UK: Cloud native banking technology company Thought Machine closes Series D funding round
SAUDI ARABIA: ANB Invest signs agreement with Hisham Al Musa Group to invest SAR700 million (US$186.4 million) in real estate project
BAHRAIN: Central Bank of Bahrain launches Bahrain Open Banking Supernova 2022 innovation challenges
KUWAIT: Assets under management at Kamco Invest grow by 10.1% for first quarter of 2022
PAKISTAN: Salaam Takaful records surplus in Participants Takaful Fund and announces 13,737 eligible policyholders to receive surplus distribution
BAHRAIN: Al Takaful International Company signs joint cooperation agreement with Al Fateh Group to provide Takaful coverage
UAE: Takaful Emarat reports total assets of AED1.03 billion (US$280.39 million) for first quarter of 2022
UAE: Dubai Islamic Insurance and Reinsurance Company reports net profit for shareholders of AED86,649 (US$23,588) for first quarter of 2022
MALAYSIA: MARC assigns final rating of ‘AAAIS’ to TNB Power Generation’s RM10 billion (US$2.28 billion) Sukuk program with a stable outlook
MALAYSIA: MARC affirms ‘AAIS’ rating on Kimanis Power’s RM585 million (US$133.09 million) outstanding Sukuk with stable outlook
GLOBAL: Gulf Islamic Investments-backed zSpace merges with EdtechX Holdings Acquisition Corp II
SAUDI ARABIA: Capital Intelligence affirms Al Rajhi Banking and Investment Corporation’s long-term foreign currency rating at ‘A+’ with stable outlook
INDONESIA: PEFINDO affirms ‘idAAA(sy)’ rating on Adira Finance’s IDR134 billion (US$9.38 million) Shelf PUB Sukuk Mudarabah IV/2020 Phase II/2021 Series A
GLOBAL: Astana International Financial Centre and UN in Kyrgyz Republic to promote green finance and investment with emphasis on Islamic finance industry
GLOBAL: Norton Rose Fulbright appoints David Johnston as partner of banking and finance team
INDONESIA: Indonesia exercises greenshoe option; raises IDR3.29 trillion (US$230.3 million) from four papers
MALAYSIA: Bank Negara Malaysia issues five Islamic papers totaling RM21.75 billion (US$4.95 billion)
BANGLADESH: Bangladesh Bank auctions two Bangladesh Government Islami Investment Bonds
SAUDI ARABIA: Al Sagr Cooperative Insurance Co announces calling candidature for board member elections to fill five vacant chairs in current session
SAUDI ARABIA: Alinma Tokio Marine Co reports net profit before Zakat of SAR1.36 million (US$362,154) for first quarter of 2022
SAUDI ARABIA: Al Alamiya for Cooperative Insurance Co reports net loss before Zakat of SAR20.78 million (US$5.53 million) for first quarter of 2022
OMAN: Capital Intelligence affirms Alizz Islamic Bank’s long- and short-term ratings at ‘omAA’ and ‘omA1+’ respectively
MALAYSIA: Amanah Ikhtiar Malaysia disburses RM980 million (US$223.49 million) in financing to microentrepreneurs from January to May 2022
BANGLADESH: Bank Asia reelects Rumee A Hossain as chairman of board executive committee
INDONESIA: Indonesia raises IDR4.28 trillion (US$299.6 million) from Sukuk auction; to conduct additional Sukuk auction with greenshoe option
SOUTH AFRICA: WealthPoint launches Shariah compliant global real estate investment platform Shari’ah Wealth
BAHRAIN: Ithmaar Holding reports total net profit of US$6.47 million for the first quarter of 2022 compared with US$13.85 million for the same period in 2021
UAE: Dar Al Takaful reports AED1.16 billion (US$315.75 million) in total Takaful operations’ assets as at the 31st March 2022
MALAYSIA: RAM reaffirms Public Islamic Bank’s ‘AAA/Stable/P1’ financial institution ratings and ‘AAA/Stable’ and ‘AA1/Stable’ senior and subordinated Sukuk ratings respectively
QATAR: Qatar Islamic Bank introduces new features to mobile app to simplify digital banking experience
MALAYSIA: West Coast Expressway prints RM9 million (US$2.05 million) Islamic paper with a profit rate of 10%
GAMBIA: Central Bank of Gambia’s Sukuk Salam papers oversubscribed
BRUNEI: Brunei Darussalam Central Bank prices 206th issuance of Sukuk Ijarah paper at BN$100 million (US$72.11 million)
MALAYSIA: Bank Negara Malaysia issues five Shariah papers
BAHRAIN: GFH Financial Group increases stake in GB Corp from 50.41% to 62.91% through strategic swaps valued at US$1.7 million
SAUDI ARABIA: Walaa Cooperative Insurance Co records net loss before Zakat of SAR32.31 million (US$8.6 million)
SAUDI ARABIA: Company for Cooperative Insurance announces net profit before Zakat of SAR41.49 million (US$11.05 million) for first quarter of 2022
SAUDI ARABIA: Alinma Bank’s long-term issuer default rating affirmed by Fitch at ‘BBB+’ with positive outlook
GLOBAL: Sidra Capital confirms support for IFN KSA Dialogues 2022 and IFN Asia Forum 2022
UAE: Amlak Finance announces increase in net group profit for first quarter of 2022 by 116% compared with the same period last year
