SAUDI ARABIA: SHL Finance Company renews Shariah compliant credit facilities agreement with Arab National Bank
SAUDI ARABIA: Red Sea International Company secures financing facilities from Al Rajhi Bank
MALAYSIA: Securities Commission Malaysia partners with SME Corporation Malaysia to facilitate greater access to capital market financing for MSMEs
UAE: Dr Tariq Hendi resigns from his post as chairman of ENBD REIT
INDONESIA: Indonesian regulators hold Shariah Financing Month 2023
MALAYSIA: Bank Negara Malaysia issues exposure draft on Islamic collateralized funding
TURKIYE: Superonline iletisim Hizmetleri issues Sukuk worth TRY100 million (US$3.64 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM27.5 billion (US$5.84 billion) in total
SAUDI ARABIA: Capital Market Authority grants Valuable Capital Financial Company with license
SAUDI ARABIA: Capital Market Authority approves public offerings of funds by Derayah Financial Company and anb capital
GLOBAL: AAOIFI holds public hearing on exposure draft of financial accounting standard ‘Transfer of Assets between Investment Pools’
SAUDI ARABIA: Perfect Presentation for Commercial Services renews Shariah compliant bank facility with Al Rajhi Bank
SAUDI ARABIA: Saudi Awwal Bank to issue additional Tier 1 Sukuk via private placement
MALAYSIA: Imtiaz Sukuk II issues Islamic medium-term notes worth RM1 billion (US$212.77 million) in total
MALAYSIA: Gamuda Land (T12) issues Islamic commercial paper worth RM100 million (US$21.28 million)
TURKIYE: Carrefoursa Carrefour Sabanci Ticaret Merkezi issues Sukuk worth TRY250 million (US$9.11 million)
GLOBAL: Blockchain start-up accelerator Genius X onboards Shariah compliant decentralized exchange Liberty Finance
GLOBAL: Shariah compliant investment start-up Islamicly partners with Waslaah Holding Kuwait
GLOBAL: AAOIFI issues Arabic version of Financial Accounting Standard 36 ‘First Time Adoption of AAOIFI Financial Accounting Standards’
US: Metropolitan Business Development Corporation board of Louisville approves Shariah compliant loan for Derby City Discount Fashions
PAKISTAN: Faysal Bank to establish exchange company with initial paid-up capital of PKR1 billion (US$3.47 million)
PHILIPPINES: Philippine government to raise US$1 billion through maiden Sukuk sale by end of November, local media reports
MALAYSIA: Bank Negara Malaysia issues Islamic facility worth RM19.9 billion (US$4.23 billion)
GLOBAL: Craig R Nethercott and Chirag J Sanghrajka join Clifford Chance’s energy and infrastructure practice
MALAYSIA: UEM Sunrise issues Islamic papers worth RM350 million (US$74.3 million) in total
MALAYSIA: Seaport Terminal (Johore) issues Sukuk worth RM3.43 billion (US$728.78 million) in total
NIGERIA: Trust Arthur partners with Real Estate Developers Association of Nigeria on Sukuk worth NGN50 billion (US$64.02 million)
UAE: UAE plans Sukuk issuance worth AED550 million (US$149.72 million), reports say
MALAYSIA: reNIKOLA issues Islamic papers worth between RM10 million (US$2.12 million) and RM25 million (US$5.31 million)
MALAYSIA: Duopharma Biotech issues Islamic medium-term notes worth RM364 million (US$77.27 million) in total
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM23.65 billion (US$5.02 billion) in total
SAUDI ARABIA: Advanced Petrochemical Company obtains facility worth SAR1.6 billion (US$426.21 million) from Saudi National Bank
GLOBAL: Infrastructure investment platform Africa50 in talks with IsDB for green infrastructure partnership
MALAYSIA: Bursa Carbon Exchange commences trading and facilitation of off-market carbon credits transactions
UAE: Fraih Al Qubaisi resigns as member of Islamic Arab Insurance Company’s board of directors
QATAR: Qatar Central Bank’s treasury bills and Sukuk auction attracts QAR11.8 billion (US$3.21 billion) in bids
TURKIYE: Ziraat Katilim Bankasi issues Islamic lease certificate worth TRY500 million (US$18.3 million)
MALAYSIA: Sunway Treasury Sukuk auctions Islamic commercial papers worth RM80 million (US$16.99 million) in total
TURKIYE: Kuveyt Turk Katilim Bankasi raises TRY300 million (US$10.98 million) through Islamic lease certificate issuance
MALAYSIA: Gabungan AQRS sells three-month Islamic paper worth RM5 million (US$1.06 million)
