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Latest News - Tuesday, 15 June 2021

Daily Cover Story: SBP doubles down on Shariah governance; mandates Islamic banks to integrate Shariah non-compliance risk into risk management plan

Shariah non-compliance risk (SNCR) is now a mandatory component of the overall risk management framework of Islamic banking institutions in Pakistan as the regulator seeks to bolster soundness of the fast-growing sector. VINEETA TAN has the story. The State Bank...

This Week’s Newsletter

Cover Story: Is Standard 59 strangling Sukuk issuance?

The UAE has barely seen a trickle of Sukuk issuance in 2021, and what there is has been primarily Tier 1 capital issuance. There are rumblings in the market that the bottleneck is all because...

Editor's Note

The AAOIFI effect

Rules matter. And they could either facilitate or stifle one’s growth. It is the same in Islamic finance. In a two-part special, we are exploring how global Islamic finance standard-setting body AAOIFI’s Shariah Standard 59...


IFN Case Study

Ahli United Bank’s Sukuk: A successful return

Kuwait’s Ahli United Bank (AUB) has made a return to the international Islamic capital market with a US$600 million Sukuk issuance — almost five years since its US$200 million Islamic paper issued in 2016. NESSREEN...

IFN Sovereign Securities

Sovereign Securities: Islamic markets enter dollar Sukuk market

Oman taps the dollar Sukuk market while Turkey prepares its international offering as Indonesia lists its successful US$3 billion Sukuk for trade. JEVITHA MUTHUSAMY rounds up Shariah sovereign...

IFN Country Analysis

Kenya: Slow but steady

As one of Africa’s Islamic finance pioneers, Kenya has had a head start over its neighbors, but the past few years have been quiet for the country’s Shariah industry. NESSREEN TAMANO writes an overview of...

IFN Sector Analysis

Law and legal frameworks: Evolving regulatory landscape

The Islamic banking sector, particularly emerging Islamic finance markets, benefits from legal frameworks established by regulators, making it an essential pillar of the Islamic finance industry. JEVITHA MUTHUSAMY rounds up the latest developments in the...


IFN Monthly Review

June

With the Muslim world celebrating Eid in the month of May, Islamic financial institutions, corporates and governments ramped up activities, tapping Sukuk, launching new products and issuing new regulations. IFN reviews the top Islamic finance...

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: Islamic markets enter dollar Sukuk market

    Oman taps the dollar Sukuk market while Turkey prepares its international offering as Indonesia lists its successful US$3 billion Sukuk for trade. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Turkey After...

  • Fund Focus: STAR Sharia Money Market Fund

    Surya Timur Alam Raya Asset Management (STAR-AM) has debuted its first Islamic fund, the STAR Sharia Money Market Fund, aiming to play a role in the development of Indonesia’s capital market. JEVITHA MUTHUSAMY has more....

  • The Gambia welcomes its first fully-fledged Islamic microfinance institution

    Local financial institution Yonna Forex Bureau, which has a special focus on Islamic financial products and services including Takaful, has launched Yonna Islamic Microfinance, the Gambia’s first fully-fledged Shariah compliant microfinance institution. NESSREEN TAMANO writes....

  • BNM issues e-money draft rules as e-money usage surges over 130% during pandemic

    With online payments surging during the pandemic, the Malaysian regulator is taking measures to regulate e-money, including within an Islamic finance context. VINEETA TAN writes. Malaysians have taken to digital channels for payments in 2020...

  • IFN Weekly Market Roundup: 5th – 11th June 2021

    It’s been a roller-coaster ride for the Sukuk sector. The brouhaha involving Emirates REIT’s Sukuk restructuring plan seems to finally tone down in the backdrop of promising (upcoming) offerings from the likes of Saudi Aramco...

IFN Features


Back to Basics

  • A weekly educative column on Islamic banking and finance today

    Live example of an agent’s negligence and its consequences

    As I concluded the last article on the agent requiring the goods to be inspected by an independent survey firm as its responsibility, I somehow knew the question which will be raised. And it is about the extra cost for such examination. The question did arrive in my email. It was also stated that at times such third-party inspection may pave the way for corruption, citing a particular country where all imports were made conditional upon such inspection some time ago with a certain fee-sharing arrangement between the company and the ruling elite. Well, this was a one-off incident and...

IFN Correspondent Reports

  • The Philippines

    Liquidity risk management guidelines for Islamic banking

    The Bangko Sentral ng Pilipinas (BSP) recently issued Circular No 1116 setting forth the following four basic guidelines on the management of liquidity risk by Islamic banks and Islamic banking units of conventional banks. Firstly, Islamic banks and Islamic banking units are to consider the specific liquidity characteristics of Shariah compliant instruments that will be...

  • Turkey

    Sustainable development and participation finance in Turkey

    In 2020, participation banks continued to provide financing in line with the needs and demands of SMEs in particular, with the policies aiming to achieve sustainable growth and sound expansion of the Turkish economy. The total SME financing volume of participation banks increased by 79.75% from TRY39.5 billion (US$4.64 billion) in 2019 to TRY71 billion...

  • Nigeria

    …And then there were three in Nigeria

    In May 2021, the Central Bank of Nigeria (CBN) issued an operational banking license to the country’s third fully-fledged Islamic bank, Lotus Bank, to expand the non-interest banking universe which currently also includes the windows of two conventional banks. With three fully-fledged Islamic banks and two windows, Nigeria is beginning to have a semblance of...

  • Equity Capital Markets

    Global equities move ahead amid volatility

    Equity markets edged slightly higher after moving erratically throughout May 2021 amid solid corporate earnings reports, accelerating inflation and mixed economic signals. The month started positively buoyed by a better-than- expected corporate earnings season but encountered an ‘inflation’ story to dampen investor optimism and weighed on overall markets. The Islamic equity markets proxies underperformed in...

  • Structured Finance

    Off-balance sheet financing for business and not deleveraging

    The primary purpose of off-balance sheet financing solutions is to deleverage the balance sheets of non-financial and financial sector entities. In essence, the focus is to keep debt out of the financial statements to create more space for future financing needs so more long-term non-equity funding can be raised that results, at times, in overstretching....


IFN Special Reports

IFN FINTECH LANDSCAPE

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