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Latest News - Tuesday, 19 March 2024

Daily Cover Story: Opening funding doors for Somalia’s non-banking financial institutions

Gargaara Financial, an apex financial institution that channels funding to Somali banks, completed its first-ever deal for a non-banking financial institution: a Shariah compliant financing facility it extended to KIMS Microfinance. NESSREEN TAMANO speaks to the KIMS team about the...

This Week’s Newsletter

Cover Story: 2024 — a comeback year for Sukuk?

After staying away from the market for two years straight, corporates and governments are slowly returning to the Sukuk market, reversing the decline. Could the global Sukuk market sustain its hard-earned upward trajectory? VINEETA TAN...

Editor's Note

Wind shift

It looks like the wind is shifting. After two consecutive years of declining Sukuk issuances, we finally managed to turn things around last year with US$200 billion raised. But can we sustain the momentum? We...

IFN Annual Guide 2024

IFN Case Study

alrajhi bank’s Sukuk: Supporting sustainability

alrajhi bank made its return to the international capital market with a US dollar-denominated sustainable Sukuk facility it sold on the 12th March 2024. NESSREEN TAMANO has the details. The US$1 billion Islamic facility carries...

IFN Sovereign Securities

Sovereign Sukuk: Pakistan plans multiple Sukuk auctions

The Pakistani government plans to hold multiple auctions of its Sukuk Ijarah while regular issuers Malaysia, Bahrain, Bangladesh, Indonesia and The Gambia issued Islamic facilities this week. HANIF...

IFN Country Analysis

Tunisia: Exciting prospects for Islamic finance

The Tunisian Islamic finance and banking industry has shown its resilience in the last few years, in the face of political unrest, the COVID-19 crisis, the downgrade of its sovereign credit rating by Fitch Ratings...

IFN Sector Analysis

Microfinance: A vital industry component

With a double-digit growth projection, microfinance is picking up in momentum, especially in Muslim-concentrated markets. VINEETA TAN takes a look at the latest developments. Overview Microfinance is financial services designed specifically for low-income individuals or...

IFN Monthly Review

January

The global Islamic banking sector saw some notable developments this month, including a new Islamic bank from both the Philippines and Libya, while the Sukuk market welcomed the first issuances of the year from corporates in the GCC. The Malaysian and Indonesian regulators released new...

IFN Awards

IFN Awards

The Islamic Finance news Awards honor the best in the Islamic financial industry and are one of the most prestigious awards highly recognized by the global Islamic capital markets. These awards continue to be an apt representation of the current Islamic financial market landscape.


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IFN Features

  • Risk management implementation in Indonesia’s Takaful industry

    The Takaful industry in Indonesia has grown in the last 10 years. As of December 2023, Takaful assets amounted to IDR44.31 trillion (US$2.9 million) with the composition of Shariah life insurance (55.71%), Shariah general insurance...

  • Pakistan’s sovereign Sukuk: A win-win for all

    Pakistan has been issuing sovereign Sukuk as part of its financing strategy, tapping into both domestic and international Islamic finance markets. More recently, the government of Pakistan offered a series of Sukuk to the public...

  • Shariah compliant transaction developments in the UAE

    The UAE is one of the oldest and most vibrant Shariah compliant financial markets in the world. Shariah compliant financings are widespread in the UAE, with a number of Islamic financial institutions active in the...

  • Islamic finance integration with project finance

    The Islamic finance industry continues its growth path, with Islamic finance assets expected to rise to US$3.69 trillion, displaying an upward trend from US$2.88 trillion in 2019 (‘The Growing Global Appeal of Islamic Finance’ (bnymellon.com)....

  • Toward a Shariah compliant index in Morocco

    Morocco, a country with a strong Muslim tradition, has been committed to the development of Islamic finance for several years. The creation of a Shariah compliant index is part of this dynamic and is seen...

Back to Basics

  • A weekly educative column on Islamic banking and finance today

    Schools of thought: Madhhab — Part 2

    Going through Islamic history, I find it highly mysterious the often-tragic end of so many scholars, starting from the very beginning of Islam in the shape of As-Hab Al Suffa who were taken by the people pretending to be new Muslims to the two faraway places outside Medina with the permission of Prophet Muhammad on the pretext of learning Quran and Islamic teachings from them but were brutally killed as it turned out to be a trap. Such a massive loss of so many lives from As-Hab Al Suffa exposed the new Islamic society to a potential knowledge vacuum as...

IFN Lawyers

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  • Mergers & Acquisitions

    Islamic finance M&A: A growing force for industry expansion

    The Islamic finance industry is experiencing a dynamic shift, fueled by a rise in mergers and acquisitions (M&A) activity. This trend reflects a strategic move by institutions to broaden their service offerings and reach new markets. Recent deals, like the acquisition of EFU Health by EFU Life in Pakistan, exemplify this exciting development. A landmark...

  • Australia

    Is raising capital hard for Islamic banks in Australia?

    The Islamic finance sector in Australia has been gradually growing in recent years, driven by increasing demand from both Muslim and non-Muslim consumers seeking Shariah compliant financial products. The developments in the Islamic finance industry are influenced by various factors including changes in regulations, economic conditions and market demand. Among the most recent developments in...

  • The Philippines    

    Islamic deposit insurance system in the Philippines

    The Philippine Deposit Insurance System (PDIC) is conducting a study on the “formulation of a Shariah compliant Islamic deposit insurance system”, according to the PDIC’s board of directors during a recent courtesy meeting with newly-appointed Finance Secretary Ralph Recto. This is in line with the PDIC’s aim at enhancing the system and its ability to...

  • Real Estate

    Magical mezzanine

    As Islamic real estate investors lament the death, at least for now, of the levered equity investment, mezzanine offers a comforting alternative. High benchmark interest rates make adding leverage to the vast majority of equity investments non-accretive, but also underpin the attractive returns of mezzanine participation. There has been plenty of chat for more than...

  • Bangladesh

    IDLC Finance Bangladesh partners with MISL for Islamic banking solutions

    In a strategic move to bolster its Islamic finance offerings, IDLC Finance, the leading non-banking financial institution in Bangladesh, has forged a partnership with Millennium Information Solution (MISL). This collaboration heralds the implementation of the Islamic core banking solution AbabilNG at IDLC, underscoring the institution's commitment to meeting the evolving needs of its clientele. MISL...

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