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Fintech and Islamic finance: Blockchain’s Proof of Work vs Proof of Stake

13 Jul 2019 16:37 Finally, the long-awaited book on Fintech in Islamic Finance, which I am honored to have contributed is ready for delivery:https://www.taylorfrancis.com/books/e/9781351025584 In my contribution I looked at how the underlying economics of increasin...

Reflections on legal barriers to cross-border #philanthropy in Europe

10 Jul 2019 17:21 The European Union has rules implementing a single market for for-profit activities while nonprofit, philanthropic activities lack any comparable system. There is increasingly a 'closing space' for civil society organizations engaged in cross-bor...

Wealthy #philanthropists call on themselves to pay more tax

10 Jul 2019 17:09 A group of wealthy Americans have written an open letter to the 2020 presidential candidates in support of a wealth tax. The letter is signed by 20 individuals including philanthropist George Soros, Facebook’s co-founder Chris Hughes, Disney heire...

MIDF keeps mum on Al Rajhi #merger talks

10 Jul 2019 17:04 Malaysian Industrial Development Finance (MIDF) remains tight-lipped about its negotiations with Al Rajhi Banking and Investment Corp (Al Rajhi Malaysia). Both banking groups announced on Jan 10 this year that Bank Negara Malaysia’s approval had b...

Why we need to embrace Islamic finance

10 Jul 2019 16:56 In the Philippines the Senate approved a bill authorizing the expansion of the Islamic banking system, which shall be under the supervision of the Bangko Sentral Pilipinas and regulated by the Monetary Board. This measure can support families affe...

Moody’s upgrades AHB Sukuk Company Ltd.’s #sukuk programme to (P)A1 and its USD500 million senior note to A1 following guarantee by Abu Dhabi Co...

08 Jul 2019 09:52 Moody's Investors Service upgraded to (P)A1 from (P)A2 the provisional foreign currency senior unsecured MTN rating of AHB Sukuk Company Ltd. The AHB Sukuk Company is a special-purpose vehicle established in the Cayman Islands by Al Hilal Bank. Mo...

Noor Bank raises over Dhs500m for Azimut’s fixed maturity fund

08 Jul 2019 09:43 Noor Bank entered a successful collaboration with Azimut (DIFC) to launch the largest US-dollar Islamic fixed maturity plan (FMP) in the UAE under a Dubai International Financial Centre (DIFC) domiciliation. Raising Dhs507 million in subscriptions...

Banks' lending activity remains robust

08 Jul 2019 09:32 According to CIMB Group Holdings group CEO Tengku Datuk Seri Zafrul Aziz, banks are doing as much as they can to balance lending to customers with responsible financing. He said commercial banks would want to grow their loans to maximise returns,...

#Malaysia’s Islamic fund manager BIMB signs UNPRI to incorporate ESG into investments

05 Jul 2019 12:56 Malaysian Islamic fund manager BIMB Investment has become an official signatory of the United Nations-supported Principles for Responsible Investment (UNPRI). BIMB Investment is the only bank-backed Islamic asset manager in Malaysia to be a UNPRI...

#Saudi Arabia's Arbah Capital buys Glasgow's Sauchiehall building

05 Jul 2019 12:48 Saudi Arabia-based Arbah Capital has acquired the Sauchiehall building in Glasgow, UK, valued at $76m (SAR285m), through a sharia'a-compliant investment structure. Arbah Capital stated that the acquisition represented a core long term investment a...

#Kuwait's Warba Bank plans $500 mln #sukuk issue this year - CEO

05 Jul 2019 12:37 Kuwait's Warba Bank is working to set up a sukuk programme of up to $2 billion with an initial $500 million issuance this year. CEO Shaheen Al-Ghanem said the programme is subject to central bank approval. After the initial issuance this year, the...

London VC Hambro Perks to invest in 'two to three' Islamic startups

05 Jul 2019 12:29 The UK hosted its first halal startup pitch event in mid-June, when five prominent Islamic SMEs met with investors to showcase their wares. Prominent Islamic SMEs at the 'Smart Capital Startup Pitches' event included VIP halal travel firm Serendip...

