BAHRAIN: ZamZam Bank engages in discussion with IsDBI to further leverage success in Ethiopian financial industry
TURKIYE: Halk Gayrimenkul Yatırım Ortakligi issues Sukuk facility worth TRY150 million (US$5.19 million)
MALAYSIA: Tradewinds (M) lodges Sukuk Wakalah program worth up to RM645 million (US$138.39 million)
MALAYSIA: Gamuda Land (T12) issues Islamic commercial paper worth RM100 million (US$21.46 million)
MALAYSIA: Bank Pembangunan Malaysia issues Sukuk worth RM1 billion (US$214.57 million) in total
BAHRAIN: GFH Financial Group names new group CFO
MALAYSIA: AEON Credit Service Malaysia issues senior Sukuk worth RM300 million (US$64.37 million)
TURKIYE: Turkiye Finans Katilim Bankasi sells Sukuk worth TRY1 billion (US$34.6 million)
TURKIYE: Agri-tech start-up HST Tarim issues Sukuk worth TRY20 million (US$692,016)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM31.42 billion (US$6.74 billion) in total
MALAYSIA: Funding Societies partners with Halal Development Corporation to offer Shariah compliant digital financing
MALAYSIA: Chartered Institute of Islamic Finance Professionals signs MoU with JPPKK to develop Islamic finance professionals in Malaysia
SAUDI ARABIA: Amana Cooperative Insurance Company appoints Rashid Abi Nader as new managing director
MALAYSIA: Cenviro issues Islamic medium-term note worth RM15 million (US$3.21 million)
BRUNEI: Brunei Darussalam Central Bank prices 150th issuance of Islamic treasury bills worth BN$25 million (US$18.72 million)
OMAN: Bank Nizwa decides to discontinue talks on potential merger with Sohar International Bank
TURKIYE: Turkiye Emlak Katilim Bankasi sells Sukuk worth TRY1.85 billion (US$63.93 million) in total
PHILIPPINES: Filipino government issues maiden Sukuk worth US$1 billion
INDONESIA: OKI Pulp & Paper Mills to issue Sukuk Mudarabah worth IDR500 billion (US$32.17 million) in total on 5th December 2023
MALAYSIA: Al-Salam REIT net income reaches RM9.34 million (US$1.99 million) for nine-month period ending the 30th September 2023
SAUDI ARABIA: Mulkia Investment Company announces change in board membership of Mulkia Gulf Real Estate REIT Fund
EGYPT: Codebase Technologies partners with eFinance Investment Group to introduce Banking-as-a-Service solutions in Egypt
MALAYSIA: BGRB Venture issues Sukuk worth RM5 million (US$1.07 million)
UAE: Investcorp Capital appoints Q Market Maker as liquidity provider for its shares following successful IPO
MALAYSIA: Cagamas issues Sukuk worth RM650 million (US$139.49 million) in total
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM30.06 billion (US$6.45 billion) in total
TURKIYE: Albaraka Turk Katilim Bankasi issues Sukuk worth TRY70 million (US$2.42 million)
PAKISTAN: State Bank of Pakistan to auction fixed and variable rental rate government of Pakistan Sukuk Ijarah
MALAYSIA: Pengurusan Air SPV issues Islamic medium-term note worth RM300 million (US$64.38 million)
MALAYSIA: Exsim Capital Resources issues Sukuk worth RM374 million (US$80.26 million) in total
MALAYSIA: CIMB Islamic Bank issues Islamic medium-term notes worth RM1 billion (US$214.59 million) in total
UAE: Surge in demand for ESG Sukuk in the UAE ahead of COP28, Fitch Ratings reports
GLOBAL: Central Bank of the UAE and the People’s Bank of China to extend currency swap and enhance cooperation in digital currencies
SAUDI ARABIA: Saudi Cable Company to transfer debt of SAR232.74 million (US$62.04 million) to Tathmeer Investment Company
INDONESIA: WadzPay and Hajj Fund Management Agency of Indonesia to provide blockchain payment solutions for pilgrims
GLOBAL: Iran and Syria to abandon US dollar in bilateral trade between both countries
GLOBAL: International Islamic Financial Market to initiate standardization of syndicated financing and Shariah compliant repo documentation
MALDIVES: Maldives Securities Depository Company processes first periodic Sukuk payment of Medtech Diagnostics
SAUDI ARABIA: Single stock options contracts available for trading on Saudi Exchange starting 27th November 2023
SAUDI ARABIA: Saudi Central Bank seeks public consultation on Close-out Netting and Related Collateral Arrangements regulation draft
UAE: DFM concludes International Investor Roadshow featuring Dubai Islamic Bank, Al Ansari Financial Services and 11 other Dubai-listed companies
TURKIYE: Ziraat Katilim Bankasi launches Sukuk worth TRY600 million (US$20.74 million)
