AUSTRALIA: Syed Nazmul Ahsan joins IFN as new correspondent for Australia
MALAYSIA: Tabung Haji placed under Bank Negara Malaysia is an interim solution, says Ministry of Finance
MALAYSIA: CIMB Bank and CIMB Islamic Bank introduce CIMB EVA chatbot for SMEs
ETHIOPIA: Global payments network Thunes partners with Dashen Bank to introduce cross-border payment solution
UAE: Novus Aviation Capital promotes Mamoun Kuzbari to chief commercial officer
MALAYSIA: Sabah Credit Corporation prints Musharakah-based Islamic commercial paper
MALAYSIA: Malaysia Rail Link auctions five Islamic medium-term notes totaling RM2.5 billion (US$591.15 million)
GAMBIA: Central Bank of Gambia’s three Sukuk Salam papers oversubscribed
MALAYSIA: Bank Negara Malaysia issues two Islamic papers totaling RM17.18 billion (US$4.06 billion)
MALAYSIA: AEON Co sells RM175 million (US$41.38 million) Islamic commercial paper
GLOBAL: Liquidity Capital collaborates with YAS Investments to launch Shariah compliant YAS Liquidity Fund
MALAYSIA: Al Rajhi Bank Malaysia appoints new director of retail banking and COO
SINGAPORE: Sabana Shari’ah Compliant Industrial Real Estate Investment Trust to remove Shariah compliance requirements
NIGERIA: Fintech platform eTijar eyes Shariah compliance to offer ethical finance and wealth management
TURKEY: Participation Bank Association of Turkey and Amanie Academy collaborate on Islamic finance human capacity building programs
MALAYSIA: Maybank Islamic launches Islamic wealth management solution
MALAYSIA: Hextar Global forms consortium with Arcadia Acres and Ihsan Equity to apply for Islamic digital bank license
MALAYSIA: Paramount Capital Resources to partially redeem Sukuk Murabahah worth RM3.5 million (US$826.04 million)
INDONESIA: Indonesia targets IDR12 trillion (US$826.12 million) in upcoming Sukuk auction
MALAYSIA: Bank Negara Malaysia issues two Shariah papers
MALAYSIA: Wahed Technologies collaborates with Value Partners Asset Management Malaysia on recently launched fund
UAE: Sharjah Islamic Bank records net profit of AED289.5 million (US$78.81 million) for six-month period of 2021
KUWAIT: Boubyan Bank realizes 15% increase in net operating profit for period ended the 30th June 2021
MALAYSIA: Chartered Institute of Islamic Finance Professionals collaborates with FWD Takaful to launch Chartered Professional in Islamic Finance program
MALAYSIA: MARC assigns final ratings of ‘AAAIS’ and ‘MARC-1IS to Small Medium Enterprise Development Bank Malaysia’s Islamic programs
MALAYSIA: MARC affirms ‘AAAIS’ rating on MISC’s RM2.5 billion (US$591.84 million) Islamic medium-term note program
INDONESIA: Waskita Karya signs agreement with five creditors on loan restructuring worth IDR19.29 trillion (US$1.32 billion)
GLOBAL: Saudi Arabia and Iraq to launch joint investment company
PAKISTAN: Minister of Finance Shaukat Tarin directs authorities to set up coordination committee for the development of capital market roadmap
MALAYSIA: Habib Bank signs merchant establishment agreement with Edenrobe to introduce Islamic merchant acquiring service
UAE: Dubai Financial Market completes semi-annual review of Shariah index
UAE: Central Bank of the UAE issues Retail Payment Services and Card Schemes Regulation
UK: Al Rayan Bank welcomes Michael Williams as board chairman
MALAYSIA: Sunway Treasury Sukuk sells RM130 million (US$30.78 million) Islamic commercial paper
MALAYSIA: Premier Auto Assets fully early redeems outstanding Islamic medium-term notes
MALAYSIA: Bank Negara Malaysia issues two Islamic liquidity management papers totaling RM19.99 billion (US$4.73 billion)
MALAYSIA: Takaful Ikhlas General introduces Bantuan IKHLAS Supreme Takaful
KUWAIT: GFH Financial Group to request shareholders to reconsider delisting from Boursa Kuwait
UAE: Dubai Islamic Bank wins legal proceedings against NMC Healthcare
GLOBAL: AAOIFI conducts virtual public hearing on exposure draft of revised Financial Accounting Standard for Zakat
BANGLADESH: City Bank arranges long-term financing facilities for Bangla Trac Group’s power plant
MALAYSIA: Bank Islam Malaysia launches e-Mandate platform
GLOBAL: Standard Chartered appoints Khurram Hilal as CEO of Standard Chartered Saadiq
GLOBAL: Dr Muhammed Sulaiman Al Jasser joins IsDB as new president
INDONESIA: Indonesia Stock Exchange delists Sukuk papers of three entities
NIGERIA: Federal government of Nigeria and partners issue seven-year NGN10 billion (US$24.27 million) Sukuk paper
MALAYSIA: Sunway Treasury Sukuk sells two Islamic papers totaling RM415 million (US$98.53 million)
BANGLADESH: Bangladesh Export Import Company and Investment Corporation of Bangladesh sign trust deed for green Sukuk issuance
MALAYSIA: Bank Negara Malaysia issues two Islamic papers totaling RM20.15 billion (US$4.78 billion)
SAUDI ARABIA: Walaa Cooperative Insurance signs non-binding MoU with SABB Takaful Company for potential merger
As the Muslim world celebrated Eid Al Adha, the Islamic finance industry welcomed notable developments including new leaders at major Islamic finance organizations including the IsDB; and industry stalwarts reaffirmed Islamic green commitments and formed new partnerships while a former...