TURKIYE: Turkiye Emlak Katilim Bankasi issues Sukuk worth TRY200 million (US$7.32 million)
MALAYSIA: Cypark Resources’s subsidiary issues third tranche of perpetual Sukuk worth RM165 million (US$35.05 million)
MALAYSIA: Cagamas issues one-year green Sukuk worth RM90 million (US$19.12 million) along with Islamic commercial paper
GLOBAL: IsDB launches five-year Sukuk worth US$1.7 billion, International Financing Review reports
KUWAIT: Central Bank of Kuwait issues bonds and related Tawarruq facilities worth KWD240 million (US$774.48 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM18.95 billion (US$4.04 billion) in total
UAE: Major shareholder of SHUAA Capital Jassim Alseddiqi sells 30 million of his shares
INDONESIA: Indonesian government launches carbon exchange
UAE: Bechara Raad resigns from his post as group COO of SHUAA Capital
MALAYSIA: Principal Financial Group appoints Izad Sallehuddin as CEO and non-independent executive director of Principal Islamic Asset Management
The Capital Market Authority (CMA) of Oman, which regulates and develops the Sultanate's capital market and insurance sector, is finalizing the Virtual Assets Regulatory Framework for its official launch by the end of this year. NESSREEN TAMANO reports. First announced...
Oman has a joyous song to sing when it comes to Islamic finance. But, as experts at IFN Oman Forum 2023 highlighted, to maintain the tune, and to actually switch up the beat, industry stakeholders...
Oman has achieved a great deal in under 10 years when it comes to Islamic finance. What can we learn from the Sultanate, and more importantly, what does the industry need to catapult itself into...
State-owned Energy Development Oman (EDO), whose mandate is to identify investment opportunities in the energy sector, has entered the Islamic debt capital market for the first time with a successful Sukuk issuance. NESSREEN TAMANO has...
The Philippines is expected to issue its maiden Sukuk worth US$1 billion by November 2023, while the UAE is holding a Sukuk auction worth AED550 million (US$149.72 million)...
Both Australia and New Zealand have, in recent years, attracted the attention of Islamic investors, with the former seeing some new developments in its Islamic banking sector and the latter offering opportunities for Islamic fintech...
Islamic retail banking has emerged as a rapidly growing and dynamic industry in recent years, serving a diverse and expanding global market of consumers that is not only limited to the Muslim population. EMIR ZAINUL...
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.
The Philippines is expected to issue its maiden Sukuk worth US$1 billion by November 2023, while the UAE is holding a Sukuk auction worth AED550 million (US$149.72 million) this month. EMIR ZAINUL rounds up this...
Xanderia, a Malaysian Islamic fintech company whose digital platform offers Shariah compliant personal financing, has launched its Islamic Personal Finance Restructuring Program for members of the Congress of Unions of Employees in the Public and...
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...
Dubai Islamic Bank (DIB) has entered the Turkish digital banking and fintech sector with its investment in Technology of Money Group of Companies (T.O.M. Group), the financial arm of retail and manufacturing enterprise Aydin Holding....
GLOBAL: The REDmoney Group is proud to present IFN Law Awards 2023, recognizing the global Islamic finance industry’s best legal professionals in 2023 for their exceptional work and outstanding expertise during an exceptionally challenging year....
Indonesia successfully raised more than US$1 billion from its retail Sukuk series, while Saudi Arabia closed the September 2023 issuance of its riyal-denominated Sukuk program at SAR2.45 billion (US$652.64 million). EMIR ZAINUL rounds up this...
The Palestinian insurance sector now lists four Shariah compliant insurers with the entry of the newly licensed Holy Land Takaful Insurance Company. NESSREEN TAMANO has the story. The new company was registered and licensed in...
State-owned ADNOC, an energy and petrochemicals group, and Abu Dhabi National Energy Company (TAQA), a utilities and energy company headquartered in Abu Dhabi, have completed the financial close of a sustainable water supply project. NESSREEN...
