Islamic banking starts in October, says Finance

By Stephen Otage Kampala- The Ministry of Finance has said the framework for the implementation of Islamic banking in the country has been developed and will be operational in October. Addressing the business community during the third annual Uganda Revenue Authority (URA) budget breakfast meeting yesterday, Mr Patrick Ocailap the Deputy Secretary to the Treasury, said […]

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Growing Islamic Finance Firms Lobby Britain for Tax Relief

By Bernardo Vizcaino (Reuters) – Firms involved in Islamic finance are lobbying the British government for tax reforms, arguing that the treatment of some sharia-compliant structures is hindering their growth. Britain has actively pursued Islamic finance to become the Western world’s biggest hub for it and banks are now seeking to ensure tax parity in […]

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Parliamentary forum on Islamic banking wants regulations amended

By Christine Kasemiire Kampala. Former Finance minister Syda Bumba has asked government to amend the Islamic Banking and Finance Regulations to realign them to the sector needs and new innovations. Speaking at a Centenary Bank organised dinner for Muslims in Kampala, Ms Bumba said: “The recently gazetted regulations operationalising Islamic Banking have gaps and they need […]

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IMF to add Islamic finance to market surveillance in 2019

(Reuters) – The International Monetary Fund will incorporate Islamic finance into its financial sector assessments of select countries starting next year, aiming to improve regulation in the growing sector. International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File […]

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Great News for the Islamic Banking Industry

The Islamic banking industry is set to flourish further even in non-conventional markets as the International Monetary Fund (IMF) approved a plan to incorporate Islamic finance into its financial sector assessments of select countries starting from January 1, 2019 to improve regulation in the growing sector. Under a proposal by the IMF’s executive board, guidance […]

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IFSB to tighten Islamic finance guidance

Islamic finance is now of significant size to be considered systemically important in over a dozen countries The Islamic Financial Services Board (IFSB) will expand its guidance for national regulators after the International Monetary Fund (IMF) adopted its standard for Islamic banking, hastening efforts to harmonise business practices, according to Reuters. Last week the IMF said […]

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Global sukuk issuances surge 44% to $30bln in Q1

The upswing is attributable to a boost from Saudi Arabia By Waheed Abbas, Khaleej Times A total of $12 billion (Dh44 billion) worth of sukuk (Islamic bonds) was issued in March 2018, which brought global sukuk issuance to $30 billion (Dh110 billion) in the first quarter of 2018 – a 44.4 per cent surge from $20.8 […]

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