IRAQ: Iraq’s Islamic banking sector assets to continue growth over medium term, says Fitch
EGYPT: Multilateral Investment Guarantee Agency issues US$98.3 million guarantee to Virtuo Finance for sustainable refinancing of solar power plants
OMAN: Equitix reaches financial close on GBP78 million (US$93.71 million) logistics facility in Oman featuring Shariah compliant senior financing facility
MALAYSIA: Eastspring Investments confirms support as partner for IFN Islamic Sustainable Finance & Investment Forum 2022
AUSTRALIA: Hejaz Financial Services partners with Outsource Financial to offer Islamic property financing
OMAN: Bank Nizwa appoints Sheikh Dr Majid Mohammed Salim Al Kindi as chairman and Sheikh Dr Aznan Hassan as deputy chairman of Shariah supervisory board
UAE: Mohammed Shafeeque joins Abu Dhabi Commercial Bank as senior Shariah auditor
MALAYSIA: MSA Resources to establish Islamic medium-term note program worth RM500 million (US$113.1 million)
SAUDI ARABIA: Morabaha Marina Financing Company acquires 80% majority stake in Loop to expand SME value proposition
AUSTRALIA: Islamic Bank Australia receives initial restricted banking license to become Australia’s first Islamic bank
TURKEY: Ministry of Treasury and Finance of Turkey places lease certificates worth TRY8.24 billion (US$485.85 million)
INDONESIA: Indonesia targets IDR7 trillion (US$465.79 million) in upcoming Sukuk auction
MALAYSIA: Bank Negara Malaysia issues three Shariah papers
BRUNEI: Brunei Darussalam Central Bank prices 79th issuance of BDCB Islamic Bills at BN$10 million (US$7.13 million)
BAHRAIN: Central Bank of Bahrain’s short-term Sukuk Ijarah worth BHD26 million (US$68.5 million) oversubscribed
KUWAIT: Central Bank of Kuwait auctions bonds and related Tawarruq papers totaling KWD240 million (US$779.88 million)
MALAYSIA: Danum Sinar sells two unrated Islamic medium-term notes worth a total of RM6 million (US$1.36 million)
INDONESIA: Global Mediacom lists IDR500 billion (US$33.27 million) Sukuk Ijarah on Indonesia Stock Exchange
ALGERIA: AOM Invest to be the first to issue Sukuk under Algeria’s yet-to-be approved procedure allowing investment funds to issue Sukuk
GLOBAL: SHUAA consolidates real estate investment and asset management businesses as part of UK’s Northacre’s global expansion plan
GLOBAL: Global Sukuk offerings declined by over 20% in first half of 2022; S&P revises projection to US$130 billion
MALAYSIA: Country View Resources secures additional financing from RHB Islamic Bank totaling RM48 million (US$10.87 million)
UK: DND Finance launches Shariah compliant Score Mastercard
PAKISTAN: State Bank of Pakistan rejects bids for Mudarabah-based reverse repo during open market operations on the 4th July 2022
INDONESIA: Indonesia issues Sukuk paper series SW002 worth IDR50 billion (US$3.33 million)
UAE: Dar Al Takaful completes legal procedures for merger with Watania
PAKISTAN: State Bank of Pakistan adopts four AAOIFI Shariah standards in line with 3rd Strategic Plan for Islamic Banking Industry 2021–25
OMAN: Central Bank of Oman’s High Shari’a Supervisory Authority appoints Sulaiman Al Harthy as coordinator (secretary)
MALAYSIA: Securities Commission Malaysia issues guidance note on managing ESG risks for fund management companies
INDONESIA: Indonesia pushing for Waqf law updates to accommodate latest developments
MALAYSIA: Bursa Malaysia promotes Dr Ken Yeoh to senior vice-president of corporate governance and sustainability
MALAYSIA: Bank Negara Malaysia issues three short-term Islamic liquidity management papers totaling RM29.67 billion (US$6.72 billion)
MALAYSIA: Gas Malaysia Distribution sells RM220 million (US$49.84 million) Islamic commercial paper
GLOBAL: International Islamic Liquidity Management Corporation reissues three-tranche Sukuk paper worth US$830 million
MALAYSIA: Sunway Treasury Sukuk auctions unrated Islamic medium-term note worth RM160 million (US$36.24 million)
TURKEY: Ministry of Treasury and Finance of Turkey to issue Turkish lira-denominated lease certificates
MALAYSIA: Malaysian government to extend Shariah compliant myezycover.com vehicle insurance scheme to outside civil service
BAHRAIN: Al Salam Bank signs definitive agreements with Ithmaar Holding to acquire group of assets from Ithmaar Holding’s group of companies
UK: Primary Finance opens third investment window for those wanting to apply for Shariah compliant savings account
UK: Nester completes GBP1.2 million (US$1.45 million) bridge financing
OMAN: Oman lists sixth sovereign Sukuk paper worth OMR150 million (US$388.41 million) on Muscat Stock Exchange
PAKISTAN: Hilal Invest partners with AKD Investment Management to offer Islamic investment products
