Fintech can enable Islamic finance players to attract more customers, increase efficiency and reduce costs By SULHI KHALID FINANCIAL technology (fintech) has the ability to help the Islamic finance sector become more competitive without compromising on profitability, said Deputy Finance Minister Datuk Amiruddin Hamzah (picture). Fintech would enable Islamic finance players to attract more customers, increase […]
SYARIAH is the backbone of Islamic financial institutions (IFIs).Ensuring syariah compliance is essential for maintaining the confidence of stakeholders and the public at large. Inadequate attention to the whole process of syariah compliance inevitably triggers negative repercussions for IFIs, such as financial loss and massive withdrawals. Over the last two decades, many cases have been […]
KUALA LUMPUR, Oct ― The establishment of the Special Committee on Islamic Finance (JKKI) will definitely provide further impetus to further promote and develop the Islamic finance (IF) ecosystem and strengthen Malaysia’s leadership as a centre of excellence in IF, said the Malaysian Institute of Accountants (MIA). One of the objectives of JKKI, which was […]
By Chris Ugwu In line with its desire to increase financial inclusion and unlock the capital market for economic growth and development, the Nigerian Stock Exchange (NSE) has intensified its intention to promote development of Islamic finance. President, National Council of NSE, Abimbola Ogun banjo, who stated this at the exchange’s 58theAnnual General Meeting (AGM) in Lagos, said […]
By: Katherine Denham Islamic finance is one of the fastest-growing sectors in the world, targeting a vast portion of the global population that has been largely underserved by the financial services industry. It’s thought that the Islamic finance industry will reach $3.8 trillion in assets globally by 2022, from $2.2 trillion in 2016. Traditionally, Islamic […]
The central Asian nation of Tajikistan has opened its first full-fledged Islamic bank. OJSC Tawhidbank opened in September and is licensed under the central bank, the National Bank of Tajikistan, it said in a statement on September 20. Tawhidbank has its roots in conventional mid-sized bank Sohibkorbank, which was set up in 1999. The joint […]
Global Sukuk issuance picks up pace as Islamic banking set for low single-digit growth Babu Das Augustine, Banking Editor The Dubai International Financial Centre. The global Islamic finance industry will continue to expand at a slower pace in 2019-2020 due to geopolitical and economic challenges.Image Credit: Gulf News Archives Dubai: The global Islamic finance industry […]
DUBAI/JEDDAH — Saudi Arabia’s Islamic finance market is set to grow with demand from corporate and retail clients, and supportive regulations, Moody’s Investors Service said in a report published Tuesday. The kingdom had Islamic finance assets of $299 billion as of March, making it the world’s biggest market, and leaving Malaysia a distant second with $134 […]
The Sultanate has one of the highest Islamic asset growth rates in the world By Staff Writer, Banker Middle East Islamic finance in Oman is thriving. There are more financial institutions currently offering Islamic finance products or working under a Shari’ah framework than ever before, and this is due in no small part to the regulatory […]
SEPTEMBER 2019 GODWIN CAPITAL AND IFAAS LAUNCH THE FIRST SHARIAH COMPLIANT ALTERNATIVE TO LOAN NOTES IN EUROPE Godwin Capital, the fundraising and investment arm of the Godwin Group, has introduced a new Shariah compliant investment opportunity to the European market. The Godwin Wakala Note (‘Wakala Note’), structured by the leading international Islamic finance […]
by Gabriel Olano A new law in the Philippines will seek to support the growth of Islamic finance, extending financial inclusivity to the country’s minority Muslim population. Republic Act 11439, which was signed on August 30 by President Rodrigo Duterte, mandates the Bangko Sentral ng Pilipinas (BSP) to oversee Islamic banking in the country, Rappler reported. […]
KUALA LUMPUR (Aug 28): Islamic banking institutions in Malaysia have been urged to provide extensive financing and entrepreneurship training to small and medium enterprises (SMEs) in order to strengthen the sector, said an economist. Bank Islam Malaysia Bhd’s chief economist Dr Mohd Afzanizam Abdul Rashid said the move will create more jobs in SMEs and […]
