NIGERIA: Islamic Development Bank Institute organizes Takaful workshop for Jaiz Takaful in Nigeria
MALAYSIA: Bank Negara Malaysia issues Shariah paper worth RM45.9 billion (US$10.8 billion)
BANGLADESH: Bangladesh Bank auctions liquidity facility and sovereign Sukuk
SAUDI ARABIA: Arabian Shield Cooperative Insurance Co signs contract with Saudi National Bank for credit life residential finance coverage
SAUDI ARABIA: Jinko Power Technology Co’s Saudi subsidiary Al Ghazala Energy Company commences construction of 300 MW Saad Solar PV Project
GLOBAL: Islamic Corporation for the Insurance of Investment and Export Credit signs MoU with Libyan Export Promotion Center to facilitate cooperation
SAUDI ARABIA: Scientific & Medical Equipment House Co secures Shariah compliant financing facility worth SAR265 million (US$70.57 million)
UK: Foot Anstey provides legal advice for Shariah compliant financing of completed acquisition of The Connection in London
SAUDI ARABIA: Saudi Central Bank grants licenses to two fintech firms specialized in debt-based crowdfunding
GLOBAL: IsDB, Islamic Solidarity Fund for Development and Oxford Poverty and Human Development Initiative join hands to understand multidimensional poverty
UK: Shariah compliant fintech investing platform Wahed opens first physical branch in London
UAE: First Abu Dhabi Bank appoints Lars Kramer as new group chief financial officer
UK: HSBC Asset Management launches HSBC Global Sukuk Index Fund
SAUDI ARABIA: Saudi National Debt Management Center closes January 2023 Sukuk issuance worth SAR3.47 billion (US$922.98 million)
GAMBIA: Central Bank of Gambia publishes results of Sukuk Salam facilities
MALAYSIA: Bank Negara Malaysia sells Islamic papers worth a total of RM45.66 billion (US$10.68 billion)
GLOBAL: Oraan teams up with Queros to offer students semester fees payment in monthly instalments
NIGERIA: Nigeria’s Islamic finance to continue growth trajectory in 2023-2024, says Fitch Ratings
GLOBAL: General Council for Islamic Banks and Financial Institutions conducts roundtable to develop Greenhouse Gas measurement tool
UK: Property developer Zunikh appoints Lily Martin and Sean Gough as chief operating officer and chief commercial officer respectively
MALAYSIA: Sunway Healthcare Treasury registers RM5 billion (US$1.17 billion) sustainable Sukuk program with Securities Commission
SAUDI ARABIA: Chubb Arabia Cooperative Insurance Co appoints Nikolay Dmitriev as new non-executive board member
MALAYSIA: Bank Negara Malaysia reappoints four Shariah Advisory Council members including Prof Dr Ashraf Md Hashim as new chairman
UK: SHUAA Capital and Northacre complete five-year portfolio management in London
INDONESIA: Indonesian government auctions sovereign securities receiving bids up to IDR28.55 trillion (US$1.91 billion)
KUWAIT: Central Bank of Kuwait issues bonds and related Tawarruq facilities worth a total of KWD200 million (US$653.38 million)
BRUNEI: Brunei Darussalam Central Bank prices 107th issuance of Islamic treasury bills worth BN$25 million (US$18.95 million)
SAUDI ARABIA: Saudi Investment Bank upsizes Sukuk program to SAR5 billion (US$1.33 billion); plans to launch Tier 1 Sukuk
EGYPT: International Islamic Trade Finance Corporation launches youth exporters training program in Egypt
SOMALIA: IFN welcomes Jibril Adan Mohamed as new correspondent for Somalia
UAE: Waha Capital promotes Ahmed Al Mansoori to chief operating officer
KUWAIT: Al Tamimi & Company promotes Omar Handoush to head of office in Kuwait
MALAYSIA: Cagamas kicks off 2023 with issuance of RM550 million (US$128.28 million) worth of bonds and Sukuk
MALAYSIA: Government of Malaysia issues RM3 billion (US$699.74 million) Malaysian Islamic Treasury Bill
GLOBAL: International Islamic Trade Finance Corporation signs US$1.5 billion financing agreement with Egypt
EGYPT: IsDB’s private arm signs US$120 million program to propel private sector-led development in Egypt in 2023
BANGLADESH: Strategic Finance & Investments officially opens Islamic wing in Dhaka, The Business Standard reports
MALAYSIA: Toyota Capital Malaysia issues five-year Islamic medium-term note worth RM150 million (US$34.76 million)
MALAYSIA: Maxis Broadband issues two new series of its RM10 billion (US$2.32 billion) unrated Sukuk Murabahah program amounting to RM500 million (US$115.87 million)
MALAYSIA: Bank Negara Malaysia places Shariah facility amounting to RM45.01 billion (US$10.43 billion)
GLOBAL: IBF NET launches Shariah compliant metaverse on Algorand blockchain