#Philippines to fast-track Islamic finance regulations – media

05 Jul 2019 12:12 Philippines’ central bank will fast-track the issuance of Islamic finance regulations in the country as soon as the Islamic banking law is approved by the president. Philippines has been accelerating the growth of its Islamic economy sectors in th...

Virtual banks can attract more millennials to Islamic banks

05 Jul 2019 12:02 According to Professor Datuk Dr Azmi Omar, President of the International Centre for Education in Islamic Finance (INCEIF), it is necessary to address millennials, as they constitute a significant proportion of the Malaysian population. Therefore,...

UAE lender ADCB plans to cut 2,000 jobs post-merger: Bloomberg

05 Jul 2019 11:50 Abu Dhabi Commercial Bank (ADCB) is planning to slash about 2,000 jobs in the near future. In May ADCB, Union National Bank (UNB), and Al Hilal Bank merged to create the UAE’s third largest bank with 423 billion dirhams ($115 billion) in assets. B...

Gaps in Islamic finance a pressing issue, says ICIEC

05 Jul 2019 11:46 The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is trying to fill a gap in the absence of third-party guarantees, which has affected liquidity and hindered growth of Sharia-compliant financing. ICIEC head Oussama...

#Malaysia’s MIDF, Al Rajhi Bank #merger hangs in balance

01 Jul 2019 14:06 The planned merger of Malaysian Industrial Development Finance (MIDF) and Al Rajhi Banking and Investment Corp (Al Rajhi Malaysia) is now uncertain as the shareholders have missed the June 27 deadline. The shareholders of the two companies have se...

Sharjah Islamic Bank raises $500mln #sukuk

28 Jun 2019 09:47 Sharjah Islamic Bank (SIB) raised $500 million in its debut Additional Tier 1 (AT1) sukuk at the lowest price of 5%. Accordingly, the bank’s AT1 Sukuk yield is the lowest in the region, down from 5.25% in 2015. The lender has received orders of $4...

INTERVIEW-Social businesses led by women can fix 'any problem': Nobel winner

28 Jun 2019 09:43 According to Nobel laureate Muhammad Yunus, social enterprises run by women and young people can fix the world's most pressing problems. Bangladesh's Yunus won the Nobel prize in 2006 jointly with Grameen Bank, the microfinance organisation he fou...

Exhibit at Museum for Islamic Art Features Jewish Jewelers from the Arab World

28 Jun 2019 09:34 The Museum for Islamic Art in Jerusalem, with a mission of promoting interfaith dialogue, has opened a "past and present" jewelry exhibit. According to its curator, Idit Sharon, the museum serves as a multicultural bridge between the dif...

'Halal' Ponzi Scams and Islamic Finance in #India – Need for a Strict Shariah-Compliance Certification Framework

25 Jun 2019 16:53 Prominent Islamic Finance activists have been trying to create recognition and make an impact in the implementation of Islamic Finance in India since decades. Recent years have seen quite a few setbacks in the Islamic Finance initiatives, with man...

With no official nod for halal funds, money scams arise

25 Jun 2019 16:39 Investigation authorities are probing complaints that a Bengaluru-based company, which promised to route investors’ savings into halal investments, cheated them of 2000 crore. India does not recognise Islamic banking, but there are investment opti...

Gulf African Bank inks IFC advisory deal for SME lending

25 Jun 2019 16:30 The International Finance Corporation (IFC) is offering technical advisory services to Gulf African Bank to help it lend more to small and women-owned enterprises. The advisory will cost $368,016 (Sh37 million) and is the latest such undertaking w...

HBKU’s College of Islamic Studies calls for research papers

25 Jun 2019 16:23 The College of Islamic Studies at Hamad Bin Khalifa University (HBKU) has announced a Call for Papers for its International Conference on Islamic Finance and Circular Economy. The conference is jointly organised with the Qatar Financial Centre (QF...

