INDONESIA: GoPay and Bank Jago launch GoPay Tabungan Syariah by Jago
UAE: Aafaq Islamic Finance adopts Dubai Multi Commodities Centre’s tradeflow platform
SAUDI ARABIA: Zahrat Al Waha for Trading Company renews financing with Arab National Bank worth SAR145 million (US$38.63 million)
SAUDI ARABIA: Watani Iron Steel Company secures Islamic facilities agreement worth SAR70l.5 million (US$18.78 million) from Bank Al Bilad
MALAYSIA: SME Development Bank Malaysia issues Islamic commercial papers worth RM380 million (US$81.27 million) in total
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM28.55 billion (US$6.11 billion) in total
US: Gulf Financial House exits from US student housing portfolio
KUWAIT: Saleh M Al Anazi resigns as as AML/CFT compliance officer at Warba Bank
PAKISTAN: Pakistan Stock Exchange to hold its first auction of government Sukuk Ijarah today
SAUDI ARABIA: Awaed Alosool Capital launches Shariah compliant investment platform for Saudis
PAKISTAN: Meezan Bank to provide Shariah compliant housing finance to employees of Raqami Bank
MALAYSIA: UEM Olive Capital issues Islamic medium-term note worth RM100 million (US$21.4 million)
TURKIYE: QNB Finans Finansal Kiralama issues Sukuk worth TRY500 million (US$17.28 million)
UAE: Sobha Realty repurchases and cancels Sukuk worth US$15 million
UAE: Abu Dhabi Securities Exchange to list Abu Dhabi Islamic Bank’s US$500 million green Sukuk on 8th December 2023
BANGLADESH: Union Bank appoints Jahangir Alam as deputy managing director
GAMBIA: Central Bank of The Gambia’s Sukuk Salam facility worth GMD5 million (US$73,512.5) undersubscribed
MALAYSIA: Bank Negara Malaysia issues Islamic facility worth RM30.3 billion (US$6.49 billion)
GLOBAL: Shelter Afrique partners with IsDB Institute to offer Islamic housing finance products
PAKISTAN: Securities and Exchange Commission of Pakistan partners with AAOIFI to establish joint research and development center
INDONESIA: Permodalan Nasional Madani Ventura Syariah registers Sukuk on Indonesia Central Securities Depository
GLOBAL: International Islamic Liquidity Management Corporation auctions short-term Sukuk papers worth US$790 million in total
GLOBAL: AAOIFI releases exposure draft standard on financial reporting for Islamic investment institutions
TURKIYE: Turkish Grain Board sells Sukuk worth TRY930 million (US$32.14 million)
TURKIYE: Kuveyt Turk Katilim Bankasi issues Sukuk worth TRY500 million (US$17.28 million)
INDONESIA: Indonesia raises IDR9.14 trillion (US$589.92 million) through sovereign Shariah securities series auction
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM34.14 billion (US$7.31 billion) in total
SAUDI ARABIA: Knowledge Tower Training Company secures facility worth SAR5 million (US$1.33 million) from Al Rajhi Bank
SAUDI ARABIA: Halwani Bros Company renews Islamic financing worth SAR150 million (US$39.96 million) with Banque Saudi Fransi
UAE: Maha AlQattan resigns as board member of SHUAA Capital
MALAYSIA: Affin Bank appoints Mohammad Fairuz Mohd Radi as executive director of group community banking
INDONESIA: Otoritas Jasa Keuangan declares Maja Agung Latexindo shares as Shariah compliant
SAUDI ARABIA: Abdullah Ibrahim Al-Subaie Investment Company transfers part of investment shares in Bank Albilad to its investment fund
SAUDI ARABIA: Company for Cooperative Insurance appoints Abdulaziz Mohammed Alsedeas as chairman of audit committee
UAE: Dubai International Financial Centre launches Sustainable Finance Catalyst to enhance sustainable finance initiatives
UAE: Dubai Financial Services Authority to waive all regulatory fees for sustainability-related listings
EGYPT: International Finance Corporation and Al Baraka Bank Egypt to enhance financial access for MSMEs in Egypt
KUWAIT: Ekttitab Holding Company appoints Wael Sayed Al Sayed as legal researcher and compliance officer
SAUDI ARABIA: Saudi Capital Market Authority approves amendments to regulations for capital market institutions
GLOBAL: Islamic Corporation for the Insurance of Investment and Export Credit launches climate change policy framework
PAKISTAN: IsDB provides US$100 million loan to finance Pakistan’s polio eradication efforts
MALAYSIA: Bursa Carbon Exchange partners with key entities during COP28
PAKISTAN: State Bank of Pakistan conducts Shariah compliant Mudarabah-based open market operation liquidity injection
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM30.56 billion (US$6.55 billion) in total
SAUDI ARABIA: Al Moammar Information Systems Company signs three-year contract with Zakat, Tax, and Customs Authority
SAUDI ARABIA: Buruj Cooperative Insurance Company names Bader Saad Al-Ghunaim as acting CEO
SAUDI ARABIA: Arabia Insurance Cooperative Company appoints Abdulaziz Saleh Al Omair as new chairman
MALAYSIA: Sedania Innovator reaches net revenue of RM34.45 million (US$7.39 million) for nine-month period ending the 30th September 2023
UAE: Investcorp Capital’s net profit reaches US$13 million for Q1 of 2024 financial year ending the 30th September 2023
GLOBAL: IsDB partners with International Capital Market Association and London Stock Exchange Group to develop guide for green Sukuk issuance
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...
