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#Morocco to Launch Islamic Insurance (#Takaful) in 2019

07 Sep 2018 13:05 Morocco will launch Takaful next year after introducing Islamic banking services in 2017. In July 2017, the Moroccan Government Council adopted a draft decree paving the way for implementation of the Takaful Law. Insurers wishing to operate in the...

Pope Francis Ditches Charity in Favor of Impact Investing

07 Sep 2018 12:58 After decades of giving to charity, a growing number of Catholics are starting to put their philanthropic billions into profitable investments instead. The new aid model is also backed by Pope Francis. Catholic investment funds are increasingly in...

IRTI and Dar Al Sharia Sign MOU to Develop Solutions for Islamic Financial Institutions

07 Sep 2018 12:47 The Islamic Research and Training Institute (IRTI) and Dar Al Sharia have signed a memorandum of understanding (MOU) for strategic collaboration. The MOU was signed by IRTI Director General, Dr. Humayon Dar, and CEO of Dar Al Sharia, Mian Muhammad...

#Egypt to get $1bln for basic goods from Islamic Bank - ministry

07 Sep 2018 12:36 The International Islamic Trade Finance Corporation (ITFC) will provide Egypt with $1 billion to support the provision of basic goods. The financing is part of a $3 billion agreement with the ITFC, which is part of the Islamic Development Bank (I...

Wahed Invest robo-adviser expands with new Islamic index funds

06 Sep 2018 12:52 New York-based Wahed Invest has launched two sharia compliant index-tracking funds under its robo-adviser platform. According to CEO Junaid Wahedna, the company's goal is to make every asset class available to Muslim investors. The new equity fund...

Islamic GCC Bond Sales Fall by 32 Percent Due to Oil Price Hike

05 Sep 2018 11:51 According to Moody’s Investors Service, the GCC region's sukuk issuance fell by 32% to reach $16.7 billion in the first half of 2018. This contributed to a reduction in the Gulf’s overall share of the global sukuk issuance to less than a third (30...

ADIB's Riad Sees Strong Uptick in #Sukuk Activity in Second Half

05 Sep 2018 11:41 In this interview Amir Riad, head of corporate finance at Abu Dhabi Islamic Bank (ADIB) talks about the UAE's economy and the lender's sukuk business. Riad sees a positive traction as the oil price is stabilising and the capital markets are deepen...

#Fintech: Democratising #ESG investing

04 Sep 2018 15:55 The use of artificial intelligence (AI) has made it easier for retail investors to access investments that adopt environmental, social and governance (ESG) principles. According to Omar Selim, CEO of Arabesque Asset Management, technology is democ...

#Saudi Arabia sells 4 billion riyals of domestic #sukuk

04 Sep 2018 15:44 Saudi Arabia's finance ministry sold 4.0 billion riyals ($1.1 billion) of domestic Islamic bonds in its monthly auction. The issuance is actually a re-opening of the issue originally made in July. The ministry sold 2.25 billion riyals of five-year...

Global Donors Forum London - Registration closes soon!

31 Aug 2018 17:05 Please note that registration is about to close soon for Global Donors Forum 2018: Registration: https://globaldonorsforum.org/register-delegate/ Draft agenda: https://globaldonorsforum.org/wp-content/uploads/2018/GDF2018_DraftAgend... Looking for...

Paper by Torkel Brekke: Halal Money: Financial #inclusion and demand for Islamic banking in #Norway

31 Aug 2018 12:57 Financial inclusion is high on the agenda for governments as well as for organizations such as the World Bank. Research has pointed out that Muslims worldwide are less included in the formal financial system than non-Muslims, but there is no knowl...

Hill International to Provide Project Management for Bank Aljazira Project, Supporting #Saudi Arabia National Vision 2030

31 Aug 2018 11:01 Hill International has received a three-year contract from Bank Aljazira to provide project management services for Aljazira’s Regional Management Office Building in Riyadh. The project will be one of Riyadh’s landmarks, reflecting Bank Aljazira’s...

