UAE: Abu Dhabi Islamic Bank to offer products on call and messaging app Botim
MALAYSIA: Fabulous Sunview obtains Islamic financing facility worth US$5 million from Export-Import Bank of Malaysia
TURKIYE: Turkiye Real Estate Bank launches Islamic paper worth TRY134 million (US$4.11 million)
MALAYSIA: Cagamas sells Islamic medium-term note worth RM200 million (US$41.81 million)
TURKIYE: Albaraka Turk Participation Bank prints Sukuk worth TRY750 million (US$23.03 million)
EGYPT: Bokra closes US$4.6 million pre-seed round; plans to launch in Q2 2024
UAE: Emirates REIT reports property income year-on-year growth of 10% to US$74 million; total assets reach US$1.04 billion
INDONESIA: Financial Services Authority of Indonesia issues regulation on determining supervision status and handling of issues in banks
SAUDI ARABIA: Allianz Saudi Fransi appoints four new board members
KUWAIT: Kuwait International Bank receives approval from Central Bank of Kuwait to issue additional Tier 1 Sukuk of up to US$300 million
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM14.25 billion (US$2.98 billion) in total
GLOBAL: Fasset partners with Malaysia Building Society to offer digital asset investments to customers in Malaysia
SAUDI ARABIA: Capital Market Authority of Saudi Arabia grants Financial Technology Experimental Permit to FinTech Thuluthain Company
SAUDI ARABIA: Amlak International renews financing facility with Saudi Investment Bank worth SAR864.5 million (US$230.31 million)
MALAYSIA: AEON Bank to start operations by end of Q2 2024, Bernama reports
BAHRAIN: Abdulhakeem Alkhayyat resigns from post as managing director and CEO of Kuwait Finance House Bahrain
INDONESIA:Takaful Keluarga appoints Yurivanno Gani as CEO
GLOBAL: GFH Partners welcomes Nabeel Kanoo as new board member
SAUDI ARABIA: Saudi National Debt Management Center opens third subscription round of Sah savings product with 5.59% return rate
UK: Wahed to launch real estate crowdfunding investment solution
SAUDI ARABIA: Emkan Alarabiya launches Sukuk product with return rate of up to 18%, Argaam reports
PAKISTAN: Mughal Iron & Steel Industries raises PKR3 billion (US$10.74 million) through privately-placed Sukuk
MALAYSIA: Cagamas prints Islamic paper worth RM230 million (US$48.01 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM15.45 billion (US$3.23 billion) in total
MALAYSIA: AEON Credit Service Malaysia launches Sukuk worth RM300 million (US$62.62 million)
SAUDI ARABIA: 18th IsDB Global Forum on Islamic Finance to be held on 28th April 2024
PAKISTAN: Pakistan Stock Exchange to hold auctions of government’s Sukuk Ijarah from 8th April 2024 to 20th June 2024
AUSTRALIA: Hejaz Group partners with mortgage and finance broking aggregator LMG, Mortgage Professional Australia reports
GLOBAL: Seedflex Technologies launches Shariah compliant digital financing solution in Malaysia, Fintech News Malaysia reports
US: The Children’s Place secures US$90 million Shariah compliant financing facility from Saudi firm Mithaq Capital
UAE: Emirates Islamic concludes debut US$500 million syndicated financing facility
GLOBAL: Prof Mehmet Asutay wins first place for 2024 Islamic Development Bank Prize for Impactful Achievement in Islamic Economics
PHILIPPINES: Maybank Philippines and unnamed foreign company to establish Islamic banking operations in Philippines
MALAYSIA: OCK Group proposes Islamic commercial papers program worth RM500 million (US$104.33 million)
MALAYSIA: Bursa Carbon Exchange to host inaugural renewable energy certificates auction on 25th June 2024
UAE: Abu Dhabi Islamic Bank denies interest in acquiring stake in Bank Syariah Indonesia
MALAYSIA: Bank Negara Malaysia prints Islamic facilities worth RM16.89 billion (US$3.52 billion) in total
MALAYSIA: Genting Plantations’s funding conduit registers RM2 billion (US$417.33 million) Sukuk program with Securities Commission Malaysia
QATAR: Qatar Islamic Bank records net profit of QAR955.14 million (US$261.63 million) for Q1 2024
MALAYSIA: Public Sector Home Financing Board prints Sukuk worth RM3.25 billion (US$677.78 million) in total
INDONESIA: Adira Finance to publicly offer Sukuk Mudarabah worth IDR400 billion (US$24.61 million), Bisnis.com reports
GLOBAL: Indonesia’s Badan Pengelola Keuangan Haji confirms support for IFN Investor Middle East Forum 2024
