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Latest News - Friday, 17 September 2021

Daily Cover Story: IFN Weekly Round-up: 11th – 17th September 2021

This week, we saw new players and new Islamic finance products enter the market; multilateral development bank APICORP revealing its transition Sukuk plan; new partnerships; and significant appointments in several Islamic finance institutions. All these and more in this edition...

This Week’s Newsletter

Cover Story: Nigerian Sukuk: Can Lagos State turn the tide?

This week, it was revealed that Lagos State is hoping to follow in the footsteps of its northerly sibling Osun in the issuance of Sukuk to fund its ambitious infrastructure program. It could be the...

Editor's Note

Lagos builds Sukuk blocks

This week, we are diving into one of the most exciting development to unfold in the last week: the Nigerian state of Lagos is preparing to enter the Sukuk market, like its Osun sibling, to...

IFN Case Study

Ahli United Bank’s Sukuk: A strong follow-up

Close on the heels of its sophomore dollar Sukuk issuance in June 2021, Ahli United Bank (AUB) successfully closed its second Islamic paper this year at US$600 million, upsized from the original benchmark-sized offering. NESSREEN...

IFN Sovereign Securities

Sovereign Securities: Lagos mulls Sukuk

Lagos State mulls Sukuk while Bangladesh returns to the bond market. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Nigeria Lagos State, the most active...

IFN Country Analysis

Qatar: Anticipated growth for Islamic finance

Qatar continues to slowly but steadily grow its Islamic finance and banking industry, which had not been affected much by the Saudi-led GCC embargo on the State that started in 2017 and was lifted earlier...

IFN Sector Analysis

SRI, ethical and green: Impact investing gains momentum

Socially responsible investing, also known as ethical and green investing, promotes ethical and socially-conscious themes including environmental sustainability. Over the past 12 months, investment related to environmental, social and governance (ESG) and sustainable and responsible...


IFN Monthly Review

September

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...

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.


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IFN Features

  • Restructuring of financing reduces NPF ratio of Islamic banks

    The efforts of the Indonesian government to minimize the spread of COVID-19 are by issuing an appeal to the community to reduce activities out of their homes. In this regard, the government has imposed social...

  • Jersey: Structuring Islamic investments in UK real estate

    The trend for investing in the UK real estate for Muslim and non-Muslim investors has not abated despite the COVID-19 pandemic. While barriers to travel have been prohibitive and put a stop or delay on...

  • Value-based intermediation via digital platform

    The latest practice that underpins the success of Islamic finance in Malaysia is value-based intermediation (VBI). The initiative, started by Bank Negara Malaysia (BNM) in 2017 in collaboration with a few Islamic banks or the...

  • Sri Lanka: Small country, great opportunities

    Sri Lanka, an island nation of a little under 22 million people, lies at the crossroad of trade and shipping making it an appropriate trading and shipping hub. This has been the case since time...

  • Luxembourg: A global hub for Islamic finance

    The Grand Duchy of Luxembourg, the number one investment center in Europe and second in the world after the US in terms of assets under management, is also regarded as the leading non-Muslim domicile for...


Back to Basics

  • A weekly educative column on Islamic banking and finance today

    Breaking down the AAOIFI definition of Sukuk

    In the last article, I provided a little bit of explanation on the difference between bonds and Sukuk with the help of the definition on Sukuk by quoting from the relevant AAOIFI Shariah standard. Realizing that the definition may not have gone down well with the readers not familiar with Sukuk, today I would like to break it down for ease of understanding but for this, I will requote the definition as follows: “Investment Sukuk are certificates of equal value representing undivided share in the ownership of tangible assets, usufruct and services or in the ownership of the assets of...

IFN Correspondent Reports

  • Offshore Financial Centers

    Luxembourg : A global hub for Islamic finance

    The Grand Duchy of Luxembourg benefits from a long history in Islamic finance when in 1978 Luxembourg became the first country in Europe to license an Islamic financial institution. Since then, all required legal, tax and regulatory structures have been put in place to enable Luxembourg to become a major European hub for Islamic finance...

  • Equity Capital Markets

    Global equities: Bull run continues

    In August 2021, the equity markets continued its bull run led by strong corporate earnings delivery, improved macroeconomic indicators and benign liquidity conditions that bolstered investor sentiments. Investors have brushed off any more serious threats to the economic recovery due to the surge in coronavirus delta variant cases and barely reacted to indications from the...

  • Egypt

    Egypt prepares for implementation of sovereign Sukuk law

    Egypt finally issued its long-awaited Sovereign Sukuk Law No 138/2021, which entered into force on the 19th August this year. Now, the country’s regulators are preparing to draft and issue the accompanying Executive Regulations. The Ministry of Finance, which will operate as the sole originator of all sovereign Sukuk issuances and is also the ministry...

  • The Maldives

    HDFC issues fourth corporate Sukuk and the launch of MIB Global Pay

    The Housing Development Finance Corporation (HDFC) opened its fourth corporate Sukuk for subscription on the 12th September 2021. The subscription period will be closed on the 30th September 2021. The HDFC intends to sell 200,000 units of Sukuk to raise MVR200 million (US$13.01 million). The issue price of this Sukuk is MVR1,000 (US$65.03) with a...

  • Turkey

    Steady momentum of successful performance by Turkish participation banking sector

    The second quarter of 2021 was successful for participation banks, as they outperformed the sector in terms of growth. While the total asset size of participation banking grew by 15% compared with the previous year, there was an increase of 17% in funds utilized and 16% in funds collected. Net profit increased by 21% to...


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