PAKISTAN: Pakistan Stock Exchange auctions government of Pakistan’s Sukuk Ijarah
KUWAIT: KFH Capital receives private marketing license to market shares of fund
UK: Sama Investment Group secures Shariah compliant refurbishment financing
MALAYSIA: Bank Negara Malaysia issues Islamic facility
SAUDI ARABIA: alrajhi bank commences offering of additional Tier 1 capital sustainable Sukuk
BAHRAIN: Investcorp closes Investcorp Technology Partners V Fund at US$570 million in total commitments
UZBEKISTAN: Islamic Corporation for the Development of the Private Sector to provide financing for Ziraat Bank Uzbekistan
MALDIVES: Dr Aishath Muneeza joins Maldives Islamic Bank’s Shariah committee
SAUDI ARABIA: Buruj Cooperative Insurance extends tenure of Bader Saad Algonaim as CEO
MALAYSIA: Toyota Capital Malaysia sells Sukuk worth RM100 million (US$21.07 million)
GLOBAL: International Islamic Liquidity Management Corporation reissues short-term Sukuk
SAUDI ARABIA: Aqaseem to establish Sukuk program in Saudi riyal
GLOBAL: ESG Sukuk to cross US$50 billion outstanding globally within next two years, says Fitch Ratings
GAMBIA: Central Bank of The Gambia floats tenders for Sukuk Salam facilities
KUWAIT: Central Bank of Kuwait issues bonds and related Tawarruq facilities
MALAYSIA: Bank Negara Malaysia issues Islamic facility
GLOBAL: Investcorp partially exits from stake in NephroPlus
GLOBAL: Islamic Corporation for the Insurance of Investment and Export Credit seals 13 strategic agreements
MALAYSIA: Financial Planning Association of Malaysia hosts Annual Financial Planning Symposium 2024
PAKISTAN: Securities and Exchange Commission of Pakistan proposes amendments to Fourth Schedule of the Companies Act, 2017
GLOBAL: IFSB issues exposure draft of technical note on macroprudential tools for institutions offering Islamic financial services
GLOBAL: Islamic Corporation for the Development of the Private Sector signs key agreements
GLOBAL: Islamic Corporation for the Development of the Private Sector signs letters of intent with Uganda Development Bank and African Export–Import Bank
GLOBAL: Islamic Corporation for the Development of the Private Sector enters into 13 strategic agreements
SRI LANKA: Securities and Exchange Commission of Sri Lanka approves list of accredited Shariah scholars recognized as ‘Supplementary Service Providers’
UAE: Alvarez & Marsa appoints new managing director
TURKIYE: Turkiye sells fixed rent rate lease certificate worth TRY4.36 billion (US$134.96 million)
INDONESIA: Indonesian Ulema Council signs MoUs with Bank Indonesia and Financial Services Authority of Indonesia
MALAYSIA: Bank Negara Malaysia issues Islamic facility
UAE: Aldar Properties plans to sell green Sukuk, Reuters reports
INDONESIA: CIMB Niaga launches Principal Islamic ASEAN Equity Syariah Mutual Fund
MALAYSIA: Pelaburan Hartanah to independently manage funds of Amanah Hartanah Bumiputera, The Edge Malaysia reports
GLOBAL: IsDB Institute hosts 20 bilateral meetings
OMAN: Ubhar Capital joins IFN Oman Forum 2024 as partner in support of Islamic finance industry
GLOBAL: International Islamic Trade Finance Corporation launches Trade Connect Central Asia+ program
MALAYSIA: Bank Negara Malaysia imposes administrative monetary penalty on 14 financial institutions
LUXEMBOURG: Maples and Calder appoints partner and co-head of finance practice
TURKIYE: Ulusoy Un sells Sukuk worth TRY100 million (US$3.09 million)
SYRIA: Syrian government plans to launch Sukuk soon, The Syria Report reports
GLOBAL: IsDB to issue US dollar-denominated Sukuk, IFR reports
INDONESIA: Indonesia Stock Exchange lists Adira Finance’s Sukuk
BAHRAIN: GFH and Ithmaar Holding continue talks on acquisition of assets
SAUDI ARABIA: Tawuniya appoints new member of audit committee
INDONESIA: Indonesia raises funds through auction of sovereign Shariah securities series
MALAYSIA: Gas Malaysia Distribution prints Islamic commercial papers
SAUDI ARABIA: Tawuniya reports increase in net profit after Zakat for Q1 2024
SAUDI ARABIA: Riyad Bank reports net profit for Q1 2024
SAUDI ARABIA: Gulf Insurance Group reports net loss after Zakat for Q1 2024
KUWAIT: IsDB Institute and Capital Markets Authority of Kuwait sign MoU to strengthen partnership
GLOBAL: IsDB launches multilingual evaluation glossary
It’s been a whirlwind of a week with new planned dollar Sukuk offerings from the IsDB Group, alrajhi bank and Warba Bank as well as a potential sovereign issuance from Syria. Sri Lanka caught our attention as it signals a...
