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Latest News - Wednesday, 24 July 2024

Daily Cover Story: Kazakhstani Islamic bank to focus on corporate services; plans to phase out retail activities

GLOBAL: Kazakhstan’s Al Hilal Islamic Bank, a subsidiary of Abu Dhabi Commercial Bank (ADCB), will rebrand and change its focus to offering Shariah compliant corporate financial products and services. Simultaneously, ADCB will closely collaborate with regulators to phase out Al...

This Week’s Newsletter

Cover Story: Can’t afford to overlook Saudi, investors insist

To the savvy investor, opportunities may be found almost anywhere, however, investment managers are saying that there is one market Islamic investors cannot afford to miss out on. VINEETA TAN finds out. Against the typical...

Editor's Note

All eyes on Saudi

Islamic investors are flocking to Saudi Arabia to capture the windfall expected from its ambitious Vision 2030. In this week’s cover story, we look at the players positioning themselves in the Kingdom and how they...

IFN Case Study

Bank Islam Malaysia’s Sukuk: Returning to the Sukuk market

Almost a year after its last Sukuk issuance, Bank Islam Malaysia has returned to the Islamic debt capital market with its successful issuance of a Sukuk Murabahah facility. NESSREEN TAMANO reports. The senior Sukuk paper,...

IFN Sovereign Securities

Sovereign Securities: Pakistan to auction Sukuk

The Pakistani government announced its plan to auction Sukuk Ijarah, while regular issuers Malaysia, Kuwait, Indonesia, The Gambia and the UAE issue Islamic papers. HANIF NAMORA brings you...

Moody's Ratings

IFN Country Analysis

Palestine: Islamic finance drives growth

The struggle in Palestine persists due to the ongoing humanitarian crisis, and movement and access restrictions imposed by Israel, as well as the adverse effects of the COVID-19 pandemic. Amid these challenges, Islamic banks have...

IFN Sector Analysis

Agricultural finance: Growing opportunities

As global food demand soars and sustainability becomes paramount, Islamic financial institutions are stepping up to support the agricultural sector. GURUCHATHRAM LEDCHUMANAN explores the latest initiatives, emerging trends and key players driving agricultural finance. Overview...

IFN Monthly Review


A planned Islamic megabank in Turkiye, the development of a digital bank in the UK, the establishment of a new Islamic fund in Kenya, a new Islamic banking unit and Sukuk plans in Kazakhstan, and the introduction of a digital currency in Iran are among...

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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IFN Features

  • Islamic syndication: Prospects for boosting growth in the Egyptian market

    In Egypt, Islamic banking witnessed a robust growth according to the Egyptian Islamic Finance Association. As of March 2024, Islamic banking turnover grew 28.8% year-on-year. In the same period, Islamic banking deposits and financing witnessed...

  • Islamic recovery fund: A breath of fresh air for Senegalese SMEs

    The COVID-19 health crisis has led to an unprecedented global recession, disproportionately affecting SMEs. According to a study by the International Labour Organization, 32% of SMEs had to cease their activities, while 62% experienced a...

  • Here to stay? Takaful reaches Spain

    The European financial retail market is one that Islamic financial products have yet to succeed in. And within that, the Takaful retail market is one yet to take off. GERMAN RODRIGUEZ MORENO explores further. In...

  • Islamic proptech – the best practice

    As we are in the third millennium along with the digital revolution, new business models are needed for Islamic real estate financing. Many Islamic scholars have discussed the Shariah integrity of real estate financing, but...

  • UK: Islamic finance set for digital banking evolution

    Shariah compliant finance in the UK has not traditionally been at the vanguard of digital developments in banking. The sector focused on providing a bespoke, in-person service to a small number of ultra-high net worth...

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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IFN Correspondent Reports

  • Risk Management

    Saudi Central Bank regulations enhance Islamic banks’ risk landscape

    Fitch Rating outlines that Islamic finance-specific rules issued by the Saudi Central Bank (SAMA) have brought improvement in the transparency and reporting requirements, standardization, Shariah governance, and enhanced consumer confidence in the products’ Shariah compliancy. SAMA also issued additional capital adequacy requirements for Shariah compliant banking. It aims to ensure risks associated with Islamic banking...

  • Bangladesh  

    The rise of Islamic banking in Bangladesh: A remittance renaissance

    In December last year, Bangladesh achieved a significant milestone in its financial journey, with nearly half of the total remittances channeled through Islamic banking avenues. The Bangladesh Bank revealed that migrant workers directed BDT106.19 billion (US$894.92 million) in remittances through Islamic banks, making up 48.41% of the total remittances received through all banking channels that...

  • The Philippines

    New listing of Shariah compliant securities

    The Philippine Stock Exchange (PSE) released its quarterly list of Shariah compliant securities in its Memorandum CN – No. 2024-0034 dated the 5th July 2024. A total of 49 companies were included in the updated list, down from 53 in the previous listing. Five companies were added while nine were delisted. The new additions are...

  • Qatar  

    Positive developments in the banking and financial sectors

    Qatar International Islamic Bank (QIIB) has announced that it is considering distributing semi-annual dividends to its shareholders, subject to compliance with the rules and regulations of the Qatar Financial Markets Authority. This proposal follows a recent amendment to QIIB’s articles of association allowing the board of directors to make decisions regarding the distribution of quarterly...

  • Kuwait

    Kuwait’s WAMD and first green Sukuk

    Kuwait approves launch of new instant payments system - WAMD Many banks in Kuwait launched the new instant domestic payment system – WAMD. WAMD is the fastest payment transfer method in Kuwait. It is designed to send and receive payments instantly via mobile app. With this new service, a customer has to access his mobile banking...

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