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...
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...
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...
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...
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...
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...
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.
TURKIYE: Turkiye's agri-food and SME sectors have received a boost of support from the IsDB and the International Islamic Trade Finance Corporation (ITFC) in the form of funding worth a total of US$240 million. The...
GLOBAL: The Global Islamic Finance Program (GIFP) for Climate, Nature and Development, an initiative spearheaded by WWF International and Ajman University-Centre of Excellence in Islamic Finance (AU-CEIF), has announced its newly formed advisory committee and...
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 The Gambi — all regular sovereign Sukuk...
The private equity and venture capital (PE & VC) landscapes in the GCC and Southeast Asia have both seen a boom in recent years, Lim Say Cheong, CEO of Saudi Venture Capital Investment Company (SVCIC),...
DJIBOUTI: The Central Bank of Djibouti has entered into a collaboration agreement with the Chartered Institute of Islamic Finance Professionals (CIIF) and was onboarded as the newest member of the Islamic Finance Profession Charter. CIIF...
The governments of Turkiye, Indonesia, South Africa and, most recently, the Philippines have all launched landmark sovereign Sukuk issuances this month. In the UAE, a group of Islamic finance infrastructure organizations were hosted by the...
The Central Bank of the UAE (CBUAE) hosted a series of meetings that culminated in the launch of a new Islamic sustainable finance roadmap ahead of the 28th Conference of the Parties, widely known as...
The State Bank of Pakistan (SBP) has identified a new underlying asset to be used for the fresh issuance and re-opening of the country's sovereign Sukuk Ijarah. NESSREEN TAMANO has the story. "This structure is...
The Philippine government has mandated banks for the issuance of its inaugural Sukuk, South Africa issued its first-ever rand-denominated sovereign Sukuk and Indonesia is looking into a green Islamic paper to address the climate crisis....
The Palestine Monetary Authority (PMA) has issued new instructions to banks to address and mitigate the effects of liquidity scarcity within the national economy, the cessation of income of individuals and corporate borrowers and the...
The increase in global oil prices, currency devaluation, economic crisis and political instability in Pakistan have all led the country to become energy-insecure. The main factor is a higher dependency on imported energy for meeting...
The current global Halal food industry is a dynamic and rapidly expanding sector that encompasses a diverse range of food products, extending well beyond traditional boundaries. With a market valued at around US$2.2 trillion in...
In a Takaful arrangement, participants contribute money into a common fund to protect themselves against specified losses or risks. In the event of a covered loss, participants are compensated from this fund. Takaful is often...
Although Islamic finance is already a reality in several countries which are not Muslim-majority countries, Brazil has not paid attention to the possibilities that Islamic finance can have in fostering its economy. However, it seems...
In recent years after the collapse of the oil markets in 2014, GCC countries have experienced budget deficits and Kuwait was no exception but continued its budgetary expenditure trajectory mostly on subsidies and salaries which...
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...
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...
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...
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...
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....
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...
From ‘Aspiration 4’ pages 28-30 Aspiration 4: FLEXIBILITY AND INNOVATION In this modern and sophisticated financial world, flexibility is fundamental in developing and innovating new products and services. Hence, this flexibility is considered an advantage...
Islamic banking is increasingly coming to the forefront, especially considering its current growth trends. Even as the financial landscape changes, Islamic finance remains strong and continues to grow, making it an important area for stakeholders...
This paper is part of a series where MUHAMMAD ISSYAM ITAM delves into the challenges and implications associated with implementing Shariah Standard No 59 (S59) on the Sale of Debt by AAOIFI in the global...
Global momentum toward net-zero commitments is at an all-time high, reflecting the growing concern among governments worldwide regarding the devastating effects of climate change. With COP28 [2023 United Nations Climate Change Conference] currently underway in...
There is no doubt that Islamic finance is the driver of sustainable finance and pari passu of sustainable finance in order to maintain environment social risks and climate risks. Islamic finance encourages to fully utilize...
There is a noticeable shift from traditional bank financing toward alternative financing across multiple asset classes in the GCC and beyond, which is resulting in the rise of instruments such as venture debt funds. In this episode, brought to you by King and Spalding, Asal Saghari and Mike Rainey explore this trend, bringing us expert insights and analyses to help us understand this shift and how it impacts the financing landscape.