SAUDI ARABIA: Allianz Saudi Fransi Cooperative Insurance Co signs insurance coverage agreement with Banque Saudi Fransi
SAUDI ARABIA: Riyad Bank signs bancassurance distribution agreement with Al Alamiya for Cooperative Insurance Company
KUWAIT: Kuwait Finance House receives Competition Protection Agency’s approval on potential acquisition of Ahli United Bank; Ahli United Bank not party to discussions
MALAYSIA: IOUpay names Wan Ahmad as non-executive board chairman amid move toward Shariah compliance
KUWAIT: Warba Bank names Hussam Sulieman Mustafa and Abdullah Mahmoud AlLanqawi as chief internal auditor and chief treasury officer respectively
SAUDI ARABIA: Saudi king appoints new deputy governors for investment and research as well as control and technology portfolios
MALAYSIA: Securities Commission Malaysia names four senior appointments including Azalina Adham as executive director of business group strategy and policy
GLOBAL: Qatar First Bank acquires Gateway Plaza building in the US
AUSTRALIA: Australia is an exciting market at the moment in terms of Islamic finance, and the potential and appetite for Islamic investment products and financial services remain high, according to some industry players during a discussion at IFN Australia OnAir...
When it comes to global Islamic finance leadership, the winners are fairly clear cut: Malaysia and Saudi Arabia. But the rankings are muddled when it comes to Islamic fintech. Incumbent Shariah finance heavyweights such as...
With new entrants making their debut and new regulations in the making, the Islamic fintech market is rapidly evolving. In light of these developments, we take a look at how certain Shariah fintech strongholds are...
Commercial bank Saudi Investment Bank (SAIB), which offers Islamic financial products through its Al Asalah Islamic Banking brand, has returned to the domestic Sukuk market over three years after its last Islamic issuance in 2019....
Turkish Treasury will offer lease certificates while regular issuers from Indonesia, Malaysia and Gambia sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia...
Syria continues to suffer from the negative social and economic impact of an armed conflict that has been ongoing for 12 years, further exacerbated by the COVID-19 pandemic. NESSREEN TAMANO writes an overview of the...
Preliminary data for 2020 showed that pension funds held over US$35 trillion of assets worldwide at the end of 2020, exceeding 2019 levels despite the headwinds due to the COVID-19 pandemic. JEVITHA MUTHUSAMY analyzes the...
Banks and financial institutions in Afghanistan are moving toward fully Islamic conversion following an instruction from the central bank to do so “as soon as possible”. Similarly, in Pakistan, the Federal Shariat Court issued an...
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.
Turkish Treasury will offer lease certificates while regular issuers from Indonesia, Malaysia and Gambia sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia The Indonesian government issued a state Shariah...
PMB Investment, a subsidiary of Pelaburan MARA, aims to raise up to RM20 million (US$4.58 million) in three months through the launch of its new fund — the PMB Shariah Greater China Equity Fund (PSGCEF)....
Moroccan insurer La Marocaine Vie (part of the Societe Generale Morocco Group) in June this year launched its subsidiary Al Maghribia Takaful, in a bid to offer Takaful products in Morocco. JEVITHA MUTHUSAMY reports. The...
Malaysia-based internet software company Pertama Digital is looking to partner with a local Shariah bank to launch an Islamic neobank, which will largely focus on developing and offering govtech along with its banking products. NESSREEN...
UAE-based digital banking app YAP has raised US$41 million to back its growth and expansion plans, through an investment round led by Shariah compliant Saudi firm Aljazira Capital. NESSREEN TAMANO has the details. Other notable...
Warba Bank has announced its entry into two metaverses, making it the first Islamic bank in the world and the first bank in Kuwait and the region to have a presence in the virtual world....
Banks and financial institutions in Afghanistan are moving toward fully Islamic conversion following an instruction from the central bank to do so “as soon as possible”. Similarly, in Pakistan, the Federal Shariat Court issued an...
Dubai has launched the UAE's first-ever Waqf dedicated to supporting women and children through a collaboration between the Awqaf and Minors Affairs Foundation and the Dubai Foundation for Women and Children. NESSREEN TAMANO writes. The...
