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Latest News - Monday, 26 February 2024

Daily Cover Story: Saudi non-bank financial entity issues landmark perpetual Sukuk

SAUDI ARABIA: Saudi fintech company Emkan Finance, which is fully owned by Al Rajhi Bank and established in 2020, has entered the Islamic capital market with its inaugural perpetual Sukuk. The paper, which was worth SAR2.2 billion (US$585.99 million), carries...

This Week’s Newsletter

Cover Story: Islamic Coin: The jury is still out

With royalties and hundreds of millions of dollars behind it, Islamic Coin (ISLM) skyrocketed to international prominence as a cryptocurrency for the Muslim world. But as quickly as it rose, it also plunged into a...

Editor's Note

Scam or not

Islamic Coin is under great scrutiny, facing allegations of being fraudulent and racist. Rather than speculate, we speak to the co-founders of the cryptocurrency to address these concerns. In this edition, we take a look...

IFN Case Study

ICD’s Sukuk: Funding projects in member countries

The Islamic Corporation for the Development of the Private Sector (ICD) has returned to the Sukuk market with a successful issuance worth US$500 million. NESSREEN TAMANO has the story. The Islamic paper was oversubcribed 4.2...

IFN Sovereign Securities

Sovereign Sukuk: Turkiye suspends Sukuk deal with UAE

Turkiye suspended its Sukuk deal with the UAE and is looking for cheaper alternatives. The Saudi government closed the first round of its savings Sukuk for February 2024....

IFN Country Analysis

France: Eyeing the Sukuk market

France has enjoyed being an attractive European real estate investment destination for Middle Eastern investors, as well as the opportunities as an alternative Islamic investment jurisdiction following the UK's departure from the EU in 2020....

IFN Sector Analysis

Crowdfunding: Mainstreaming an alternative

Crowdfunding and P2P finance are two of the biggest fintech verticals in Islamic finance. VINEETA TAN reviews developments in this area over the last 12 months. Overview Crowdfunding, or the process of raising funds through...

IFN Monthly Review


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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  • 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...

  • The Philippines    

    Increasing insurance penetration rate through Takaful

    The Insurance Commission is looking at Takaful as a way to increasing the insurance penetration rate in the Philippines which is merely 1.68% of the country’s GDP. Based on the Financial Inclusion Survey conducted by the Bangko Sentral ng Pilipinas in 2021, the share of adult Filipinos with insurance declined to 17% from 23% of...

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