US: Arcapita Group Holdings exits ARC US Student Housing Portfolio II in South Carolina
PAKISTAN: Dubai Islamic Bank Pakistan partners with Codebase Technologies to launch digital onboarding services
PAKISTAN: Securities & Exchange Commission of Pakistan restructures regulatory sandbox from cohort-based system to open status
TURKIYE: Brisa Bridgstone Sabanci Lastik Sanayi ve Ticaret issues Sukuk worth TRY600 million (US$22.18 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM16.06 billion (US$3.42 billion) in total
PAKISTAN: State Bank of Pakistan grants in-principle approval for establishment of five digital retail banks
SAUDI ARABIA: Filling & Packing Materials Manufacturing Company signs Shariah compliant credit facility agreement with Saudi Exim Bank
SAUDI ARABIA: Perfect Presentation for Commercial Services Company renews Shariah compliant bank facility with Saudi Awwal Bank
MALAYSIA: Investment Account Platform forms strategic alliance with Malaysian Business Angel Network
TURKIYE: International Islamic Trade Finance Corporation extends syndicated Murabahah facility worth US$277 million to Turk Eximbank
KYRGYZSTAN: IsDB starts preparing member country partnership study for Kyrgyzstan
AUSTRALIA: Islamic Finance & Investments Association officially launches in Australia to promote and support Islamic finance industry
IRAN: Central Asset Management Co of Iran issues 222nd Sukuk in local capital market for IRR3 trillion (US$70.58 million)
TURKIYE: Arzum Electrical Appliances raises TRY75 million (US$2.77 million) through lease certificate issuance
GLOBAL: Shariyah Review Bureau partners with MRHB Network to assess and review new product
GLOBAL: Global Islamic funds record US$105 billion in assets under management at end of H1 2023, Fitch Ratings says
UAE: Government of Sharjah’s US$750 million Sukuk listed on NASDAQ Dubai
OMAN: Maisarah Islamic Banking Services launches savings account with an annual profit rate of up to 3.83%
SAUDI ARABIA: L’azurde Company for Jewelry’s business activities for Q2 2023 compliant with AAOIFI Shariah standards and guidelines
INDONESIA: Sains Teknik Ecosolusindo registers Sukuk worth IDR3.5 billion (US$227,471) on Indonesia Central Securities Depository
TURKIYE: Nurol Yatirim Bankasi issues Sukuk worth TRY175 million (US$6.47 million)
MALAYSIA: Association of Islamic Banking and Financial Institutions of Malaysia unveils myWakaf 2.0 to fund solar dome dryers
SAUDI ARABIA: SaudiMed Investment Company changes name to Gulf International Investment Company
GLOBAL: Islamic Coin launches Reg D token offering on Republic
SAUDI ARABIA: National Debt Management Center closes September 2023 issuance of government’s riyal-denominated Sukuk program
UK: London Stock Exchange lists DP World’s inaugural green Sukuk
KUWAIT: Central Bank of Kuwait issues bonds and related Tawarruq facilities worth KWD240 million (US$775.28 million)
GAMBIA: Central Bank of The Gambia’s Sukuk Salam oversubscribed
INDONESIA: Metrix Inspira registers Sukuk facility worth IDR907.3 million (US$58,967) on Indonesia Central Securities Depository
MALAYSIA: Matrix Concepts Holdings issues three-month Islamic commercial paper worth RM60 million (US$12.78 million)
INDONESIA: Indonesian government to raise up to IDR6 trillion (US$389.95 million) through auction of sovereign Shariah securities series
MALAYSIA: Bank Negara Malaysia issues Islamic papers worth a total of RM17.43 billion (US$3.71 billion)
BRUNEI: Brunei Darussalam Central Bank prices 138th issuance of Islamic treasury bills worth BN$30 million (US$21.99 million)
INDONESIA: Samator Indo Gas to issue Sukuk programs worth up to IDR1.25 trillion (US$81.24 million)
INDONESIA: Otorita Ibu Kota Nusantara will be able to issue Sukuk next year, Tempo reports
GLOBAL: Global Sukuk issuances marginally dropped by 3% to US$183 billion in 2022, according to International Islamic Financial Market
INDONESIA: Otoritas Jasa Keuangan to launch carbon exchange on the 26th September
MALAYSIA: Malaysia Building Society to dispose of non-financial subsidiaries and non-performing conventional loans
UAE: Baker McKenzie appoints Adil Hussain as partner and head of banking and finance practice in the UAE and global head of Islamic finance
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM17.31 billion (US$3.69 billion) in total
PAKISTAN: Pakistan’s banking sector shows steady performance and resilience during H1 2023, says State Bank of Pakistan
BANGLADESH: Islami Bank Bangladesh approves financing worth BDT7 billion (US$63.08 million) for Shob Meher Spinning Mills, The Daily Star reports
OMAN: Oman’s Ministry of Finance announces buyback offer for outstanding Sukuk and bonds
SAUDI ARABIA: Saudi Exchange launches new indices
OMAN: Capital Market Authority approves OQ’s prospectus for IPO
OMAN: Total assets of Oman’s Islamic banks and windows reach OMR7 billion (US$18.13 billion) at end of July 2023
OMAN: Dhofar Beverages & Foodstuff joins MSX Shariah Index
SAUDI ARABIA: Knowledge Economic City secures Shariah compliant credit facilities worth SAR143 million (US$38.1 million) with Al Rajhi Bank
UAE: Dubai Aerospace Enterprise closes US$1.6 billion financing facilities including Islamic components
SAUDI ARABIA: Capital Market Authority grants Villa Finance Company with Financial Technology Experimental Permit
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...
