Islamic banking assets hit $1.69trn in Q1: IFSB

With the inclusion of new countries’ data, the total assets of the Islamic banking industry grew to $1,699 billion in the first quarter of 2018 (2018Q1) from $1,573 billion in 2017Q1, marking an increase of 8 per cent, said the Islamic Financial Services Board (IFSB). IFSB has announced the dissemination of country-level data on financial […]

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Saudi Arabia is said to start $2 billion Islamic bond sale

The kingdom set initial price guidance for the January 2029 notes in the area of 145 basis points over midswaps. Saudi Arabia started the sale of dollar-denominated Islamic bonds and is seeking to raise about $2 billion to complete the kingdom’s external funding requirements for the year. The world’s biggest oil exporter mandated BNP Paribas […]

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Global sukuk issuance may hit $100bln in end-2018

Despite 12% decline in first six months of year By Staff Writer, Mubasher The global sukuk issuance is expected to reach a range between $90 billion and $100 billion by the end of 2018, despite a 12% decline in the first six months of the year. The GCC issuers were responsible for that decline, with lower […]

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Kuwaitis rank 3rd in ‘halal’ tourism expenditure

Kuwaitis spent $10.7bln for ‘halal’ tourism last year By Staff Writer, Arab Times KUWAIT CITY – A study issued by Dubai Chamber of Commerce and Industryrevealed that Kuwaitis ranked third internationally after the Emiratis and Saudis in ‘halal’ tourism expenditures for the year 2017, reports Al-Qabas daily. The study was based on data from Mastercard and the World Travel […]

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ADIB sets out dates for its rights issue

ADIB has announced that each shareholder will have the right to subscribe to 29 new shares for every 198 shares held on 10 Sept By Kudakwashe, CPI Financial ADIB has announced that each shareholder will have the right to subscribe to 29 new shares for every 198 shares held on 10 September 2018, subscription will start […]

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Waqfcoin: An innovation to serve humanity

Dr Magda Mohsin, Associate Professor and Dr Aishath Muneeza, Associate Professor International Centre for Education in Islamic Finance (Inceif) write exclusively for Islamic Business & Finance about how crowdfunding and blockchain can aid Islamic finance. Serving humanity must be an objective of all human beings. There are many ways in which humanity can be served. One of […]

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ADIB shareholders approve $272mln rights issue

Bank will also issue a 2.75billion UAE dirham sukuk, with existing Islamic bond retired ADIB said it will continue focusing on growing its retail business “while capturing opportunities across corporate, transaction and correspondent banking”. Vice-chairman and acting CEO Khamis Buharoon said in the statement that by “voting in favour of ADIB’s proposed capital plans, our […]

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Islamic finance well received in Morocco after last year’s launch

By Arno Maierbrugger/Gulf Times Correspondent /Bangkok Islamic finance and banking are on a rapid growth pattern in Morocco, only shortly after the country’s central bank, Bank Al-Maghrib, finally and after several delays in July 2017 officially introduced a comprehensive regulatory framework for what it calls “participation banking” in the north African country. Islamic finance was […]

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Namibia holds key rate at 6.75 per cent to support economic growth

Namibia’s central bank left its benchmark rate unchanged for a sixth consecutive meeting to support economic growth and maintain its currency’s peg with the South African rand. The southwest African nation’s Monetary Policy Committee maintained its key interest rate at 6.75 per cent Wednesday, Governor Ipumbu Shiimi told reporters in the capital, Windhoek. Last month, […]

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New products, standards buoy Islamic trade finance business

(Reuters) – Islamic trade finance is poised for change with the launch of new products and common standards as Islamic banks look to grab market share away from traditional lenders which are retreating from the sector because of regulatory constraints. Islamic banks have been laggards in trade finance but some see a business opportunity, attracted […]

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Jordan Islamic Bank inaugurates solar power plant

  Jordan Islamic Bank has inaugurated a special power station for solar power generation to cover 75% of the consumption of the bank’s branches and offices Staff Writer, CPI Financial Jordan Islamic Bank (JIB), a subsidiary of AlBaraka Banking Group (ABG) has inaugurated a special power station for solar power generation to cover 75 per cent of the […]

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GFH Financial Group settles $200mln Sukuk

By Kudakwashe, CPI Financial GFH frees up further assets pledged under the Sukuk for potential disposal. GFH Financial Group (GFH) has paid the entire amount of its $200 million Sukuk which was originally drawn in 2007. The facility was funded by a mix of GCC and international banks and the bank acknowledged its timely repayments despite challenges, […]

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