Islamic banks safeguard against a deterioration in asset quality and profitability. Islamic banks have sufficient loss buffers agains...

Inequality, Concentration of Wealth and the Ownership Structure of Islamic Banks: Some Pertinent Issues

31 Aug 2020 16:18 An important Islamic imperative is prevention of concentration of wealth among a few so that wealth circulates widely to enhance shared prosperity. In contemporary economic discourse inequality and concentration of wealth have emerged as among key...

Don’t Believe the Hype. Wealth Taxes Are Nothing New

31 Aug 2020 16:15 In July, a group of 83 of the world’s richest people calling itself Millionaires for Humanity urged governments to increase taxes on them to help deal with the economic fallout from the COVID-19 pandemic. Their idea, the latest version of a wealth...

Government to raise $343m from retail sukuk SR013

28 Aug 2020 10:39 Indonesia's government launched retail sukuk SR013 to raise Rp 5 trillion (US$343 million) to fund the state budget in the face of the COVID-19 pandemic. The tradable debt papers, set to mature on Sept. 10, 2023, offer a fixed annual yield at 6.05...

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