UK: Wahed Invest introduces new Shariah compliant personal pension scheme
OMAN: Takaful Oman’s net profit for period ending 31st March 2024 drops to OMR178,717 (US$462,977)
OMAN: Bank Nizwa records net profit of OMR3.87 million (US$10.01 million) for period ending 31st March 2024
OMAN: Bank Muscat’s net interest income and Islamic financing income increases to OMR95.45 million (US$247.27 million) for Q1 2024
OMAN: Al Madina Takaful’s net profit for period ending on 31st March 2024 reaches OMR492,489 (US$1.28 million)
PAKISTAN: State Bank of Pakistan’s Shariah compliant liquidity injection sees PKR270 billion (US$969.52 million) offered and accepted
MALAYSIA: Permodalan Nasional appoints Abdul Rahman Ahmad as president and group CEO
UK: SC Ventures’s sustainable finance platform Shoal partners with Islamic fintech company Algbra
KUWAIT: Capital Markets Authority renews license of Shariah compliant Watani USD Money Market Fund
SAUDI ARABIA: Saudi Capital Market Authority grants license to Fisher Investments Arabia Company
MALAYSIA: Bank Negara Malaysia issues policy document on electronic know-your-customer
ETHIOPIA: IsDB Institute delivers Islamic banking capacity-building program for Ethiopian banking sector
TURKIYE: Albaraka Turk Participation Bank launches Sukuk worth TRY500 million (US$15.42 million)
SAUDI ARABIA: 2P Perfect Presentation renews Shariah compliant facility with Saudi Awwal Bank worth SAR80 million (US$21.32 million)
GLOBAL: IsDB Institute and Arab Monetary Fund hold third session of capacity-building program on AAOIFI accounting standards
TURKIYE: Turkiye government collects 10.79 kilograms of gold for lease certificates
PAKISTAN: Pakistan Stock Exchange lists government’s discounted Sukuk Ijarah with total realized amount of PKR19.7 billion (US$70.74 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM15.86 billion (US$3.32 billion) in total
MALAYSIA: Sunway Treasury Sukuk issues two Islamic commercial papers worth RM60 million (US$12.57 million) in total
INDONESIA: Indonesian Ministry of Finance to raise IDR11 trillion (US$682.17 million) through Sukuk auction on 23rd April 2024
MALAYSIA: Global Vision Logistics sells Islamic medium-term note worth RM50 million (US$10.48 million)
BANGLADESH: Bangladesh Bank accepts bids worth BDT19 billion (US$170.61 million) for Islamic Banks Liquidity Facility offerings
GLOBAL: Michael Krautzberger to leave BlackRock in June; Simon Blundell takes over as head of European fixed income investments, Citywire reports
MALAYSIA: Bank Negara Malaysia auctions Islamic papers; raises RM17.75 billion (US$3.72 billion)
KUWAIT: Kuwaiti regulator authorizes offering of Watani Investment Company’s second euro-denominated Islamic leasing fund
PAKISTAN: State Life Insurance Corporation of Pakistan records 122% increase in Takaful contributions in 2023, Pakistan & Gulf Economist reports
SOUTH AFRICA: University of the Western Cape begins offering Islamic studies for undergraduate students
MALAYSIA: Hong Leong Islamic Bank files suit against Sarawak Cable subsidiary for owed sum of RM78.3 million (US$16.48 million)
PAKISTAN: Central Directorate of National Savings of Pakistan records PKR50 billion (US$178.95 million) in Islamic bonds for Q2 of fiscal year 2023–24
AZERBAIJAN: Azerbaijan’s Economic Council discusses Islamic finance and banking implementation in meeting
PAKISTAN: Bank Alfalah appoints Arif Habib to manage offer to acquire 84.51% of Samba Bank shares
TANZANIA: Tanzania Commercial Bank intends to open Islamic banking window by end of 2024, Daily News reports
PAKISTAN: Pakistani government raises PKR22.87 billion (US$82.06 million) through Sukuk Ijarah auction on Pakistan Stock Exchange
GAMBIA: Gambia raises GMD20 million (US$294,118) through Sukuk Salam issuances
MALAYSIA: Bank Negara Malaysia prints Islamic facility worth RM18.98 billion (US$4 billion)
PAKISTAN: Pakistani regulator approves regulations facilitating Shariah compliant brokerage services; grants license to Islamic firm
KENYA: Hustler Fund initiative to be Shariah compliant, President William Ruto promises
BAHRAIN: Bahrain Islamic Bank partners with Manazel Real Estate to offer financing
GLOBAL: IFN welcomes new correspondent for education
KYRGYZSTAN: Bakai Bank’s Islamic unit launches digital banking app
BANGLADESH: City Bank may take over state-owned BASIC Bank, The Daily Star reports
