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Latest News - Friday, 08 December 2023

Daily Cover Story: IFN Weekly Round-up: 2nd – 8th December 2023

Islamic finance professionals in Djibouti will soon have access to training programs led by the country’s central bank, while MSMEs in Egypt have more access to Islamic funding with Al Baraka Bank Egypt’s latest initiative. The 28th Conference of the...

This Week’s Newsletter

Cover Story: Venture debt funds: Filling void in liquidity

Historically, the Middle East has been an exporter of capital but there are signs that the tide is changing as capital begins to flow inward, particularly as venture debt becomes an increasingly preferred avenue. As...

Editor's Note

Start-up capital

Islamic start-up founders in the GCC are increasingly turning to venture debt funding as investors are paying greater attention to the entrepreneurial ecosystem of the region. This week, we uncover what is driving this shift...

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IFN Case Study

The Philippines’s sovereign Sukuk: A successful debut

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...

IFN Sovereign Securities

Sovereign Securities: Philippines’s debut Sukuk oversubscribed

The debut Sukuk issuance of the Philippines received an oversubscription of 4.9 times the issue size of US$1 billion. The governments of Brunei, Pakistan, Kuwait, Malaysia, Indonesia and...

IFN Country Analysis

South America: Strengthening trade with Islamic finance jurisdictions

The South American region includes Brazil, the world's largest exporter of Halal meat (with exports to OIC countries recorded at US$16.5 billion in 2021 according to Statista), and 11 other nations, including two dependent overseas...

IFN Sector Analysis

Leasing: Maintaining pace despite global disruption

The global leasing industry continues to demonstrate formidable growth. Leasing has been a prominent activity within the Islamic financial sector and the last 12 months have bore witness to several conventional leasing players making headlines...

IFN Monthly Review


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...

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

    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...

IFN Correspondent Reports

  • Russia

    Russia continues cooperation with AAOIFI in Islamic finance development

    In Bahrain, at the site of an international conference on Islamic finance, a MoU was signed between the chairman of the AAOIFI Guardian Council, Sheikh Ibrahim bin Khalifa al-Khalifa and expert Mahomet Yandiev from the Russian Association of Islamic Financing Experts (RAEIF). Both parties are planning cooperation in the development of Islamic finance in Russia...

  • The Maldives  

    Faith, finance and future: Milestones in the Maldives’s economic landscape

    In a dynamic financial landscape, recent milestones in the Maldives showcase the intersection of religious commitment and financial objectives. MedTech Diagnostic (with its MVR2 million (US$129,144) Sukuk payout for a health center), Maldives Islamic Bank (MIB) (by revolutionizing customer services) and Ayady Takaful (with its surplus distribution) are key players in shaping economic progress. MedTech...

  • Pakistan

    Transforming to a Shariah compliant banking system: SBP Vision 2028

    The State Bank of Pakistan (SBP) recently launched the SBP’s strategic plan, ie SBP Vision 2028, for the period 2023–28. SBP Vision 2028 is the first plan after amendments were made to the SBP Act, which highlights the central bank’s vision, mission and key goals to be pursued over the next five years. The strategic...

  • Egypt

    Islamic fintech: The next step for Egypt’s Islamic finance industry?

    As Egypt approaches the end of 2023, the conditions may be right for the development of the country’s Islamic fintech industry. According to the Egyptian Islamic Finance Association, the Islamic finance market grew 26.5% between 2022 and 2023. Fifteen new Shariah compliant bank branches were opened over the past year, some in Egypt’s rural governorates....

  • Halal Industry

    Halal industry: Islamic finance and diverse market opportunities

    While the industrial sector is a driving force for economies, the Halal industrial sector often goes unnoticed but wields significant impact. It encompasses diverse economic activities producing goods and services complying with Islamic law. In this dynamic Halal industry, stringent Islamic law requirements guide all aspects. Raw materials and production processes must conform to Shariah...

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