AUB in push for #merger with KFH

31 Aug 2018 10:54 Bahrain’s largest lender Ahli United Bank (AUB) has announced that two investment banks are evaluating a potential merger with Kuwait Finance House (KFH). HSBC and Credit Suisse are currently undertaking necessary valuations studies to assist AUB...

The IFSB Database Completes Five Years Data for Islamic Banking Systems in 21 Countries, including the United Kingdom for the First Time

31 Aug 2018 10:48 The Islamic Financial Services Board (IFSB) published country-level data on financial soundness and growth of the Islamic banking systems for Q1 of 2018 from 21 IFSB member jurisdictions. This report includes the data from four newly joined countr...

Will Global Fintech top guns help #Nigeria achieve 80% Financial Inclusion ?

31 Aug 2018 10:39 Nigerian Fintech company Paystack has received an investment of $8 Million from Stripe, Visa, Y Combinator and Tencent. Over the last three years, Fintechs in the country have received funding, and that has increased steadily. Including Flutterwav...

ADGM’s aviation finance structure utilized in #sukuk issuance

31 Aug 2018 10:29 Abu Dhabi Global Market (ADGM) has facilitated the transaction of a 12 year Sukuk issued by Natixis and Noor Bank. It is the first instance where an ADGM structure has been used specifically to hold aircraft assets for issuing Sharia compliant bon...

Bricklane receives Shariah accreditation for its residential property investment #funds

30 Aug 2018 12:03 Bricklane’s funds have been certified as compliant by the Shariah Committee of Minarah Consulting chaired by Sheikh Faizal Manjoo. Through Bricklane’s online platform, individuals can invest flexibly in geographically focussed funds that buy and l...

#Sukuk remains a key vehicle for infrastructure financing in Asia

30 Aug 2018 11:52 Sukuk remains an important segment in Islamic finance in Asia where they are preferentially used to fund large public or private infrastructure or combined public-private projects. Recent estimates by the Asian Development Bank (ADB) have put the...

Sharia Compliant #Cryptocurrency Exchange Sets its Sights on #Malta

29 Aug 2018 16:34 Malta continues to take the lead in attracting blockchain and cryptocurrency ventures and now also in the upcoming Islamic finance scene. The new Sharia compliant cryptocurrency exchange Huulk has applied for a digital exchange license in Malta an...

#Qatari Islamic banks grow despite regional rift — IFSB data

29 Aug 2018 16:26 Assets and revenues at Qatar's Islamic banks have grown over the past year, but an increase in problem loans and a drop in foreign currency lending underscore the impact of a diplomatic rift in the region. Qatar Islamic Bank, Masraf Al Rayan, Qata...

Financing deals push Gulf earnings to Sh212m

29 Aug 2018 16:20 Gulf African Bank's net profit increased to Sh212.42 million from Sh191.60 million in the first half of 2018. It is a 10.86% growth after fees on financing deals quadrupled. Fees and commissions on financing arrangements surged 309.72% to Sh122.89...

#UAE Startup Launches First-Ever Sharia-Compliant Islamic #Crypto Exchange

29 Aug 2018 10:56 UAE-based Adab Solutions has announced the launch of the First Islamic Crypto Exchange (FICE). An in-house Sharia Advisory Board (SAB) made up of independent international Sharia experts will be in place to ensure that the exchange is in complianc...

BIMB sets aside RM300m for digital roadmap

28 Aug 2018 15:49 BIMB Holdings, the parent company of Bank Islam Malaysia, has allocated RM300 million for investment under its three-year (2018-2020) digital roadmap. Bank Islam CEO Mohd Muazzam Mohamed said digital investment was the group's future focus and it...

#Qatari Banks May Reveal Merger Plan as Soon as This Week

27 Aug 2018 13:06 Barwa Bank and International Bank of Qatar (IBQ) may announce plans to merge as early as this week. Combining Barwa and IBQ would partially salvage a proposed three-way merger with Masraf Al Rayan that was abandoned in June after 18 months of talk...

Abu Dhabi Islamic Bank gets nod for $270m rights issue

27 Aug 2018 13:01 Shareholders of Abu Dhabi Islamic Bank (ADIB) have approved proposal for a rights issue of AED1 billion ($270 million) by offering 464 million new shares. Shareholders also approved the issuance of a $750 million sukuk and the repayment of its $1...

