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Latest News - Thursday, 29 July 2021

Daily Cover Story: Non-bank financial services provider issues first Sukuk of 2021 from Egypt’s private sector

EGYPT: Contact Financial Holding, which first started offering financial services including corporate finance and insurance in 2001, has issued the first Sukuk facility out of Egypt’s private sector this year through its Sukuk arm Sarwa Capital. The Islamic paper —...

This Week’s Newsletter

Cover Story: Can cryptocurrency really be Halal?

Islam has rules, and currency is central to those rules. So what defines commodities — and are cryptocurrencies Halal or Haram? The world is changing … are we changing with it? LAUREN MCAUGHTRY asks. Islam...

Editor's Note

Crypto conundrum

This week’s cover story addresses a pertinent question that has ignited passionate discussions among Islamic finance enthusiasts: Can cryptocurrency really be Halal? We find out. It has been an exciting week for Islamic finance: a...


IFN Case Study

SME Bank’s Sukuk: Meeting demand for ethical products

Malaysia has added another feather to its Islamic sustainable finance cap as government-backed SME Bank made its sustainability Sukuk debut to overwhelming response, cementing the country’s global lead in the area. VINEETA TAN writes. Receiving...

IFN Sovereign Securities

Sovereign Securities: Brunei returns to Sukuk market

Brunei returned to the Sukuk market with four issuances while offerings from Malaysia and Gambia received strong demand from investors. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments...

IFN Country Analysis

Palestine: Against the odds

Palestine continues to struggle with war and geographical conflict, and the consequences of the COVID-19 pandemic have posed new challenges to the economy. Islamic banks have stepped up to support the government in its efforts...

IFN Sector Analysis

Agricultural finance: Demand for agri-financing increasing

As the agricultural industry is growing, more Islamic financial institutions are providing support and initiatives to the expanding sector. JEVITHA MUTHUSAMY writes. IsDB The IsDB has supported the agricultural finance sector since its inception in...


IFN Monthly Review

July

Despite a Sukuk default, the Sukuk market is brimming with positive developments including several dollar offerings from governments and corporates. June is also a month for Islamic digital banks, with new entities emerging in Saudi...

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.


IFN Reports

  • Sovereign Securities: Brunei returns to Sukuk market

    Brunei returned to the Sukuk market with four issuances while offerings from Malaysia and Gambia received strong demand from investors. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia The Indonesian government...

  • Fund Focus: Principal Islamic Global Selection Series

    Principal Asset Management has unveiled the Principal Islamic Global Selection Series which allows investors to tap into three mixed asset funds that have different portfolios catering to their specific appetite for risk. JEVITHA MUTHUSAMY has...

  • Palestine looks to Jordan’s fintech development to model banking sector’s digital transformation

    The Palestine Monetary Authority (PMA) has taken a step toward the digital transformation of Palestine’s banking sector by reviewing its neighbor Jordan’s financial technology development so far. NESSREEN TAMANO reports. Under the joint cooperation between...

  • Another company joins the Islamic venture finance bandwagon

    A US company has partnered with a Dubai firm to launch a US$100 million Islamic venture debt fund to tap into the lucrative burgeoning sector of tech start-ups in MENA. VINEETA TAN observes that this...

  • IFN Weekly Round-up: 17th – 23rd July 2021

    As the Muslim world celebrated Eid Al Adha, the Islamic finance industry welcomed notable developments including new leaders at major Islamic finance organizations including the IsDB; and industry stalwarts reaffirmed Islamic green commitments and formed...

IFN Features

  • Islamic syndicated financing is missing out on the run

    Syndicated financing is a tool where banks and other financial institutions use their balance sheets to fund a single borrower. It is needed when a bank or financial institution cannot meet the financing need of...

  • The challenge of Islamic compliance in Senegal

    Islamic compliance is one of the major issues that Islamic financial institutions in Senegal must take into account in carrying out their activities. Indeed, in the West African Monetary Union (WAMU)’s space, since the entry...

  • Differentiation strategy — is it the way forward for Takaful players?

    Takaful, being the Shariah compliant alternative for the conventional insurance business, is considered to be the disruptor of the insurance business in the predominantly Muslim-populated countries. However, in reality, Takaful operators still account only for...

  • Supporting affordable housing through issuance of social Sukuk

    The lack of affordable housing in any country is an indicator of weak national growth and development. Affordable housing is an issue in countries, including Hong Kong, Singapore and Japan. Nonetheless, the Malaysian government has...

  • Investing in gold the ethical way in the UK

    The COVID-19 pandemic has prompted something of a ‘social awakening’ for many and daily life being turned on its head overnight has forced people to reconsider how they live, work and invest. For many investors...

Back to Basics

  • A weekly educative column on Islamic banking and finance today

    Determination of the Wakalah profit and Wakeel’s incentive

    We are discussing the ingredients of the investment agency agreement and today I will explain the determination of the Wakalah profit and its treatment. As already covered earlier, the profit emanating in terms of an investment agency agreement solely belongs to the Muwakeel (principal) and the Wakeel (agent) does not have the right to claim a share of it. Nevertheless, Shariah principles allow the Muwakeel to include the Wakeel in sharing the Wakalah profit in the shape of a pre-agreed voluntary incentive based on a threshold, and not as the right of the Wakeel. What happens here is that the...

IFN Correspondent Reports

  • Indonesia

    A new model of funding for SMEs in the Indonesian Islamic capital market

    In 2019, the Indonesia Stock Exchange launched an acceleration board for the listing of small, middle and start-up companies excluding SMEs that are not corporate. Therefore, the Financial Services Authority or Otoritas Jasa Keuangan (OJK) issued a new regulation regarding securities crowdfunding at the end of 2020. According to a World Bank report, SMEs play...

  • Liquidity Management

    Uncertainties rise while liquidity remains adequate

    The latest Federal Open Market Committee in June hinted that labor shortages and supply bottlenecks caused by further COVID-19 lockdowns will exacerbate inflation if left unresolved. However, market participants remained confident that economic recovery is broadly on track and that the medium-term inflation would be contained by the monetary policies in place. The Fed signaled...

  • Pakistan

    Islamic banking in Pakistan on a growing path

    The Islamic banking industry’s assets in Pakistan increased by 30.6% in the first quarter of 2021, according to the Islamic Banking Bulletin of the State Bank of Pakistan (SBP). The Islamic banking industry’s deposits showed a growth of 28.4% on a year-on-year basis between the period of March 2020 and 2021. The market share of...

  • Bangladesh

    First-ever green Sukuk in Bangladesh

    The Bangladesh Securities and Exchange Commission (BSEC) has given approval for the issuance of the country’s first-ever green Sukuk which will be convertible, participative, redeemable and asset-backed according to Islamic Shariah. Bangladesh Export Import Company (Beximco) is going to issue this first-ever private sector asset-backed Shariah compliant Sukuk Istisnah for BDT30 billion (US$347.33 million). The...

  • The US

    Strong first half in 2021 for Islamic fintechs in the US

    The US has trailed its more advanced peers like the UK for a long time when it came to fintechs offering Shariah compliant solutions. The Islamic fintech landscape in the UK has been significantly more diverse than that of its US counterpart, with solutions ranging from digital banking and insurance products. But the US might...


IFN Special Reports

IFN FINTECH LANDSCAPE

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