OMAN: Omivest concludes capacity-building program on environmental, social and governance practices across group companies
KUWAIT: Kuwait Finance House participates in financing of KNPC clean fuel project
SAUDI ARABIA: Watani Iron Steel Company secures Islamic financing facility worth SAR20 million (US$5.33 million) from Arab National Bank
GLOBAL: Arab Regional Payments Clearing and Settlement Organization welcomes Jordan Islamic Bank in network of participants
PAKISTAN: Pakistan government to receive funding worth US$761 million from IsDB and Global Polio Eradication Initiative for polio eradication program
PAKISTAN: FEMPROW partners with State Bank of Pakistan to make SME Finance Clinic scheme accessible for women entrepreneurs and working professionals
MALAYSIA: RHB Banking Group announces several senior appointments including Syed Ahmad Taufik Albar as managing director of group wholesale banking
BANGLADESH: Jamuna Bank promotes Md Abdus Salam as additional managing director
MALAYSIA: Titijaya Land sells Mudarabah-based Islamic commercial paper worth RM40 million (US$9.09 million)
MALAYSIA: Sunway Treasury Sukuk issues RM50 million (US$11.36 million) Islamic commercial paper
GLOBAL: Dubai-based Arzan Wealth, an advisory firm regulated by the Dubai Financial Services Authority, has advised on a Shariah compliant mezzanine lending transaction in the US, the second of its kind that the company has closed so far this year....
Pension funds play crucial roles in the investment landscape, but the Shariah compliant component is often woefully overlooked, especially in developed economies. The UK’s lack of a thriving Islamic pension alternative has been highlighted as...
Muslims make up the majority of Uber drivers in the UK and they are making themselves heard over the lack of Islamic pension options. In this issue, we take an in-depth look at this landmark...
Jubail Island Investment Company (JIIC), the developer of the upcoming luxury project Jubail Island, which is expected to be an idyllic collection of villages located in Abu Dhabi designed to appeal to wellness and nature...
Algeria could issue Sukuk while regular issuers from Turkey, Gambia and Malaysia sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Algeria Yazid Benmouhoub,...
Iran is the only country that runs a fully Shariah compliant financial system in an official capacity, and as such is regarded as a major player in the global Islamic finance and banking industry. NESSREEN...
Despite the global COVID-19 pandemic which caused liquidity constraints, trade financing performance remained stable. JEVITHA MUTHUSAMY analyzes the latest developments in this sector. Overview Islamic trade finance provides Shariah compliant export and import financing tools...
April this year, which coincided with the holy month of Ramadan, saw a handful of landmark developments in different Islamic finance sectors, including the Sukuk and Takaful markets. The global Shariah finance industry has also...
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.
GLOBAL: In line with its strategy of aggressively pursuing opportunities in the GCC region, the UAE-based private investment group Gulf Islamic Investments (GII) has set its sights on the Saudi healthcare industry — particularly the...
Algeria could issue Sukuk while regular issuers from Turkey, Gambia and Malaysia sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Algeria Yazid Benmouhoub, the managing director of the Algerian Stock...
Asset manager Alkhabeer Capital has rolled out its Shariah compliant close-ended traded investment fund — the Alkhabeer Growth & Income Traded Fund — targeting SAR1 billion (US$266.29 million) in capital. JEVITHA MUTHUSAMY has more. Launched...
The UK government has released the Alternative Finance Order 2022, under which alternative financing receives similar tax treatment to its conventional counterparts, for direct tax purposes, improving Shariah compliant options in the Kingdom. NESSREEN TAMANO...
Arada Developments, a property developer focused on establishing residential communities around the UAE, is planning to issue a Sukuk facility soon to help repay its current debt worth AED920 million (US$250.43 million). NESSREEN TAMANO reports....
Licensed commercial bank The First MicrofinanceBank-Afghanistan (FMFB-A) is ramping up its preparations for its conversion into a fully-fledged Islamic financial institution. NESSREEN TAMANO has the story. The bank's latest step in the process is a...
There have been some big Sukuk stories this week, including an expected Islamic paper from Nigeria and Algeria and an issuance from Saudi Arabia’s national shipping company. More and more organizations are looking into sustainability:...