#Bahrain's GFH Financial Group pays off $200m #sukuk

27 Aug 2018 12:48 GFH Financial Group has paid the entire amount of its $200 million sukuk, which was originally drawn in 2007. The facility has now been settled with a recent payment of an outstanding amount of $34 million. With this repayment, GFH said it frees u...

A second look at the performance of Shariah compliant share indices

27 Aug 2018 12:32 The Shariah compliant index generally under-performs its conventional analogue before the global financial crisis years of 2007 and 2008, outperforms during the global financial crisis and then under-performs again afterwards. A conventional equit...

Faisal Islamic Bank of #Egypt to employ women for first time

27 Aug 2018 12:11 Faisal Islamic Bank of Egypt (FIBE) will start appointing women to all of its branches for the first time since the bank was established in 1979. Egyptian member of parliament Inas Abdel Halim had submitted May 31 a briefing paper to then-Prime Mi...

New group forming to alleviate poverty in Palestinian territories

27 Aug 2018 12:00 The Islamic Development Bank (IsDB) has established an investment fund aimed at curbing Palestinian poverty. The fund will help finance the Palestinian People’s Economic Empowerment Institution. The Palestinian government has given instructions to...

#Qatari issuers raise $19.97bn, lead GCC bonds and #sukuk market in H1

27 Aug 2018 11:48 According to a recent report by Kuwait Financial Centre, Qatari issuers led the GCC aggregate bonds and sukuk market in the first half of this year, raising a total of $19.97bn. The report stated that the aggregate primary issuance of bonds and su...

Abu Dhabi Investment Council increases Al Hilal Bank's capital

27 Aug 2018 11:36 Abu Dhabi Investment Council has increased the share capital Al Hilal Bank by AED 400 million. Al Hilal Bank's CEO Alex Coelho said this move will allow the lender to meet the growing demand for Islamic finance by investing in areas with the great...

#Fintech for Good – A feasible dream or just pretty posturing?

24 Aug 2018 14:02 Many Fintech firms have sustainability and social impact at the heart of what they do. For example, Omisego has a Blockchain based use case, focused on Financial Inclusion in South East Asia. They offer users a mobile eWallet that runs on the Omis...

In memory of Kofi Annan: Father of the modern corporate sustainability movement

24 Aug 2018 12:15 A great son of Africa and a true global leader has passed away. Kofi Annan, United Nations secretary general from 1997 to 2006 and co-recipient, with the UN, of the Nobel Peace Prize in 2001, is being mourned all over the world. As last great refo...

#Indonesia’s Bank Mandiri is on track to list its Islamic finance unit in 2020

22 Aug 2018 14:50 Indonesia’s Bank Mandiri plans to list its Islamic finance unit Mandiri Syariah in 2020. According to Mandiri’s president Kartika Wirjoatmodjo, the Islamic bank is seeing 16% to 17% growth in savings, triple the pace of conventional banks. Indones...

Bitcoin Continues Making Inroads in Islamic Finance

22 Aug 2018 14:38 On paper, it will be very difficult for Bitcoin and other cryptocurrencies to gain traction within the Islamic finance industry. Unlike what most people may assume, Bitcoin can still be Shariah-compliant. For example, Adab Solutions has launched t...

Wahed Invest launches #UK’s first easy access digital Halal investment platform

21 Aug 2018 13:12 Wahed Invest has launched the UK’s first Halal online investment platform that is authorised by the Financial Conduct Authority. This way savers from all income brackets can easily invest in a globally diversified portfolio of ethically responsibl...

Patterns of light and colour that bear endless repeating

21 Aug 2018 13:06 The Monir Museum in Tehran is displaying the work of Monir Sahroudy Farmanfarmaian, first for a female artist in the country. She saw many of her works confiscated and destroyed following the Islamic Revolution in Iran in 1979, so she emigrated to...

