Islamic finance trends to expect in 2021

Farmida Bi, the chair of Europe, Middle East and Asia at law firm Norton Rose Fulbright, talks to IFN’s Nessreen Tamano about some of the trends we can expect in the Islamic finance industry in the new year.
QATAR: Masraf Al Rayan announces net profit of QAR2.18 billion (US$590.25 million) for the year ended 31st December 2020
SAUDI ARABIA: Mambu and Ta3meed partner up to provide Shariah compliant financing solutions to Saudi SMEs
PAKISTAN: Pakistan’s federal cabinet approves tax exemption on profits gained through international Sukuk issuances under government programs
GLOBAL: Warba Bank and software developer Eurisko Mobility Power collaborate for banking digital transformation
IRAN: Dr Hasan Ghalibaf Asl tenders resignation as chairman of Iran’s Securities and Exchange Organization
PAKISTAN: Meezan Bank announces direct integration with Visa for routing settlement of card transactions
OMAN: Alizz Islamic Bank appoints Sheikh Dr Essam Khalaf Al Anzi as chairman of Sharia Supervisory Board
UAE: Abu Dhabi Islamic Bank launches healthcare-focused equities basket note with a minimum investment of US$50,000
SAUDI ARABIA: Alkhabeer Diversified Income Traded Fund lists on Saudi Stock Exchange’s Main Market for trading
SAUDI ARABIA: Riyad Bank to establish Sukuk program worth up to SAR10 billion (US$2.66 billion)
SAUDI ARABIA: Al-Bilad Saudi Sovereign Sukuk Traded Fund starts registration process with General Authority of Zakat and Tax
INDONESIA: Indonesia to conduct Sukuk auction with indicative target of IDR14 trillion (US$993.34 million)
GLOBAL: International Islamic Liquidity Management Corporation sells US$1.15 billion in short-term Sukuk
GAMBIA: Central Bank of Gambia concludes Sukuk Salam auction
KUWAIT: Central Bank of Kuwait prints KWD240 million (US$789.7 million)-worth of bonds and related Tawarruq papers
MALAYSIA: Cagamas places RM300 million (US$74.03 million)-worth of Islamic commercial papers
MALAYSIA: Bank Negara Malaysia prints three Shariah papers amounting to RM18.17 billion (US$4.49 billion)
TURKEY: Albaraka Turk Katilim Bankasi issues 71-day domestic lease certificates
IRAQ: Central Bank of Iraq cancels two Islamic banking resolutions
MALAYSIA: Mohamed Adam Wee Abdullah leaves group chief marketing officer position at CIMB Group
INDONESIA: Permodalan Nasional Madani issues IDR712 billion (US$50.41 million) Sukuk Mudarabah paper
YEMEN: Aden-based Yemeni central bank issues circular to control foreign exchange speculation and associated price fluctuations
PALESTINE: IsDB and Palestine sign two agreements worth US$4 million
SAUDI ARABIA: Emaar The Economic City signs framework cooperation agreement to establish SAR1.8 billion (US$479.37 million) private investment fund
BANGLADESH: Bangladesh’s finance ministry secures US$47 million credit line from IsDB to support SMEs
BANGLADESH: Bangladesh Bank appoints Deputy Governor Ahmed Jamal as board director
SAUDI ARABIA: Capital Market Authority fines former board of directors of Saudi Indian Company for Cooperative Insurance for violating corporate governance rules
QATAR: Qatar Islamic Insurance Group enters into three-year digital transformation agreement with SAP
QATAR: Qatar First Bank acquires real estate in Messila for QAR262.5 million (US$70.73 million)
OMAN: National Bank of Oman further enhances Quick Response code payments as contactless payments gain prominence
KUWAIT: National Bank of Kuwait launches Business Banking Plus service to support SME owners
MALAYSIA: HSBC Malaysia rolls out ethical charity feature for HSBC Amanah credit cards
BANGLADESH: Bangladesh Bank auctions two Bangladesh Government Islami Investment Bonds
MALAYSIA: Malaysian government prints Malaysian Islamic Treasury Bill worth RM2 billion (US$493.51 million)
TURKEY: Turkiye Emlak Katilim Bankasi sells TRY154.96 million (US$20.67 million)-worth of lease certificates
SAUDI ARABIA: Al Rajhi Company for Cooperative Insurance calls for board membership nominations
MALAYSIA: Inland Revenue Board of Malaysia centralizes and decentralizes certain categories of taxpayer files
MALAYSIA: Bank Islam Malaysia extends Revolving Credit-i facility worth up to RM16 million (US$3.96 million) to Thriven Global
SAUDI ARABIA: Salman Nasser Al-Hawawi resigns as independent member of Malath Cooperative Insurance Company’s board
PAKISTAN: Government of Pakistan issues Sukuk Ijarah worth PKR8.25 billion (US$51.39 million) at 9.45% fixed rental rate
GLOBAL: Investcorp acquires software as a service e-commerce solutions provider Unilog
SUDAN: Al Salam Bank Sudan records total assets worth SDG8.05 billion (US$145.09 million) in 2020
QATAR: Qatar Islamic Bank reports net profit of QAR3.07 billion (US$835.94 million) as at end of December 2020
NIGERIA: TAJBank seeks national license from Central Bank of Nigeria for expansion plans
UK: Crowdtolive launches platform for purchasing residential property in the UK under Musharakah structure
MALAYSIA: PayHalal appointed as digital Zakat collection channel by Kelantan Islamic Religious and Malay Customs Council
QATAR: College of Islamic Studies at Hamad Bin Khalifa University launches new volume of Astrolabe featuring papers by graduate students
QATAR: Barwa Real Estate Company signs QAR600 million (US$163.38 million) financing agreement with Qatar Islamic Bank
SAUDI ARABIA: Middle East Paper Company renews SAR101 million (US$26.89 million) Islamic financing facility with Riyad Bank
GLOBAL: Bank of Bahrain and Kuwait and Ithmaar Holding agree on list of assets for potential acquisition