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Latest News - Tuesday, 27 February 2024

Daily Cover Story: Saudi Islamic bank to return to Sukuk market after three-year absence

Alinma Bank, one of Saudi Arabia's fully-fledged Islamic banks, is making its return to the Sukuk market with a US dollar-denominated facility. NESSREEN TAMANO writes. The planned Islamic paper will comprise additional Tier 1 capital certificates, to be issued by...

This Week’s Newsletter

Cover Story: Will Islamic digital banks disrupt the status quo in Malaysia?

Since the Malaysian banking regulator licensed five digital banks (two of which are Islamic) in 2022, many have heralded a new age for banking in the Southeast Asian economy. But will the arrival of virtual-only...

Editor's Note

Small fish, big pool

Malaysia’s first digital Islamic bank has finally received the greenlight to begin business, joining the ranks of two conventional digital lenders. This leaves two more licensees — one Islamic and another conventional — in the...

IFN Case Study

Binghatti’s Sukuk: Landmark issuance from UAE’s real estate sector

Dubai-based property developer Binghatti concluded the successful issuance of its inaugural Sukuk facility with strong demand from investors. NESSREEN TAMANO reports. The US$300 million Sukuk issuance, which carries a three-year tenor, was priced competitively at...

IFN Sovereign Securities

Sovereign Sukuk: Pakistan Stock Exchange auctions Sukuk Ijarah

The Pakistan Stock Exchange auctioned the Pakistani government’s Sukuk Ijarah while regular issuers Malaysia, Brunei Darussalam, The Gambia, Indonesia and Turkiye tapped the Sukuk market. HANIF NAMORA brings...

IFN Country Analysis

Russia: Ready for Islamic finance

Islamic finance and banking in Russia has high potential — its Muslim community makes up 13.5% (around 146 million) of its total population as at 2023 according to World Population Review, focused mainly on four...

IFN Sector Analysis

Aviation and marine financing: Clear skies and choppy waters

While aviation financing is expected to hold steady as air travel takes off, marine financing would likely hit turbulence as the global shipping sector barely keeps afloat. VINEETA TAN takes a look. Overview Aviation Post-COVID...

IFN Monthly Review

January

The global Islamic banking sector saw some notable developments this month, including a new Islamic bank from both the Philippines and Libya, while the Sukuk market welcomed the first issuances of the year from corporates in the GCC. The Malaysian and Indonesian regulators released new...

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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

    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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  • Russia    

    Islamic finance in Russia becomes more demandable

    The Islamic finance development is becoming more popular in Russia. There are now 10 participants in the official register of participating (Islamic) finance companies of the Central Bank of the Russian Federation, four of which are banking and settlement financial institutions with conventional banking licenses from the Bank of Russia. Table 1 presents the names,...

  • The Maldives

    First parallel Sukuk Istisna issuance in the Maldives

    EyeCare, a prominent provider of eye care services, has announced the opening of subscription for its MVR30 million (US$1.94 million) Sukuk offering. The Sukuk issuance adheres to the principles of Islamic Shariah and is structured as a parallel Sukuk Istisna facility. The funds raised will be allocated toward financing the development of an eye care...

  • Malaysia  

    Malaysia introduces policy document on Hajah and Darurah to build greater resilience of its Islamic finance industry

    Hajah (need) and Darurah (necessity) are two concepts in Islamic jurisprudence that allow exceptions in adhering to Shariah rules under certain circumstances of hardship. If the hardship is not addressed, it may cause a detrimental effect on the five objectives of Shariah (Maqasid Shariah): preservation of religion, life, intellect, lineage and wealth. Nonetheless, not every...

  • Qatar  

    Government and private sector collaboration

    The Ministry of Communications and Information Technology (MCIT) collaborated with Qatar National Bank (QNB) to launch the first phase of the Unified E-Payment Gateway Project. This project aims to enable legal and natural persons to pay fees for e-services provided by government entities in Qatar. Through this collaboration, MCIT and QNB aim to, among other...

  • Structured Finance  

    How long Islamic finance can be structured based on conventional finance set of laws

    When you buy a daily use home appliance, it generally comes with a warranty to the customer so if there is an issue with the product, the customer should have an assurance that there is a mechanism to resolve the issue. This is done to preempt a dispute situation and ensure smooth business performance. Such...

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