Gulf grapples with ‘silent’ economic crisis

21 Aug 2018 12:52 After years of strong economic growth, most of the economies of the six-member Gulf Cooperation Council (GCC) began to slow back in 2014. Major layoffs started soon after 2015, with major and minor employers shedding jobs. The cuts continued in 20...

RBI’s efforts to stabilise rupee hit country’s forex reserves, experts say

20 Aug 2018 14:47 A strong US dollar and subsequent interventions by the country’s central bank to stabilise the rupee drained over $1.80 billion (Dh6.61 billion) from India’s foreign exchange reserves. Reserves plunged by $1.82 billion during the week ended August...

World’s first ESG #sukuk #fund another step forward for #Malaysia’s responsible finance

20 Aug 2018 14:37 Malaysia’s Shariah-compliant BIMB Investment Management launched the world’s first environmental, social and governance (ESG) sukuk fund on August 1. BIMB’s ESG Sukuk Fund is the company’s fifth ESG-focused fund as a result of its partnership sinc...

ADIB’s Shareholders approve ADIB’s capital proposal to support growth

20 Aug 2018 14:25 Shareholders of Abu Dhabi Islamic Bank (ADIB) have approved proposal for a rights issue of AED 1 billion to raise the Paid and Issued Share Capital through a tradeable rights issue of 464 million new shares. Shareholders also approved the issuance...

Anticipating fraud in Islamic #fintech

20 Aug 2018 14:17 The rapid development of information technology has a huge impact on the development of financial products and services. The advances in technology have forced banks to change and follow innovation in business strategies that use technology as an...

Which are the Sharia-compliant mutual #fund schemes in #India?

20 Aug 2018 14:14 There are three Sharia-compliant mutual funds in India: Tata Ethical, Taurus Ethical and Reliance ETF Shariah BeES. The first two are actively-managed multi-cap schemes and Reliance ETF Sharia BeES is an exchange-traded fund (ETF) that invests in...

Waqfcoin: Crowdfunding Platform Uses Blockchain to Serve Humanity

20 Aug 2018 09:57 Singapore-based fintech firm Finterra has developed a crowdfunding platform that uses blockchain to create smart contracts that would be linked to specific Waqf projects. Cash Waqf is a type of Waqf which is categorised as movable Waqf. It aims to...

Islamic finance in the shipping industry

20 Aug 2018 09:43 As the shipping industry continues to struggle with access to finance, Islamic finance may be a viable option for ship owners. The global growth of sukuks has been steadily increasing, but Islamic finance has its own uncertainties. The lack of sta...

Use of Ripple as a Cross-Border Solution Confirmed by #Kuwait Finance House (KFH)

17 Aug 2018 14:28 Kuwait Finance House (KFH) is establishing the first blockchain-powered transaction system in the country. A series of questions arose when the formation of this system was announced. KFH has itself confirmed that they are using Ripple’s cross-bor...

#Saudi’s Al Rajhi Bank says expat exodus could impact its remittance business

17 Aug 2018 09:49 Al Rajhi Bank expects low-single digit loan growth for the rest of 2018 as it curtails its loans while economic reforms take shape. A plan to reduce reliance on expatriates to generate jobs for Saudis has seen the number of foreign workers fall by...

Turkish Lira

16 Aug 2018 16:51 Dear Readers,The dramatic fall of the Turkish lira leads to a lot of coverage in the international media. What are the underlying economic drivers of this fall in value?All economies are suffering from too much debt on sovereign, corporate and con...

Abu Dhabi National #Takaful Co. PSC announces combined net profit of AED 48.6 million for H1 2018 achieving a growth of 19% in profit

16 Aug 2018 15:36 Abu Dhabi National Takaful Co. PSC (ADNTC) released its financial results as at end of second quarter on 30 June 2018. The company announced a combined net profit of AED 48.6 million, achieving a growth of 19% compared to AED 41 million for the sa...

#Kuwait’s Warba Bank receives licence to conduct securities activities

16 Aug 2018 15:27 Warba Bank has obtained licence from the Capital Market Authority (CMA) to engage in certain securities activities. The new licence allows the lender to conduct activities like investment portfolio manager, collective investment scheme manager as...

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