Philippines Central Bank Issues Islamic Finance Rules

Bangko Sentral ng Pilipinas aims to issue new implementation rules regarding Islamic finance before the end of the year and potentially allow banks to establish separate subsidiaries for the new business line. «The BSP is pushing for an open approach where conventional banks can operate Islamic banking windows or establish subsidiary Islamic banks,» BSP deputy […]

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Fintech can boost Islamic finance

Fintech can enable Islamic finance players to attract more customers, increase efficiency and reduce costs By SULHI KHALID FINANCIAL technology (fintech) has the ability to help the Islamic finance sector become more competitive without compromising on profitability, said Deputy Finance Minister Datuk Amiruddin Hamzah (picture). Fintech would enable Islamic finance players to attract more customers, increase […]

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Better governance with new Islamic finance framework

SYARIAH is the backbone of Islamic financial institutions (IFIs).Ensuring syariah compliance is essential for maintaining the confidence of stakeholders and the public at large. Inadequate attention to the whole process of syariah compliance inevitably triggers negative repercussions for IFIs, such as financial loss and massive withdrawals. Over the last two decades, many cases have been […]

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NSE to promote growth of Islamic finance

By Chris Ugwu In line with its desire to increase financial inclusion and unlock the capital market for economic growth and development, the Nigerian Stock Exchange (NSE) has intensified its intention to promote development of Islamic finance. President, National Council of NSE, Abimbola Ogun banjo, who stated this at the exchange’s  58theAnnual General Meeting (AGM) in Lagos, said […]

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Islamic finance 101: Debunking the common myths

By: Katherine Denham Islamic finance is one of the fastest-growing sectors in the world, targeting a vast portion of the global population that has been largely underserved by the financial services industry. It’s thought that the Islamic finance industry will reach $3.8 trillion in assets globally by 2022, from $2.2 trillion in 2016. Traditionally, Islamic […]

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Central Asian state Tajikistan gets first Islamic bank

The central Asian nation of Tajikistan has opened its first full-fledged Islamic bank. OJSC Tawhidbank opened in September and is licensed under the central bank, the National Bank of Tajikistan, it said in a statement on September 20. Tawhidbank has its roots in conventional mid-sized bank Sohibkorbank, which was set up in 1999. The joint […]

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Slow growth is new norm for Islamic Finance

Global Sukuk issuance picks up pace as Islamic banking set for low single-digit growth Babu Das Augustine, Banking Editor The Dubai International Financial Centre. The global Islamic finance industry will continue to expand at a slower pace in 2019-2020 due to geopolitical and economic challenges.Image Credit: Gulf News Archives Dubai: The global Islamic finance industry […]

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Saudi Arabia’s Islamic finance market set to grow

DUBAI/JEDDAH — Saudi Arabia’s Islamic finance market is set to grow with demand from corporate and retail clients, and supportive regulations, Moody’s Investors Service said in a report published Tuesday. The kingdom had Islamic finance assets of $299 billion as of March, making it the world’s biggest market, and leaving Malaysia a distant second with $134 […]

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