S&P sees GCC move ahead of Africa in race for fintech adoption

25 Jun 2019 16:13 A new report on the prospects for fintech in the Middle East and Africa has affirmed the importance of the Gulf Cooperation Council (GCC) region. According to Standard & Poor's, the GCC's most advanced centres are Dubai and Bahrain. "The...

Islamic banking industry continues to offer financing to eligible Malaysians: Aibim

25 Jun 2019 16:05 The Association of Islamic Banking and Financial Institutions Malaysia (Aibim) has ensured that its member banks will continue to provide access for Islamic finance banking products. Aibim’s president Datuk Adissadikin Ali assured that customers w...

Pakistani startup Tez Financial Services wins at Inclusive Fintech50

25 Jun 2019 15:57 Pakistani fintech startup Tez Financial Services has been selected as one of the winners of 2019’s Inclusive Fintech 50. Tez was the only Pakistani startup to have qualified for the competition. Inclusive Fintech 50 is a competition to help early-...

TAKAFUL: SANLAM VEUT BIEN VENDRE DES PRODUITS D’ASSURANCE ISLAMIQUE, MAIS...

24 Jun 2019 13:17 La filiale marocaine du sud-africain Sanlam vient de créer une nouvelle filiale, du nom de Sanlam Takaful, dédiée à l’assurance participative. Le projet de loi introduisant le Takaful dans le Code marocain des assurances a déjà franchi, en février...

Bank Muamalat to grow revenue from Islamic pawnbroking

24 Jun 2019 13:12 Bank Muamalat Malaysia aims to grow its revenue from Islamic pawnbroking (Ar-Rahnu) by up to RM50million. The bank's second pawnbroking campaign was launched on June 20 and will run for 10 months until March next year. Bank Muamalat consumer banki...

Experts meet on Islamic finance

18 Jun 2019 12:37 Experts from the private and public sectors are meeting today in Lagos to discuss the progress of Islamic finance in Nigeria. The inaugural edition of the IFN Nigeria Forum "Harnessing the Islamic Finance Sector for Infrastructure Development...

Saudi Arabian issuers boost #sukuk in first five months of 2019

18 Jun 2019 12:27 According to S&P Global Ratings, the sukuk market enjoyed a strong start to the year but it may not last. S&P Global Ratings Head of Islamic Finance, Mohamed Damak said high levels of liquidity in Indonesia, Turkey's efforts to tap all ava...

Sharjah Islamic Bank mandates banks for capital boosting #sukuk

18 Jun 2019 12:16 United Arab Emirates’ Sharjah Islamic Bank has hired banks to arrange investor meetings ahead of an issuance of U.S. dollar-denominated sukuk. Citi, HSBC and Standard Chartered have been hired to coordinate the deal, and they are bookrunners along...

Dubai developer The First Group to issue $135mln #sukuk

13 Jun 2019 15:06 Dubai-based real estate developer The First Group plans to issue $135 million in sukuk. The developer has appointed investment bank Shuaa Capital to arrange the planned transaction. The First Group specialises in hotel investments. It has complete...

College launches degrees in Islamic finance

12 Jun 2019 15:54 Dundee’s Al-Maktoum College of Higher Education is collaborating with the University of Dundee to offer qualifications in MSc Islamic Finance, MSc Islamic Banking and Finance and MSc Islamic Banking, Finance and International Business. Dr Salah Al...

Dubai issues new financial centre insolvency law after Abraaj collapse

12 Jun 2019 15:46 Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum issued a new insolvency law for companies operating in the Dubai International Financial Centre (DIFC). The new law has been issued following the collapse of Dubai-based private equity firm Abraa...

#UAE's Sharjah Islamic Bank readies capital-boosting dollar #sukuk

12 Jun 2019 15:41 Sharjah Islamic Bank is expected to issue U.S. dollar-denominated sukuk by the end of June to boost its Tier 1 core capital. The bank's board approved earlier this year the issuance of sharia-compliant Tier 1 instruments for up to 2.8 billion dirh...

#Russia's Sberbank to Acquire Stake in Islamic Charity Platform PayZakat

12 Jun 2019 15:37 Russia's state-controlled Sberbank will acquire 25% of the PayZakat platform that collects charity for Muslims in need. PayZakat is a start-up that won Sberbank’s first Sber#Up corporate accelerator competition for its own employees, and the bank...

