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IFSB database disseminates data for Islamic Banking Systems in 22 countries

31 May 2019 16:30 The Islamic Financial Services Board (IFSB) has published country-level data on financial soundness and growth of the Islamic banking systems for Q3 and Q4 of 2018 from 22 IFSB member jurisdictions. A special feature of this publication is the inc...

IFSB issues working paper on risk-sharing in Islamic Banking

31 May 2019 16:23 The Islamic Financial Services Board (IFSB) issued its 10th research (WP-10) in the IFSB Working Paper series which explores the risk-sharing practices in the Islamic banking sector. It describes the views of both Islamic banks and regulatory and...

KIB issues $300 million AT1 #sukuk

31 May 2019 16:18 Kuwait International Bank’s (KIB) Chairman Sheikh Mohamed Jarrah Al Sabah announced the issuance of an AT1 Sukuk. On Wednesday 29 May 2019, KIB has successfully priced a $ 300 Million AT1 perpetual Sukuk that classifies under Tier 1 capital at an...

Why biblically responsible investing is gaining traction

29 May 2019 13:15 Biblically responsible investing (BRI) is an investment decision making process that applies Christian values to issues facing shareholders and stakeholders regarding moral and social principles. Currently it represents a tiny portion of the total...

#Kuwait International Bank starts marketing $300mln #sukuk

29 May 2019 13:00 Kuwait International Bank started marketing $300 million perpetual sukuk to boost its tier 1 capital, with a yield of around 6.25%. Perpetual bonds mimic some of the characteristics of equity because they lack a maturity date. Citigroup, Dubai Isl...

NGOs appeal for immediate end to attacks on civilians and hospitals in Idlib

29 May 2019 12:57 Heads of 48 NGOs working in Syria have signed an open letter to the UN Security Council calling for an immediate end to attacks on civilians and hospitals in Idlib. Three million civilians in northwest Syria are scared and many are homeless. Accor...

#Nigeria Should Develop Policies To Enhance Islamic Estate Planning – Awojobi

28 May 2019 10:39 In this interview FBNQuest Trustees managing director Kunle Awojobi speaks about the benefits of Islamic Estate Planning. Islamic Estate Planning is considered an act of purifying or cleansing the individual, which involves voluntary and compulsor...

#Qatar- QIIB stays focused on digitalisation, utilising #fintech: CEO

28 May 2019 10:24 Qatar International Islamic Bank (QIIB) remains focused on digitalisation and utilising financial technology. Bank CEO Dr Abdulbasit Ahmad al-Shaibei sees fintech as the future of banking. QIIB cannot afford to miss out, so it is looking closely a...

VCBank buys majority stake in Caribou and Fuddruckers

28 May 2019 10:06 Bahrain's Venture Capital Bank (VCBank) announced its acquisition of a significant stake in the Caribou Coffee and Fuddruckers Restaurant franchises in Bahrain. From its first outlet in Bahrain in 2007, Caribou has grown its network to 22 stores,...

Medina Islamic Finance Boost Financial #Inclusion in Africa

28 May 2019 10:03 Medina Islamic Finance, an Africa-focused digital Islamic microfinance platform has announced a strategic partnership with United Labs, a New York-based data science venture studio. The announcement was made by the founder and CEO of Medina Islami...

BML launches complete range of Shariah-compliant business financing products

28 May 2019 09:54 Bank of Maldives (BML) Islamic launched a range of Shariah-compliant financing products. BML Islamic Retailers’ Financing allows businesses with average monthly sales of MVR 50,000 to finance up to three times the monthly sales volume, and a repay...

UNHCR Study: REFUGEES: THE MOST IN NEED OF ZAKAT FUNDS

27 May 2019 15:42 UNHCR report also describing their Zakat Fund created.https://zakat.unhcr.org/wp-content/uploads/2019/04/UNHCR-Annual-Zakat-Re...

Call for Innovation via Transform Fund 2019

24 May 2019 14:44 The Islamic Development Bank (IsDB) has established a special Fund, known as Science, Technology and Innovation Transform Fund (IsDB-STIF) to support its Member Countries in finding practical solutions to key development challenges related to 6 fo...

