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IFN UK Forum 2022

Latest News - Friday, 01 July 2022

Daily Cover Story: IFN Monthly Review: June — Pushing for Islamic finance

Banks and financial institutions in Afghanistan are moving toward fully Islamic conversion following an instruction from the central bank to do so “as soon as possible”. Similarly, in Pakistan, the Federal Shariat Court issued an order for the financial system...

This Week’s Newsletter

Cover Story: Saudi Arabia steps up investment ambitions with new futures contracts — but are they compliant?

The Saudi Exchange has launched yet another series of sophisticated investment instruments for both domestic and international investors, boosting its derivatives offering further with a line of single stock futures. But their compliance is in...

Editor's Note

Saudi spotlight

In this issue, we take a closer look at the Saudi Exchange’s new range of investment instruments and explore how these innovative tools would factor into the Kingdom’s growth plans. Other topics covered by our...

Islamic Sustainable Finance and Investment

IFN Case Study

Mandala Multifinance affirms support for SMEs with Islamic facility

Indonesian consumer finance company Mandala Multifinance (MFIN) has signed a Shariah compliant line of financing agreement for an amount of US$30 million with the Islamic Corporation for the Development of the Private Sector (ICD) to...

IFN Sovereign Securities

Sovereign Securities: Pakistan gets nod to issue Sukuk Ijarah

Pakistan has received approval from the federal cabinet to issue Sukuk while regular issuers sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia...

IFN Country Analysis

Sudan: The end of an era

Sudan last year officially opened up to allow non-Islamic banking and finance in the country in an attempt to attract more investors to aid its economic recovery. Prior to this, it had long been known...

IFN Sector Analysis

Healthcare: An expanding asset class

The healthcare sector has been a reliable safe haven during even the most challenging markets. According to investment manager BlackRock, the sector recorded positive growth in 2021. JEVITHA MUTHUSAMY takes a look at the developments...


IFN Monthly Review

June

Banks and financial institutions in Afghanistan are moving toward fully Islamic conversion following an instruction from the central bank to do so “as soon as possible”. Similarly, in Pakistan, the Federal Shariat Court issued an...

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.


IFN Reports


IFN Features

Back to Basics

  • A weekly educative column on Islamic banking and finance today

    Divine importance of environment protection

    The question I placed at the end of the last article may not have been in good taste to readers. Nevertheless, if you look at it from the angle of where our globe currently stands due to the havoc created by mankind to the environment, you might agree with me that there is a dire need to act urgently, as if our own house is on fire. In a UN Development Programme conference a few years ago, I quoted three divine revelations as to how human beings tend to misuse the environment as a habit. I provide them below in...

IFN Correspondent Reports

  • Egypt

    Egyptian Sukuk market ebbs and flows at the close of FY21/22

    The Egyptian Sukuk market continues to experience alternating periods of regression and optimism in light of the economic difficulties the country is facing in the aftermath of the COVID-19 pandemic and in the midst of the Russian invasion of Ukraine. Despite previous announcements that Egypt’s first sovereign Sukuk issuance would occur this summer, the Ministry...

  • UK

    UK Sukuk issuance: The corporate gap

    The UK market for Islamic finance is an interesting study of what is both good and bad about the current state of Islamic finance. With some activity at the top and lots of enthusiasm at the bottom, why is there such a gaping hole in the middle? At the top, of course, are the two...

  • Russia

    Amendment of legislation to promote Islamic finance in Russia

    The Participating Banking Working Group of the Central Bank of the Russian Federation has held its first meeting at the end of June 2022 after the COVID-19 pandemic era. One of the key questions on the agenda was the adjustment of the current Russian legislation to promote the development of the Islamic finance model. The...

  • Microfinance

    Shariah compliant financial inclusion in the Balkans

    The Western Balkans — especially Bosnia, Albania, Kosovo and North Macedonia — are home to Europe’s largest Muslim community. A combined population of some 10 million people are increasingly looking for Shariah compliant finance to drive much-needed economic growth and well-being, 30 years after the end of the communist command economy. The smallest Western Balkan...

  • Senegal

    The revitalization of Sukuk by Senegal

    After a brilliant success recorded by its various Sukuk, on the 26th April 2022, the Republic of Senegal issued a record Sukuk facility of XOF330 billion (US$530.09 million) called ‘Sukuk Ijara Sogepa Sn’. With the Management and Exploitation Company of State Built Heritage (SOGEPA) as a financial vehicle, Senegal carried out the largest Sukuk issuance...


IFN Special Reports

  • Trading Islamic commodities

    In Islamic finance, commodities have always held intrinsic value. They include precious metals, such as gold and silver, as well as consumable food items, such as wheat, barley and dates. In addition to being mentioned...

  • Sustainable financing framework and green deposit model set course for Islamic banking in Qatar

    Islamic banking — already a US$2.2 trillion global sector — is on the rise with a projected growth of 10–12% this year alone. In Qatar, following Masraf Al Rayan’s recent merger with Al Khaliji Commercial...

  • Ethics in Islamic finance

    The paradigm of modern economic thought is such that it separates the ‘economic’ from social life and prevents any integrative holistic approach. It starts from the assumption that the motivations of ‘players’ in the economy,...

  • Islamic trading and brokerage

    An intermediary between a seller and a buyer or between a producer and a consumer of legitimate goods and services is not prohibited in Islamic law and Shariah. This can be extended to all businesses...

  • The trendsetter of alternate financing in Sri Lanka

    LOLC Al-Falaah, Sri Lanka’s alternate financial services brand, celebrated its 15th anniversary in April 2022. This milestone marks a period during which LOLC Al-Falaah revolutionized Sri Lanka’s non-interest-based financial services as the trendsetter of the...

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