MALAYSIA: Ministry of Agriculture and Food Industries to launch Agro-Food Takaful Insurance Scheme to compensate farmers after natural disasters
PAKISTAN: Securities and Exchange Commission of Pakistan amends regulations for unit-linked funds; sets maximum exposure in various assets
MALAYSIA: Perbadanan Kemajuan Negeri Selangor issues three Islamic papers worth RM100 million (US$22.41 million) combined
UAE: Abu Dhabi Islamic Bank receives accreditation from Proshred and Enviroserve for sustainability practices
MALAYSIA: Ethis Group launches private group of Shariah compliant-focused angel investors
MALAYSIA: Bank Muamalat Malaysia offers home financing worth up to RM400,000 (US$89,644) for self-employed workers
MALAYSIA: Maybank Islamic issues three Islamic commercial papers worth RM500 million (US$112.05 million) each
MALAYSIA: Tomei Gold & Jewellery Holdings prices Islamic medium-term notes worth RM35 million (US$7.84 million) in five-series issuance
MALAYSIA: AEON Credit Service proposes RM1 billion (US$224.11 million) Islamic commercial paper program; ‘P1’ rating assigned
SAUDI ARABIA: Alkhabeer REIT Fund manager decides against acquisition of Al-Khobar property; withdraws request to increase total value of assets
UAE: Islamic Arab Insurance Co board recommends capital reduction to write off AED398.17 million (US$108.39 million) accumulated losses
SAUDI ARABIA: Saudi Fisheries Company obtains SAR40 million (US$10.65 million) banking facility agreement from Al Rajhi Bank
SAUDI ARABIA: Bank Albilad incorporates Enjaz Payment Services Company with SAR200 million (US$53.26 million) share capital
MALAYSIA: Bank Negara Malaysia prints a variety of Islamic short-term papers totaling RM29.41 billion (US$6.6 billion)
BRUNEI: Brunei Darussalam Central Bank prices 84th issuance of BDCB I-Bills worth BN$5 million (US$3.62 million)
SAUDI ARABIA: Musharaka REIT Fund appoints RSM International as new auditors in place of Baker Tilly
SAUDI ARABIA: Capital Market Authority grants license to Afaq Capital Company to run securities business
MALAYSIA: Bank Negara Malaysia issues Islamic paper worth RM24.36 billion (US$5.46 billion)
GLOBAL: Flagship Healthcare Trust establishes Shariah compliant fund; receives first investment from the GCC
PAKISTAN: State Bank of Pakistan instructs banks to automate issuance of proceeds realization certificates
PAKISTAN: Central Directorate of National Savings of Pakistan to launch two Islamic savings schemes next month
BANGLADESH: Mohammed Mosharaf Hossain starts new position as CEO of Islamic Finance and Investment
OMAN: Energy Development Oman to issue Sukuk Ijarah worth at least US$1 billion, Bloomberg reports
SAUDI ARABIA: Saudi Central Bank licenses fintechs Enjaz Payments Services Company and Marta Financial Company
PAKISTAN: Kistpay partners with Pakistan Freelancers Association to provide Shariah compliant smartphone financing
MALAYSIA: Sunway Treasury Sukuk issues two Islamic commercial papers worth RM90 million (US$20.19 million) combined
INDONESIA: Medco Power Indonesia lists IDR500 billion (US$33.39 million) Phase I 2022 Sustainable Wakalah Sukuk on Indonesia Stock Exchange
MALAYSIA: Cagamas issues four Islamic medium-term notes worth RM525 million (US$117.77 million)
SAUDI ARABIA: Saudi Capital Market Authority suspends Dirham Capital Company’s license for safety of market and protection of investors
PAKISTAN: Meezan Bank enters into Musharakah agreement with Arif Habib Group to develop and sell apartment towers at Naya Nazimabad
GLOBAL: Islamic buy now pay later platform Tabby secures largest credit facility for a fintech in GCC worth US$150 million
PAKISTAN: Government of Pakistan establishes Prime Minister’s Flood Relief Fund for those affected by torrential rains and flash floods
MALAYSIA: IsDB maintains top ‘AAA/MARC-1’ ratings
SAUDI ARABIA: Bidaya Home Finance maintains ‘saA-’ Sukuk rating
UAE: Arada receives final ‘BB-/RR3’ rating on Sukuk
INDONESIA: PEFINDO affirms ‘idAAA’ rating on Indosat’s Shelf-Registered Sukuk Ijarah II Phase II Year 2017 Seri C of IDR14 billion (US$938,745)
PHILIPPINES: Bangko Sentral ng Pilipinas in discussions with at least two banks about setting up Islamic banking operations
INDONESIA: Wijaya Karya to issue IDR1 trillion (US$67.05 million) Shelf Registered Sukuk Mudarabah; ‘idA(sy)’ rating assigned
SAUDI ARABIA: Saudi Reinsurance Co completes Shariah audit
OMAN: Alizz Islamic Bank partners with HalalBooking.com to provide customers with Shariah compliant offers and benefits
BANGLADESH: Bangladesh Bank revises exposure limit of banks in capital market