MALAYSIA: YTL Power secures RM1.1 billion (US$254.92 million) Islamic financing facility to fund green project
MALAYSIA: Alpha Circle defers senior Sukuk payment of RM11 million (US$2.55 million); rating lowered to ‘CIS’ from ‘BIS/negative’
UAE: Islamic Corporation for the Insurance of Investment and Export Credit partners with Abu Dhabi Future Energy Company to promote renewable energy
SAUDI ARABIA: Saudi Capital Market Authority grants license to MMC Financial Company to conduct advisory in securities business
SAUDI ARABIA: Zahrat Al Waha for Trading Co renews Islamic financing agreement with Alinma Bank
SAUDI ARABIA: Saudi Central Bank reduces minimum paid-up capital for finance companies serving SMEs
GLOBAL: Stablecoin ZaynFi raises US$600,000 funding led by Cur8 Capital
GLOBAL: Buy-now-pay-later platform Tabby raises US$58 million in Series C round; achieves US$660 million valuation
GLOBAL: Fitch Ratings sees growth potential in Islamic derivatives
In the global Sukuk market this week, we see regular Islamic paper issuers conclude their first issuances for the new year. Malaysia's special economic zone in the city of Labuan is preparing to issue Shariah compliant security tokens, while the...
Following the announcement of the IFN Best Banks Poll 2022 – Global on the 10th January 2023, we are pleased to bring you the results of the second part of the prestigious poll: the IFN...
Continuing from the success of the IFN Best Banks Poll 2022 – Global, we are delighted to reveal the winners of the IFN Best Banks Poll 2022 – Country. This round of winners are more...
The International Islamic Liquidity Management Corporation (IILM) has completed its first Sukuk auction of the year: a series of three Islamic papers worth an aggregate amount of US$780 million. NESSREEN TAMANO reports. "We are pleased...
Indonesia plans to raise up to IDR14 trillion (US$922.69 million), while other usual sovereign securities issuers maintain their regular issuances. EMIR ZAINUL rounds up notable Shariah sovereign securities...
Senegal has a Muslim population of around 96%, which, paired with a relatively peaceful political environment and a competitive banking system, makes the West African nation’s Islamic finance industry full of potential. NESSREEN TAMANO writes...
Islamic syndicated financing has played a key role in the growth of Islamic finance globally, and there is a bigger role for it to play in the future in supporting green and ESG financing. While...
The global Islamic finance and banking industry closed 2022 on a high note, with notable Sukuk issuances from Nigeria, Tanzania and the UAE. Algeria is looking into launching a regulatory framework governing its Sukuk market, while the central banks of England and Bangladesh supported the...
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.
MALAYSIA: The Labuan International Business and Financial Centre (Labuan IBFC), a special economic zone in Malaysia's Labuan, plans to issue Shariah compliant digital security tokens this year, through its newly launched Islamic Digital Asset Centre...
GLOBAL: Two weeks after IFN announced the best Islamic banks in the world in 2022, we are pleased to reveal this year's winners of the IFN Best Banks Poll 2022 – Country: the best local...
GLOBAL: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the IsDB, has signed an MoU with UAE-government-owned Abu Dhabi Future Energy Company (Masdar) to promote renewable energy...
MALAYSIA: Independent power producer YTL Power International’s wholly owned unit YTL DC South has been granted a RM1.1 billion (US$254.92 million) Islamic term financing facility by joint mandated lead arrangers Malayan Banking (Maybank) and OCBC...
Indonesia plans to raise up to IDR14 trillion (US$922.69 million), while other usual sovereign securities issuers maintain their regular issuances. EMIR ZAINUL rounds up notable Shariah sovereign securities developments over the past week. Indonesia The...
With banks struggling to bridge the trade finance gap that has widened since tighter regulations were introduced post global financial crisis, a universal shortage of funding is forcing a wave of innovation in the trade...
The Bangladesh Securities and Exchange Commission confirmed with IFN this week that it is in the process of launching a dedicated Islamic capital market. In Malaysia, a new applicant for a digital Takaful license has...
Kuwait Finance House (KFH) and the United Nations Development Programme (UNDP) have joined hands in a technical partnership that will support KFH to further ramp up its efforts to embed sustainability and the SDGs across...
