SAUDI ARABIA: Buruj Cooperative Insurance Co secures final regulatory approval for new product
SAUDI ARABIA: Amana Cooperative Insurance Company completes rump offering
IRAQ: Fitch assigns ‘CCC+’ long-term issuer default rating to Kurdistan International Islamic Bank
GLOBAL: Moody’s affirms Islamic Corporation for the Development of the Private Sector at ‘A2’
BAHRAIN: Bahraini Islamic retail and wholesale banks maintain high capital adequacy ratio in first quarter of 2022
GLOBAL: UK Export Finance offers Sukuk assistance following maiden GBP66 million (US$81.04 million) financing deal in Jordan
UK: Gatehouse Bank raises rate on new Easy Access savings account
PAKISTAN: Habib Bank launches digital Islamic banking account app
PAKISTAN: Bank of Khyber expands Islamic banking network with new branch at Khalifa Gul Nawaz Hospital
GLOBAL: AAOIFI signs multiple strategic partnerships on the sidelines of its 20th Shariah Boards Conference
BANGLADESH: Southeast Bank launches five agent banking outlets targeting unbanked population
BANGLADESH: Strategic Finance & Investments secures regulatory approval to launch Islamic window
UK: Wahed Invest expands investment range with physical gold portfolio
BANGLADESH: Bangladesh Securities and Exchange Commission approves prospectus of EDGE AMC’s new Islamic fund
MALAYSIA: Pertama Digital looks to partner with Islamic bank to establish Malaysia’s government-focused neobank
MALAYSIA: Investment Account Platform appoints Dr Siti Muawanah Lajis as chief strategy officer
MALAYSIA: PMB Investment launches PMB Syariah Greater China Equity Fund
GLOBAL: IsDB approves US$59.21 million in total funding for Chad, Uganda and Senegal
SAUDI ARABIA: Nayifat Finance Company appoints Yosef Ibrahim Alshaer to vacant seat in board of directors
GLOBAL: Dubai Islamic Bank supports IFN Asia Forum and Islamic Sustainable Finance & Investment Asia Forum as lead partner
GLOBAL: Securities Commission Malaysia chairman to deliver keynote address at Islamic Sustainable Finance & Investment Asia Forum 2022
NIGERIA: LOTUS Bank appoints Sideeq Abdul Rahmon Olanrewaju as Shariah compliance officer
SRI LANKA: Amana Takaful Insurance appoints Krishnamoorthi Ratnam Ravindran as director
MOROCCO: Abdelkrim Fazazi joins Al Maghribia Takaful as managing director
INDONESIA: Indonesia raises IDR7.8 trillion (US$525.42 million) from Sukuk auction
GLOBAL: International Islamic Liquidity Management Corporation to issue three-tranche Sukuk paper worth US$830 million
MALAYSIA: Bank Negara Malaysia issues four short-term Islamic liquidity management papers totaling RM29.3 billion (US$6.66 billion)
SAUDI ARABIA: Derayah Financial’s board of directors approves restructuring of Derayah REIT’s existing financing
IRAN: Central Bank of Iran announces first Islamic banking professional certification exam to be held on the 14th July 2022
GLOBAL: Sime Darby Property–LOGOS Property joint venture announces first close of US$250 million Islamic fund to develop logistics assets
GLOBAL: Jadwa Investment partners with two entities to launch Al Dar Investment Fund 2
UAE: Chimera Capital rolls out Chimera S&P US Shariah Value Exchange Traded Fund and Chimera S&P US Shariah Growth Exchange Traded Fund
EGYPT: gig Egypt Life Takaful Company signs cooperation agreement with Easy Business Solutions to support SMEs
NIGERIA: Noor Takaful distributes NGN109.85 million (US$263,781) surplus to policyholders
SAUDI ARABIA: Arabian Internet and Communication Services Company amends and renews SAR1 billion (US$266.3 million) Islamic financing facility
GLOBAL: Indonesian parliamentary delegation visits Bahrain Institute of Banking and Finance to explore Islamic banking training programs
PAKISTAN: Modaraba Al Mali acquires equity capital in two companies
INDONESIA: Bank Muamalat Indonesia elects Iggi H Achsien as president commissioner
INDONESIA: Indonesia Stock Exchange delists FKS Food Sejahtera’s Sukuk Ijarah papers
BANGLADESH: Bangladesh auctions two Bangladesh Government Islami Investment Bonds
EGYPT: SHUAA Capital exits Egyptian brokerage in AED3.6 million (US$979,931) deal
SAUDI ARABIA: Al Alamiya for Cooperative Insurance Company signs agreement with Key Car Rental Company to provide vehicle insurance coverage
OMAN: Ahli Islamic launches online platform IslamiNET for corporate customers as part of digital transformation strategy
MAURITANIA: Banque Populaire de Mauritanie goes live with R14.5 version of Azentio’s Islamic banking software iMAL
MALAYSIA: RAM assigns ‘AA3/P1’ ratings to Malayan Cement’s proposed Islamic medium-term notes and Islamic commercial papers
MALAYSIA: Cagamas fully redeems Islamic commercial paper program (2015/2022) before expiry date on the 24th June 2022
MALAYSIA: RAM assigns ‘A3/Stable’ long-term rating to Bank Islam’s proposed RM5 billion (US$1.13 billion) additional Tier 1 capital Sukuk Wakalah
MALAYSIA: Tomei Gold & Jewellery Holdings seeks approval to establish Sukuk Murabahah program worth up to RM150 million (US$34.04 million)
MALAYSIA: Perbadanan Kemajuan Negeri Selangor sells two Tawarruq- and Murabahah-based Islamic papers totaling RM190 million (US$43.12 million)
KENYA: Taqwa SACCO, a Shariah compliant savings and credit cooperative (sacco) based in Kenya, has launched a Sukuk offering, affirming its commitment to explore new investment opportunities for its members. The Sukuk offering is available to members for a starting...