BANGLADESH: National Housing Finance launches Islamic unit
PAKISTAN: Mughal Iron & Steel Industries to issue PKR3 billion (US$10.76 million) short-term Sukuk this month
KUWAIT: Kuwait International Bank obtains regulatory approval to issue additional Tier 1 capital Sukuk worth up to US$300 million
BAHRAIN: Central Bank of Bahrain receives subscriptions worth BHD43 million (US$113.08 million) for Sukuk Salam
MALAYSIA: Bank Negara Malaysia sells Islamic papers totaling RM17.63 billion (US$3.71 billion)
PAKISTAN: Al Karam Textile Mills plans PKR4 billion (US$14.35 million) Sukuk to support new spinning plant
OMAN: Said Al Shahry & Partners confirms support for IFN Oman Forum 2024 as partner
UAE: Mohammed Bin Rashid Housing Establishment and Dubai Islamic Bank sign MoU worth AED10 million (US$2.72 million) for community initiatives
GLOBAL: First Abu Dhabi Bank eyes Turkish bank acquisition, Bloomberg reports
The Bahraini asset management and capital market sectors have welcomed a new player: a fractional Sukuk investment platform that recently graduated from the central bank's regulatory sandbox. NESSREEN TAMANO writes. INABLR, a wealthtech company whose investment platform enables fractional ownership...
More than half a century since the first modern Islamic bank took shape, Islamic banks today still struggle with managing their short-term liquidity in the absence of permissible tools, due largely to a lack of...
What Islamic banks in Bangladesh have been experiencing when it comes to maintaining a healthy current account balance is a prime example of how Shariah banking providers are at an extreme disadvantage as far as...
Malaysian property investment company KLCC Property Holdings (KLCCP) successfully launched the first issuance under its newly established Sukuk Wakalah program. NESSREEN TAMANO reports. The company's Islamic medium-term notes issuance amounted to an aggregate of RM1.95...
This week, the Indonesian government announced its upcoming state Shariah securities auction while regular issuers Malaysia, Bahrain, The Gambia, Pakistan and Turkiye issued new Islamic facilities. HANIF NAMORA...
There has been a substantial increase in the support for the Bangladeshi Islamic finance and banking sector, both from the government side and from market players, in response to growing demand for Shariah products in...
Islamic funds have had a slight boost as institutional investors strengthen their Islamic focus. VINEETA TAN brings an overview of the Shariah asset management on the institutional side. Overview It has been challenging in the...
The past month saw a spate of Sukuk issuances come out of the GCC, notably a landmark facility from the UAE’s real estate and property sector, Saudi Arabia’s first savings Sukuk issuance and the first perpetual Sukuk in the region. The Islamic asset management sector...
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.
As the demand for Islamic finance and banking grows, so too does the need for technology-based solutions that support Islamic financial institutions’ expansion plans and help them follow global best practices. NESSREEN TAMANO speaks to...
This week, the Indonesian government announced its upcoming state Shariah securities auction while regular issuers Malaysia, Bahrain, The Gambia, Pakistan and Turkiye issued new Islamic facilities. HANIF NAMORA brings you updates from the global sovereign...
Insurers and reinsurers from around the world, represented by two leading global entities, have entered into an agreement to jointly develop the trade and investment insurance landscape, particularly within OIC member states. VINEETA TAN reports....
Indonesia said it plans to mandate the use of Takaful to cover Sukuk’s underlying assets in the Republic, while a group of Islamic economists from Indonesia signed an agreement with Iranian Islamic finance professionals. The...
Gulf Islamic Investments Group (GII), which manages over US$4.5 billion in assets, has extended what it says is the largest Shariah compliant credit line to a UK-based entity, in a move expected to bolster the...
This week, regular issuers Malaysia, Bahrain, The Gambia, Kuwait and Qatar tapped the market with new issuances as the month of Ramadan came to a close. HANIF NAMORA brings you updates from the global sovereign...
