MOROCCO: Taawouniyate Taamine Takafuli receives regulatory approval to offer Takaful services
MALAYSIA: Telekom Malaysia’s headquarters, Menara TM, up for sale
NIGERIA: Jewel Sukuk SPV to issue seven-year Sukuk Ijarah worth NGN35 billion (US$83.96 million)
MALAYSIA: Maybank Asset Management to launch Maybank Flexible Retirement Solution featuring two Islamic mixed asset funds
GLOBAL: IFSB signs MoU with two entities to further promote Islamic finance
GLOBAL: First Abu Dhabi Bank to purchase 51% controlling stake in EFG Hermes
UAE: Rustum Shah joins Stephenson Harwood’s Dubai branch as partner
SAUDI ARABIA: Riyad Bank commences offering of US dollar-denominated Tier 1 capital Sukuk
PAKISTAN: K-Electric to issue Sukuk worth up to PKR12 billion (US$68.53 million)
GLOBAL: SHUAA Capital to launch special purpose acquisition company in the US
INDONESIA: Indonesia records IDR11 trillion (US$766.09 million) from Sukuk auction
GAMBIA: Central Bank of Gambia concludes auction featuring three Sukuk Salam papers
BRUNEI: Brunei Darussalam Central Bank prices 60th issuance of BDCB Islamic Bills at BN$37 million (US$27.55 million)
MALAYSIA: Malaysia issues RM2.5 billion (US$597.04 million) Malaysian Islamic Treasury Bill
GLOBAL: AM Best places ratings on Ithmaar Holding’s assets under review following sale of assets to Al Salam Bank-Bahrain
PAKISTAN: United Bank begins due diligence on proposed acquisition of 55% of sponsor shares in Telenor Microfinance Bank
IRAQ: UR Islamic Bank for Investment implements ICS BANKS Islamic Banking software solution
MALAYSIA: Malaysian Islamic banks’ credit profiles to remain stable; capital levels steady in 2022, says Fitch Ratings
SAUDI ARABIA: Emaar The Economic City signs agreement with Saudi British Bank to reschedule financing worth SAR976.25 million (US$259.97 million)
SOUTH AFRICA: Spark Energy Services offers Islamic financing for energy company Zero Point Energy
TURKEY: Turkey could issue Sukuk to refinance existing debt worth US$2 billion maturing this month
KUWAIT: Kuwait Credit Bank eyes Sukuk to support funding of interest-free home loans
UAE: Gulf Navigation Holding to issue Sukuk worth up to AED150 million (US$40.83 million) in March
UAE: Dubai Islamic Bank sells US$750 million in five-year unsecured Sukuk; records US$1.6 billion in orders
MALAYSIA: Bank Negara Malaysia prints four Islamic liquidity management papers
SAUDI ARABIA: Azmeel Contracting obtains approval to restructure debt worth SAR7.73 billion (US$2.06 billion) via perpetual Sukuk issuance
GLOBAL: Gulf Islamic Investments secures funding worth GBP82 million (US$111.02 million) for development of luxury residential property
GLOBAL: Abu Dhabi Islamic Bank UK provides AED100 million (US$27.22 million) in financing to Urbium Capital Partners
UAE: Ajman Bank posts increase in profit to AED116.16 million (US$31.62 million) in 2021
UAE: Abu Dhabi Islamic Bank records profit after Zakat and tax of AED2.33 billion (US$634.24 million) for 2021
SAUDI ARABIA: Capital Market Authority of Saudi Arabia approves Bank Albilad’s capital increase to SAR10 billion (US$2.66 billion)
TURKEY: Participation Banks Association of Turkey supports IFN Turkey OnAir Forum 2022 as partner
GLOBAL: International Islamic Liquidity Management Corporation reissues short-term Sukuk totaling US$1.21 billion
MALDIVES: Bank of Maldives appoints Hassan Kalaam as director of Islamic banking
SAUDI ARABIA: Public Investment Fund of Saudi Arabia to tap global markets via Sukuk issuance
SAUDI ARABIA: Riyad Bank eyes US dollar-denominated Tier 1 capital Sukuk
UAE: Dubai Islamic Bank hires banks for dollar Sukuk issuance
SAUDI ARABIA: Capital Market Authority of Saudi Arabia approves Alkhabeer Growth & Income Traded Fund
MALAYSIA: Malaysia issues RM5 billion (US$1.19 billion) Government Investment Issue Murabahah paper
INDONESIA: Indonesia Stock Exchange delists XL Axiata’s Sukuk Ijarah worth IDR110 billion (US$7.63 million)
SAUDI ARABIA: Alinma Bank establishes Alinma SPV with authorized capital of US$50,000
BANGLADESH: Global Islami Bank to raise BDT4.25 billion (US$48.56 million) via proposed IPO