Why a second #merger wave may hit #UAE lenders

12 Jun 2019 15:28 According to Bloomberg Intelligence, banks in the United Arab Emirates may go through a second wave of consolidation as lenders seek to improve profitability. Bloomberg analyst Edmond Christou said the absence of common shareholders and a lack of...

OPINION: #Sukuk bonds becoming increasingly mainstream

12 Jun 2019 15:22 According to Dino Kronfol, CIO at Franklin Templeton Investments, the future is bright for investing in sukuk. He is confident that sukuk could provide the stability that mitigates an uncertain global economy, particularly as more risk management...

US startup PayJoy unlocks smartphone loans for Asia's unbanked

12 Jun 2019 15:11 American startup PayJoy makes it easier for people without a bank account or credit profile to purchase a smartphone on installment. The phones and loans are provided by third parties. What PayJoy provides is proprietary software that locks the ph...

Scientific heritage of Fuat Sezgin to be appreciated at symposium

11 Jun 2019 10:39 The International Fuat Sezgin Islamic Science History Symposium will be organized in Instanbul from June 13 to June 15 with the theme of "Fuat Sezgin's Scientific Heritage." Various Islamic science history experts from all over the world...

For $83,000, Harvard teaches rich kids how to do good (and make money)

11 Jun 2019 10:32 In collaboration with the World Economic Forum, Harvard University and the University of Zurich have launched a course called "Impact Investing for the Next Generation". In this context, that generation means the heirs to some of capital...

What is a sharia-compliant investment and how should I save for a rainy day?

11 Jun 2019 10:27 A shariah-compliant unit trust fund is a collective investment scheme that requires all investments in the fund to adhere to Islamic law or shariah requirements. These requirements are underpinned by Islam’s prohibition on charging interest and th...

Faith-Based Finance

11 Jun 2019 10:20 What caused the global financial crisis? And how can the United States avoid a repeat? Those questions have sparked endless discussions among economists, policymakers, financiers, and voters over the last decade. The crisis not only entailed the w...

HSBC #Malaysia launches ESG Islamic structured product

11 Jun 2019 10:13 HSBC has launched its first environmental, social and governance (ESG) Islamic structured product in Malaysia. The product offered by HSBC Amanah provides customers the opportunity to invest in a product that matches their values when it comes to...

WATCH: Islamic finance institutions serve a crucial role for BRI

11 Jun 2019 10:01 The crucial role of Islamic finance in financing China’s Belt and Road Initiative (BRI) pays homage to the Silk Road and symbiotic relationship between China and the Islamic world prior the 15th Century. Rightfully so, as BRI is the 21st Century’s...

Dubai Islamic Bank board approves plan to acquire Noor Bank

11 Jun 2019 09:50 Dubai Islamic Bank (DIB)’s board has approved its acquisition of lender Noor Bank to create one of the largest Islamic banks in the world with combined assets of nearly Dhs275bn. Following the completion of the deal, Noor Bank’s operations will be...

Doris Duke Foundation for Islamic Art Awards $2.4 Million in Grants

07 Jun 2019 15:15 New York's Doris Duke Foundation for Islamic Art has announced fifteen grants totaling $2.49 million in support of arts and media projects dedicated to strengthening relationships between U.S. Muslim and non-Muslim communities. The grants are part...

Islamic Banking already in #Uganda, says Kasaija

06 Jun 2019 12:10 According to the Minister of Finance, Mr Matia Kasaija, no amount of opposition will stop the operationalisation of Islamic Banking in Uganda because it has already kicked off. He is the one who signed the instruments operationalising it and he sa...

Maybank Islamic wants to link up Gulf Cooperation Council with Asean

06 Jun 2019 11:58 Maybank Islamic wants to be the bridge for the Islamic banking sector between the Gulf Cooperation Council (GCC) and the ASEAN region. CEO Datuk Mohamed Rafique Merican expressed confidence that the company would be able to play the role in facili...

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