Oman released new regulations to encourage innovation in the local Sukuk and bonds market, and Uganda welcomed its first-ever Islamic bank. Ethiopia began preparations to establish a national Shariah board, while Malaysia’s first initial exchange...
AEON BiG, a supermarket operator in Malaysia owned by Japanese company AEON Co, has tapped the Islamic finance market for the first time, with a Shariah compliant financing deal. NESSREEN TAMANO reports. The facility, provided...
Kapital DX, touted as the first initial exchange offering platform in Malaysia, has launched its inaugural product: a tokenized primary offering of a Shariah compliant fixed income product issued by a local healthcare solutions company....
The Indonesian government closed its retail Sukuk series offerings while regular issuers Malaysia, Bangladesh, The Gambia, Kuwait and The UAE printed Islamic papers. HANIF NAMORA brings you updates from the global sovereign Islamic securities space....
The Islamic financial assets in Indonesia have shown significant positive development. According to the Islamic Finance Development Report in 2022, Indonesia secured the 7th position globally. This encouraging news is further reinforced by the increased...
No single week passes without receiving enquiries about Shariah compliant mortgages in Australia. The answer is too complicated to be detailed for non-specialized people in a situation similar to an elevator pitch. This article aims...
Nowadays, there is gaining awareness and popularity among the public on investment in gold. The existence of several platforms for investment in gold also facilitates the demand. To fulfill this demand, some Islamic banks have...
In Islamic history, Zakat, Sadaqah, Waqf and Qard Hasan are demonstrated as redistributive tools of Islamic finance that can improve financial inclusion by reducing poverty. Therefore, Islamic finance and economics stakeholders are required to contribute...
In today's interconnected world, the principles of Halal financing have emerged as a cornerstone of ethical and transparent financial practices. Halal is an Arabic word, which means permissible and technically, the word Halal is used...
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...
There is no need to try to catch up with the Joneses, meaning to try to bring Islamic venture capital (VC) to the standards and the size of the conventional industry. Our financial system is based on the principles of Islam — so, it is and it must be different. Islam is based on many...
The government of Pakistan (GoP)’s first primary market auction of a one-year Sukuk Ijarah facility on the Pakistan Stock Exchange (PSX) in December last year was a great accomplishment. The successful issuance and listing of Pakistan’s first sovereign Sukuk on the PSX opened the door for the regular issuance of Shariah compliant instruments and provided...
Corruption and bribery have undermined the establishment of a strong government in Somalia for decades. According to the 2023 Corruption Perceptions Index reported by Transparency International, Somalia has consistently been ranked as the most corrupted nation out of 180 countries. These illicit practices have significant implications for the country's economic development, hindering investment opportunities, diverting...
At the end of March, the Malaysian Takaful Association (MTA) invited the media for a briefing about the Takaful industry’s performance in 2023 and the launching of 'Hijrah27'. MTA Chairman Elmie Aman Najas informed that both Family and General Takaful continued their growth path in 2023. In the case of Family Takaful, gross contribution of...
Islamic finance continued to grow globally through 2023 despite global economic instability, albeit at a slower rate. Although the overall volume of Sukuk was lower than in the previous year, we witnessed debut and notable Sukuk issuances and the trend for ESG continued. Offshore centers, such as the Cayman Islands, Ireland, Jersey and Luxembourg, continue...
In June, the United Nations Population Fund (UNFPA) embarked on a groundbreaking journey, integrating Islamic finance to address pressing challenges within its mandate. The focus was on empowering domestic violence survivors, providing education to their...
Global equities had a strong start to the year as economic resilience and diminishing recession fears boosted risky assets overall. The S&P Global BMI surged 7.8% in Q1, led by the developed markets; notably, the...
In recent years, Saudi Arabia has undergone a remarkable transformation in its financial sector, largely propelled by the swift adoption of financial technology or fintech. This burgeoning industry has been pivotal in reshaping conventional financial...
Islamic finance has emerged as a dynamic and rapidly growing sector within the global financial landscape, offering unique opportunities for investors and institutions alike. In recent years, we have witnessed a surge in new and...
The global Sukuk market continued to grow over the course of last year. According to Fitch Ratings, total outstanding Sukuk increased by 10.3% to approximately US$850 billion at the end of 2023, with over 70%...