Islamic Finance Centre opens in #Kazakhstan

23 May 2019 12:49 Qatar's Hamad Bin Khalifa University (HBKU), Al-Farabi Kazakh National University, and Astana International Financial Centre (AIFC) have opened an Islamic Finance Centre (IFC) in Kazakhstan. The opening ceremony was attended by HBKU president Dr A...

GCC Banking Sector to Witness Mergers Worth Nearly $1 Trillion

22 May 2019 11:48 The GCC banking sector is undergoing major consolidation phase with 20 banks negotiating mergers and acquisitions with an estimated $1 trillion worth of assets. The UAE leads the pack with highest number of mergers both in terms of value and volum...

Ethis Group Comments on Receipt of Islamic Equity #Crowdfunding License in #Malaysia

21 May 2019 10:25 The Securities Commission Malaysia revealed updated regulations as well as the approval of 8 new "Regulated Market Operators" serving the investment crowdfunding market. Best known for its impact investing in Indonesia, Ethis Ventures la...

Najib's SRC trial: Interesting use of Islamic banking facilities, inter-posed charitable trusts to break-up cash flows into discrete unconnected pac...

20 May 2019 10:11 Two diagrams published by the Malay Mail illustrate the cash flows relied on by the prosecution to prove the charges against Najib Razak. The diagrams reveal the use of Islamic banking facilities and inter-posed charitable trusts to break-up what...

SAMA fines 16 financial institutions for violating principles of responsible finance

20 May 2019 10:02 The Saudi Arabian Monetary Authority (SAMA) has fined 16 financial institutions for violating principles of responsible finance and has instructed them to correct the violations. SAMA stated that the fines were imposed in order to implement princi...

At fintech meet, Guan Eng says only Pakatan provides the tolerance needed for innovation to thrive

20 May 2019 09:55 Malaysia's Finance Minister Lim Guan Eng said the country finally gained the tolerance element needed for digital innovation when Pakatan Harapan (PH) became the federal government. In his speech at the Securities Commission Fintech Roundtable 201...

Alliance Islamic Bank launches social #crowdfunding platform

20 May 2019 09:46 Alliance Islamic Bank launched its first social crowdfunding platform to create greater socioeconomic impact for the financially disadvantaged. The new platform is named SocioBiz and targets individuals seeking to raise funds to start or expand a...

Turkish banks and investors disagree on bad loan talks

16 May 2019 14:33 Turkish lenders disagreed on almost everything with potential investors when they met for the first round of talks about unloading a pile of bad loans. Investors demanded a 30% discount on the face value of the loans and an ownership stake, but th...

UNHCR unveils Refugee #Zakat Fund

16 May 2019 10:48 The United Nations Refugee Agency has launched a new global structure that transforms UNHCR’s existing Zakat programme into a global fund. UNHCR unveiled its 'UNHCR Zakat Program: 2019 Launch Report', which shows that global Zakat giving stands at...

Goldman Sachs brings forward claim linked to Saudi debt saga

15 May 2019 14:22 Goldman Sachs has bought forward a claim against Bahrain’s TIBC whose default 10 years ago triggered the biggest financial crisis in Saudi Arabia. The Bahraini lender raised money in international markets, transferring the funds to now defaulted S...

Malaysia leads global sukuk issuance

15 May 2019 14:14 Malaysia continued to maintain the leadership as the largest issuer of sukuk globally with a total of US$13.9 billion in the first three months of 2019. This means a market share of 35.2% from the overall issuance of US$39.5 billion during the per...

The Hajdari Group Unveils Newly Pioneered Sharia-Compliant Investment Strategies Option: 'InvestHalal' Wealth Management for American Muslim Investors

15 May 2019 14:11 The Hajdari Group recently announced the creation of its newest, faith-based financial planning platform: InvestHalal. InvestHalal utilizes a strict code-of-ethics and series of standards established by prestigious global authorities like the Fiqh...

