Birmingham based Al Rayan Bank, which is the oldest and largest Sharia compliant bank in the UK, has appointed Paul McMillan as its new chief operating officer. Al Rayan, which was established in 2004, provides Sharia compliant savings, finance and current account services to over 80,000 personal, business and premier customers. Mc Millan has over […]
Bahrain Islamic bank relaunches premium banking services Bahrain Islamic Bank (BisB) has announced the relaunch of its Al Thuraya Premium Banking Services with a selection of new unique features tailored to cater to the needs of high net worth individuals. These include dedicated relationship manager, access to preferential rates on deposit and financing, priority in […]
By Arno Maierbrugger/Gulf Times Correspondent/Bangkok Countries in East Africa, those lining the Red Sea coast and those further south, are increasingly joining the Islamic finance industry as their Muslim population grows and demand for Shariah-compliant banking and finance rises. This development is closely watched by Gulf Co-operation Council nations since it could open interesting new […]
Islamic bond issuances set for slowdown in 2018 Declining demand for funds in GCC has resulted in absence of jumbo sukuk issues Dubai: The global sukuk (Islamic bond) market experienced a significant slowdown in issuance in the first half of 2018, with new sukuk issuance expected remain lacklustre in the second half, according to credit […]
The number of full-fledged Islamic banks and Islamic windows of conventional banks in 20 countries stood at 178 and 84 in Q3 2017 as compared to 176 and 83 in Q4 2016 respectively. The Islamic Financial Services Board (IFSB) has gathered and disseminated data on three new countries from 2016 to 2017, now totaling 95 […]
By Stephen Otage Kampala- The Ministry of Finance has said the framework for the implementation of Islamic banking in the country has been developed and will be operational in October. Addressing the business community during the third annual Uganda Revenue Authority (URA) budget breakfast meeting yesterday, Mr Patrick Ocailap the Deputy Secretary to the Treasury, said […]
By Bernardo Vizcaino (Reuters) – Firms involved in Islamic finance are lobbying the British government for tax reforms, arguing that the treatment of some sharia-compliant structures is hindering their growth. Britain has actively pursued Islamic finance to become the Western world’s biggest hub for it and banks are now seeking to ensure tax parity in […]
By Christine Kasemiire Kampala. Former Finance minister Syda Bumba has asked government to amend the Islamic Banking and Finance Regulations to realign them to the sector needs and new innovations. Speaking at a Centenary Bank organised dinner for Muslims in Kampala, Ms Bumba said: “The recently gazetted regulations operationalising Islamic Banking have gaps and they need […]
(Reuters) – The International Monetary Fund will incorporate Islamic finance into its financial sector assessments of select countries starting next year, aiming to improve regulation in the growing sector. International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File […]
Turkey plays a leading role in Islamic finance, said group chairman and chief executive officer of Path Solutions, an Islamic banking software provider. “I believe that Turkey has a role to play as a leader in Islamic finance and as a hub because it is one of the top three Islamic finance markets in the […]
The Islamic banking industry is set to flourish further even in non-conventional markets as the International Monetary Fund (IMF) approved a plan to incorporate Islamic finance into its financial sector assessments of select countries starting from January 1, 2019 to improve regulation in the growing sector. Under a proposal by the IMF’s executive board, guidance […]
Islamic finance is now of significant size to be considered systemically important in over a dozen countries The Islamic Financial Services Board (IFSB) will expand its guidance for national regulators after the International Monetary Fund (IMF) adopted its standard for Islamic banking, hastening efforts to harmonise business practices, according to Reuters. Last week the IMF said […]
