Sharia committee wants to quadruple Islamic bank assets by 2024, will partner with Malaysia

By: Eisya A. Eloksari – The Jakarta Post Indonesia’s sharia financial committee hopes to quadruple the nation’s sharia bank assets over the next five years. It will also establish programs to enhance sharia financial services, including a partnership with Malaysia. National Committee for Sharia Finance (KNKS) executive director Ventje Rahardjo said that the goal was to reach […]

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Islamic Finance Development Indicator (IFDI) 2019 witnesses shifting dynamics in Islamic finance

Islamic finance assets grow 3 percent in 2018 to US$ 2.5 trillion; the Sukuk asset class continues strong growth, rising 10 percent in 2018 to US$ 470 billion; developed markets continue to revise Islamic finance regulations and frameworks; Islamic FinTech gained pace with the issuance of blockchain-based micro-Sukuk and a spate of developments in the U.K. […]

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Islamic finance becoming a global force, says report

By Arno Maierbrugger/Gulf Times Correspondent/Bangkok With global assets of currently more than $2.4tn and a forecast of 7.7% compounded growth per year to reach $3.8tn by 2023, Islamic finance is becoming “a force to be reckoned with,” the newly released State of the Global Islamic Economy Report 2019/20, compiled by research and advisory firm DinarStandard […]

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Islamic development bank, Turkey to expand cooperation

ANKARA The Islamic Development Bank (IsDB) Group will expand its cooperation with Turkey through major transactions worth more than $500 million in Istanbul next week. The deals will be signed on the sideline of the 35th Ministerial Meeting of the Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) on […]

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Indonesia’s ranking in Islamic finance jump six spots but major challenges remain

Indonesia’s Islamic finance rank has improved exponentially this year, but challenges remain to further develop the sharia economy. Based on the 2019 Islamic Finance Development Indicator (IFDI) launched on Tuesday by the Islamic Corporation for the Development of the Private Sector (ICD) and financial market data provider Refinitiv, Indonesia’s ranking jumped six steps to fourth […]

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Turkey’s share in global Islamic insurance takes jump

Turkey’s share in $28 billion global Islamic insurance sector grows from 1.5% to 5% in six years. ISTANBUL Turkey’s share in global Islamic insurance (takaful) sector has jumped form a mere 1.5% in 2014 to 5% in 2019, according to a report released by the Committee for Economic and Commercial Cooperation of the Organization of […]

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Bahrain tops Mena in Islamic finance indicator

Bahrain, which has led Mena in all seven IFDIs to date, also ranked in second place globally this year. By Staff Writer, TradeArabia Bahrain has topped the entire Mena region for Islamic finance development, according to the seventh and latest annual Islamic Finance Development Indicator (IFDI). The kingdom, which has led Mena in all seven IFDIs […]

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Philippines Central Bank Issues Islamic Finance Rules

Bangko Sentral ng Pilipinas aims to issue new implementation rules regarding Islamic finance before the end of the year and potentially allow banks to establish separate subsidiaries for the new business line. «The BSP is pushing for an open approach where conventional banks can operate Islamic banking windows or establish subsidiary Islamic banks,» BSP deputy […]

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Fintech can boost Islamic finance

Fintech can enable Islamic finance players to attract more customers, increase efficiency and reduce costs By SULHI KHALID FINANCIAL technology (fintech) has the ability to help the Islamic finance sector become more competitive without compromising on profitability, said Deputy Finance Minister Datuk Amiruddin Hamzah (picture). Fintech would enable Islamic finance players to attract more customers, increase […]

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Better governance with new Islamic finance framework

SYARIAH is the backbone of Islamic financial institutions (IFIs).Ensuring syariah compliance is essential for maintaining the confidence of stakeholders and the public at large. Inadequate attention to the whole process of syariah compliance inevitably triggers negative repercussions for IFIs, such as financial loss and massive withdrawals. Over the last two decades, many cases have been […]

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