Shareholders of fertilizer manufacturing company Fatima Fertilizer Company have voted in favor of a PKR7.66 billion (US$26.13 million) investment in REITs, including a total of PKR4.27 billion (US$14.56 million) in two Shariah compliant REITS, during...
Kenya is set to see the first Sukuk issuance in the country, while a South Korean engineering company made its debut in the international Islamic capital market by issuing a US$200 million Sukuk facility. In...
The profit- and loss-sharing (PLS) model is considered the most effective method to influence the economic activity in the Islamic economy, which includes the participation of savers, the bank and investors in providing finance for...
In recent years, mutual funds have emerged as a compelling avenue for investment in the Islamic finance sector. According to DinarStandard’s 2022 report, the global value of Islamic finance funds has surged to an impressive...
Islamic finance has experienced remarkable growth worldwide over the past few decades, with Kuwait as a prominent player in this industry. In this report, KHALED OMRAN aims to provide an in-depth analysis of Islamic finance...
In our increasingly digital age, the financial world, including Islamic banking, has harnessed technology for efficiency and convenience. However, this digital revolution has given rise to a growing threat: cybercrime. Islamic banking, much like traditional...
In the last few years, the global Islamic finance market has continuously recorded remarkable strong growth, with a rate of cumulative annual growth of 3.5%. The potential of Islamic finance for assets under management is...
Moving on to the United Nations Development Programme’s SDG 4 on quality education, the following is the latest progress available on the UN website. “Since 2000, there has been enormous progress in achieving the target of universal primary education. The total enrollment rate in developing regions reached 91% in 2015, and the worldwide number of children out of school has dropped by almost half. There has also been a dramatic increase in literacy rates, and many more girls are in school than ever before. These are all remarkable successes. “Progress has also been tough in some developing regions due to...
Islamic banking has experienced significant growth in East Africa in recent years, driven by factors such as the region's sizeable Muslim population and the growing demand for Shariah compliant financial services. This growth has resulted in the establishment of dedicated Islamic banks and Islamic windows within conventional banks in countries including Somalia, Kenya, Djibouti, Ethiopia...
On the 20th September 2023, the Bank of Russia included the largest conventional regional bank of Tatarstan, Ak Bars Bank, which has opened its Islamic window in Kazan, in the register of participants in the experiment (pilot project) on Islamic (participating) financing. Sberbank also plans to expand its Islamic financing activity by opening its second...
After a long wait, ZIC Takaful finally launched as the first Takaful operator in Tanzania. Headquartered in Zanzibar, the company will offer its services across the island and mainland Tanzania to both personal and institutional clients. Its product offerings will cover motor vehicle, fire, theft and the construction sector, among others. Takaful is an Islamic...
Every year, over 305 million start-ups are created worldwide. To survive and prosper, they need money, advice and acceptance. From idea to exit, the start-up lifecycle is a continuous process. Successful start-ups are likely to have several rounds of funding, each falling into one of the three stages beginning with pre-seed and ending with IPO....
Following the introduction of the National Energy Transition Roadmap (NETR): Part 1 on the 27th July 2023 and the launch of Ekonomi MADANI: Empowering the People (Rakyat) on the 27th August 2023, the government of Malaysia released the complete NETR (comprising Parts 1 and 2) on the 29th August 2023. In line with Ekonomi MADANI’s...
Islamic banking and finance is now touching the US$3 trillion mark globally and is expected to cross PKR7 trillion (US$24.31 billion) in asset size in Pakistan by December 2023. It is a system of finance...
Recently, technological advancements have resulted in financial services having to provide seamless financial products for customers. The alteration of several professions in financial services due to technological disruption has become one of the reasons to...
In the rapidly evolving digital era, the world of finance has been witnessing transformative changes, and Islamic finance is no exception. While technology continues to reshape the industry, the critical role of human capital remains...
Fintech has remodeled the financial world, emerging as a rapidly expanding segment within both technology and financial sectors. By leveraging the foundational concepts of blockchain technology, fintech has fostered greater cohesion within the financial landscape,...
In today's rapidly evolving banking landscape, a well-trained and adaptable workforce is the key to staying competitive. Workplace learning has taken center stage as the banking and financial industry navigates digital disruption and changing customer...
The Capital Market Authority of Oman is working on new and updated regulations for virtual assets and the bond and Sukuk markets of the Sultanate, advisor Kemal Rizadi Arbi tells IFN’s Nessreen Tamano in this episode.