Abu Dhabi bank delays instalments on personal financing in Ramadan

13 May 2019 12:50 Abu Dhabi Islamic Bank (ADIB) revealed it would postpone a monthly instalment for its personal finance customers at no extra charge during the holy month of Ramadan. ADIB annually offers flexible payment to customers during Ramadan to meet their i...

Moody’s expects strong growth in the Islamic finance sector in 2019

13 May 2019 12:38 Moody’s Investor Services expects strong growth in the Islamic finance sector, reflecting the increasing demand for Shari’ah-compliant financial instruments. The rating agency stated that familiarity as well as understanding of the instrument is i...

The #UK can be a world leader in Islamic finance

13 May 2019 12:36 According to Al Rayan Bank CFO Amir Firdaus, Islamic finance is reinforcing the UK’s position as a global financial hub. London is the leading centre for Islamic finance outside the Muslim world, with assets of UK-based institutions that offer Isl...

CBK rejects Warba Bank #merger with KMEFIC

09 May 2019 19:04 In February, Kuwait’s Warba Bank announced the purchase of Ahli United Bank (AUB) and its subsidiary to acquire their collective 75.7% stake in Kuwait & Middle East Financial Investment Company (KMEFIC).Warba Bank said that the Central Bank o...

QIB launches #Takaful product for low-income workers

09 May 2019 18:57 Qatar Islamic Bank (QIB) announced the launch of its affordable Takaful product for low-income workers called "Family Sheild - WPS". This low cost Takaful product can also be purchased by companies who want to give additional protection...

Islamic financing marketplace Alami bags funding led by Singapore-based tryb

07 May 2019 15:03 Indonesian startup Alami has closed an undisclosed pre-seed round led by fintech investor tryb. The company’s peer-to-peer (P2P) platform recently obtained a P2P registration from the country’s Financial Services Authority and is set to soon expan...

Global #sukuk market to hit $2.7trln by 2030: Franklin Templeton

07 May 2019 14:57 According to investment management firm Franklin Templeton, the global sukuk market is set to grow at a compound annual rate of around 15% to reach $2.7 trillion by 2030. Global sukuk issuance stood at over $477 billion at the end of last year, bu...

S&P: GCC Islamic Banks to Show Resilience in 2019,2020

07 May 2019 14:44 According to S&P Global Ratings, Islamic banks of the Gulf Cooperation Council (GCC) are expected to show resilience over the next two years after weathering tough market conditions in 2018. Last year they expanded slower than conventional pee...

Fixed Income: Bite-sized #sukuk with #blockchain

07 May 2019 13:29 According to Matthew Martin, founder of microfinance investment fund Blossom Finance, technology will make sukuk issuance much cheaper and simpler as well as more available to investors and issuers. The potential for blockchain to transform the bo...

#UAE's Majid Al Futtaim markets green dollar #sukuk

07 May 2019 13:04 UAE-based shopping mall operator Majid Al Futtaim is set to raise between $500 million and $650 million in green sukuk. The proceeds of the sukuk will back environmentally-friendly projects in areas such as renewable energy and sustainable water m...

Sharia-compliant #fintech startup nets funding in round led by Singapore’s Tryb

07 May 2019 12:58 Indonesian sharia-compliant fintech startup Alami secured funding in a pre-seed round led by Singapore-based VC firm Tryb. Alami, which recently obtained a P2P registration from Indonesia’s Financial Services Authority (OJK), operates a platform f...

#Jordan Islamic Bank is focusing on inclusivity to drive prosperity in the country

03 May 2019 12:41 Between 2014 and 2017, Jordan has made significant progress in terms of financial inclusion. According to the latest World Bank report, 42.5% of adults in Jordan now have a bank account, a remarkable increase from the 24.6% seen in 2014. Raising t...

Inside one of the finest pieces in today's Sotheby’s Arts of the Islamic world #auction

03 May 2019 12:33 In May, Sotheby’s holds its latest Arts of the Islamic World auction. The auction includes a number of rare Qur’ans, including one exemplary fine and rare miniature Qur’an on vellum, estimated to sell at GBP 70,000-90,000. The miniature manuscrip...

