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Latest News - Thursday, 01 December 2022

Daily Cover Story: Regulator affirms support for UAE’s Takaful sector with new regulation

UAE: The Central Bank of the UAE (CBUAE), which had last year absorbed the Insurance Authority and taken over its regulatory role over the country’s insurance sector, has released a new regulation for Takaful operators, aimed at strengthening their business...

This Week’s Newsletter

Cover Story: COP27: The outcome for Islamic finance

Earlier this month, world leaders convened in Sharm El Sheikh, Egypt for the 27th United Nations Climate Change Conference (Conference of the Parties of the UNFCC), or COP27. As the world unites in a collective...

Editor's Note

Climate for Islamic finance

After almost 40 hours of intense negotiations, the most recent UN climate conference in Egypt finally came to an agreement to establish a fund to compensate developing nations for the “loss and damage” experienced as...

IFN Deals of the Year Award 2022

IFN Case Study

Gabungan AQRS’s Sukuk: Funding Shariah compliant investments

Malaysian construction company Gabungan AQRS (GBG), which focuses on government-related infrastructure projects, has issued three Islamic commercial papers (ICPs) worth a total of RM40 million (US$8.83 million), to fund its Shariah compliant financings, investments and...

IFN Sovereign Securities

Sovereign Securities: Nigeria closes subscription period for NGN100 billion (US$225.62 million) Sukuk Ijarah

Apart from regular issuers, including Indonesia, Gambia, Kuwait and Malaysia, tapping into the sovereign Sukuk market, this week saw Nigeria closing the subscription period for its NGN100 billion...

IFN Country Analysis

Luxembourg: Leading the EU in Islamic finance

International financial center Luxembourg has long been the domicile of choice for Shariah compliant funds and investment platforms, and also a popular destination for Sukuk listings (through the Luxembourg Stock Exchange). NESSREEN TAMANO writes an...

IFN Sector Analysis

Family offices: Fixed income investments fall out of favor

Traditionally focused on balanced, longer-term financial assets, today’s single-family office and multifamily office are a multifaceted operation offering many of the same services as a top-tier private bank or investment firm. At the same time,...

IFN Financial Innovation Report 2022

IFN Monthly Review

October

A few notable Sukuk issuances were completed this month, including the much-publicized Islamic facility from the South African corporate sector. The GCC’s Takaful market also made headlines as it continues its consolidation trend, particularly in Saudi Arabia and the UAE. Australia’s first-ever Islamic exchange-traded funds...

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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Back to Basics

  • A weekly educative column on Islamic banking and finance today

    A sense of gratitude

    Today, you are reading my bicentennial article, together with the completion of the full cycle of explaining Islamic banking and finance, Islamic capital market and Islamic asset management by me. It gives me a great sense of fulfillment that the thought of imparting to IFN readers with the information on my own transition from being a thoroughbred conventional banker (who would claim it to be the best thing that happened to the world’s financial system) to an avid Islamic banker (championing its cause as a lifetime mission) is completing today. I bow my head down to Allah, the Lord of...

IFN Correspondent Reports

  • Risk Management

    UAE Islamic banks urged on risk compliance

    The Higher Shariah Authority, housed under the UAE central bank, continues to push for risk compliance, where it recently issued a strong recommendation for Islamic banks to establish profit equalization and investment risk reserves, and which was viewed as credit positive. It is important to note that one of the methods used to mitigate the...

  • Kuwait

    Kuwait’s Islamic banks continue robust asset growth and profitability (nine months of 2022)

    Islamic banks in Kuwait reported a 22% increase in net profits for the nine months in 2022. The cost to income ratio for the Islamic banks stood at an average of 38% as of the 30th September 2022. Financing income growth stood at KWD209 million (US$678.05 million) for the nine months in 2022 at 20%....

  • Russia

    Russian Ministry of Finance supports national law on Islamic financial institutions

    The Ministry of Finance of the Russian Federation has given a positive government response to the draft of the federal law on conducting a two-year experiment on the introduction of Islamic banking in four Russian regions — Dagestan, Chechnya, Bashkiria and Tatarstan — from the 1st February 2023. The State Duma of the Russian Federation...

  • Offshore Centers

    Offshore centers update: Q3 Sukuk activity and launch of Shariah compliant funds

    In October, Fitch Ratings reported a decline of 14.4% (quarter-on-quarter) in total Sukuk issuances from the core markets of the GCC, Malaysia, Indonesia, Turkey and Pakistan during the third quarter (Q3) of 2022. According to Fitch, most GCC countries are expected to record surpluses by the end of 2022 due (in part) to the high...

  • Malaysia    

    Another world’s first: The first Shariah compliant Islamic reverse mortgage financing scheme

    The unprecedented socioeconomic impact of the COVID-19 pandemic on Malaysians was devastating, forcing many members of the Employees Provident Fund (EPF), a compulsory savings and retirement plan for private sector workers in Malaysia, to withdraw their retirement savings prematurely. Under three withdrawal schemes approved by the government in 2021, 7.4 million EPF members withdrew about...


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