KUWAIT: Kuwait Finance House realizes 12.9% growth in net profit to KWD50 million (US$165.86 million) in first three months of 2021
SAUDI ARABIA: CHUBB Arabia Cooperative Co’s first-quarter pre-Zakat net profit shrinks 28.13% driven by higher net claims incurred and expenses, among others
SAUDI ARABIA: Al-Rajhi Company for Cooperative Insurance records net profit before Zakat of SAR68.51 million (US$18.26 million) as at end of March 2021
BAHRAIN: Bank ABC Islamic nearly doubles first quarter net profit to US$10.4 million
MALAYSIA: MARC assigns ‘MARC-1IS/A+IS’ rating to Serba Dinamik’s multicurrency Sukuk programs
INDONESIA: Indonesian government issues two Sukuk papers worth a total of IDR750 billion (US$52.82 million) via private placement
BAHRAIN: Ithmaar Bank back in the black in first quarter of 2021 with BHD1.55 million (US$4.09 million) net profit
BAHRAIN: Commercial banking and treasury activities support GFH Financial Group’s 217.2% surge in shareholder net profit
MALAYSIA: Bank Negara Malaysia issues Islamic papers worth a total of RM21.01 billion (US$5.1 billion)
IRAN: Securities and Exchange Organization of Iran grants sandbox license to Persian Gulf Capital Investment Fund
KUWAIT: Kuwait International Bank forgoes distributing dividends for 2020 financial year
BAHRAIN: Khaleeji Commercial Bank records almost 47% growth in net profit attributable to shareholders in first quarter
KUWAIT: Kuwait Finance House-Bahrain signs MoU with Eskan Bank to provide Islamic financing for Danat Al Baraka customers
GLOBAL: IsDB and UN launch international dialogue to explore possibility of establishing regional Islamic social finance fund to support emergency relief
EGYPT: Egypt’s Financial Regulatory Authority proposes mechanism to securitize future financial contracts in funding public services
KUWAIT: Central Bank of Kuwait issues Tawarruq facilities alongside bonds worth a total of KWD160 million (US$530.75 million)
NIGERIA: Nigeria Sovereign Investment Authority plans to issue Sukuk; seeks Islamic co-investors for new innovation fund
BAHRAIN: Central Bank of Bahrain’s monthly short-term Sukuk Salam issuance worth BHD43 million (US$113.41 million) oversubscribed
UAE: National Takaful Company registers 74% growth in net profit for first three months
BAHRAIN: Al Baraka Banking Group sees operating income shrink by 8% to US$93 million in first quarter of 2021
QATAR: QIIB maintains ‘A2’ credit rating driven by solid asset quality
UAE: Emirates Islamic maintains ‘A+’ issuer default rating with a stable outlook
BANGLADESH: Pubali Bank Securities withdraws Abdulla Al Mamun as authorized representative with immediate effect
GLOBAL: Malaysia’s sovereign sustainable Sukuk facility begins trading on Hong Kong’s stock exchange
IRAN: Central Bank of Iran authorizes only domestically extracted cryptocurrencies for foreign currency payments
BAHRAIN: Al Baraka Islamic Bank signs agreement with Eskan Bank to offer financing for Danat Al Baraka residential units
MALAYSIA: Bank Negara Malaysia continues to print Islamic papers to support Shariah banking liquidity
US: Islamic digital banking start-up Fair Fintech joins AAOIFI
MALAYSIA: reNIKOLA Solar raises RM390 million (US$94.76 million) through ASEAN Green SRI Sukuk
MALAYSIA: Maybank Islamic prints RM1.5 billion (US$364.97 million)-worth of Islamic commercial papers
MALAYSIA: Matrix Concepts Holdings issues RM50 million (US$12.17 million) three-month Islamic commercial paper
MALAYSIA: Gamuda floats RM200 million (US$48.66 million) Murabahah commercial paper
BRUNEI: Bruneian government issues BN$100 million (US$75.44 million) Sukuk Ijarah, bringing total Sukuk outstanding to BN$325 million (US$245.19 million)
MALAYSIA: AEON Co manages liquidity with RM125 million (US$30.41 million) one-month Islamic commercial paper
MALAYSIA: BIMB Investment Management declares 7.89% distribution yield for BIMB-Arabesque i-Global Dividend Fund 1
SAUDI ARABIA: Arabian Shield Cooperative Insurance participates in insurance pool for mandatory travel product
KUWAIT: Central Bank of Kuwait rolls out digital platform to facilitate monetary gift transfers during Eid
UAE: Ajman Bank inaugurates first wealth management branch in Dubai
UK: Capital Markets Malaysia supports IFN UK Forum 2021 as strategic partner
UAE: SocioPay launches scan and pay mobile app enabling charitable donations
SAUDI ARABIA: Capital Market Authority approves International Central Securities Depositories Instructions
