Small farmers, low-cost housing, digital payments and a higher share for Islamic banks are the targets of the government’s new strategy for growth. Access to finance is super important for economic growth that a country can sustain and that includes everyone. With this in mind, the government has unveiled a National Financial Inclusion Strategy for […]
BRUNEI Darussalam remains in the top 10 best performing Islamic finance markets out of 131 countries as published in the Thomson Reuters Islamic Finance Development Report 2018 recently. The report, which takes into account data accumulated in 2017, revealed that Brunei’s score in the Islamic Finance Development Indicator (IFDI) increased from 47 to 50 – thus ranking […]
Bank officials said they are prepared to offer Islamic banking services to the people. Officials from Kabul-based banks – which provide Islamic banking services – said the number of their customers who are willing to be provided Islamic banking services is growing and that this makes them optimistic to further develop the sector in Afghanistan. […]
KARACHI: Despite being asset-backed, Islamic finance is still not immunised from risks associated with deficiencies in due diligence, inadequate buffers, lack of transparency and weak risk management practices. While addressing the book launching ceremony of Shariah Standards on Wednesday, SBP Governor Tariq Bajwa talked about the risks the Islamic banking industry needs to tackle. “Effective […]
Establishment of more Islamic banks in Southeast Asia and the Middle East will benefit more than 10 million Filipino Muslims The Central Bank will exercise regulatory powers and supervision over the operations of Islamic banks MANILA: The Philippines has moved a step closer to opening the country to the wide range of banking and other […]
KARACHI (Dunya News) – The Islamic Banking Industry of Pakistan, in collaboration with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and contribution of Mufti Muhammad Taqi Usmani, launched Urdu version of the Book ‘Sharaie Mayaarat’. Renowned leaders from Pakistan’s financial sector spoke on the occasion. State Bank of Pakistan Governor Tariq Bajwa was […]
In Summary Uganda is yet to register a single application from lenders in this segment of the business. Regulations were ready for an October launch but there are still no takers to rival neighbours Kenya and Tanzania. Kenya and Tanzania have for years had a number of banks that are Sharia-compliant, giving product options to […]
The Nigeria Deposit Insurance Corporation (NDIC) has been admitted as a full member of the Council of Islamic Financial Services Board (IFSB).A statement by the Head of Communications and Public Affairs of the NDIC, Mr. Mohammed Ibrahim, on Tuesday in Abuja noted that the NDIC joins the Central Bank of Nigeria (CBN) as the other […]
Islamic Corporation for the Development of the Private Sector’s agreement with Tunisia-based I-FinTech Solutions will focus on developing products designed to solve liquidity issues The Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) has penned an agreement with a Tunis-based fintech company to develop blockchain solutions for Islamic banks, it has been […]
Ethiopia is one of the top-five recipients of UK-aid, according to DFID’s own sources. Press Release International consultancy IFAAS (Islamic Finance Advisory & Assurance Services – www.ifaas.com ) and Mercy Corps (MC), a global non-governmental, humanitarian aid organisation, are working together to unlock the potential of Islamic finance (hereon also referred to as ‘interest-free finance’) to address the […]
[DUBAI] The Islamic finance industry grew 11 per cent year-on-year in 2017 and is set to sustain double-digit growth buoyed by capital market products and the adoption of financial technology, according to a Thomson Reuters study released on Tuesday. The industry is now represented in 56 countries by 1,389 sharia-compliant financial firms, worth a combined […]
The initiative is the result of the collaboration of Al Hilal Bank Digital Transformation team with Jibrel Network, a UAE-based fintech Al Hilal Bank is the first Islamic bank in the world to leverage Blockchain technology for the resale and settlement of an Islamic Sukuk. Blockchain was used to transact a secondary market deal in […]
