Global Islamic funds market grows 300% in decade – report

By Doyinsola Oladipo DUBAI, Jan (Reuters) – The global Islamic funds market has grown by more than 300% over the last decade to nearly reach $200 billion in assets under management, the Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) said on Wednesday. Islamic assets under management (AuM) grew 13.7% in 2020 despite the […]

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Parliament, executive working to make financial rules conform to Islam, FSC told

ISLAMABAD: The government called upon the Federal Shariat Court (FSC) on Wednesday to exercise “judicial restraint” by leaving it to the executive and the legislature to amend laws on Riba (interest) and other financial rules in keeping with Islamic traditions. Attorney General Khalid Jawed Khan told the FSC that parliament, the executive and other organs of the […]

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Islamic Development Bank issues $1.7bln assets on Nasdaq Dubai

This is the second issue that Islamic Development Bank has listed on Nasdaq Dubai since the start of the year By Staff Writer, Arab News RIYADH: The Islamic Development Bank listed SR63.76 billion ($1.7 billion) worth of financial instruments on Nasdaq, the Dubai-based stock exchange. The new listing sets out the Islamic Development Bank as the largest international […]

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UAE approves issuance of a trial license for fractional sukuk project: Dubai Media Office

Fractional sukuk use technology to digitally divide a sukuk into small portions that can be sold to retail investors By Moataz Abdelrahiem, Reuters News CAIRO: The United Arab Emirates approved on Tuesday the issuance of a trial license for a fractional sukuk project under the supervision of the market authority, the Dubai media office said. Fractional […]

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New strategy to boost Oman’s Islamic banking sector

CBO is aiming for Islamic finance to be the key contributor to the national development agenda By Conrad Prabhu, Oman Daily Observer The Central Bank of Oman (CBO) has announced that it is developing a strategy to align the robust growth of the Islamic banking sector with the country’s national growth objectives. CBO Executive President Tahir […]

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Turkey: Regulator outlines local model of takaful

The Insurance and Private Pension Regulatory and Supervisory Agency (SEDDK) has published the “Definition of the Turkish Model within the Framework of Participation-Based Insurance Activities”. Under it, the minimum requirements to be met for takaful include: Establishment of an advisory committee, Not guaranteeing issues and risks that violate religious tenets, and Management of financial assets […]

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Dubai regulator DFSA issues new framework for investment tokens

New regulation applies to persons, entities dealing in or advising on investment tokens By Staff Writer, ZAWYA The use of investment tokens will now be regulated in Dubai, according to an announcement by the Dubai Financial Services Authority (DFSA). The authority, which oversees financial services in the Dubai International Financial Centre (DIFC), announced on Monday the […]

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Turkey’s interest-free finance system eyes 15% market share

Turkey’s Islamic finance and banking sector, or participation banking as it is widely known in the country, has achieved growth above conventional banks and could reach a market share of 15% by 2025, according to sector representatives, who expect Istanbul Finance Center (IFC) to make a significant contribution to the interest-free finance system. Ikram Göktaş, […]

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