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Latest News - Tuesday, 19 March 2024

Daily Cover Story: Opening funding doors for Somalia’s non-banking financial institutions

Gargaara Financial, an apex financial institution that channels funding to Somali banks, completed its first-ever deal for a non-banking financial institution: a Shariah compliant financing facility it extended to KIMS Microfinance. NESSREEN TAMANO speaks to the KIMS team about the...

This Week’s Newsletter

Cover Story: The overlooked Muslim ‘Silver Generation’

The UK is set to raise its pension age as life expectancy drops to a decade-low and birth rates decline, bringing with it potential serious implications for retirement planning, and future Muslim pensioners are particularly...

Editor's Note

Silver age

Raising the national pension age is a sticking point — highly contentious and politicized. Just look at France and Greece. In the UK, this is a heated debate as the government prepares to raise the...

IFN Annual Guide 2024

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alrajhi bank’s Sukuk: Supporting sustainability

alrajhi bank made its return to the international capital market with a US dollar-denominated sustainable Sukuk facility it sold on the 12th March 2024. NESSREEN TAMANO has the details. The US$1 billion Islamic facility carries...

IFN Sovereign Securities

Sovereign Sukuk: Pakistan plans multiple Sukuk auctions

The Pakistani government plans to hold multiple auctions of its Sukuk Ijarah while regular issuers Malaysia, Bahrain, Bangladesh, Indonesia and The Gambia issued Islamic facilities this week. HANIF...

IFN Country Analysis

Offshore centers: Hosting Islamic investments

Offshore financial centers (OFCs), which are countries, jurisdictions or financial centers/zones offering financial services to non-residents, remain the destination of choice for many Sukuk issuers and Islamic wealth managers for their favorable conditions and regulations...

IFN Sector Analysis

Financial institutions Sukuk: GCC in the lead, for now

In less than three months of this year, financial institutions have already raised almost 68% of what they issued for the whole of 2023 in Sukuk. VINEETA TAN looks at the latest numbers. Overview 2024...

IFN Monthly Review

January

The global Islamic banking sector saw some notable developments this month, including a new Islamic bank from both the Philippines and Libya, while the Sukuk market welcomed the first issuances of the year from corporates in the GCC. The Malaysian and Indonesian regulators released new...

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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

    Schools of thought: Madhhab — Part 2

    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...

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  • Mergers & Acquisitions

    Islamic finance M&A: A growing force for industry expansion

    The Islamic finance industry is experiencing a dynamic shift, fueled by a rise in mergers and acquisitions (M&A) activity. This trend reflects a strategic move by institutions to broaden their service offerings and reach new markets. Recent deals, like the acquisition of EFU Health by EFU Life in Pakistan, exemplify this exciting development. A landmark...

  • Australia

    Is raising capital hard for Islamic banks in Australia?

    The Islamic finance sector in Australia has been gradually growing in recent years, driven by increasing demand from both Muslim and non-Muslim consumers seeking Shariah compliant financial products. The developments in the Islamic finance industry are influenced by various factors including changes in regulations, economic conditions and market demand. Among the most recent developments in...

  • The Philippines    

    Islamic deposit insurance system in the Philippines

    The Philippine Deposit Insurance System (PDIC) is conducting a study on the “formulation of a Shariah compliant Islamic deposit insurance system”, according to the PDIC’s board of directors during a recent courtesy meeting with newly-appointed Finance Secretary Ralph Recto. This is in line with the PDIC’s aim at enhancing the system and its ability to...

  • Real Estate

    Magical mezzanine

    As Islamic real estate investors lament the death, at least for now, of the levered equity investment, mezzanine offers a comforting alternative. High benchmark interest rates make adding leverage to the vast majority of equity investments non-accretive, but also underpin the attractive returns of mezzanine participation. There has been plenty of chat for more than...

  • Bangladesh

    IDLC Finance Bangladesh partners with MISL for Islamic banking solutions

    In a strategic move to bolster its Islamic finance offerings, IDLC Finance, the leading non-banking financial institution in Bangladesh, has forged a partnership with Millennium Information Solution (MISL). This collaboration heralds the implementation of the Islamic core banking solution AbabilNG at IDLC, underscoring the institution's commitment to meeting the evolving needs of its clientele. MISL...

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