SAUDI ARABIA: Saudi Central Bank seeking feedback on draft amendments to Implementing Regulation of the Insurance Companies Control Law
SAUDI ARABIA: Agriculture Development Company obtains EUR48.2 million (US$49.16 million) Islamic long-term financing facility from Rabobank
UAE: Abu Dhabi Islamic Bank hosts ‘speed meeting’ with fintechs in collaboration with Dubai International Financial Centre FinTech Hive
PAKISTAN: Securities and Exchange Commission of Pakistan issues guidelines for Shariah compliant investing on Pakistan Stock Exchange
SAUDI ARABIA: Bonyan REIT Fund and Taleem REIT Fund appoint PwC as new auditor
MALAYSIA: Keretapi Tanah Melayu partners with Etiqa to offer passenger Takaful scheme to electric train service users
SAUDI ARABIA: Al Rajhi Capital secures regulatory approval to offer new investment fund
GLOBAL: UK start-up Kestrl to develop personal financial management functions for Bank Islam’s digital bank
MALAYSIA: Al Rajhi Bank Malaysia signs on as partner for IFN Asia Forum 2022
PAKISTAN: The Islamic Finance Department of the Securities and Exchange Commission of Pakistan (SECP) is seeking input from industry stakeholders for the promotion and implementation of Islamic finance in the country's non-bank financial sector. The regulator published a circular inviting...
Fixed income as an asset class is going crazy. After 10 years of calm, the explosion of inflation and subsequent surge of central bank rate hikes have sent the markets mad. Trading is up, but...
The financial markets are in turmoil as inflation skyrockets and interest rates rise. Where does this leave Islamic investors? We find out. Our team of journalists and correspondents bring you reports on Tanzania’s plan to...
Saudi real estate development company Dar Al Arkan has closed the sale of a three-year Sukuk facility worth US$400 million — its successful return to the Islamic capital market since its last Sukuk issuance in...
The Turkish government has hinted it would tap the domestic Sukuk market while Indonesia and Malaysia continue their successful Sukuk streak. VINEETA TAN wraps up the latest developments...
The Islamic finance and banking industry in Jordan, despite having only a few institutions, is a strong competitor within the global market, thanks in large part to governmental support. NESSREEN TAMANO writes an overview of...
Investments into alternative asset classes continue to surge amid a global stock market rout. VINEETA TAN looks at the flow of Shariah investments in some of the most exciting alternative assets. Overview Investments outside of...
Banks and financial institutions in Afghanistan are moving toward fully Islamic conversion following an instruction from the central bank to do so “as soon as possible”. Similarly, in Pakistan, the Federal Shariat Court issued an...
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.
EGYPT: Panelists at IFN Egypt OnAir Roadshow 2022, who are also market players in the Egyptian Islamic finance and banking industry, have gathered to discuss the potential of the sector in providing solutions for the...
GLOBAL: BlueBox Asset Management, which is headquartered in Geneva, Switzerland, has launched a Shariah compliant version of its global tech fund in response to strong demand from Middle Eastern investors. The firm enters the Islamic...
IRAN: Following a year of studying and developing value chain and supply chain financing solutions for the agricultural sector of Iran, the central bank has officially launched a roadmap laying out guidelines and measures to...
The Turkish government has hinted it would tap the domestic Sukuk market while Indonesia and Malaysia continue their successful Sukuk streak. VINEETA TAN wraps up the latest developments within the sovereign securities space in the...
In the backdrop of favorable demand for semiconductors, Nomura Asset Management Malaysia has unveiled a Shariah compliant fund capturing opportunities in the global semiconductor market. VINEETA TAN has the details on Malaysia’s first-of-its-kind fund. Launched...
A new exchange-traded fund (ETF) from UAE-based investment management firm Chimera Capital will be offering investors direct access to the Shariah compliant side of the Turkish stock market. NESSREEN TAMANO writes. The Chimera S&P Turkey...
This past month in the global Islamic banking industry has seen a spate of new Islamic banks planning and making their entry into the market, with Islamic Bank Australia in the lead as the first...
Amid the impact of what Zhulkarnain Abdul Rahim, a member of the Singaporean parliament, calls the “3 Cs” — the coronavirus crisis; the conflict in Ukraine as a result of Russia’s invasion; and climate change...