Move over banks, make way for private capital. Out of the overwhelming pressure from tighter regulations and heavier capital requirements on banks, private capital is emerging as the new funding star of the Middle East....
Just like public finance is, private capital is instrumental in meeting one’s national development agenda. The excitement for Islamic private capital is palpable but the asset class is hardly where it should or could be....
Walton Global, an asset manager headquartered in Arizona, announced that its affiliate company WLF 4.1 closed its first Shariah compliant financing facility within Walton's homebuilder land financing program. NESSREEN TAMANO has the exclusive. The pilot...
This week, regular issuers Malaysia, Bahrain, Bangladesh, Indonesia, The Gambia, Kuwait and Qatar launched Islamic papers. HANIF NAMORA brings you updates from the global sovereign Islamic securities space....
The Balkan nation of Bosnia and Herzegovina (B&H) has had a rough few years, navigating the coronavirus pandemic and its negative impact on the economy, and later, the uncertainty resulting from Russia’s invasion of Ukraine...
Debt capital instruments are the largest component of the global Islamic finance industry after banking, and it looks like the debt capital market may be back on track after a couple of challenging years, particularly...
Uganda takes on Islamic banking with the launch of its first-ever fully-fledged Islamic bank, Oman’s newly established Financial Services Authority issued a legislation to encourage innovative Sukuk products and Canada announced it will be looking into easing its Muslim community’s access to Halal mortgage financing....
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.
SAUDI ARABIA: Saudi Islamic finance heavyweights have engaged banks to orchestrate their imminent return to the international Sukuk market, cementing the Kingdom’s lead as one of the most prolific Sukuk issuers. The IsDB Group and...
SAUDI ARABIA: Abyan Capital, a Saudi financial services company providing Shariah compliant automated solutions and portfolio management for long-term investments, has raised funds through a Series A round. Led by STV alongside Saudi Aramco's Wa'ed...
This week, regular issuers Malaysia, Bahrain, Bangladesh, Indonesia, The Gambia, Kuwait and Qatar launched Islamic papers. HANIF NAMORA brings you updates from the global sovereign Islamic securities space. Malaysia Bank Negara Malaysia between the 30th...
The export and import market in Palestine has received support in the form of a trade finance line worth US$2 million extended to Arab Islamic Bank (AIB) by the European Bank for Reconstruction and Development...
Emirates Islamic (EI) has cemented its position as a leading global name in Shariah banking, having won the IFN Best Overall Islamic Bank award for 2023 as voted by the industry in the most competitive...
The Southeast African nation of Malawi, which is bordered by Zambia, Tanzania and Mozambique, has welcomed the first Islamic banking service in the country, offered by a local commercial bank. NESSREEN TAMANO writes. FDH Bank,...
Uganda takes on Islamic banking with the launch of its first-ever fully-fledged Islamic bank, Oman’s newly established Financial Services Authority issued a legislation to encourage innovative Sukuk products and Canada announced it will be looking...
