Giant Islamic Bank Now Using Ripple For Instant Cross-Border Remittance Service

By Jeremy Wall Ripple, the company behind XRP has made yet another massive stride in adoption. One of the largest Islamic banks in the world, Kuwait Finance House (KFH), has recently announced the launch of Ripple’s instant cross-border remittance service. The bank will be using Ripple’s sophisticated blockchain technology to process international payments for their customers in Saudi Riyal (SAR) […]

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Tech shaping future of Islamic banking, disrupting Shariah-compliant finance industry ecosystem – study

The digital revolution is beginning to transform the Islamic banking sector, as seen by the launches of several digital-only Islamic banks. Tech is also disrupting the way the rest of the Islamic finance ecosystem operates, according to the Islamic Finance Development 2018 report. The report can be downloaded HERE. The Islamic Finance Development Report 2018 shows that the global Islamic […]

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Brunei achieves Islamic finance excellence with top 10 ranking

BRUNEI Darussalam remains in the top 10 best performing Islamic finance markets out of 131 countries as published in the Thomson Reuters Islamic Finance Development Report 2018 recently. The report, which takes into account data accumulated in 2017, revealed that Brunei’s score in the Islamic Finance Development Indicator (IFDI) increased from 47 to 50 – thus ranking […]

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Interest In Islamic Banking ‘Growing In Afghanistan

Bank officials said they are prepared to offer Islamic banking services to the people. Officials from Kabul-based banks – which provide Islamic banking services – said the number of their customers who are willing to be provided Islamic banking services is growing and that this makes them optimistic to further develop the sector in Afghanistan. […]

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Islamic banking should improve risk management practices

KARACHI: Despite being asset-backed, Islamic finance is still not immunised from risks associated with deficiencies in due diligence, inadequate buffers, lack of transparency and weak risk management practices. While addressing the book launching ceremony of Shariah Standards on Wednesday, SBP Governor Tariq Bajwa talked about the risks the Islamic banking industry needs to tackle. “Effective […]

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Pakistan has better regulatory framework for Islamic Banking

KARACHI (Dunya News) – The Islamic Banking Industry of Pakistan, in collaboration with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and contribution of Mufti Muhammad Taqi Usmani, launched Urdu version of the Book ‘Sharaie Mayaarat’. Renowned leaders from Pakistan’s financial sector spoke on the occasion. State Bank of Pakistan Governor Tariq Bajwa was […]

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Uganda has no Islamic banking three years on

In Summary Uganda is yet to register a single application from lenders in this segment of the business. Regulations were ready for an October launch but there are still no takers to rival neighbours Kenya and Tanzania. Kenya and Tanzania have for years had a number of banks that are Sharia-compliant, giving product options to […]

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