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...
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...
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...
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...
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...
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...
From groundbreaking Sukuk offerings to landmark Islamic fintech acquisitions and growth, to a flurry of Islamic fund launches and significant regulations unfolding, August has been quite the month for Islamic finance. The IFN Monthly Review...
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.
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 The Indonesian government was due to conduct...
Affin Hwang Asset Management, which manages over RM79 billion (US$17.94 billion) in assets as at the 30th April 2021, has expanded its suite of thematic offerings with the launch of a new Shariah compliant fund....
The Islamic banking sector of Bangladesh has shown strong growth, with the market share of Islamic banks standing at 28.21% in terms of deposits and 27.78% in terms of investments as at the end of...
Fintech start-ups in Iran have received a boost of support with the Central Bank of Iran (CBI)’s recent launch of its regulatory sandbox — a major part of the regulator’s plans to reform the country’s...
Three main themes emerged this past week in the world of Islamic finance: fintech, ESG and enabling policies. Several landmark deals involving Islamic fintech start-ups took place including China’s Gobi Ventures and Ethis Group setting...
Islamic banking institutions in Pakistan are playing a stronger role in the intermediation process, according to the central bank, as newly released data for the 2021 current year (CY21) shows significant leap in Shariah financing...
The global Islamic finance industry could see new standards relating to Islamic syndication and liquidity management, among other industry development initiatives discussed during the recently held 46th meeting of the International Islamic Financial Market (IIFM)....
Regular issuers from Indonesia, Brunei, Malaysia and Bahrain have kept up momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia The Indonesian government raised IDR5.1 trillion (US$345.78 million) from a Sukuk...
Australia-based asset manager Hejaz Asset Management has unveiled a Shariah compliant property fund called the Hejaz Property Fund, catered to Australian investors seeking long-term capital growth. JEVITHA MUTHUSAMY has more. Launched on the 24th December...
Da Afghanistan Bank (DAB), the central bank of Afghanistan, which has adopted Islam as the foundation of its state and constitution — and therefore the financial system — especially since the official Taliban takeover late...
Over the last decade, private markets grew five-fold with assets reaching US$10 trillion in 2021 (Source: Preqin). Private markets growth is expected to continue for the foreseeable future supported by a rise in ethical and...
Like most sectors of the economy in the Muslim world, Takaful is also affected by the imperative of a digital transition. The actuary's profession, protean in its essence and made up of figures, complex models,...
The global Islamic finance industry started blooming in the early 2010s; this trend consisted of the establishment of the varying Islamic financial industries including Islamic banking, Islamic capital market and Islamic non-bank financial services. Some...
According to the US Central Intelligence Agency’s The World Factbook, Thailand has the 20th-largest population in the world with 69.65 million people. Muslims represent 4.3% of the grand total, or 2.99 million people — almost...
Islamic family offices strike a careful balance between continued providence of funds and investing in industries and sectors more cutting-edge and dynamic than traditional practice. Half a year after the impacts of the COVID-19 pandemic...
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...
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...
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...
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...
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...
After a rigorous assessment and horizontal review of 29 applications based on four main criteria — prudentiality, technology, financial inclusion and national interests — Bank Negara Malaysia (BNM) finally announced on the 29th April 2022 the five successful consortia awarded with digital bank licenses, of which two are Islamic digital banks (Figure 1). The five...
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...
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...
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,...
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...
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...
General Council for Islamic Banks and Financial Institutions (CIBAFI) launched its Sustainability Guide for Islamic Financial Institutions on the 12th May 2022, following the issuance of its corresponding consultative document in March. In this episode, we speak to Dr Abdelilah Belatik, the secretary general at CIBAFI, about how the sustainability guide will impact Islamic financial institutions.
