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Latest News - Wednesday, 12 May 2021

Daily Cover Story: Niger welcomes another Islamic banking service provider

NIGER: West African banking heavyweight Coris Bank International (CBI) has brought its Islamic banking window to landlocked Niger, where the population is severely unbanked and the economy dominated by conventional finance despite its overwhelming Muslim demographics. Under the ambit of...

This Week’s Newsletter

Cover Story: Brazil: Could this be the beginning?

The largest economy in Latin America and the seventh-largest in the world with a GDP of US$2.4 trillion, Brazil occupies an unusual position in the Islamic economy. The country is by far the world’s largest...

Editor's Note

Brazilian bonanza

Brazil may be unmatched when it comes to exporting Halal meat, but its Islamic finance sector leaves a lot to be desired. The South American nation is a good example of how success in an...


IFN Case Study

Khazanah Nasional’s Sukuk: A strong return to the international market

Khazanah Nasional, the sovereign wealth fund of Malaysia, made its comeback to the international capital market since its first US dollar-denominated Sukuk issued in 2016. NESSREEN TAMANO writes. Issued by Dua Capital, Khazanah's SPV incorporated...

IFN Sovereign Securities

Sovereign Securities: Regular offerings hit the market

This week’s sovereign securities market was represented by frequent issuers from Malaysia, Brunei, Indonesia, Gambia and more, which received strong demand from investors. JEVITHA MUTHUSAMY rounds up Shariah...

IFN Country Analysis

Bosnia-Herzegovina: Building on potential

With just over half of the southeast European nation of Bosnia-Herzegovina (BiH)’s 3.28 million population practicing Islam (according to World Population Review), there is tremendous demand and potential for Islamic finance to flourish. NESSREEN TAMANO...

IFN Sector Analysis

Debt capital market: Market activity volume contracts

The Islamic debt capital market comprises Sukuk, syndicated financing, repurchase agreements and collateralized financing, to name a few. These facilities provide corporates an opportunity to meet their funding needs in a Shariah compliant manner. JEVITHA...


IFN Monthly Review

May

The market is constantly moving: as the industry transitions away from the London Interbank Offered Rate (LIBOR), and embraces sustainability, we see Sukuk offerings mirroring such trends. Across the banking sector, capital markets and the...

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

  • Sovereign Securities: Regular offerings hit the market

    This week’s sovereign securities market was represented by frequent issuers from Malaysia, Brunei, Indonesia, Gambia and more, which received strong demand from investors. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Malaysia...

  • Company Focus: Kinesis

    In this week’s company focus, JEVITHA MUTHUSAMY shines the spotlight on Kinesis, a Shariah compliant monetary system that recently made headlines when it partnered with the Indonesian government to launch PosGo Syariah, a physical gold-based...

  • Libya prepares to reopen the stock market in five months

    Libyan regulators are preparing to reopen the stock market after six years of closure due to political conflicts in the nation. NESSREEN TAMANO has the story. The Libyan Capital Market Authority (LCMA) has made a...

  • Emirati and Italian export credit agencies to build Halal trade route

    The export credit agencies of the UAE and Italy have renewed a cooperation that first began in 2018 with a meeting to discuss boosting trade finance to SMEs in both countries through Islamic finance. NESSREEN...

  • Sparks Energy 1’s ASEAN Green SRI Sukuk on hold as project faces delays due to COVID-19

    COVID-19 and unfavorable weather have thrown a spanner in the works to Sparks Energy 1’s sustainable Sukuk plan as it faces setbacks in achieving the commercial operation date (COD) for its solar power plants. VINEETA...


IFN Features


Back to Basics

  • A weekly educative column on Islamic banking and finance today

    Situations where the appointed agent oversteps the mandate

    After having explained Fuduli (or unauthorized person acting as an agent) in the last article, I will today deliberate on the situations where a duly authorized agent oversteps its authority and what Shariah guidelines are available to deal with them. The scholars have provided the relevant courses of action in such situations based on the nature of the agency. However, the outcome of any transgression made by the agent has forever been their focus while formulating the guidance. For example, if the agent was granted the mandate to make purchases on behalf of the principal for certain merchandise with specified...

IFN Correspondent Reports

  • Equity Capital Markets  

    Global equities: Rally continues

    Equity markets advanced in the first four months of the 2021 financial year, mainly on the back of improved macroeconomic indicators, vaccine rollouts, fiscal stimuli and continued monetary easing. However, the sharp rise in bond yields in anticipation of inflationary pressures caused a knee-jerk reaction in the stock market for a while but it resumed...

  • Malaysia

    Malaysia’s inaugural US dollar sustainability Sukuk issue

    On the 28th April 2021, Malaysia issued its first sustainability Islamic trust certificates, comprising an US$800 million 10-year tranche (Sustainability Sukuk) and a US$500 million 30-year tranche. This maiden Sukuk via an SPV — Malaysia Wakala Sukuk — is in line with the government of Malaysia’s recently launched Sustainability Development Goal (SDG) Sukuk Framework. As...

  • Halal Industry

    Strategic programs to support Halal SMEs and start-ups

    Alliance Islamic Bank has inked an MoU with eJazmine, Fusionex and the International Institute for Halal Research to strengthen the Halal market in one program for SMEs. These partners will help to provide more digital solutions and e-commerce platforms as well as training programs. Alliance Islamic targets RM100 million (US$24.15 million) as a financing provision...

  • Islamic Leasing

    Start-ups boost Islamic leasing

    Venture capital firm Wamda shared some good news about business in Islamic leasing in April while in March, start-ups in the UAE, Saudi Arabia and Egypt raised US$170 million. This figure boosted the total amount for the first quarter of 2021 to US$396 million across 125 different deals. The three countries continue to lead in...

  • Oman

    Oman: Possible transition to a more Shariah compliant banking system

    The growth of the Islamic banking industry in Oman over recent years has continued at a strong pace compared with its conventional counterpart. According to statements made by Fitch Ratings in March 2021, the Omani Islamic banking market grew by 9.5% in 2020, compared with the conventional financial institutions’ growth rate of only 2.1%. In...


IFN Special Reports

  • Developing Islamic derivatives as real hedging instruments

    Derivatives are used by many large portfolios and funds as part of their investment management strategies to serve many purposes that include anticipating future cash flows, arbitrage, asset allocation change, hedging and speculation, with the...

  • Can Sukuk match the growth trajectory of green bonds?

    As the socially responsible investing movement in fixed income began to take off a decade ago, a great deal of ink was spilled on the similarity of green bonds and Sukuk. Both products are explicitly...

  • Untapped opportunities of Islamic finance Down Under

    The Australian Trade Commission mentioned in a 2010 report that: “Islamic finance has considerable potential to become an important element in Australia’s aspirations to be a global financial services centre in the region. It has...

  • Germany’s Islamic finance market — a niche with great potential

    Islamic finance and classical western finance systems are much different; however, there are more and more ways that both work hand in hand together and Islamic finance principles are becoming increasingly popular for sustainable investments,...

  • The advantage of Islamic finance for SMEs

    The economic contributions made by SMEs to improve a country’s welfare are supported by the government. Nowadays, SMEs represent 96% of registered companies and approximately 50% of GDP and 65% of employment worldwide, therefore SMEs...

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