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....
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...
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...
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....
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...
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...
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...
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.
PAKISTAN: The Securities and Exchange Commission of Pakistan (SECP) has officially published the Shariah Governance Regulations, 2023 (notification S.R.O. 1314 (I)/2023), outlining matters concerning Shariah compliant entities and securities in the country. The newly released...
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. EMIR ZAINUL rounds up this past week’s...
Daewoo Engineering and Construction Company (Daewoo E&C), a South Korean civil engineering and building work services provider with an office in Kuwait, has issued its debut US dollar Sukuk with a US$200 million facility. NESSREEN...
Bangladesh Bank (BB) has allowed the trading of the Important Rural Infrastructure Development Project on Priority Basis-3 (IRIDP-3) Social Impact Sukuk in the secondary market at negotiated market prices following 30% completion of the project....
South Africa may issue its long-awaited inaugural Sukuk soon, as the National Treasury held an investor call for the program, while the government of Sharjah made a return to the Islamic capital market with a...
Bali Towerindo Sentra (Bali Tower), a telecommunications tower and fixed-broadband provider based in Indonesia, is gearing up for the launch of Phase II of its Shelf Registration Sukuk Ijarah, worth up to IDR600 billion (US$39.04...
Autarky Capital, a new specialist finance company based in the UK serving the property development sector, has entered the Islamic capital market with its latest offering. NESSREEN TAMANO has the story. The firm launched its...
Bahrain’s monthly issuances of its Sukuk Salam and Sukuk Ijarah were both oversubscribed, while Indonesia continued with the auction of its Sukuk series. EMIR ZAINUL rounds up this past week’s Shariah sovereign securities highlights. Bahrain...
With two captive insurance companies under its jurisdiction, the Qatar Financial Centre (QFC) is now looking to help establish the first captive Takaful company in the country, as it learns from the experience of Labuan...
Saudi Real Estate Refinance Company (SRC), the property refinancing company owned by the Kingdom's sovereign wealth fund Public Investment Fund, will be issuing its much-awaited debut international Sukuk facility before the year is over, CEO...
As the world faces increasing threats from climate change and seeks to bridge the protection gap, the demand for insurance products aligned with cultural and religious values is on the rise. Takaful, an Islamic insurance...
Nowadays the term ‘microfinance’ is directly associated with a poverty reduction strategy. Some commentators argue that microfinance is a ‘magic bullet’ to alleviate the poverty problem and that it can integrate the poor into the...
Islamic finance in Tunisia is undergoing significant development in 2023, with noteworthy news, impressive figures and emerging trends shaping its growth in the country. Since its inception in Tunisia, Islamic finance has garnered increasing interest,...
In the recently published ICD–REFINITIV Islamic Finance Development Report 2022, it was stated that the Islamic finance industry reached almost US$4 trillion in 2021 with a growth rate of 17%, up from 14% in 2020...
Over the past four decades, Malaysia has created a progressive and sophisticated Islamic financial market. Islamic financial institutions represent the largest segment, with total assets valued at US$4 trillion and projected to increase to US$5.9...
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...
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...
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 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...
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...
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....
In today's rapidly evolving banking landscape, a well-trained and adaptable workforce is the key to staying competitive. Workplace learning has taken center stage as the banking and financial industry navigates digital disruption and changing customer...
Poverty remains one of the biggest challenges to the socioeconomic development of the majority of OIC member states, especially those in sub-Saharan Africa and South Asia. This phenomenon has created problems such as illiteracy, unemployment,...
It is well established that tension exists between how much depositors want to receive and how much banks are willing to pay them. For profit-sharing investment accounts, this boils down to setting the profit-sharing ratio....
The global landscape of Shariah and Islamic funds is evolving at an unprecedented rate with new developments coming thick and fast. According to the latest data from the General Council for Islamic Banks and Financial...
Sustainability is shaping up to become a major trend in many countries around the world. It has also become a necessity and key global force for change and transformation which covers almost every aspect of...
Fabrice Susini, CEO of Saudi Real Estate Refinance Company, talks to IFN’s Nessreen Tamano about the Sukuk and Islamic finance strategy of the company, whose mandate includes providing liquidity to the real estate finance market, as well as sustainable financing solutions to Saudi homebuyers.
