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Latest News - Friday, 22 September 2023

Daily Cover Story: Kenyan property developer set to become first Sukuk issuer in the country

KENYA: Kenya is set to see the first Sukuk issuance in the country as the Capital Markets Authority (CMA) of Kenya has granted approval to property developer Linzi Finco Trust to issue a KES3 billion (US$20.25 million) Sukuk facility for...

This Week’s Newsletter

Cover Story: UK: Riding the green revolution and digital wave

What will drive the growth of Islamic finance in the UK? Leading experts at IFN UK Forum 2023 believe the answer lies in the twin engines of fintech and sustainability. VINEETA TAN has the story....

Editor's Note

UK: Part II

Has the Islamic finance industry in the UK missed the Shariah ESG boat? How are UK Islamic fintech start-ups navigating the high-interest environment? We find out what experts think in the second series of the...

IFN Case Study

Agha Steel Industries’s Sukuk: A strategy for existing debt

Steel manufacturing company Agha Steel Industries, which is headquartered in Pakistan, has issued its third-ever Sukuk facility for an amount of PKR3.4 billion (US$11.47 million) with a four-year tenor. NESSREEN TAMANO speaks to Pak Brunei...

IFN Sovereign Securities

Sovereign Securities: Investor call for South African Sukuk

South Africa held a global investor call for its inaugural domestic Sukuk, while the government of Sharjah of the UAE issued a 10.5-year Sukuk facility worth US$750 million....

IFN Country Analysis

The UAE: A good year for green Sukuk

The UAE continues to maintain its position as one of the top Islamic finance and banking jurisdictions in the world. This is backed by strong governmental and regulatory support for Shariah finance products as well...

IFN Sector Analysis

Gold: A valuable component in investors’ asset allocation

Gold has a long history as a currency in Islam, but its use as a commodity was less certain until the AAOIFI Shariah standard on gold was established in 2016. EMIR ZAINUL highlights the latest...

IFN Monthly Review


At least three governments — Bangladesh, the Philippines and Kenya — are eyeing a sovereign Sukuk issuance as part of their respective funding strategies, while Algeria inches closer to a dedicated Sukuk regulatory framework. The Indonesian regulator published updated guidelines for the separation of Shariah...

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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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Back to Basics

  • A weekly educative column on Islamic banking and finance today

    SDG 3 — Good Health and Well-Being: Part 7

    There is no magic potion to solve the healthcare problem across the world in less than seven years, ie by the maturity of the UN SDGs in 2030. Some perspective: the OIC Strategic Health Program report covering a decade from 2013 to 2022 cites that the 57 Islamic countries are dispersed over a large geographical region spread out on four continents and constitute a substantial part of the world’s developing countries. Having vast divergence in the levels of economic development, they do not make up as a homogenous economic group. However, despite this, the group has been able to achieve...

IFN Correspondent Reports

  • The Philippines

    Halal financing for MSMEs and start-ups

    The Department of Trade and Industry (DTI) has joined the Bangko Sentral ng Pilipinas in encouraging Islamic foreign banks and local commercial banks to engage in Islamic banking in the Philippines either through the establishment of Islamic banking units or separate banking subsidiaries. However, according to Aleem Guiapal, the project manager of Halal industry development...

  • Bangladesh    

    Navigating four decades of Islamic banking in Bangladesh: Challenges and opportunities

    Islamic banking in Bangladesh has made significant contributions to the country's financial management and comprehensive growth over the past four decades. However, it has faced various challenges along the way. Initially, the absence of specific laws and regulations governing Islamic banking hindered its growth and performance. The regulatory framework was more inclined toward conventional banking....

  • Halal Industry

    Halal food validation: Going beyond the certificate to ensure authenticity

    Halal food is a cornerstone of Islamic dietary practices, shaped by meticulous adherence to religious principles. It entails more than mere permissibility; it encompasses a holistic approach to sourcing, preparation and consumption. Halal food, permitted for Muslims, is considered a source of blessings. Its counterpart, Haram food, is forbidden and can lead to sin. The...

  • Egypt

    Egypt improves Islamic banking regulatory environment to attract investment

    The Egyptian government has made several key decisions over the past month to reduce bureaucracy and regulations and induce investors to choose Shariah compliant options. In late August, the prime minister issued Ministerial Decree No 3045/2023 amending the Executive Regulations to Capital Markets Law No 95/1992 so as to encourage companies to issue Sukuk multiple...

  • Australia

    Latest developments in the Islamic finance industry of Australia

    The Australian National University will be hosting the Symposium on Islamic Finance in Canberra, Australia in November 2023. The symposium will see stakeholders from the industry, the government, scholars and academics come together to discuss the challenges and opportunities surrounding Islamic finance products. The taxation and legal challenges facing Islamic finance products are not new....

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