MALAYSIA: UEM Group maintains ‘AA2/Stable’ Sukuk rating despite weaker stand-alone credit profile as government support continues
SAUDI ARABIA: Moody’s withdraws Malath Cooperative Insurance Company’s ‘Baa2’ insurance financial strength rating citing business reasons
MALAYSIA: RAM reaffirms ‘AAA/Stable’ rating on Suria KLCC’s RM600 million (US$143.54 million) Sukuk
MALAYSIA: RAM reaffirms Export-Import Bank of Malaysia’s ratings including ‘gA2(s)/Stable’ rating on US$1 billion multicurrency Sukuk program
MALAYSIA: RAM reaffirms Cagamas’s Sukuk ratings
MALAYSIA: AmBank Islamic secures ‘AA3/Stable/P1’ ratings reaffirmation
INDONESIA: Indonesian Hajj-managed funds grow 9.64% in 2021 to IDR158.88 trillion (US$11.1 billion), exceeding yearly target of IDR155.92 trillion (US$10.9 billion)
UAE: Sharjah Islamic Bank receiving nominations for membership of board of directors until the 22nd January
PAKISTAN: U Microfinance Bank launches first Islamic banking branch
INDONESIA: Hutama Karya lists IDR313 billion (US$21.88 million) Sukuk Mudarabah on Indonesia Stock Exchange
MALAYSIA: KPJ Healthcare secures ‘AA-IS(CG)’ preliminary rating for Sukuk Wakalah program of up to RM3 billion (US$716.35 million) to be issued by Point Zone
GLOBAL: Citi to sell consumer banking franchises in Malaysia, Indonesia, Thailand and Vietnam to UOB Group
BANGLADESH: Rupali Bank implements Millennium Information Solution’s Islamic core banking system in preparation of Shariah window launch
MALAYSIA: Invest Shariah Corporate Conversation 2022 by Bursa Malaysia and CGS-CIMB Securities taking place on the 20th January
INDONESIA: Bank Syariah Indonesia inaugurates new priority banking branch; assets under management from priority banking exceeds IDR50 trillion (US$3.49 billion)
MALAYSIA: HSBC Bank Malaysia names CIMB banker Omar Siddiq as CEO
SRI LANKA: Amana Takaful Life Insurance appoints three new directors
GLOBAL: Kuwait Finance House, Standard Chartered Bank and Maybank Islamic top primary dealers league for Islamic Liquidity Management Corporation’s 2021 Sukuk program
GAMBIA: Gambian government’s three Sukuk Salam offerings oversubscribed
MALAYSIA: Bank Negara Malaysia issues several Islamic liquidity management facilities to the tune of RM18.75 billion (US$4.49 billion)
BANGLADESH: Bangladesh Export Import Company begins trading green Sukuk on Dhaka Stock Exchange
UAE: Abu Dhabi Islamic Bank raises over AED587 million (US$159.79 million) via new flagship global Sukuk fund
SAUDI ARABIA: Al Alamiya for Cooperative Insurance receives approval to appoint Abdulaziz Hasan as chairman and Dr Tariq AlNaeem as vice-chairman
UAE: Mark Nicholas Curtis no longer CEO of ADGM Authority, reveals Abu Dhabi Global Market
EGYPT: Palm Hills Development Company preparing to raise EGP3 billion (US$190.5 million) via Sukuk in first quarter
MALAYSIA: Maybank Islamic raises RM1 billion (US$239.78 million) through Islamic commercial papers
MALAYSIA: KPJ Healthcare to set up RM3 billion (US$716.35 million) sustainable Sukuk Wakalah program
MALAYSIA: Cagamas issues RM300 million (US$71.63 million) three-month Islamic paper
MALAYSIA: Bank Negara Malaysia issues RM17.81 billion (US$4.25 billion)-worth of overnight Murabahah money market facility
US: Invesco launches Islamic exchange-traded fund; lists on London and Swiss exchanges
MALAYSIA: Sunway Treasury Sukuk issues RM50 million (US$11.94 million) one-month Islamic commercial paper
BANGLADESH: Shahjalal Islami Bank concludes BDT5 billion (US$57.18 million) Sukuk Mudarabah offering
SAUDI ARABIA: Saudi National Bank raises US$750 million through five-year Sukuk to fund environmentally friendly projects
SAUDI ARABIA: Tadawul commences delisting process of AlAhli Takaful Co’s shares following merger with Arabian Shield Cooperative Insurance Co
SAUDI ARABIA: SABB unveils Shariah compliant green deposit product
SAUDI ARABIA: Narmo Capital secures Capital Market Authority license to deal with securities
SAUDI ARABIA: Bayt Alnomow amends business profile to include managing investments and arranging securities business
MALAYSIA: Yayasan Hijrah Selangor partners with Shoraka Global Resources to facilitate migration into Islamic finance space via fintech
NIGERIA: Hamid Joda takes over as CEO of TAJBank following departure of Norfadelizan Abdul Rahman
SAUDI ARABIA: Aljazira Takaful renews license for another year
MALAYSIA: MEX II suffers Sukuk rating downgrade following non-payment
MALAYSIA: RAM upgrades rating on Bumitama Agri’s RM2 billion (US$476.64 million) Sukuk Musharakah to ‘AA2/Stable’