TURKIYE: Vakif Katilim Bankasi sells Sukuk worth TRY201.1 million (US$6.95 million)
MALAYSIA: Sunway Treasury Sukuk issues Islamic medium-term notes worth RM300 million (US$64.17 million) in total
SAUDI ARABIA: Jabal Omar Development Company completes Sukuk redemption with aggregate face amount of US$135 million
SYRIA: First Iranian bank to start operating in Syria soon, says Central Bank of Iran
TURKIYE: Turkiye Emlak Katilim Bankasi issues Sukuk worth TRY300 million (US$10.37 million)
INDONESIA: Indonesia to raise IDR9 trillion (US$581.92 million) through Sukuk auction on 5th December 2023
KUWAIT: Central Bank of Kuwait issues of bonds and related Tawarruq facilities worth KWD240 million (US$776.44 million)
GAMBIA: Central Bank of The Gambia’s Sukuk Salam undersubscribed
The governments of Turkiye, Indonesia, South Africa and, most recently, the Philippines have all launched landmark sovereign Sukuk issuances this month. In the UAE, a group of Islamic finance infrastructure organizations were hosted by the central bank to launch an...
The Asian International Arbitration Centre (AIAC), headquartered in Kuala Lumpur, is spearheading efforts to establish Shariah versions of standard contracts across different industries including construction in an ambitious move toward promoting Islamic arbitration. VINEETA TAN...
A regional arbitration center is working on introducing Shariah compliant standard building contracts in the hopes of kick-starting a series of similar projects to promote Islamic arbitration globally. We speak to the people behind the...
The Republic of the Philippines has tapped the Sukuk market for the first time, with its successful issuance of a US dollar-denominated Sukuk facility. NESSREEN TAMANO writes. Structured under the concepts of Ijarah and Wakalah...
The Philippine government has mandated banks for the issuance of its inaugural Sukuk, South Africa issued its first-ever rand-denominated sovereign Sukuk and Indonesia is looking into a green...
A known supporter of Islamic finance, international financial center Luxembourg has long been the domicile of choice for Shariah compliant funds and investment platforms, and a popular destination for Sukuk listings (through the Luxembourg Stock...
Higher inflation and hawkish central bank policy are pushing family offices to revise their investment strategy with a significant proportion looking to move their money into fixed income. VINEETA TAN takes a look at how...
Some notable firsts in the global Sukuk market this month include Kenya’s debut Islamic paper from the corporate sector, and upcoming maiden issuances from the South African government and from Pakistan’s steel manufacturing sector. On the Islamic banking side, Uganda announced its first Shariah bank...
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: The Central Bank of the UAE (CBUAE) hosted a series of meetings that culminated in the launch of a new Islamic sustainable finance roadmap ahead of the 28th Conference of the Parties, widely known...
PAKISTAN: The State Bank of Pakistan (SBP) has identified a new underlying asset to be used for the fresh issuance and re-opening of the country's sovereign Sukuk Ijarah. "This structure is to facilitate the issuance...
The Philippine government has mandated banks for the issuance of its inaugural Sukuk, South Africa issued its first-ever rand-denominated sovereign Sukuk and Indonesia is looking into a green Islamic paper to address the climate crisis....
The Palestine Monetary Authority (PMA) has issued new instructions to banks to address and mitigate the effects of liquidity scarcity within the national economy, the cessation of income of individuals and corporate borrowers and the...
Mohammad-Reza Farzin, the governor of the Central Bank of Iran (CBI), said during the launch ceremony of Qard Hasan facilities without fees that the development and expansion of Qard Hasan banking as well as providing...
South Africa returned to the sovereign Sukuk market with its debut rand offering while Qatar Islamic Bank and Uzbek’s fintech start-up Alif tapped the dollar Sukuk market. A couple of Islamic finance organizations revealed planned...
Following its May issuance, sovereign wealth fund-backed Saudi Real Estate Refinance Company (SRC) has returned to the Sukuk market to complete its SAR20 billion (US$5.33 billion) Sukuk program by printing the remaining SAR3.5 billion (US$932.46...
