As the global economy experiences its first green shoots, one cannot forget the economic trauma precipitated by the global financial crisis of 2007-2008, one of the worst in living memory. Following the crisis, many economists revisited the question of whether the seeds of the recurrent crises lie in systemic flaws in the financial system. A […]
(Reuters) – Afghanistan’s central bank has granted a license to the Islamic Bank of Afghanistan (IBA), the first lender in the country to apply the interest-free principles of Islamic finance in all its operations, a senior bank official told Reuters. The IBA was previously known as Bakhtar Bank and operated under a conventional banking license […]
The Islamic banking and finance industry has been growing at a rapid rate over the last decade – around twice the pace of its conventional counterpart – with the number and geographic reach of these institutions increasing exponentially. The industry’s assets stood at $2trn in 2015 and are expected to top $3.5trn by 2021 according […]
The success and continuous growth of any industry depends on how fast it can develop the ecosystem required to make it more inclusive and accessible The Islamic finance ecosystem includes appropriate legal and regulatory frameworks that recognise an intrinsic approach, allowing it to operate efficiently in a diversified financial system. In addition, it includes adequate […]
Morocco is finally firming up plans to issue its first sukuk. More than a year after granting licenses to five local banks to set up Islamic finance affiliates in partnerships with majors such as Qatar International Islamic Bank and Dallah al-Baraka, the North African nation says it is now closing in on plans to […]
DUBAI/SYDNEY (Reuters) – In Dubai’s decades-old Gold Souk, customers from around the world haggle over bangles and necklaces. Elsewhere in the emirate, the region’s top center for gold trade, bullion is playing a new role in financial engineering A local start-up company founded last year, OneGram, is issuing a gold-backed cryptocurrency — part of efforts […]
Set to take off in the UK, Islamic finance could fund major infrastructure projects and even be boosted by Brexit One of the fastest expanding financial services sectors globally is Islamic finance, which has consistently shown growth rates of around 10 to 12 per cent annually over the last two decades and has assets of around […]
While Islamic finance centres in Southeast Asia and the Middle East keep dominating core developments in the sector, and news are currently almost exclusively focused on upcoming Shariah-compliant financial markets in Northern and Sub-Saharan Africa, Central Asia and Europe, activities elsewhere are quite out of the limelight, but unjustifiably so. An upcoming Islamic finance […]
Uncertainty around Islamic finance needs to be addressed, but so does the lack of standardisation about what is right and wrong in the west
Last Saturday 10 March, Farrukh Raza, Managing Director of IFAAS has delivered a successful workshop at the Emerging Markets Forum in London School of Economics. The theme of the workshop was ‘Islamic Finance – demystifying and emerging industry’. The audience was current students from the LSE and other high-profile business schools and universities across the country. The […]
Islamic Development Bank aims to sell $1bln green sukuk in 2018 Largest development organisation in the Muslim world is aiming to issue a benchmark-sized green sukuk this year to finance renewable energy projects LONDON: The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, is aiming to issue a benchmark-sized green sukuk this year […]
Kazakhstan getting closer to implementing Islamic finance Kazakhstan will host a meeting on the implementation of Islamic finance on March 5, the regional office of the ICD (Islamic Corporation for the Development of the Private Sector) in Almaty told Trend. The meeting is expected to touch such issues as “Islamic finance as an alternative tool […]