TURKIYE: Kuveyt Turk Katilim Bankasi auctions two Islamic papers worth TRY660 million (US$20.29 million) in total
SAUDI ARABIA: National Building and Marketing Company renews Shariah compliant financing worth SAR85 million (US$22.64 million)
MALAYSIA: Setia Alamsari launches Islamic paper worth RM12 million (US$2.5 million)
MALAYSIA: Qiradh Capital issues two Islamic medium-term notes worth RM37 million (US$7.72 million) in total
SAUDI ARABIA: Capital Market Authority of Saudi Arabia approves SEDCO Capital Multi Asset Traded Fund offering
UZBEKISTAN: IsDB provides financial support for Uzbekistan’s Integrated Rural Development Project Phase II worth US$293.5 million
SAUDI ARABIA: IsDB Group to hold Private Sector Forum 2024 in Riyadh from 28th to 30th April 2024
GLOBAL: Fitch Ratings expects global Sukuk growth for the rest of 2024
Takaful Oman, one of only two fully-fledged Islamic insurers in the Sultanate, has plans to expand its offerings within the next couple of years, CEO Neelmani Bhardwaj tells NESSREEN TAMANO. The company aims to introduce high-end property, casualty, liability and...
More than half a century since the first modern Islamic bank took shape, Islamic banks today still struggle with managing their short-term liquidity in the absence of permissible tools, due largely to a lack of...
22nd April is one for the books, for climate activists. It is Earth Day, a global event which has pushed for a number of monumental environmental actions. Earth Day eight years ago was when the...
Singapore-headquartered agri-business Olam Agri tapped the Islamic finance market for the first time. NESSREEN TAMANO has the story. The company secured an Islamic financing facility, opening up access to a new source of funds for...
This week, the Pakistani government announced its upcoming Sukuk auctions while the Saudi government opened the third round of its Sah savings Sukuk. Regular issuers Malaysia, The Gambia,...
The Nigerian Islamic finance and banking industry, also known as the non-interest finance sector, has, in the past few years, seen an increase in activity, public demand and support from the government, evidenced by new...
Islamic banks still struggle to manage their short-term liquidity in most markets. VINEETA TAN provides an overview of the landscape. Overview While the rest of the banking industry have access to a diverse set of...
The past month saw a spate of Sukuk issuances come out of the GCC, notably a landmark facility from the UAE’s real estate and property sector, Saudi Arabia’s first savings Sukuk issuance and the first perpetual Sukuk in the region. The Islamic asset management sector...
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.
This week, the Pakistani government announced its upcoming Sukuk auctions while the Saudi government opened the third round of its Sah savings Sukuk. Regular issuers Malaysia, The Gambia, Kuwait, Qatar and Turkiye issued new Islamic...
A consortium of 10 multilateral development banks (MDBs), including the IsDB, met to outline the key deliverables for a joint and coordinated action in 2024 that will increase the impact and scale of their work...
The Islamic Development Bank Group (IsDB) has many important tools to support its member countries achieve their development goals. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), The Islamic Corporation for...
The Securities and Exchange Commission of Pakistan (SECP) has announced the first digital Family Takaful operator registered with the country's regulator. NESSREEN TAMANO writes. Salaam Family Takaful, the family insurance arm of Islamic insurer Salaam...
The government of Canada's Department of Finance has tabled its Budget 2024, which has a special focus on unlocking 3.87 million new homes for Canadians by 2031 and incentives to support this strategy. NESSREEN TAMANO...
As the demand for Islamic finance and banking grows, so too does the need for technology-based solutions that support Islamic financial institutions’ expansion plans and help them follow global best practices. NESSREEN TAMANO speaks to...
This week, the Indonesian government announced its upcoming state Shariah securities auction while regular issuers Malaysia, Bahrain, The Gambia, Pakistan and Turkiye issued new Islamic facilities. HANIF NAMORA brings you updates from the global sovereign...