As Iraq prepares for democratic elections in October, the country is looking to the future, hoping to throw off the yoke of violence and volatility it has suffered since the overthrow of Saddam Hussein back...
It seems that the world is in a state of flux with tectonic political shifts underway sending economic, social and financial tremors across the globe including in key Muslim jurisdictions. Iraq is one of the...
Exsim Development’s subsidiary Exsim Capital Resources has raised RM323 million (US$76.69 million) in a Sukuk issuance backed by future receivables from two of its residential development projects in Malaysia. NESSREEN TAMANO writes. The recent Sukuk...
Another Uzbek bank is taking the Islamic route, jumping into the Shariah finance space through an Islamic banking window, bringing the number of Shariah banking aspirants in the...
Having the second-largest Muslim population in Asia after Indonesia, Pakistan is a key Islamic financial market in the region. NESSREEN TAMANO provides an overview of the developments in the Shariah finance industry of the country,...
Blockchain, cryptocurrencies, crowdfunding as well as robo-advisors are changing the way Islamic finance has been operating in recent years. JEVITHA MUTHUSAMY brings you the latest developments in this sector. Background Financial technology or fintech is...
Despite a Sukuk default, the Sukuk market is brimming with positive developments including several dollar offerings from governments and corporates. June is also a month for Islamic digital banks, with new entities emerging in Saudi...
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.
MALAYSIA: One of the largest names in Islamic banking will be scaling up its green and ethical Sukuk/bonds program as part of its RM50 billion (US$11.84 billion) multipronged sustainable finance strategy to anchor itself as...
Regular issuances from Indonesia, Gambia, Malaysia and Kuwait and more received strong demand from investors. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Turkey The Ministry of Treasury and Finance of Turkey...
Value Partners Asset Management Malaysia, a wholly-owned subsidiary of Value Partners Group, has debuted the Shariah China A-Shares 100 ETF (exchange-traded fund) targeting high-risk investors. JEVITHA MUTHUSAMY has more. “Value Partners Malaysia considered multiple options...
The global Islamic banking industry has been on the digital transformation route since the Fourth Industrial Revolution began in earnest almost a decade ago, but the COVID-19 pandemic, the impact of which was felt by...
An Islamic digital bank officially launches in the UK while a Middle Eastern Shariah virtual bank bids for licenses in Africa; another Uzbek lender will be launching an Islamic banking window; Oman prepares sustainable and...
Another Uzbek bank is taking the Islamic route, jumping into the Shariah finance space through an Islamic banking window, bringing the number of Shariah banking aspirants in the Republic to at least nine. VINEETA TAN...
Kuwaiti-owned Bank of London and The Middle East (BLME) is officially in the digital bank space with its fully virtual outfit, Nomo, a mobile-first Islamic banking platform serving a GCC and UK clientele. The entry...
REZQ-Baraka, one of several Shariah challenger banks which debuted in the UAE earlier in April, has secured US$20 million in investment which it will channel toward supporting its ambitious expansion plan. This comes as the...
The Turkish Treasury is looking to issue fixed rent rate lease certificates while Sharjah’s Sukuk paper was oversubscribed. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Turkey The Ministry of Treasury and...
