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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DomaCom partners with Crescent Group to deliver pioneering Shariah-compliant financing solution

DomaCom and Crescent Group have entered into an exclusive Heads of Agreement to deliver a pioneering Islamic home finance product  The product will leverage DomaCom’s innovative fractional model that will allow Australia’s 700,000+ Muslim population to purchase a property using Shariah-compliant financing Crescent Group’s plan is to source institutional Islamic funding and structure its products […]

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Kenya needs firm foundation for rollout of Sukuk

Over the years, the world has seen steady growth of the global Sukuk market. Sukuk is defined as a certificate of equal value representing undivided shares in ownership of tangible assets and services. Sukuk is an instrument for raising capital, usually referred to as an Islamic bond, tradeable on the securities exchange. The fundamental difference […]

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Indonesia’s 2020 Islamic fintech financing just below forecast, industry body upbeat about 2021

BY YOSI WINOSA JAKARTA – Financing distributed by Indonesia’s Islamic fintechs reached 1.75 trillion rupiah ($124.2 million) in 2020, below the 2-3 trillion rupiah forecasted pre-pandemic by the Indonesia crowdfunding  fintech association (AFPI). The growth from 1 trillion rupiah in 2019 to 1.75 trillion rupiah mid-December this year came in spite of the COVID-19 pandemic challenges, AFPI […]

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Emirates Islamic supports UAE businesses with global digital banking platform

Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has launched “businessONLINE” a digital business banking platform, to help businesses in the UAE manage all their banking needs on a single secure, intuitive platform Available to the bank’s small and medium business, large corporate and institutional client base, businessONLINE is a […]

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Malaysia seen within reach of 40% Islamic financing target

By Adeline Paul Raj / The Edge Malaysia MALAYSIA’s Islamic finance penetration rate has grown steadily over the years and looks on track to reach the central bank’s target of 40% share of total financing by the end of 2020, notwithstanding the disruptions from the Covid-19 pandemic. Bank Negara Malaysia, in its Financial Sector Blueprint […]

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