Algeria turns to Islamic finance to prop up economy

Algeria has launched Islamic finance products in a bid to attract money from the informal market, but bankers warn it will take more to fix the country’s struggling economy. Falling oil prices and the coronavirus pandemic have battered the North African country, triggering alarm bells among officials and experts. The International Monetary Fund (IMF) forecast […]

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APIB aims to cooperate with domestic financial institutions to promote Islamic finance industry

KUALA LUMPUR, — Asia Pacific Investment Bank (APIB) aims to cooperate with domestic financial institutions to promote the internationalisation of the Islamic finance industry. APIB chief executive officer Chris Wang is confident that APIB could be the bridge that connects Malaysia and China. “Being an offshore Islamic bank with a Chinese background, we are confident […]

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Indonesia issues retail sukuk for COVID-19 economic recovery

JAKARTA – Indonesia’s finance ministry issued retail sukuk SR013 as part of the government’s efforts to finance the recovery of the country’s pandemic-hit economy. Indonesia’s GDP contracted 5.32% in the second quarter due to the COVID-19 pandemic crisis, representing the country’s worst quarterly performance since the 1998 Asian Financial Crisis. The sukuk has an indicative value of […]

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Malaysia Digital Economy Corporation and REDmoney Group Aim to Promote Financial Inclusion while Supporting Islamic Fintech Initiatives

By Omar Faridi The stakeholders and other ecosystem participants of the Islamic Fintech sector have outlined key priority areas that they believe will help with reinforcing and promoting financial inclusion in Malaysia. The REDmoney Group, an Islamic Finance News publisher, and the Malaysia Digital Economy Corporation (MDEC) have recommended that industry participants should establish an Islamic Fintech taskforce. They’ve […]

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Islamic fintech industry sets strategic priorities to drive financial inclusion

KUALA LUMPUR (July): The stakeholders and ecosystem players of the Islamic financial technology (fintech) space have determined nine strategic priority areas that will further reinforce and enhance financial inclusion in Malaysia. Islamic Finance News publisher REDmoney Group and the Malaysia Digital Economy Corporation (MDEC) said in a joint statement that of these strategic priority areas, […]

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DTI urges financial institutions to offer Islamic financing

By Kris Crismundo MANILA – The Department of Trade and Industry (DTI) is encouraging public and private financial institutions in the country to offer Islamic banking and financing services amid the coronavirus disease 2019 (Covid-19) pandemic. In a statement Monday, the Export Marketing Bureau (EMB) said offering Islamic financing will help micro, small and medium enterprises […]

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Islamic Finance – Exploring a potential growth engine for African economies.

Islamic Finance – Exploring a potential growth engine for African economies. Date: Tuesday, 25 August 2020 Time: 14:00 EAT Register here>> We are pleased to bring you this webinar, in conjunction with the Financial Sector Deepening Africa (FSD Africa) which will centre around the recently published Islamic Finance toolkit. by FSD Africa.   The main objectives of the webinar […]

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Islamic P2P lending platform launches in the UK

By MICHAEL LLOYD, An Islamic peer-to-peer lending platform has launched in the UK, providing Shariah-compliant finance to small- and medium-sized enterprises (SMEs). Salaam Gateway reported that Qardus, which is an appointed representative of Financial Conduct Authority-regulated ShareIn, provides unsecured loans of up to £100,000 in the form of a commodity murabahah, an Islamic financing structure in which […]

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Islamic finance assets may reach $3.4T in 2024: Expert

Islamic banks’ share in banking sector’s assets is 6% globally, says economist By: Ergin Garip ISTANBUL The volume of Islamic banks is estimated to reach $2.2 trillion globally in 2024, as the total assets of Islamic finance are predicted to reach $3.4 trillion, a Turkish economist said Thursday. Necdet Sensoy of the Istanbul Commerce University […]

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Singapore Islamic authority to disburse $3.5 mln in awqaf income, up 1% from 2019

The Islamic Religious Council of Singapore (MUIS) is disbursing 4,917,943 Singapore dollars (around $3.53 million) from the income of its managed awqaf assets to beneficiaries. The sum is about 1% up from last year. MUIS said on Saturday (June 6) that 3,646,178 Singapore dollars will be disbursed to local beneficiaries. 1,810,477 will be disbursed to the […]

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