MOROCCO: Supervisory Authority of Insurance and Social Welfare of Morocco grants Takaful licenses to two insurers
GLOBAL: IFSB appoints Dr Reza Baqir as chairman and Godwin Emefiele as deputy chairman of IFSB council
UK: Al Rayan Bank appoints veteran banker Philip Trevett as chief risk officer
TURKEY: Ziraat Katilim Bankasi auctions lease certificates worth TRY500 million (US$36.78 million)
SAUDI ARABIA: Jabal Omar Development Company to partially early redeem Sukuk worth US$67.5 million
MALAYSIA: Bank Negara Malaysia issues two Islamic papers
SAUDI ARABIA: SABB Takaful renews Group Creditors Policy contract with SABB Bank
PAKISTAN: Pak-Qatar Family Takaful gets nod from Securities and Exchange Commission of Pakistan to operate as pension fund manager
GLOBAL: Assets under management (AuM) of Islamic mutual funds have increased substantially, peaking at a total of around US$130 billion by the second quarter of 2021 before settling at around US$120 billion at the end of that year, Fitch Ratings...
It is the start of a new year and, as always, that means the banks are coming back to market. We have seen a handful of capital raises in recent weeks in the GCC, as...
Green is good. And not only for the environment but it is also looking like it is good for business. We explore how the Islamic markets are adapting. In this issue, we also take a...
A wholly-owned subsidiary of Malaysian engineering company Kejuruteraan Asastera (KAB), KAB Energy Power (KABEP) has issued the first tranche of its multicurrency Sukuk Murabahah program worth RM500 million (US$119.56 million). NESSREEN TAMANO has the details....
Regular issuers from Malaysia, Bangladesh, Brunei and Kuwait sustained the momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia The Indonesian government was due...
The past year has been eventful for the United Republic of Tanzania’s Islamic finance and banking sector, with the capital market seeing its first-ever Sukuk issuance and the Shariah banking sector welcoming CRDB Bank’s Islamic...
The COVID-19 pandemic offers an opportunity for more integrated and transformative growth with a higher degree of standardization. JEVITHA MUTHUSAMY brings you the latest developments in this sector. Overview The lack of standardization continues to...
Rating agencies released mixed forecasts for the global Sukuk market; a flurry of Sukuk offerings hit the market; mergers and acquisitions came to fruition while new players and funds entered the space; blockchain start-ups moved...
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.
MALAYSIA: Bursa Malaysia has entered into a partnership with Islamic bank HSBC Amanah Malaysia on an initiative aimed at improving the environmental, social and governance (ESG) adoption practices of publicly listed companies (PLCs) in the...
Regular issuers from Malaysia, Bangladesh, Brunei and Kuwait sustained the momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia The Indonesian government was due to conduct a Sukuk auction on the...
Pakistan’s banking sector continues to see an increase in profitability due to the increasing penetration of Islamic banking services in the nation. This week, JEVITHA MUTHUSAMY speaks to Kabeer Naqvi, CEO and president of U...
Tawhidbank, the only fully-fledged Islamic bank in Tajikistan, is preparing to introduce the first Takaful solution into the Central Asian nation's insurance market. NESSREEN TAMANO writes. The bank signed an agreement with consultancy firm AlHuda...
Islamic finance powerhouse Saudi Arabia has recorded an increase in Sukuk issuances at 37% in 2021 and also contributed significantly to the increase in global Sukuk issuances last year, S&P Global Ratings said. NESSREEN TAMANO...
In a vote of confidence for the Islamic finance industry, the Insurance Commission (IC) has published a baseline regulatory framework for Takaful in the Philippines. NESSREEN TAMANO has the story. The commission said it recognizes...
Aghaz Investments, which launched its Shariah compliant digital investment service in the US mid-last year, will be expanding its product suite as well as geographical footprint to at least two other markets outside of North...