SAUDI ARABIA: Saudi Arabia welcomes launch of Banking and Financial Disputes Ombudsman Center
SAUDI ARABIA: Saudi Central Bank updates debt crowdfunding rules to redefine beneficiary and define aggregate accounts
SAUDI ARABIA: Alhasoob Co secures SAR7.5 million (US$2 million) short-term Islamic financing to support expansion plans
PAKISTAN: Faysal Bank on track to convert into fully-fledged Islamic bank; 11 conventional branches remain
SINGAPORE: iMAL R14.5 receives AAOIFI compliance certification
PAKISTAN: TPL Life Insurance enters into bancaTakaful partnership with Dubai Islamic Bank Pakistan to offer unit-linked Takaful schemes
OMAN: Finance minister issues decision to establish Supreme Shariah Supervisory Board for Capital Market Authority
GLOBAL: S&P Dow Jones Indices reaffirms Islamic finance commitment; signs on as partner for IFN Asia Forum 2022 and IFN Green & Sustainable Finance Forum 2022
A new initiative from the IsDB and Arab Petroleum Investments Corporation looks at private sector financing for green infrastructure projects. Saudi National Bank, the Kingdom’s largest bank resulting from the NCB–Samba merger, issued its first green Sukuk, while new Islamic...
As we roll into our third year of coronavirus chaos, the world is a very different place to the one we entered at the start of 2020. But while the past two years have thrown...
We are delighted to reveal the results of the illustrious IFN Best Banks Poll 2021! After yet another turbulent year, Islamic banks have pulled through and the most outstanding ones have been acknowledged by their...
Over five years after its last Sukuk issuance in 2016, Malaysia-based building and construction company Ekovest has launched an Islamic paper worth RM150 million (US$35.67 million) to kick off the new year. NESSREEN TAMANO has...
Pakistani government’s Sukuk Ijarah issuance garners strong interest from investors while regular issuers keep up momentum .JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Pakistan...
Lebanon is still reeling from the past couple of years, which have been characterized by the nation's worst economic and financial crisis to date. NESSREEN TAMANO writes an overview of the Islamic banking and finance...
Over the past few years, banks have reported their growing concerns over cybersecurity risk and technology risk by placing them among the top three on the risk dashboard. JEVITHA MUTHUSAMY takes a look at the...
The year 2022 seems to be off to a good start as 2021 wraps up on a strong note, preparing the new year for a flurry of new activities and developments. IFN reviews key highlights...
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.
GLOBAL: Following the global Sukuk market's strong performance in 2021, with a total volume growth recorded at 36.1% year-on-year to reach US$252.3 billion, Sukuk volumes in the new year can be expected to grow as...
Pakistani government’s Sukuk Ijarah issuance garners strong interest from investors while regular issuers keep up momentum .JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Pakistan The Pakistani government issued PKR167.4 billion (US$944.24...
This week, JEVITHA MUTHUSAMY takes a look at the Pheim Greater China Islamic Fund (PGCIF), an equity fund for high-risk ethical investors who are seeking investments in the Greater China region. Launched on the 16th...
The National Insurance Council of Algeria (CNA) recently granted two Algerian insurers with Takaful licenses following an executive decree issued last year as the government seeks to boost the country’s Islamic finance industry. JEVITHA MUTHUSAMY...
A fintech start-up in Saudi Arabia has engaged a Shariah advisor to monitor and certify the Shariah integrity of its automated Sukuk issuance platform, amid increasing mainstream adoption of digital Sukuk which began in Southeast...
Islamic robo-advisor Wahed has become the first Halal digital investment manager to debut NASDAQ’s first Shariah compliant environmental, social and governance (ESG) exchange-traded fund (ETF), expanding the universe of Islamic ESG investment instruments. VINEETA TAN...
Pakistan started the new year right, with new regulations for fully digital banks and new underlying assets for the government’s Sukuk Ijarah program. Ethiopia meanwhile is about to welcome its third fully-fledged Islamic bank, while...
Somali Microfinance Institution (SMFI), Ethiopia's first Shariah compliant microfinancier, has started its transition into its new identity as Shabelle Bank, with its website confirming its offerings as a fully licensed commercial Islamic bank to include...
