Govt Ensures Cash Waqf to be Only Invested in Islamic Financial Products

Translator: Dewi Elvia Muthiariny, Editor: Petir Garda Bhwana TEMPO.CO, Jakarta – The Religious Affairs Ministry responded to various public questions regarding the National Cash Waqf Movement (GNWU), particularly on the use of collected waqf funds. The GNWU was launched by President Joko “Jokowi” Widodo on Monday, January 21, 2021. The ministry’s Director-General for Islamic Affairs, Kamaruddin Amin, emphasized that the management […]

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Islamic Finance After COVID-19

Islamic finance took a hit in 2020 but is preparing for the next surge of growth through innovation, standardization, and M&A activity. Author: CHLOE DOMAT The Islamic finance industry slowed down significantly in 2020 after experiencing a very strong 13% growth rate in 2019. Islamic financial institutions spent most of the year coping with the dual shocks […]

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UK firm set to roll out Islamic liquidity solutions, eyes SME sukuk origination

BY HASSAN JIVRAJ LONDON – A UK-based boutique fixed income structuring house is set to launch next month Islamic liquidity management products to boost the shortage of solutions to the sector, particularly in non-Islamic jurisdictions. “Currently there are few options for Islamic liquidity management solutions in British pounds or in Euros,’” said Scott Levy, CEO of Bedford […]

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AAOIFI makes all its standards accessible on its website on a complimentary basis

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the availability of all sets of its standards online free of charge. In the past, the AAOIFI Shari’ah standards were available online for free in English and Arabic. However, recently the Executive Committee of AAOIFI has accepted the proposal to make all standards including […]

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Refinitiv & Islamic Corporation for the Development of the Private Sector (ICD) 2020 Report: Global Islamic Finance Assets Expected to Hit $ 3.69 trillion in 2024

Malaysia, Indonesia, Bahrain, UAE and Saudi Arabia ranked as the top five developed countries globally in Islamic Finance; Indonesia jumped to second place in IFDI ranking backed by government knowledge initiatives; Islamic finance assets increased 14 percent to US$ 2.88 trillion in 2019, the highest recorded growth for the industry since the global financial crisis. Global Islamic Finance assets […]

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Central Bank of Bahrain Sukuk Al-Ijara oversubscribed

BY BIZBAHRAIN Published Jan,2021 via bizbahrain – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 477%. Subscriptions worth BD 124 million were received for the BD 26 million issue, which carries a maturity of 182 days. The expected return on the issue, […]

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“It is high time to introduce Islamic financial services in Uzbekistan” – Shavkat Mirziyoyev

While addressing the parliament, President Shavkat Mirziyoyev said that it is high time to introduce Islamic financial services in Uzbekistan. “It is time to create a legal framework for the introduction of Islamic financial services in our country. Experts from the Islamic Development Bank and other international financial institutions will be involved in implementing a […]

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Non-Interest Securities: Central Bank of Nigeria to charge protection fees

BY NDUKA CHIEJINA (ASSISTANT EDITOR) ia The Nation – The Central Bank of Nigeria (CBN) says it will charge protection fees from investors in its Non-Interest Asset Backed Securities. One of the features of the CBN Non-Interest Asset Backed Securities (CNI-ABS), contained in a draft framework issued recently by the Apex bank on Non-Interest Asset Backed Securities, […]

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