OMAN: Omani Capital Market Authority approves new rules for public offerings
IRAN: Central Bank of Iran calls for guaranteed lifting of sanctions on Iranian banking industry during nuclear talks
MALAYSIA: Lembaga Tabung Haji records higher Zakat contributions for 2020
MALAYSIA: Bank Islam targets 30 homes to be handed over under Asnaf Personal Financing-i scheme this year
KUWAIT: Capital Markets Authority grants collective investment scheme license to Watani Investment Company for Islamic Leasing and Finance Fund XXII
UAE: HashCash to develop Shariah compliant crypto exchange for UAE entity
SAUDI ARABIA: Bank AlJazira announces early redemption of SAR2 billion (US$532.57 million) Sukuk due 2026
IRAN: Iran’s Economic Commission of the Parliament to approve new capital market law repositioning Securities and Exchange Organization
PAKISTAN: Bank of Punjab launches Roshan Digital Account services free of charge for Islamic and conventional customers
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...
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...
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...
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...
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...
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...
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...
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...
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.
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...
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...
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...
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...
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...
With Eid fast approaching, market activities are vibrant as ever. Issuers are tapping the Sukuk market; Libya is reopening its stock market; Dubai Economy will be taking over Dubai Islamic Economy Development Centre’s mandate; mergers...
A series of new legislation aimed at raising the efficiency of some of Dubai's government entities includes the dissolution of the Dubai Islamic Economy Development Centre (DIEDC) and the transfer of its functions to the...
Switzerland-headquartered Instimatch Global has launched a Shariah compliant interbank money market deal-matching service in partnership with UK-based commodity Murabahah broker Eiger Trading Advisors. VINEETA TAN takes a look. The partnership with Eiger Trading provides Instimatch...
The Maldives reissued an existing Sukuk paper while regular issuances received strong demand from investors. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Malaysia Bank Negara Malaysia issued three Money Market Tender...
This week, JEVITHA MUTHUSAMY shines the spotlight on AlDar Investment Fund, a vehicle launched in early April this year by Jadwa Investment which received strong demand from investors. Jadwa Investment — which currently manages SAR15...
The main pillar of the Islamic investing philosophy is risk-taking as the sole justification for any lucrative compensation. Therefore, a suitable environment for Muslim investors must be secured in order to provide relevant investing instruments...
Islamic finance, with its strong value system governed by the Shariah principles, encourages inclusive support for the livelihood and welfare of the people. Islamic finance promotes equity-based financing that entails risk-sharing among the stakeholders, resulting...
Shariah compliant investing is not a new concept, it dates back four decades. However, it has gained significant interest in the last five to seven years. The sector has witnessed an upward trend in the...
From its rudimentary inception, the modern Islamic finance industry has grown not only in size but also in complexity. From basic products that catered to the financing needs of the embryonic market at the start,...
The enactment of Republic Act No 11439 or the Act providing for the Regulation and Organization of Islamic Banks in August 2019 marks the ‘new’ beginning of Islamic banking and finance in the Philippines. While...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
DLA Piper’s Paul McViety and Sohail Ali share their thoughts with IFN’s Nessreen Tamano on how well the global Islamic finance industry responded to the pandemic, as well as the opportunities the industry can take to hold a position of global significance.
