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Latest News - Tuesday, 09 August 2022

Daily Cover Story: Regulator seeks suggestions from industry players on implementing Islamic finance in Pakistan’s non-bank financial sector

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...

This Week’s Newsletter

Cover Story: Could the current debt market chaos create the perfect storm for Sukuk?

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...

Editor's Note

Market chaos

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...

Islamic Sustainable Finance and Investment Survey

IFN Case Study

Dar Al Arkan’s Sukuk to support project pipeline

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...

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Sovereign Securities: Turkey to tap market

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...

IFN Country Analysis

Jordan: On a growth trajectory

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...

IFN Sector Analysis

Alternative investments — rising popularity

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...


IFN Monthly Review

June

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...

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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Islamic Sustainable Finance and Investment

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Back to Basics

  • A weekly educative column on Islamic banking and finance today

    Islamic asset management — Part 1

    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...

IFN Correspondent Reports

  • Pakistan

    Great initiatives of SECP for promotion of Islamic finance

    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...

  • Takaful & re-Takaful (Asia)

    Launch of i-Lindung platform to enhance long-term social protection in Malaysia

    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,...

  • Private Equity & Venture Capital

    Investment attractiveness of Islamic fintech companies to conventional venture capital funds

    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 Industry

    The importance of the government’s commitment toward Islamic economic development

    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...

  • Iran’s banking system to strengthen Shariah governance system via Shariah compliance officers

    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...


IFN Special Reports

  • South Africa: A non-Muslim approach to adopting Ijarah 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...

  • Rental rate democratization of Islamic home financing

    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...

  • Shariah compliant investments in private equity

    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...

  • Steep declines for Islamic benchmarks in Q2, lagging conventional indices YTD

    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...

  • Trading Islamic commodities

    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...

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