Taqwa SACCO, a Shariah compliant savings and credit cooperative (sacco) based in Kenya, has launched a Sukuk offering, affirming its commitment to explore new investment opportunities for its members. NESSREEN TAMANO reports. The Sukuk offering...
Pakistan has received approval from the federal cabinet to issue Sukuk while regular issuers sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Indonesia The Indonesian government was due to conduct...
The notion of Tasarruf Fuduli (a transaction entered into by a person on behalf of another, without or beyond the mandate given, hereafter referred to as ‘unauthorized agency’) in Islamic financial institutions has invoked an...
Orientation toward sustainability has become a key requisite for companies, especially after the COVID-19 outbreak. A similar trend was witnessed in equity markets, as evidenced by the record inflows into ESG-focused funds in the past...
The only regulatory authority in Singapore which oversees banking and finance systems is the Monetary Authority of Singapore (MAS). In Singapore, there is no specific law governing the practices of Islamic finance. As things stand,...
Over the last decade, private markets grew five-fold with assets reaching US$10 trillion in 2021 (Source: Preqin). Private markets growth is expected to continue for the foreseeable future supported by a rise in ethical and...
Like most sectors of the economy in the Muslim world, Takaful is also affected by the imperative of a digital transition. The actuary's profession, protean in its essence and made up of figures, complex models,...
Socially responsible investment has always been at the heart of the good Samaritans of any society. The phenomenon has existed from time immemorial through individual steps or small-scale cooperative style efforts, centerd around a community’s religious organs. However, it was first institutionalized in 2006 through the six ‘Principles for Responsible Investment’ released by the UN (UNPRI). The gist of these principles is that the large investor companies and funds which become the signatories of UNPRI shall give due consideration to the ESG issues when making investment decisions. They will incorporate ESG into their own culture, demand ESG disclosure from companies...
Women’s economic empowerment is key to realizing women’s rights and gender equality. It incorporates women’s equal participation in existing markets, access to and control over assets, opportunities for decent work and raised self-agency and participation in economic decision-making at all levels. Empowering women in economy and closing gender gaps are both key enablers to and...
In 2017, Bank Negara Malaysia (BNM) launched the Perlindungan Tenang (PT) initiative with the local insurance and Takaful industry, aiming to provide simple and affordable insurance/Takaful plans to the low-income group in Malaysia. To facilitate PT product purchases, the Malaysian government subsequently launched a voucher program in September 2021, giving out RM50 (US$11.36) vouchers to...
The Egyptian Sukuk market continues to experience alternating periods of regression and optimism in light of the economic difficulties the country is facing in the aftermath of the COVID-19 pandemic and in the midst of the Russian invasion of Ukraine. Despite previous announcements that Egypt’s first sovereign Sukuk issuance would occur this summer, the Ministry...
The UK market for Islamic finance is an interesting study of what is both good and bad about the current state of Islamic finance. With some activity at the top and lots of enthusiasm at the bottom, why is there such a gaping hole in the middle? At the top, of course, are the two...
The Participating Banking Working Group of the Central Bank of the Russian Federation has held its first meeting at the end of June 2022 after the COVID-19 pandemic era. One of the key questions on the agenda was the adjustment of the current Russian legislation to promote the development of the Islamic finance model. The...
In Islamic finance, commodities have always held intrinsic value. They include precious metals, such as gold and silver, as well as consumable food items, such as wheat, barley and dates. In addition to being mentioned...
Islamic banking — already a US$2.2 trillion global sector — is on the rise with a projected growth of 10–12% this year alone. In Qatar, following Masraf Al Rayan’s recent merger with Al Khaliji Commercial...
The paradigm of modern economic thought is such that it separates the ‘economic’ from social life and prevents any integrative holistic approach. It starts from the assumption that the motivations of ‘players’ in the economy,...
An intermediary between a seller and a buyer or between a producer and a consumer of legitimate goods and services is not prohibited in Islamic law and Shariah. This can be extended to all businesses...
LOLC Al-Falaah, Sri Lanka’s alternate financial services brand, celebrated its 15th anniversary in April 2022. This milestone marks a period during which LOLC Al-Falaah revolutionized Sri Lanka’s non-interest-based financial services as the trendsetter of the...
The Qatar Financial Centre (QFC) launched the QFC Sustainable Sukuk and Bonds Framework in March 2022. The framework is part of the financial center’s efforts to develop Qatar’s debt capital market, which seeks to emulate the success of the Malaysian capital market. We speak to Aymane Doukali, the head of Islamic and structured finance at QFC, about how the framework will impact sustainable issuances in the region.
