What does the future of the Islamic economy look like?

WHAT IS ISLAMIC BANKING AND WHERE IS IT HEADED? As old as the religion itself, Islamic banking has reached new levels of maturity in the past fifty years. It is forecast to be worth 3 trillion dollars by 2021 with Malaysia, Saudi Arabia and the UAE currently leading the market. This banking system follows Islamic guidelines, based on profit-sharing, instead of interest being charged […]

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Uzbekistan considers developing Islamic finance sector

Uzbekistan lenders already offer some Islamic financial products, but specific legislation could make them cheaper while helping to introduce new ones. Uzbekistan has announced plans to introduce Islamic finance regulations and setting up an Islamic finance institution to expand its banking sector as well as to tap into foreign markets in an effort to revamp […]

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This is just the digital beginning

The fintech nomenclature is applied to any technology that has a transformative effect on organisations and processes in the financial sector. Contrary to popular belief, it is not conceptually owned by the start-up community, or defined only by the emergence of new models such as the sharing economy, and technologies such as artificial intelligence (AI), […]

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Blockchain And Islamic Banking Are Working Together, And Everyone Stands To Benefit

More and more banks in the Islamic world — a community of nearly 2 billion people worldwide — are adopting blockchain technology and cryptocurrency. As early as 2016, major Islamic banks such as ICICI Bank and Emirates NBD began researching blockchain’s capabilities to reduce transactional costs, according to Coindesk. In 2017, the UAE’s Emirates Islamic became the first Islamic bank […]

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Gov’t eyes Islamic financing for Mindanao projects

By ANTONIO L. COLINA IV  -DAVAO CITY (MindaNews / 11 July) – The government is planning to tap Islamic financing called “Sukuk” to fund big-ticket projects in Mindanao through the state-owned Al Amanah Islamic Bank, an official of the Mindanao Development Authority (MinDA) said. MinDA executive deputy director Romeo Montenegro told “Wednesdays at Habi at Kape” that […]

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Bahrain Islamic Bank (BisB) appoints a New Head of Compliance and Governance

, Bahrain: In line with its strategic aim to continue to retain talent and develop a world class Management Team, Bahrain Islamic Bank (BisB), the leading provider of Sharia compliant integrated financial solutions in the Kingdom of Bahrain, recently announced the appointment of Mr. Mazar Rashid Jalal as the new General Manager(GM) to lead the Compliance and […]

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All set for BOU to issue Islamic banking licenses 

All set for BOU to issue Islamic banking licenses By Samuel Sanya Bank of Uganda (BOU) has finalised the Islamic banking regulations following the amendment of the financial institutions act. The new form of banking is expected to lead to increased investment in Uganda’s financial sector from numerous Islamic Banks that provide commercial services free […]

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Bahrain bond-sukuk spread balloons as investors disagree on credit outlook

The price gap between Bahrain’s U.S. dollar conventional and Islamic bonds has widened to record levels By Davide Barbuscia, Reuters News DUBAI – The price gap between Bahrain’s U.S. dollar conventional and Islamic bonds has widened to record levels, indicating a sharp disagreement between global investors and regional institutions over the country’s ability to avoid a […]

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CBI launches Islamic financing in Senegal

DAKAR, Senegal — With the full financial support of the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank Group (IsDB), Coris Bank International (CBI), a leading bank in West Africa, headquartered in Burkina Faso, has recently launched a range of Islamic financing solutions and products under its Islamic window called “Coris […]

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