Shariah compliant TPL REIT Fund I, which aims to generate returns by developing, selling and managing sustainable real estate assets in Pakistan, has entered into unit subscription agreements with initial investors for its first funding...
The Bahraini state-owned Oil and Gas Holding Company, also known as nogaholding, has successfully refinanced its US$1.6 billion Murabahah facility, almost three months after it first announced its plan to do so. NESSREEN TAMANO writes....
Issuers from Malaysia, Brunei and Gambia keep up momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Turkey The Ministry of Treasury and Finance of Turkey will issue Turkish lira-denominated fixed rent...
Commodity prices have entered 2022 with stronger-than-ever fundamentals eyeing an unprecedented sustained high price. From an OIC perspective, we differentiate between commodity-based economies to which the current up cycle will strengthen their financial situation (GCC,...
Finance was the bequest of Greece and Rome, and other important civilizations. Though these civilizations ended, the concept of finance spread across the world. From gold and silver to digital currencies, financial commodities and services...
It has been almost two decades since the Iranian capital market was reshaped in 2005 and brokerages and other financial intermediaries have experienced a different chapter in their Islamic financial life subsequent to the 1979...
Islam advocates social justice, equitable distribution of wealth, non-concentration of wealth in a few hands, social inclusion and integration, and defining the rights and share of the poor segment of society. To achieve real economic...
We keep hearing the same narrative for the past two years. Islamic banks have so much liquidity but face the conundrum of where to deploy these excess funds. Do not get me wrong, this is...
As promised in the last article, today I will explain how a genuine hybrid structure can be adopted to mitigate various risks for investors of Sukuk. When I say ‘genuine’, my reference is toward the synthetic Murabahah–Mudarabah structure I discussed in article 174 where Mudarabah is calculatingly made inert and full reliance is made on Murabahah for providing a periodic distribution amount (profit) to Sukukholders as well as to redeem them at the end of the Sukuk term. Why do some industry practitioners opt for such a superficial structure? The answer is to ward off criticism of excessively relying on...
Secondary equity market The global equity markets witnessed a further fall in April 2022 amid volatility caused by the ongoing war in Ukraine, lockdowns in China, continued supply chain disruptions and faster interest rate rise expectations. Weak economic data also raised growth concerns, consequently denting investors’ sentiments further. Not even an ongoing earnings season can...
One of the positive impacts of the COVID-19 pandemic for the Indonesian capital market is the rise of local investors, both in terms of ownership and transaction value. Over the past two years, Indonesian local investors have grown encouragingly, especially retail investors. One of the most significant impacts of the pandemic on society is the...
March 2020 marked the first time we experienced a major if not total shift to online education and Islamic finance education was not an exception. In my previous reports, I have shared the results of a survey conducted among Islamic economics finance educators and students. Our findings show that almost 80% of educators were not...
In hardly six months since its market inauguration, CRDB Al-Barakah Banking, the Islamic window of CRDB Bank, has dished out more than TZS8 billion (US$3.44 million). The window has also seen deposits reaching TZS6 billion (US$2.58 million) from 8,000 customers. This is more than a gain of 1,000 customers a month. As anticipated, given its...
Recently, the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria issued a compendium of resolutions to foster the understanding of Shariah interpretations on products and services rendered by non-interest finance institutions (NIFIs). Through the release, FRACE provided clarity on Islamic finance contracts like Mudarabah, Wakalah, Istisnah and Qard, among others....
Industry analysts estimate the global Islamic finance industry to be worth US$3.5 trillion by 2024. Australia stands to benefit from its close historical and geopolitical membership of the Commonwealth of Nations with the world's leading...
The terms loan, credit, interest … The basic approach to these concepts in Judaism and Islam is similar. The difference is mostly in the number and type of persons in respect of which the relevant...
IFN Correspondent RAFAEL A MORALES interviews Bangko Sentral Ng Pilipinas (BSP) Assistant Governor Arifa A Ala. Before the onset of the COVID-19 pandemic, there were reports that some foreign Islamic banks were interested in entering...
Why does Islamic banking look optically similar to conventional banking? Why do Islamic banks use conventional benchmarks like LIBOR [London Inter-Bank Offered Rate] and KIBOR [Karachi Interbank Offered Rate]? What is the Islamic view on...
The 2nd February 2022 saw the introduction of the new UAE Labour Law (Federal Law No 33 of 2021) (New Law), replacing the previous 1980 legislation. The New Law was supplemented by a corresponding set...
The first-ever green Sukuk facility to come out of Turkey was issued by state-owned Emlak Participation Bank in late 2021, and the bank is now preparing to issue another one in two months. Esma Karabulut, the head of investment banking and investor relations at Emlak Participation Bank, talks to IFN’s Nessreen Tamano about the nascent green Sukuk market in Turkey in this episode of the IFN Podcast.
