WASHINGTON (REUTERS) – The International Monetary Fund plans to formally include Islamic finance into its surveillance framework, a nod to the fast-growing sector but noting risks posed by complex hybrid products that replicate conventional ones. The IMF’s executive board said late on Tuesday it had adopted a set of proposals on the role it should […]
The World Bank Group and the Islamic Development Bank published the first Global Report on Islamic Finance, which details the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals. Subtitled “A Catalyst for Shared Prosperity?”, the report provides an […]
Russians invest $100 million in halal food sector Fatima Muhammad The global Islamic finance industry, which is witnessing phenomenal growth rates with expansions in Europe and sukuk listings, will see a new entrant in Russia that hopes to cash in on the substantial Muslim population in the European country. They have already started the process […]
Key takeaways. (Reuters/Wahyu Putro A/Antara Foto) By 2030, more than a quarter of the world’s population will be Muslim. However, most conventional financiers do not offer financing arrangements that suit the particular restrictions that Muslims face when it comes to money, contracts, and finance. Islamic finance is based upon principles of ethics and transparency—which means […]
The report proposes that after decades of increasing financial inequality and insecurity, the majority of citizens in the USA and UK have expressed their desire for change via the election of Trump and the Brexit referendum. This demographic has been broadly excluded from substantial wealth creation of recent decades that has been largely driven by […]
By Bernardo Vizcaino Feb 9 A global body for Islamic finance has issued a draft standard on centralized sharia boards, aiming to improve corporate governance in the industry and increase the consumer appeal of sharia-compliant financial products. The proposed rules come at a time when Islamic banks are trying to widen their appeal to consumers […]
One can make an argument that the only bright spot in Malaysian finance, commerce and politics today is Islamic finance. It is the only area where Malaysia leads the world. The Securities Commission intends to keep it that way and in January launched a five-year blueprint to cement its status. How? Malaysia already leads the […]
finance is a concept that people working in the banking and finance industries are likely to come across in their careers. Islamic finance, despite its label, is not limited to Muslim countries. It has shown growth globally, including in Europe. Total Islamic finance assets worldwide are projected to grow to $3.5 trillion by 2021 from […]
Marrakech, Morocco. Five banks in Morocco have been granted permission by the central bank to offer Islamic banking services and products Sharia-compliant finance has made its debut in Morocco, with the government approving Islamic products and services in the banking sector Morocco has become the latest Muslim-majority country to authorise Islamic banking. The central bank […]
LAGOS — Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has issued its maiden sukuk, the highest-rated ever sukuk issuance from an African institution. Following high levels of investor interest, the initial target of $100 million was more than twice oversubscribed, resulting in the transaction being upsized to $150 […]
A Saudi trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh Reuters/STR New Dubai: The share of sukuk issuance in core markets such as the Gulf Cooperation Council (GCC) region, Malaysia, Indonesia, Turkey and Pakistan are expected to keep up their market share in 2017 in the total debt capital […]
Islamic finance an appealing option for international students "Since the financial crisis specialist teams within financial institutions, such as those working in Islamic finance, are seen as more significant," says Professor Naik Islamic finance is attracting increasing numbers of executives from diverse backgrounds, according to a London Business School finance professor. Narayan Naik, Professor of […]