MUMBAI: Saudi Arabia-based Islamic Development Bank (IDB) Group will approach the RBI to highlight the benefits of tweaking rules to allow Islamic finance in India. The meeting comes ahead of Prime Minister Narendra Modi’s visit to the Kingdom of Saudi Arabia next month. Khaled M Al-Aboodi, CEO of the Islamic Corporation for the Development of […]
Author: Blake Goud The growth in Asia’s middle class—from 525 million today to over 3.5 billion by 2030, according to EY—will drive significant changes in the demand for financial services as the economic centre of gravity shifts eastward. To meet the expectations of a new consumer base and support its growth, the financial sector must […]
JAKARTA, March (Reuters) – Indonesia’s central bank, in a bid to expand the country’s Islamic finance industry, has issued a regulation that allows the use of Islamic foreign exchange hedging tools by banks. The regulation, backed by rulings by Indonesia’s National Sharia Board, specified that both Islamic and conventional banks can now offer deferred sale […]
Switzerland did it; Sweden, Denmark and, as of recently, the European Central Bank and Japan, at least for larger reserves: They pushed interbank interest rates below zero, and many banks in those countries started to pass on the costs to large depositors, while the large mass of retail clients might come next to be hit […]
Investment Account Platform (IAP) envisaged as Cross Border Multi Currency Channel Malaysia continues to lead in the innovation of Islamic financial products with the recent launch of an Investment Account Platform (IAP) which is envisaged to become a cross border multi-currency channel linking into regional and global economies. The Islamic finance market is currently characterised […]
The curious case of Islamic wealth LONDON: Islamic banking and finance (IBF) is swiftly growing in countries outside the Organisation of Islamic Cooperation (OIC) block, especially in the United Kingdom that houses six fully-fledged Islamic banks (one retail and five wholesale), making it the most important centre of Islamic finance outside the Muslim world. The […]
NAIROBI, Kenya – East Africa could be the new frontier for Islamic finance following the launch of the first East Africa Islamic finance summit in Nairobi. Financial experts drawn from the region noted that East Africa features a potentially strong demand for Islamic services and that its growing reach promises a number of benefits. The […]
Photo Credit: Johnny Lai Socio-economic justice which is one of the main features present in the Islamic financial system is critical in achieving financial inclusion. Financial inclusion helps to address slow investment growth, weak productivity and income inequality, exemplified by the present-day modest economic growth. The contribution of Islamic finance towards socio-economic justice among others […]
MOSCOW By Dmitriy I. Frolovskiy Islamic finance is drawing more interest in Russia as the country struggles economically and requires fundamentally new approaches to attract investments from abroad. The sector is just beginning to grow in Russia and its perspectives were discussed during the recent Gaidar’s Forum in Moscow, one of the major annual international […]
A man walks past the logo of Al Rajhi International for Investment at the headquarters building in Khartoum North, Sudan January 13,2016. REUTERS/MOHAMED NURELDIN ABDALLAH Australia has begun to see a steady stream of property deals using Islamic financing as the attraction of low-risk tenants and a weak Australian dollar offset concerns about the lack […]