Rating agencies released mixed forecasts for the global Sukuk market; a flurry of Sukuk offerings hit the market; mergers and acquisitions came to fruition while new players and funds entered the space; blockchain start-ups moved...
Three years after the launch of SUNREF Palestine, AFD Group and the EU have signed an agreement to launch the second phase of its joint green finance program in partnership with its longstanding partners, Bank...
The Central Bank of Gambia’s Sukuk papers were undersubscribed twice in a row while Malaysia, Turkey and Indonesia keep up momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia The Indonesian...
Islamic finance has found its way in many climates with its principles embraced in both Islamic and non-Islamic environments. Similarly, it has been in practice and fully established in developing and developed economies. Brunei Darussalam...
Agriculture has always been important to the Islamic economies. According to the Holy Quran, it was Archangel Gabriel who taught Adam and Hawa to plough the earth and grow wheat. Ilya Strebulayev of Stanford School...
Islamic finance has experienced a meteoric rise over the last several decades and markets including Malaysia and the UK have successfully managed to capitalize on this exponential growth. Since its inception, the Islamic finance industry...
If we started looking at white paper from Satoshi Nakamoto, who surprisingly is not very well known but has given us the concept of blockchain and generated blockchain adoption widely. Mostly people think that bitcoin...
Islamic cooperatives are one of the types of solidarity-based economic cooperatives that secure job opportunities, contribute to poverty reduction and support many development goals. Cooperatives, in the legal sense, entered the region at the beginning...
We are on the subject of Sukuk default scenarios and I am explaining all possible events which can be envisaged in the run-up to the Sukuk maturity date and where the originator or obligor may not be able to walk the tightrope and resultantly may put the transaction in jeopardy. I concluded the last article on the most important aspect of the Sukuk transaction which is the originator’s responsibility to pay the periodic profit or partial redemption (if that was agreed at the outset) or both on time and the risk of its failure to comply with it. Actually, the...
Diminishing Musharakah (DM) products are commonly offered by banks in Oman for medium to high value and medium- to long-term financing needs of both retail and corporate customers. One of the key areas in which DM products are used is real estate financing. DM products can be tailored and used for funding the acquisition of...
The Bank of Maldives has announced the appointment of Hassan Kalaam as the new director of Islamic banking in a press release dated the 7th February 2022. Hassan is a licensed Shariah advisor with more than 10 years of experience in the financial services and banking industry. Since joining the bank in 2013, Hassan has...
Egyptian Sukuk and conventional securities issuances are typically rated by one of the major international credit rating companies, such as Moody’s Investors Service, or Fitch Ratings. The Financial Regulatory Authority (FRA) previously prohibited the establishment of credit rating companies in Egypt unless an international credit rating agency held a minimum 10% ownership stake. Recently, the...
Italian company modeFinance, which specializes in financial consulting and evaluation of companies’ creditworthiness, plans to introduce solutions and know-how of Italian fintech on the digitization and automation of credit risk assessment to the global financial and banking world. Most clients of modeFinance are market players operating in various economic sectors such as insurance, banking, financial...
The banking system in Iran is one of the unique frameworks where different services can be provided in compliance with Shariah principles. Riba-free banking law enacted in 1984 by the Islamic consultative assembly provides a Shariah compliant legal structure for banks in performing their business. Several contracts were introduced which allow the banks to take deposits from one...
One of the fastest-growing segments within the banking industry, Islamic banking is not a niche segment anymore. The recent trends have shown a rise in the number of Islamic financial institutions along with existing conventional...
Various debt securities are traded in the Iranian capital market including general Murabahah, Islamic treasury, Musharakah, SPV securities, productive credit certificates and Salaf. In this report, MASOUD ZOHREHVANDI focuses on the securities issued by SPVs...
The digitalization of money or more exactly the formal representation of money is moving more and more from cash to a digital form: this is one of the highlights of our time. It is one...
Across the globe, growing concern over climate change has led to a significant increase in the pursuit of sustainability and sustainability-themed financial products. According to the Principles for Responsible Investment (PRI), a UN-supported network of...
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...
Digital investment management or robo-advisory is growing phenomenally in the US – but what is the reality like with Islamic robo-advisors? In this episode, IFN Managing Editor Vineeta Tan speaks to the founder and CEO of US-based Aghaz Investments, Khurram Agha, to get a picture of the Shariah compliant robo-advisory market in the US to understand the gaps and prospects.
