AAOIFI and IFSB collaborating on Shariah governance standard

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, […]

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State Bank Of Pakistan Plays An Instrumental Role In Growth Of Islamic Banking

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 […]

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Islamic financing growth to outpace conventional lending in GCC, core Islamic markets in 2021

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 […]

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Islamic banking continues to expand

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 […]

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UK Islamic finance 2021: Opportunities loom amid Brexit and pandemic gloom

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 […]

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Trowers & Hamlins advises Sohar International Bank SAOG on Takaful Oman’s debut Perpetual Sukuk Al Mudaraba Trust Certificate Issuance Programme

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 […]

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Turkey: Participation finance department established under presidency

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 […]

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Govt Ensures Cash Waqf to be Only Invested in Islamic Financial Products

Translator: Dewi Elvia Muthiariny, Editor: Petir Garda Bhwana TEMPO.CO, Jakarta – The Religious Affairs Ministry responded to various public questions regarding the National Cash Waqf Movement (GNWU), particularly on the use of collected waqf funds. The GNWU was launched by President Joko “Jokowi” Widodo on Monday, January 21, 2021. The ministry’s Director-General for Islamic Affairs, Kamaruddin Amin, emphasized that the management […]

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Islamic Finance After COVID-19

Islamic finance took a hit in 2020 but is preparing for the next surge of growth through innovation, standardization, and M&A activity. Author: CHLOE DOMAT The Islamic finance industry slowed down significantly in 2020 after experiencing a very strong 13% growth rate in 2019. Islamic financial institutions spent most of the year coping with the dual shocks […]

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