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Latest News - Thursday, 08 December 2022

Daily Cover Story: Malaysia to develop Maqasid Shariah scorecard to chart the growth of Takaful industry

MALAYSIA: The Malaysian Takaful Association (MTA), in collaboration with INCEIF University, is developing a Maqasid Shariah Scorecard (MSS) that would have workable and measurable performance indicators, which would be utilized to chart the progress and impact of the industry’s growth...

This Week’s Newsletter

Cover Story: IILM to bolster Sukuk program with new assets as it pursues investor diversification

For almost a decade, the International Islamic Liquidity Management Corporation (IILM) has been at the forefront of enhancing cross-border Shariah liquidity management since its inaugural short-term Sukuk issuance in 2013. In an exclusive interview with...

Editor's Note

In the spotlight: IILM

In our penultimate issue of the year, we bring you an interview with Dr Umar Oseni, CEO of the International Islamic Liquidity Management Corporation (IILM). For over a decade, the IILM has been the leading...

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Pakistan’s Sukuk: Second in a new series

Pakistan, through its Ministry of Finance, has successfully closed a Sukuk auction for PKR133.9 billion (US$597.21 million) — the second in a new series of Sukuk Ijarah issuances that the government recently debuted. NESSREEN TAMANO...

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Sovereign Securities: Investors jostle for Indonesia’s retail green Sukuk series ST009

Indonesia’s retail green Sukuk series ST009 received an overwhelmingly positive response, as it reached its target two days before the closing of the bidding period, while the Philippines...

IFN Country Analysis

South America: Tapping into Islamic finance

Islamic finance and the Halal industry in South America are dominated by three out of 12 South American nations (including two dependent overseas territories): Brazil, Suriname and Guyana. NESSREEN TAMANO writes an overview of the...

IFN Sector Analysis

Leasing: Ijarah a mainstay for Islamic finance institutions

The contract of Ijarah, or Islamic leasing, is widely used in modern Islamic financial institutions and Islamic banks today. They offer a number of products based on the concept of Ijarah such as home financing,...

IFN Financial Innovation Report 2022

IFN Monthly Review

November

As the year comes to a close, we see some new entrants in the global Islamic fintech landscape, including a Shariah compliant digital currency and a new Islamic digital bank in Malaysia, where the regulator has also unveiled its plans to issue licenses for digital...

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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

    Istisnah or forward lease (Ijarah)?

    A reader has asked a question in respect of financing a real estate asset, which is to be constructed. She is working with an African Islamic bank where the bank uses Istisnah to finance the completion of properties. Describing the procedure, she has written that the bank is the seller in the Istisnah contract with the understanding agreement that the developer will release the title to the described asset to the bank on completion. She added that the bank does that since it is the one financing the client. The Islamic bank makes an upfront lump sum payment to the...

IFN Correspondent Reports

  • Bosnia & Herzegovina  

    Participation banking initiatives of Bosna Bank International: Toward greater industry–education integration

    The shareholders and founding members of Bosna Bank International (BBI), the first Islamic bank in Bosnia and Herzegovina (B&H), knew since inception that the increasing need for Islamic economic, banking and finance skills would become a challenge in the future. BBI established an academy to bridge that gap and continued to leverage on partnerships in...

  • The Philippines  

    Toward increased consumer awareness of Islamic finance

    Section 16 of the Islamic Banking Law tasked the government “to provide programs for increased consumer awareness and capacity building required by the expanded Islamic banking system”. Toward this end, the Bangko Sentral ng Pilipinas (BSP) issued a set of ‘Frequently Asked Questions on Islamic Banking’ for circulation to the banking sector and the public....

  • Egypt

    ADIB Egypt to issue first Shariah compliant prepaid card

    The Central Bank of Egypt has conferred preliminary approval on Abu Dhabi Islamic Bank Egypt (ADIB Egypt)’s first Shariah compliant prepaid card, Takka, the first of its kind in Egypt. ADI-CF, ADIB Egypt’s consumer financing subsidiary which was established in 2021 after receiving the Financial Regulatory Authority’s approval, will be working with Meeza to roll...

  • The Maldives

    Implication of GST increase on Islamic finance products offered by private companies

    Pursuant to the sixth amendment to the Goods and Services Tax (GST) Act, the rate of tourism sector GST and general sector GST will increase to 16% and 8% respectively from the 1st January 2023. As such, the Maldives Inland Revenue Authority (MIRA) has released a circular on the 24th November 2022 informing that GST...

  • Islamic Fintech

    COP27 and beyond: What role can Islamic finance and fintech play in the decarbonization agenda?

    The eyes of the world have been fixed on Sharm El-Sheik over the past fortnight watching the 27th session of the Conference of the Parties of the UNFCCC (COP27) unfold (6th–18th November 2022). The goal of COP27 has been to build on the success of previous COPs, take action toward achieving the world's collective climate...


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