This week, the Pakistani government auctioned its Sukuk Ijarah while regular issuers Malaysia, Bangladesh, The Gambia and Indonesia tapped the Sukuk market. HANIF NAMORA brings you updates from the global sovereign Islamic securities space. Pakistan...
Jazz, the trade name of Pakistan Mobile Communications and the country's largest mobile network and internet services provider, has tapped the Islamic capital market with a landmark issuance. NESSREEN TAMANO writes. The Islamic facility, worth...
The IsDB Group and its subsidiaries kicked off the 2024 IsDB Group Annual Meetings in Riyadh with agreements signed with member countries and strategic partners, to foster economic growth and development across vital sectors. NESSREEN...
Pakistan was founded in 1947 in the name of the Islam religion, when British rule over India was ended and a new country within India, comprising thickly populated Muslims’ areas, was created. Therefore, since its...
Islamic exchange-traded funds (ETFs) have been growing at a fast pace over the past five years. In 2018, seven funds held US$326 million in assets under management (AuM), which exponentially accelerated to 29 funds with...
In the dynamic landscape of Islamic finance, where tradition intersects with innovation, the concept of human capital emerges as a vital catalyst for success. As the senior partner of a leading law firm in Malaysia...
The Republic Act No 11054, known as the Bangsamoro Organic Law, established the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), a political entity that recognizes the justness and legitimacy of the cause of the Bangsamoro...
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...
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...
The Republic of Senegal is, with other eight countries, a member of the West African Economic and Monetary Union (WAEMU). In order to guarantee and ensure, among other objectives, the stability of the WAEMU banking and financial system, its members in 1992 established the Central Bank of West African States (BCEAO), an international public institution...
In a press release dated the 24th April 2024, Maldives Islamic Bank (MIB) announced that its board of directors, in a meeting held on the 23rd April 2024, recommended a cash dividend for the year ended the 31st December 2023. The proposed dividend amounts to MVR65.25 million (US$4.19 million), which is equivalent to MVR2.9 (US$0.19)...
The Takaful undertaking is one of the developing and growing segments in the contemporary world of Islamic finance. It is a Shariah-justified scheme adapted in the economy as an alternative to conventional insurance. In 1985, the Islamic Fiqh Academy, an organization of Islamic countries, resolved that conventional insurance is Haram (forbidden) for it contains elements...
Before the return of the Taliban and subsequent political shifts, Afghanistan had a mix of conventional and Islamic banking institutions. While most banks operate conventionally, only one bank is operating fully-fledged Islamic banking and the other few banks are offering Islamic services and products via a window system. In March 2022, the Central Bank of...
Russian authorities have shown increasing interest in developing partnership financing (official name for Islamic finance in Russia) in the Russian Federation. During the annual official reporting of the Bank of Russia to the parliament of the Russian Federation, the chairman of the Bank of Russia, Elvira Nabiullina, emphasized the special role of Islamic finance. In...
Islamic banking in Russia has long been underdeveloped, particularly in the legal sphere, which hindered its widespread adoption and application. Meanwhile, there are prerequisites for the introduction of Islamic banking in Russia. In line with...
According to the General Council for Islamic Banks and Financial Institutions, the global Islamic fund market has grown by more than 300% over the past decade. The GCC and Malaysia are at the forefront of...
The global Sukuk market, which is very attractive to investors interested in Islamic-compliant securities, has seen considerable growth in recent years. At year-end 2023, the total volume of outstanding global Sukuk was over US$850 billion,...
The aviation industry is one of the leading sectors with high growth including in technology, infrastructure development, innovation, globalization contributions and strengthening the economy. The global aviation sector has impressive growth with diversification in its...
Australia, with its growing Muslim population, is witnessing a surge in interest for Islamic finance products and services. While the market is still nascent compared with established players in Southeast Asia, recent developments signal a...
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.
