Uzbekistan drafts Islamic finance regulations

By Reuters Staff TASHKENT, Oct (Reuters) – Uzbekistan has drafted regulations on Islamic bonds, or sukuk, and aims to register the first issues next year, the Central Asian nation’s Capital Market Development Agency said on Monday. The most populous nation in the predominantly Muslim part of the Soviet Union, Uzbekistan has for the last few […]

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Coronavirus Presents Islamic Fintech with Opportunities and Challenges

Social distancing, resulting from the coronavirus pandemic, is likely to be the catalyst for Islamic banks across many countries to accelerate their digital transformation strategies, especially with financial inclusion being a major issue in many of the countries where Islamic finance is active. At present, digitalization is the focus of well-established Islamic banks in more […]

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Australia’s first full-fledged retail Islamic bank will be digital, and launch in 2021

BY HASSAN JIVRAJ In the global Islamic economy, Australia is best known as a halal food exporter. Last year, it sold $1.45 billion worth of meats to countries of the Organisation of Islamic Cooperation, on top of $1.72 billion in cereals, live animals, and dairy. At home, Australia’s domestic Islamic economy will soon get a boost with the […]

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IRTI launches smart economy grants to promote technology-based development solutions

Jeddah, Kingdom of Saudi Arabia,  October 2020 – The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has announced the launching of the Smart Economy Grants Program, offering cash awards of up to USD 10,000 for projects involving the application of emerging technologies to spur knowledge-driven economic transformation. Applications are invited […]

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Islamic Finance In The Global Digital Economy

by Richie Santosdiaz Islamic Finance plays a significant role in the global economy and continues to do so in the increasingly global digital economy. Its importance spans across many parts of the world and is also embracing fintech and wider digitalisation solutions. OVERVIEW OF ISLAMIC FINANCE Cities like London as well as others like Kuala Lumpur […]

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After Covid-19, what is next for Islamic banking?

While Islamic banks emerged relatively unscathed from the 2008 global financial crisis, Covid-19 is having a deeper impact. Nevertheless, the disruption could provide opportunities to diversify the sector and accelerate its expansion once the pandemic subsides.   Relative to conventional institutions, Islamic banks are more exposed to small and medium-sized enterprises (SMEs), microfinance and retail lending – particularly in Asia. […]

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Islamic banks demand better yield on sukuk

  Islamic banks demand better yield on sukuk By: Kazim Alam Pakistani banks have two addictions: consumer deposits and government debt. They use the former to buy the latter, making easy dough with a few clicks on the Bloomberg terminal every month. No wonder the Islamic banking industry has long demanded — even to the […]

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Algeria turns to Islamic finance to prop up economy

Algeria has launched Islamic finance products in a bid to attract money from the informal market, but bankers warn it will take more to fix the country’s struggling economy. Falling oil prices and the coronavirus pandemic have battered the North African country, triggering alarm bells among officials and experts. The International Monetary Fund (IMF) forecast […]

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APIB aims to cooperate with domestic financial institutions to promote Islamic finance industry

KUALA LUMPUR, — Asia Pacific Investment Bank (APIB) aims to cooperate with domestic financial institutions to promote the internationalisation of the Islamic finance industry. APIB chief executive officer Chris Wang is confident that APIB could be the bridge that connects Malaysia and China. “Being an offshore Islamic bank with a Chinese background, we are confident […]

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Indonesia issues retail sukuk for COVID-19 economic recovery

JAKARTA – Indonesia’s finance ministry issued retail sukuk SR013 as part of the government’s efforts to finance the recovery of the country’s pandemic-hit economy. Indonesia’s GDP contracted 5.32% in the second quarter due to the COVID-19 pandemic crisis, representing the country’s worst quarterly performance since the 1998 Asian Financial Crisis. The sukuk has an indicative value of […]

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Malaysia Digital Economy Corporation and REDmoney Group Aim to Promote Financial Inclusion while Supporting Islamic Fintech Initiatives

By Omar Faridi The stakeholders and other ecosystem participants of the Islamic Fintech sector have outlined key priority areas that they believe will help with reinforcing and promoting financial inclusion in Malaysia. The REDmoney Group, an Islamic Finance News publisher, and the Malaysia Digital Economy Corporation (MDEC) have recommended that industry participants should establish an Islamic Fintech taskforce. They’ve […]

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