GLOBAL: Islamic finance professionals from all over the world have voted for the top Islamic non-banking financial institutions (NBFIs) across eight categories in the IFN Non-Banking Financial Institutions Poll 2023, which received a record-high number...
The governments of Turkiye and Indonesia have listed their US dollar-denominated sovereign Sukuk issuances on NASDAQ Dubai, while the central banks of Malaysia, the Gambia and Kuwait auctioned their regular Islamic securities. Read this week’s...
In a bid to enhance the investment climate for Waqf in Oman, the Imam Jabir bin Zaid Waqf Foundation has introduced the Gheras Endowment Investment Fund, VINEETA TAN writes. The foundation said in a statement...
The current global Halal food industry is a dynamic and rapidly expanding sector that encompasses a diverse range of food products, extending well beyond traditional boundaries. With a market valued at around US$2.2 trillion in...
In a Takaful arrangement, participants contribute money into a common fund to protect themselves against specified losses or risks. In the event of a covered loss, participants are compensated from this fund. Takaful is often...
Although Islamic finance is already a reality in several countries which are not Muslim-majority countries, Brazil has not paid attention to the possibilities that Islamic finance can have in fostering its economy. However, it seems...
In recent years after the collapse of the oil markets in 2014, GCC countries have experienced budget deficits and Kuwait was no exception but continued its budgetary expenditure trajectory mostly on subsidies and salaries which...
The Securities and Exchange Organization (SEO) of Iran has been focused on expanding the financing ecosystem through the capital market by establishing different Islamic financial institutions and issuing Islamic securities. This program has been implemented...
Going through Islamic history, I find it highly mysterious the often-tragic end of so many scholars, starting from the very beginning of Islam in the shape of As-Hab Al Suffa who were taken by the people pretending to be new Muslims to the two faraway places outside Medina with the permission of Prophet Muhammad on the pretext of learning Quran and Islamic teachings from them but were brutally killed as it turned out to be a trap. Such a massive loss of so many lives from As-Hab Al Suffa exposed the new Islamic society to a potential knowledge vacuum as...
Noticeable by their near absence are announcements of new international real estate acquisitions by Middle Eastern investors. Judging by the headlines, the vast majority of new money for property purchases is staying in the region and particularly Saudi Arabia. Readers will be familiar with Saudi Arabia’s Vision 2030, and the mega projects that are part...
The annual COP [United Nations Climate Change Conference] show moves to the Dubai Expo shortly and will no doubt throw up headlines before the event as well as whatever impact statements are made during and after. Of particular note and with a strong UK flavor are some of the activities around COP28 [2023 United Nations...
Takaful undertakings continue their growth throughout the world. The concept of Takaful insurance tends to make the practice of insurance compatible with Shariah rules and principles which is appealing not only to the countries in Southeast Asia but also the African region. A Takaful undertaking is a win–win model of insurance where Takaful participants who...
The saying by James Thurber goes: “Two is company, four is a party, three is a crowd. One is a wanderer.” Just a few weeks ago, Nigeria welcomed its fourth fully-fledged Islamic bank following the transformation of a previous Islamic banking window into a stand-alone enterprise. It has been a long road for the Islamic...
Since the emergence of climate risk, many financial institutions including Islamic ones have been overwhelmed with a lot of new regulations being implemented, especially those aligned to the SDGs. In November 2023, the United Nations Environment Program Finance Initiative (UNEP FI), the IsDB and the General Council for Islamic Banks and Financial Institutions (CIBAFI) joined...
Global momentum toward net-zero commitments is at an all-time high, reflecting the growing concern among governments worldwide regarding the devastating effects of climate change. With COP28 [2023 United Nations Climate Change Conference] currently underway in...
There is no doubt that Islamic finance is the driver of sustainable finance and pari passu of sustainable finance in order to maintain environment social risks and climate risks. Islamic finance encourages to fully utilize...
Digitization is transforming the modes of existence and payment in the Muslim world. The use of cash to make payments is declining and COVID-19 has accelerated the shift to online shopping and digital payments. Hence,...
The global nomenclature for Islamic finance has been named participation finance, which encompasses all of the sectors such as participation banking, participation capital markets and participation insurance that are in compliant with the so-called tenets...
Distinction between Islamic economy, finance and banking It is crucial to distinguish between these concepts as they are often misunderstood despite their variations. The Islamic economy encompasses a set of Shariah principles that governs economic...