Pakistan Stock Exchange (PSX) and fully-fledged Islamic bank Meezan Bank have collaborated to establish a new, dedicated trading platform catering to Islamic banks' clients that hold Roshan Digital Accounts (RDAs) — an investment solution for...
Five years since market whispers of a potential merger between Kuwait Finance House (KFH) and Bahrain’s Ahli United Bank (AUB) began circulating, the entities are finally nearing a deal expected to be among the largest...
The growth performance of Islamic mutual funds all over the world continues to surpass conventional funds. Islamic funds increased faster than their global counterparts in the last five years until the end of the third...
Generally, Islamic and conventional finance are subject to the same global economic factors. As a result of the Russian invasion of Ukraine, the world economy is facing numerous challenges. This includes decreased economic growth rates,...
Japan’s new prime minister, Fumio Kishida, launched a new government panel called ‘The Council for New Form of Capitalism Realization’ after winning the leadership race for the ruling Liberal Democratic Party in September 2021 and...
Syndicated financing is a type or instrument of structured financing. It refers to the participation of a group of banks in a joint financing transaction through Shariah compliant financing principles/instruments. The accounts of the syndicated...
Senegal's economy has returned to its pre-pandemic growth path in 2021, thanks to the strong industrial production, transport and services sectors. Real GDP growth was estimated at 6.1% in 2021. The recovery is expected to...
Before I commence the explanation on Islamic asset management, I would like to mention that the new concept of connecting the UN SDGs with Islamic teachings in Muslim countries did raise a few eyebrows. A reader wants to know why it should still be called Sukuk if the nature is donation and not investment. To refresh, I suggested connecting each SDG with noble Islamic commands. For illustrative purposes, the first SDG ‘No Poverty’ can be linked to Zakat (obligatory charity) and Sadaqah (voluntary charity). An SDG social Sukuk may be issued by the government, which is bought by individuals and...
The Securities and Exchange Commission of Pakistan (SECP) has taken the following initiatives for the growth and promotion of Islamic finance: • Formation of a committee for the promotion of Islamic finance within non-banking Islamic financial institutions (NBIFIs), and • Reconstituting its Shariah Advisory Committee (SAC). The SECP is playing its leading role for the...
On the 20th July 2022, Malaysian Finance Minister Tengku Zafrul Aziz launched the i-Lindung platform under the Employees Provident Fund (EPF). The platform will facilitate EPF members to purchase insurance and Takaful products, including family and critical illness coverage, at an affordable contribution from their EPF account. As the minister highlighted during the launch ceremony,...
The best sources of money for Shariah compliant fintech companies are … conventional venture capital (VC) funds. The reason is quite simple — the pools of conventional VC are much larger, and so is the combined experience of the conventional fund managers. In the dearth of specialized Islamic funds, the industry may and should look...
Halal is an Islamic term that defines what is permissible for Muslims according to Islamic law. The Halal industry is an important economic driver now and in the future. The global Halal industry continues to experience rapid growth. This is also supported by the high Muslim population in the world. According to Mastercard and Crescent...
According to Principle 43 of Iran’s constitution, banking activities in Iran should comply with Shariah principles and hence, legally speaking, Iran is enjoying a wholly Shariah compliant financial and banking system. As a result, after the introduction of the ‘Riba Free Banking’ law in 1982 which was enacted by Iran's parliament, several Shariah compliant contracts...
In his book called ‘Heavens Bankers’, Harris Irfan wrote: “I think that the Islamic finance industry has to be one that caters to ‘small and medium-sized enterprises, retail customers, the man in the street’ and...
Homeownership has traditionally been the only means of wealth accumulation and transmission in many communities. Homeownership is therefore crucial for economic development, welfare and wealth creation in any society. Homeownership boosts future generations' possibilities for...
Private equity (PE) often reigns supreme in the high-return investment market. Dr Vladimir Malenko wrote: “In the time of volatile interest rates, doubtful and inconsistent performance of hedge funds, and increasing popularity of index tracking...
Global equities fell 15.7% during the second quarter (Q2), as measured by the S&P Global BMI, accumulating losses of 20.4% year-to-date (YTD). Shariah compliant benchmarks, including the S&P Global BMI Shariah and Dow Jones Islamic...
In Islamic finance, commodities have always held intrinsic value. They include precious metals, such as gold and silver, as well as consumable food items, such as wheat, barley and dates. In addition to being mentioned...
With soaring inflation compelling the government to raise interest rates, yet unemployment at historic lows, Australia finds itself in a rather unique predicament. Vineeta Tan speaks to Muzzammil Dhedhy, the COO of Hejaz Financial Services, to find out how such macroeconomic conditions are impacting Islamic financial activities in Australia.
