Malaysia’s Islamic finance sector to hit RM3t this year, says Bursa chairman

KUALA LUMPUR,— Malaysia’s Islamic finance sector is expected to sustain double-digit growth to reach almost RM3 trillion in 2020 under the second Capital Market Masterplan, according to Tan Sri Abdul Wahid Omar. The chairman of Bursa Malaysia Bhd said the country’s Islamic funds industry has demonstrated impressive growth. As of March this year, Shariah funds valued […]

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These Islamic finance social instruments could help countries navigate COVID-19

The instruments are Qard Hassan, social Sukuk, Waqf, and Zakat By Staff Writer, ZAWYA Islamic finance provides socially responsible products and the COVID-19 environment could give an opportunity to leverage them, a report by S&P Global Ratings showed. Measures to combat the spread of the virus have significantly slowed core Islamic finance economies; leading to higher expected unemployment […]

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Nasdaq Dubai welcomes listing of USD 1.5 billion Sukuk by Islamic Development Bank to support COVID-19 interventions

Funds will aid health, social and business programmes countering effects of virus among bank’s 57 member countries Listing underlines global collaboration in Islamic capital markets to promote socially beneficial initiatives  Dubai, 28 June 2020 – Nasdaq Dubai welcomed the listing today of a 1.5 billion US dollar Sukuk issued by Islamic Development Bank (IsDB) to support COVID-19 […]

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OAB, Alizz Islamic ink pact to finalise merger

MUSCAT: Oman Arab Bank (OAB) and Alizz Islamic Bank announced the signing of an agreement for the overall structure of the potential merger between the two banks. This step will pave the way for the successful finalisation of two-years of negotiations between both parties. The agreement was signed by Rashad Mohammad al Zubair, Chairman of […]

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AAOIFI and UNHCR Sign an MOU For joint initiatives and collaboration to enhance Islamic social finance

This initiative marks the beginning of a long-term partnership between both parties, with the aim of further developing Islamic finance tools for the benefit of the world’s most vulnerable refugees and internally displaced persons Press Release In a bid to strengthen collaboration and governance in the area of Islamic social finance, the UN Refugee Agency, […]

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UAE Emirate of Sharjah Hires Banks for $1 Billion Sukuk Sale

By Archana Narayanan and Nicolas Parasie (Bloomberg) — The tiny emirate of Sharjah hired banks to raise as much as $1 billion from international debt markets, joining wealthier Gulf states to shore up its finances against the fallout of the coronavirus pandemic. The third-biggest sheikhdom in the United Arab Emirates mandated HSBC Holdings Plc, Mashreqbank […]

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Bahrain Islamic Bank launches Tejoori Instant Finance

Bahrain Islamic Bank (BisB) launched the Tejoori Instant Finance service allowing customers to obtain instant finance within 5 minutes against a pledge from their Tejoori account. Chief Retail Banking of BisB, Dalal Al Qais, said, “BisB continues to launch innovative digital services with an aim to simplify customers’ money matters, in order to provide them with […]

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South Africa working on rand-denominated sukuk issue

BY HASSAN JIVRAJ The Republic of South Africa is working on a rand-denominated sukuk for the financial year 2020/2021, according to a spokesperson from the country’s National Treasury. “The BR [Budget Review] 2020 stipulated that the National Treasury plans to issue the Domestic Sukuk in 2020/21. However, considering the current environment, the timelines will depend […]

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