Ugandan regulators open up to Islamic finance

The Ugandan government has approved regulations regarding the provision of Islamic finance, while the country’s central bank is expected to publish the rules in the coming months to improve financial inclusion. Once published, the central bank will be looking for application from financial institutions wanting to offer Shari’ah-compliant financial services. Uganda is the latest among […]

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Qatar needs to develop regulatory framework to cement Islamic finance lead: QFC

Santhosh V. Perumal Qatar needs to reform interbank liquidity management to study leakages from Islamic banks through interbank finance as part of a strategic roadmap for Shariah finance, according to a Qatar Financial Center (QFC) study. Moreover, there is also a need to develop a regulatory framework and promote green bonds and sukuk to embolden […]

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Islamic finance boosts intra-African trade

A number of financing agreements, totalling over US$250mn, have been raised in support of the African Export-Import Bank (Afreximbank) in recent weeks. The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has provided a US$100mn and a €50mn facility, both of which will be used to support trade transactions […]

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IDB, WB eye $1.9 trillion Islamic finance market

RIYADH: The Islamic Development Bank (IDB) and the World Bank are to use the rapidly growing Islamic finance market for infrastructure development projects through public-private partnerships (PPP). The IDB recently organized a forum in Washington in partnership with the World Bank on this subject, IDB spokesperson Dr. Abdul-Hakim Elwaer told Arab News on Sunday. IDB […]

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IFSB to develop detailed guidance on safety nets in Islamic finance

SYDNEY (Reuters) – The Islamic Financial Services Board (IFSB) plans to develop more detailed guidance on financial safety nets to help harmonize Islamic principles with existing legal systems, as the industry body strengthens ties with financial regulators. The Malaysia-based IFSB, one of the main standard-setting bodies in Islamic finance, is seeking to shed light on […]

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Innovation in Islamic finance

Islamic finance is one of the fastest growing areas of international finance. Finding its basis in the ethical teachings of Islam, it is steadily growing in appeal, thanks in no small part to the scale of the available market. Indeed, there are 1.6 billion Muslims around the world and there is clearly room for continued […]

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