GLOBAL: IFN is delighted to announce the 2022 winners of IFN Deals of the Year, the global Islamic finance and banking industry's most prestigious honors. Serving as a gauge of the industry's innovation and evolution...
Saudi Arabia has completed its first international Sukuk issuance of the year worth US$10 billion, while other usual sovereign securities issuers kept up the momentum. EMIR ZAINUL rounds up notable Shariah sovereign securities developments over...
Malaysia’s economic growth has declined due to the COVID-19 pandemic. It is a global crisis which also affects the Malaysian economy and the health of its citizens. Many individuals have been affected by the virus...
Islamic finance in Palestine has significantly improved during the last few years, despite different and diverse challenges, such as political turmoil (the Israeli occupation) as well as regulatory issues. By the end of 2021, there...
The peculiar word ‘social’ usually has a deep-rooted meaning beyond mere digital platforms while ‘impact’ emphasizes more on the strong effects that are relayed on someone or something. To begin with, a social impact simply...
For some people, facing the pension age might be veiled by a gruesome feeling of anxiety. However, the COVID-19 pandemic teaches us that retirement is indeed a pivotal moment to start a new chapter in...
The Alternative Liquidity Facility (ALF) set up by the Bank of England reached its one-year anniversary on the 2nd December 2022. As one of the UK’s leading Shariah compliant banks, Bank of London and The...
The 17 SDGs initially emerged from the United Nations Development Programme (UNDP) conference on sustainable development in Brazil in 2012 and were finally approved and adopted in 2015 at the UN General Assembly by all 193 countries present at the time. The goals replaced the eight MDGs or Millennium Development Goals, which were launched by the UNDP in 2000 with the commitment from world leaders to fight poverty, hunger, disease, illiteracy, environmental degradation and discrimination against women in all parts of the world. The debate is on whether the MDGs were a failure or part success but an analysis I...
The absence of friendly Islamic finance legislation and lack of specialists in Islamic finance are the main “obstacles on the legs of Islamic finance development” in Russia. In the first month of 2023, Russia has proven its desire to break these obstacles and accelerate the development of Islamic finance by providing official name as participating...
Since the inception of Islamic banking, Islamic banks have consistently faced a heap of challenges in the financial industry as a whole where the most recent one being to mitigate market and liquidity risk. This is mainly due to the lack of effective tools available to manage market and liquidity risk. Fitch Ratings in a...
Bangladesh Bank (BB) has introduced a short-term funding instrument named 'Islami Banks Liquidity Facility’ (IBLF) for channeling funds into the Shariah-based banking system in Bangladesh. It will ease liquidity management and deepen the financial system for the banks. As per the circular, Shariah-based banks maintaining current accounts with BB are eligible for availing of the...
The concept of Takaful undertakings is based on sustainable finance in order to maintain the environment social risk and climate risks. Takaful encourages the full utilization of the virtues inherent in human beings to invest and manage the risks associated with the transition risks and climate risks. Sustainable finance in Takaful undertakings is broadly defined...
Bosna Bank International (BBI) is the only representative of Islamic economics, banking and finance (IEBF) operations in Bosnia and Herzegovina (B&H), a secular country enmeshed in a plethora of complex geopolitical events, yet maintains focus and awareness that the future expects its potential unfolding. The bank is an actionable force of such a future and...
Islamic finance today has become a global growth phenomenon that no region or country can afford to ignore. According to the State of the Global Islamic Economy Report 2020/21, an annual industry report produced by...
Zakat and Infaq are alternative solutions in alleviating poverty. In Indonesia, Infaq has been used in solving social problems related to education and poverty (Daroini, Ikhawan & Saputro, 2020; Ulya & Al-Azizah, 2021). Infaq means...
Although there is a strict prohibition against charging interest, a significant number of Islamic banks still rely on interest-based benchmarks like the Karachi Interbank Offered Rate (KIBOR) or the London Interbank Offered Rate as a...
The Halal industry is not only of religious significance, seeing as there are over two billion Muslims globally, but also of economic and trade importance (‘A sustainable Blockchain framework for the Halal food supply chain:...
The west is going through a change. By the west I mean the Americas, Europe and we should include Australia. There is so much change that it is unsettling. But that should not deter us...
Shahruladeri Mohamad Adnan, CEO of CIB Capital and formerly the director of business development at the Labuan International Business and Financial Centre, shares insights on Labuan’s Islamic finance industry, particularly the Sukuk market, in this episode of IFN Podcast, with news editor Nessreen Tamano.
