KARACHI: The State Bank of Pakistan on Monday announced the third five-year strategic plan for Islamic banking industry, with the aim of expanding the share of Islamic banks’ assets and deposits to 30 per cent in overall banking industry. The five-year plan (2021-25) envisages 35pc share of Islamic banks in the branch network of overall […]
March 2021 KARACHI: Pakistan Mortgage Refinance Company (PMRC) has issued a first of its kind sukuk of Rs3.1 billion at 8.25 percent for the promotion of housing finance in the country, it said on Thursday. “PMRC and its Partner Financial Institutions (PFIs) have joined hands to strengthen and promote the housing finance market by participating […]
By Reuters Staff DUBAI, March (Reuters) – Jeddah-based Islamic Development Bank has hired a group of banks to arrange an issuance of five-year U.S. dollar-denominated sustainability Sukuk, or Islamic bonds, a document showed on Monday. Citi, HSBC, Goldman Sachs, Natixis, Societe Generale, Standard Chartered and Warba Bank will arrange investor calls starting on Monday, the document […]
BY HASSAN JIVRAJ LONDON – Islamic finance industry infrastructure bodies AAOFI and IFSB are working together to develop a standard on Shariah governance. Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions and Kuala Lumpur-based Islamic Financial Services Board signed a memorandum of understanding in October 2018 to cooperate by jointly undertaking technical activities and revision of prudential, […]
By: Muhammad Irfan ISLAMABAD, (UrduPoint / Pakistan Point News – Mar, 2021 ):Ministry of Finance and Revenue on Monday informed National Assembly that State Bank of Pakistan (SBP) had played an instrumental role in growth of Islamic Banking in the country. Replying various queries raised by MNA Maulana Muhammad Jamal-ud-Din, Parliamentary Secretary on Finance and […]
Bank mergers and consumer demand support Islamic financing assets growth in GCC, Babu Das Augustine, Business Editor Dubai: Despite difficult operating conditions in most countries amid pandemic-driven economic downturns, demand for Islamic financing assets (lending) across the core Islamic markets will grow in 2021, according to rating Moody’s. The rating agency said while the Islamic […]
KUALA LUMPUR: Malaysia’s Islamic banking sector continued to expand amid economic challenges brought on by the Covid-19 pandemic, said Fitch Ratings. Malaysia also continued to be the largest Islamic banking, sukuk and takaful market in Asean, it added. The credit rating agency said the share of Islamic financing in the banking system reached 37% by […]
KUALA LUMPUR, March — RHB Islamic Bank has launched RHB Trade Solution-i — a new Islamic trade financing solution for purchases and sales based on a new product structure combining Wakalah and Istijrar Shariah concepts. In a statement today, the bank said this new structure of Islamic trade product is deemed as the first in […]
Islamic banking assets, also known as participation banking assets, in Turkey will double over the next five years from around 7.2% of total banking assets as of December 2020, global rating agency Moody’s said in a report Monday. Moody’s said Turkish participation banks’ total assets increased by 54% last year, outpacing total banking sector asset […]
BY HASSAN JIVRAJ LONDON – The United Kingdom’s economic uncertainty continues with the twin blows of Brexit and the havoc caused by the COVID-19 pandemic. Like their conventional peers, the UK Islamic finance industry faces economic risks particularly with regards to the housing market. At the same time, Islamic banks are less likely to feel the […]
International law firm Trowers & Hamlins advised its longstanding client Sohar Islamic, Sohar International Bank SAOG (Sohar International) – one of the leading investment banks in Oman – on its role as the sole dealer and issue manager, on the establishment by Takaful Oman Insurance SAOG’s (Takaful Oman) of its debut Sukuk Al Mudaraba Trust […]
Department to focus on raising awareness of growing field of participation finance Aysu Bicer ANKARA The Turkish presidency is setting up an office to deal with the growing sector of participation finance, according to an official notice published Monday. The department within the Presidential Finance Office will focus on raising awareness of participation finance and […]
