Home > NewsCom

NewsCom

AAOIFI partners with Turkish Islamic banks to promote Islamic finance

23 Gen 2020 18:31 The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has signed an MOU with the Participation Banks Association of Turkey (TKBB) to collaborate in the promotion of Islamic finance in Turkey. AAOIFI and TKBB agreed t...

Bridging the gap between faith and investment discussed by investors, asset managers, developers, churches

23 Gen 2020 18:24 Cooperation between different groups was the focus of recent a two-day conference held at the World Council of Churches in Geneva, Switzerland. The conference titled: "FaithInvest: Impactful Cooperation" was sponsored by the Geneva Agape...

Dubai Islamic Bank completes the acquisition of Noor Bank

23 Gen 2020 18:17 Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank through a share swap deal. As part of the agreement, DIB has issued 651 million new shares to take its issued share capital to 7.2 billion shares. The new DIB shares have been lis...

Saudi SRC buys $67mln mortgage portfolio from Bank Aljazira

22 Gen 2020 18:36 The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Saudi Public Investment Fund signed an agreement with Bank Aljazira to buy a SAR 250 million mortgage portfolio. The two entities signed a memorandum of understanding (MoU) that al...

Alizz-OAB #merger to provide customers with better services

22 Gen 2020 18:32 The upcoming proposed merger between Alizz Islamic Bank and Oman Arab Bank (OAB) will provide customers with better services and more outlets. Al Yusr Islamic Banking, Oman Arab Bank’s Islamic window with all its branches and staff will become par...

UK: Inaugural Meeting for the All-Party Parliamentary Group on Islamic Finance

22 Gen 2020 09:25 There will be an inaugural meeting for the All-Party Parliamentary Group on Islamic Finance held on Tuesday 4th February in the Grimond Room in Portcullis House at 4pm. At the meeting, the office bearers will be elected and a brief plan for the Gr...

Kuwait Finance House Shareholders Give Green Card to AUB’s Acquisition

21 Gen 2020 18:00 Kuwait Finance House has affirmed plans to purchase Bahrain’s Ahli United Bank. The merger can possibly become the Gulf’s sixth-biggest lender with $101 billion in assets. Reaching the value of about $101 billion, the acquisition will generate the...

One of Germany’s senior Muslim diplomats, Murad Hoffman, returns to his Lord

20 Gen 2020 15:56 The well-known scholar and diplomat, Murad Hoffman, has passed to meet his Lord. May Allah have mercy upon him. Murad Hofmann was born a Catholic in 1931 in Aschaffenburg, Germany. He later studied at the University of Munich and Harvard Universit...

Results of global family philanthropy survey released

20 Gen 2020 15:51 Rockefeller Philanthropy Advisors (RPA) and Campden Wealth published the report "Global Trends and Strategic Time Horizons in Family Philanthropy 2020". The report is based on a survey of 201 families of significant wealth who are engage...

Abdulla Al Ghurair Foundation for Education appoint Dr. Sonia Ben Jaafar as CEO

20 Gen 2020 15:43 The Abdulla Al Ghurair Foundation for Education (AGFE) has appointed Dr. Sonia Ben Jaafar as Chief Executive Officer. Dr. Ben Jaafar’s experience in the education development sector spans over 20 years in Canada, Africa, the Middle East and Asia....

Dubai’s Fajr Capital sells its stake in Bank Islam Brunei

20 Gen 2020 15:39 Dubai-based Fajr Capital has completed its divestment from Bank Islam Brunei Darussalam (BIBD) to Brunei Investment Agency. Fajr Capital stated that this transaction marks another successful exit for the firm, following several recent high-profile...

CIMB Islamic contributes RM1 million for conservation efforts of Setiu Wetlands

20 Gen 2020 15:34 CIMB Islamic Bank has committed RM1 million per year, renewable annually for up to 3 years for the conservation efforts of Setiu Wetlands, Terengganu. The three-year project with a total potential commitment of RM3 million, is in collaboration wit...

Alizz Islamic Bank approves share swap for proposed merger with OAB

20 Gen 2020 15:28 Alizz Islamic Bank’s Board of Directors has approved a share swap ratio for its proposed merger with Oman Arab Bank (OAB). The share swap ratio is around 81%: 19% for the shareholders of OAB and Alizz Islamic Bank respectively. The proposed merger...

DAVOS-Capitalism seen doing "more harm than good" in global survey

20 Gen 2020 15:23 A majority of people around the world believe capitalism in its current form is doing more harm than good. The survey was launched in 2000 to explore the theories of political scientist Francis Fukuyama, who after the collapse of communism declare...

Boubyan Bank's profits in 2019

20 Gen 2020 15:16 Boubyan Bank has reported net profit of KD 62.7 million in 2019, at a growth rate of 12% compared to 2018, with an earnings per share of 20.4 fils compared to 19.2 fils in 2018. Boubyan Bank CEO Adel Abdul Wahab Al-Majed said that the total equity...

NBB acquires 78.8% stake in Bahrain Islamic Bank

20 Gen 2020 15:08 The National Bank of Bahrain (NBB) has acquired a 78.8% controlling stake in Bahrain Islamic Bank (BisB). The offer which initially opened on 18 December 2019 was launched by NBB in a bid to develop its Islamic banking activities. NBB’s CEO Jean-C...

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

20 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Gen 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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 Dic 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...

Share

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