Abu Dhabi banks ADCB, UNB and Al Hilal complete three-way #merger

03 May 2019 12:26 The Abu Dhabi Commercial Bank (ADCB) has completed its merger with Union National Bank (UNB) and the combined company has acquired Al Hilal Bank to create the third largest financial institution in the UAE. Following the merger with ADCB, UNB has...

Who's Talking to Whom as Record #Merger Wave Shakes Up Gulf Banks

03 May 2019 12:21 Bloomberg provides an overview of which lenders are in merger talks and where those conversations are at. Talks are underway in Abu Dhabi for a possible tie-up between Abu Dhabi Islamic Bank with First Abu Dhabi Bank, a merger that would create on...

Guide Urges Funders to Support Sustainable Development Goals

03 May 2019 12:15 A new guide from Rockefeller Philanthropy Advisors offers advice for philanthropic funders on how to align their missions and activities with the United Nations' Sustainable Development Goals (SDGs). The publication provides practical advice as we...

Islamic artworks go under the hammer at Sotheby’s

30 Apr 2019 16:35 Some of the best examples of artwork from the Islamic world will go under the hammer at Sotheby’s on May 1. The auction includes a portrait of the great Ottoman Sultan, Suleyman the Magnificent, a landmark portrait valued at around 250,000 - 350,0...

SC sees good year ahead for #sukuk

30 Apr 2019 16:26 Malaysia could see more Islamic capital market funds raised this year as sukuk activity has picked up in the first quarter of 2019. According to Securities Commission Malaysia (SC) deputy CEO Datuk Zainal Izlan Zainal Abidin, sukuk issuances are p...

Experts Urge Nigerians to Embrace Islamic Estate Planning

30 Apr 2019 16:20 At the Islamic Estate Clinic held on April 28, 2019 in Abuja, different speakers highlighted how Nigerians, both Muslims and non-Muslims can benefit from the Islamic Estate Planning system. The event was put together by FBNQuest Trustees, with Man...

#UAE aim to become regional Islamic art and culture capital boosted by Jameel Prize’s first exhibition in Dubai

30 Apr 2019 16:12 The UAE’s status as a centre for Islamic art and design was boosted this past week as Jameel Arts Centre opened the Jameel Prize 5 exhibition. First awarded in 2009, the Jameel Prize is a collaboration between London's Victoria & Albert Museum...

Islamic finance has prominent role in financial #inclusion, says SC chairman

30 Apr 2019 15:59 According to Securities Commission Malaysia chairman Datuk Syed Zaid Albar, Islamic finance has a prominent role in helping to address unmet needs of the world's Muslim population. He delivered a keynote speech at the SC-World Bank- IOSCO Asia Pac...

Dar Al Arkan set to redeem $400m Islamic bond

25 Apr 2019 12:09 Saudi Arabia’s Dar Al Arkan Real Estate Development Company aims to redeem its $400-million sukuk by using internal cash reserves. The sukuk, listed on Irish Stock Exchange and Nasdaq Dubai, is set to mature on May 28, 2019. Over the last decade,...

#Saudi Arabia's Al Rajhi Bank to boost mortgage #lending

23 Apr 2019 17:11 Al Rajhi Bank aims to boost mortgage lending as more affordable housing comes on the market. CEO Steve Bertamini said the bank's mortgage book grew 27% year-on-year in 2018 and it is looking for double digit growth for the next two to three years....

Top ADCB executives appointed to lead Al Hilal Bank

23 Apr 2019 17:03 Senior executives at Abu Dhabi Commercial Bank (ADCB) were appointed to top leadership positions at Al Hilal Bank, as it prepares to be acquired by ADCB. Alaa Eraiqat was announced on Sunday as the new chairman of Al Hilal Bank, while Amr Al Menha...

INTERVIEW: Gulf banking consolidation 'long overdue' - Investcorp's co-CEO

23 Apr 2019 16:58 According to the co-chief executive of Bahrain’s Investcorp, Rishi Kapoor, consolidation in the financial services industry in the region is long overdue. Consolidation in banking would build the scale required to increase investments in financial...

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