The Bahraini asset management and capital market sectors have welcomed a new player: a fractional Sukuk investment platform that recently graduated from the central bank's regulatory sandbox. NESSREEN TAMANO writes. INABLR, a wealthtech company whose...
Insurers and reinsurers from around the world, represented by two leading global entities, have entered into an agreement to jointly develop the trade and investment insurance landscape, particularly within OIC member states. VINEETA TAN reports....
Indonesia said it plans to mandate the use of Takaful to cover Sukuk’s underlying assets in the Republic, while a group of Islamic economists from Indonesia signed an agreement with Iranian Islamic finance professionals. The...
Islamic finance is a rapidly growing sector within the global financial landscape, aiming to provide financial products and services that comply with Islamic law, known as Shariah. One significant area of Islamic finance is Islamic...
Islamic banking has experienced significant growth in Oman in recent years at a constant growth rate of 12%-plus, reflecting the increasing popularity and acceptance of Islamic finance in the country. Oman, like many other countries...
The Islamic financial assets in Indonesia have shown significant positive development. According to the Islamic Finance Development Report in 2022, Indonesia secured the 7th position globally. This encouraging news is further reinforced by the increased...
No single week passes without receiving enquiries about Shariah compliant mortgages in Australia. The answer is too complicated to be detailed for non-specialized people in a situation similar to an elevator pitch. This article aims...
Nowadays, there is gaining awareness and popularity among the public on investment in gold. The existence of several platforms for investment in gold also facilitates the demand. To fulfill this demand, some Islamic banks have...
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...
QNB Financial Services (QNBFS) reported that the Qatar banking sector deposits increased 1.4% to QAR1,028.6 billion (US$278.03 billion) in February 2024. The growth in deposits results from a 2.2% increase in the public sector and a 1.1% increase in the private sector. It was reported that the public sector was supported mainly by government and...
I extend my gratitude to IFN for affording me this esteemed opportunity. The allocation of a dedicated correspondent section represents a privilege, allowing me a platform to articulate my perspectives on the subject of Islamic finance education. With over two decades of experience in academia, my reflections herein are imbued with the insights garnered along...
In a significant stride forward, Bangladesh's Islamic banking sector has demonstrated remarkable growth, marked by a substantial 8.16% increase in deposits, reaching BDT443,403 crore (US$38.87 billion) by December 2023, according to the latest Bangladesh Bank quarterly report. This surge in deposits underscores the resilience and potential of the Islamic banking industry in Bangladesh. However, despite...
EyeCare’s parallel Sukuk Istisna facility has achieved significant success, raising 86% of its target amount, reaching MVR26.07 million (US$1.68 million). This Sukuk facility, priced at MVR1,000 (US$64.4) per unit, aims to support the development of an eye center with a parking facility at Hulhumale'. The issuance, classified as a debt offering, attracted considerable interest from...
The Department of Trade and Industry (DTI) will hold Halal Expo Philippines in November 2024 at the World Trade Center Metro Manila, in line with the DTI’s strategic advancement of the Halal industry in the Philippines. This is expected to generate up to PHP230 billion (US$4.05 billion) in investments and 120,000 jobs in the Philippines...
This report is part of a series where DR MUHAMMAD ISSYAM ITAM delves into the challenges and implications associated with implementing Shariah Standard No 59 by AAOIFI (S59) in the global Sukuk market. It is...
Trade sanctions often work in mysterious ways. Generally, sanctions are penalties imposed by one country on another, to discourage the latter from acting aggressively or breaking international law. According to the BBC, there are more...
In June 2023, the United Nations Population Fund (UNFPA), Selangor Islamic University and Yayasan KUIS signed an MoU to begin their collaborative journey towards integrating Islamic finance to holistically address vital social issues such as...
Global equities had a strong start to the year as economic resilience and diminishing recession fears boosted risky assets overall. The S&P Global BMI surged 7.8% in Q1, led by the developed markets; notably, the...
In recent years, Saudi Arabia has undergone a remarkable transformation in its financial sector, largely propelled by the swift adoption of financial technology or fintech. This burgeoning industry has been pivotal in reshaping conventional financial...
Takaful Oman’s CEO Neelmani Bhardwaj shares insights into the burgeoning Islamic insurance sector of the Sultanate, as well as Takaful Oman’s expansion plans in the short and medium term, with IFN’s Nessreen Tamano in this podcast episode.