The government of Pakistan has made adjustments in the transaction structure for domestic sovereign Sukuk Ijarah issuances to include four new underlying assets. NESSREEN TAMANO reports. The four new assets, which are the M4 (Faisalabad–Multan);...
Nigeria’s sovereign Sukuk issuance was oversubscribed while Bangladesh, Turkey, Brunei and Gambia kept up momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Nigeria The Nigerian Debt Management Office issued the country’s...
2021 has seen most economies rebound after the COVID-19 slump but global poverty has grown. Yet many of the world’s poor remain trapped between the absence of affordable and accessible credit and the new fintech...
Moody’s Investors Service predicts the Islamic capital markets to rebound in 2022 following an anticipated year of flat growth for 2021. The offshore centers, such as the Cayman Islands, Luxembourg and Labuan, remain primed and...
Afghanistan’s banking sector has grown quickly since the Taliban regime’s demise in 2001. However, holding a bank account is still a new concept in Afghanistan, with many hesitant to get one due to a lack...
From Canada’s first mosque (Al-Rashid) opening its doors in 1938 to the present day, each year more and more Muslims call Canada home. The pioneers of our communities set us up with places to pray,...
The Islamic finance service industry of Pakistan has performed well in 2021. Being the second-largest Muslim population in the world after Indonesia provided huge opportunities for the industry. The Islamic finance service industry has now...
Unfortunately, I did not receive any correct response to my question of if the lessor was asked to bear the cost of all major maintenance to the Sukuk asset, how shall the risk of diminution or decrease in the return or profit to the Sukukholders be addressed? Let me first explain the question which may not have been correctly posed by me. If the lessor is required, as per Shariah principles, to bear the cost of keeping the leased asset in good working condition, it will need to spend the money to do so. This is irrespective of the nature...
The Bangko Sentral ng Pilipinas (BSP) recently signed an MoU with AAOIFI as part of the BSP’s program to promote Islamic banking in the Philippines. BSP Deputy Governor Chuchi G Fonacier and Sheikh Ebrahim Khalifa Al Khalifa of AAOIFI signed the MoU during the AAOIFI–Islamic Development Bank 16th Annual Conference. According to BSP Governor Benjamin...
It has been more than four months since the Taliban seized power in Afghanistan. Following the Taliban takeover, all banks were closed for two weeks. How could people possibly have survived? In a country where all transactions are cash-based, people faced financial difficulties at that time. After two weeks, the Taliban ordered banks to reopen...
The IsDB will work with other international organization to provide a financial education program for university students in nine countries in Asia and Africa. The nine IsDB member countries involved in the program are Bangladesh, Egypt, Kazakhstan, Kuwait, Malaysia, Nigeria, Oman, Saudi Arabia and Uzbekistan. As per a statement, the IsDB will announce the participating...
Masraf Al Rayan (MAR) and Al Khalij Commercial Bank (Al Khaliji) have completed their merger, and were considered as one legal entity bearing the name Masraf Al Rayan from the 1st December 2021. The legal merger creates one of the largest Shariah compliant lenders in the region with around US$50 billion in total assets. The...
Today, apart from Iran and Sudan, where the whole Islamic banking sector is ‘labeled’ Islamic, all Muslim countries strive to reach a strategic share in assets. The goal is varied from jurisdiction to jurisdiction and the general goal is to reach 15%. What is the rationale underlying this objective? Why do emerging nations like Indonesia,...
Global equities added gains in the last quarter of 2021, climbing 5.8%, as measured by the S&P Global BMI. Shariah compliant benchmarks, including the S&P Global BMI Shariah and Dow Jones Islamic Market (DJIM) World...
Affordable home financing has always been a conundrum due to the complexity of the issue surrounding increased demand, oversupply and slower income growth compared to increasing trends of prices especially in times of economic vulnerabilities....
The concept of deposit generation in Islamic banks imitates the conventional banks in a sense that both the remunerative and non-remunerative deposit accounts are offered to the customers. ASFAND ZUBAIR MALIK explores. Like conventional banks,...
International trade is the exchange of capital, goods and services across borders and there is a requirement of large finances to fund this activity. A trader may not have the muscles to finance the same...
Islam in South Africa is a minority religion, practiced by roughly 2% of the total population. The growth of Islam in South Africa can be divided into three phases. The first phase brought the earliest...
The Nigerian Sukuk landscape has a busy year ahead, as regulators tighten up guidelines for issuances and both the government and the private sector turn to the Islamic debt capital market for its financing needs. Dr Akeem Oyewale, CEO of Marble Capital, talks to IFN’s Nessreen Tamano about what we can expect in 2022 from Nigeria in this episode of the IFN Podcast.