LOTUS Bank, which received its license from the Central Bank of Nigeria in May 2021, aims to operate as the third non-interest banking entity in Nigeria. JEVITHA MUTHUSAMY has more. “LOTUS Bank was founded based...
Takaful, being the Shariah compliant alternative for the conventional insurance business, is considered to be the disruptor of the insurance business in the predominantly Muslim-populated countries. However, in reality, Takaful operators still account only for...
The lack of affordable housing in any country is an indicator of weak national growth and development. Affordable housing is an issue in countries, including Hong Kong, Singapore and Japan. Nonetheless, the Malaysian government has...
The COVID-19 pandemic has prompted something of a ‘social awakening’ for many and daily life being turned on its head overnight has forced people to reconsider how they live, work and invest. For many investors...
For large multinational organizations such as international banks, governance is paramount. Without governance policies and procedures in place, there will be disasters from the most unlikely sources. International banks have over the years learned many...
In the current circumstances, Lebanon is going through the largest financial crisis in its history afflicting services, production, commercial and financing sectors alike. Resorting to changing the current financing methods based on debt with high...
We are defining the essential elements of an investment agency agreement. Continuing from the last article, the parties can sign a conditional investment agency agreement which means the agency effect shall come into play only upon the fulfillment of certain pre-specified conditions either by the Muwakeel or Wakeel, or both. For example, if the Wakeel (agent) is required to pledge a certain asset in favor of the Muwakeel (principal) as surety for its due performance, the investment agency shall come alive only after the completion of the pledge. The condition from the Wakeel could be the delivery of the entire...
The Financial Services and the Treasury Bureau (FSTB) of the government of the Hong Kong Special Administrative Region (HKSAR) of the People's Republic of China made the last amendments to profits tax and stamp duty regulations in 2013 and 2014 catering to Sukuk as well as issuances of three tranches of US dollar-denominated Sukuk in...
The Halal industry is currently one of the expanding consumer segments experiencing an increase both in terms of development and market. The Global Islamic Finance Report in 2020 stated that the world's 1.8 billion Muslim population has a need for the Halal industry of up to US$2.3 trillion. In addition, consumer ethics with universal values...
Despite the heat and lull of the summer season, June turned out to be a stellar month for the UAE capital markets. The Abu Dhabi Exchange (ADX) saw its first major IPO in over two years. Last month, Mubadala Investment Company’s Al Yah Satellite Communications (Yahsat) raised over AED2.68 billion (US$729.49 million) via a Shariah...
Agricultural finance, or agrifinance, is a model that assists vulnerable and rural smallholder farmers to reduce risk and increase investment in their farms, leading to increased yields and higher income. Smallholders are predominant in many frontier and emerging markets, making them a vital part of food supply chains. Therefore, supporting small-scale agriculture can help reduce...
The Omani Takaful sector has been rapidly growing since the passing of the Takaful Law in 2016. According to the annual report of the Capital Market Authority (CMA) of Oman for 2019, the gross direct Takaful premiums increased to OMR64.17 million (US$166.21 million) in 2019 compared with OMR53.58 million (US$138.78 million) in 2018, which represents...
The Central Bank of the UAE (CBUAE) has been conducting regulatory stress testing since 2015 to assess the overall UAE banking system's inherent risk exposure and resilience, including that of Islamic and conventional banks, to...
'Leaders Setting the Direction for Change' Introduction Good afternoon and a very warm welcome to all. Thank you to IBFIM and the University of Cambridge Institute for Sustainability Leadership (CISL) for this invitation to deliver...
The monetary crisis that hit Asia, including Indonesia in 1997–98, devastated the global economy. Islamic banks and conventional banks were badly affected. Some banks were either liquidated by the government or merged with another bank...
Global equities continued to rise during the second quarter of 2021, gaining 7.2% as measured by the S&P Global BMI, raising the year-to-date (YTD) tally to 12.8%. Shariah compliant benchmarks, including the S&P Global BMI...
Microfinance institutions, including Islamic ones, were established to provide services, in the form of financing, to the poor and needy to help improve their standard of living and help them escape from the bondage of...
The pandemic has accelerated the digitalization of the Islamic finance and banking industry, and while it is a challenge, Shariah financial institutions have turned to digital solution providers to support their transformation. Mohammed Kateeb, the group chairman and CEO of Path Solutions, speaks to IFN’s Nessreen Tamano about how these challenges are addressed.
