The adoption of block chain, artificial intelligence, cryptocurrencies and other advanced technologies are expected to have a positive impact on the global Islamic finance sector and create new benefits and opportunities for banks and consumers alike, according to industry experts speaking at the Global Islamic Economy Summit 2018 (GIES) in Dubai. DUBAI, (UrduPoint / Pakistan […]
JOHANNESBURG — When 24-year-old Farhaan Mottiar took over his father’s bridal shop in Johannesburg’s oldest Indian mall, he decided to join a growing movement in Africa: away from traditional banking, and into newly available Islamic banking systems. “It’s the right way forward,” he told VOA in his shop, as he ran his fingers over a […]
The duo will collaborate in promoting the implementation of prudential, Shari’ah, accounting and governance standards to facilitate the development of the Islamic financial services industry. The Islamic Financial Services Board (IFSB) has signed a MoU with the Accounting and Auditing organisation for Islamic Financial Institutions (AAOIFI) to jointly undertake technical activities relating to development and revision of […]
The United Nations Development Programme (UNDP), Securities Commission Malaysia (SC) and the Islamic Development Bank (IsDB) have partnered to advance the use of Islamic financing tools to fund the ambitious 2030 Agenda for Sustainable Development. The scale of funding and technical support required to meet the Sustainable Development Goals (SDGs) are far beyond the scope of […]
The Indonesian government launched an Islamic bond linked to endowments, aiming to tap into a pool of assets for its fiscal needs By Gayatri Suroyo, Reuters News NUSA DUA, Indonesia – The Indonesian government launched on Sunday an Islamic bond linked to endowments, aiming to tap into a pool of assets for its fiscal needs. The […]
(CMC) – The Guyana government Friday said it had signed a US$20 million loan with the Islamic Development Bank (IsDB) for financing the Guyana Power and Light Incorporated (GPL Inc.) Power Utility Upgrade Programme (PUUP). The agreement was signed by Finance Minister Winston Jordan and the Minister of State, Joseph Harmon, speaking at the end of […]
Islamic finance is expanding rapidly in Africa, spreading across 18 African markets with great prospects for growth, according to rating agency Moody’s. While Islamic bond (sukuk) issuance in Africa accounts for only 0.5 per cent of global issuance, the rating agency notes that since 2014 there has been $2.3 billion (Dh8.44 billion) worth of African […]
Morocco started selling its first Islamic sovereign bonds worth $116mln with a five-year maturity By Zakia Abdennebi, Reuters News RABAT – Morocco started selling its first Islamic sovereign bonds worth 1.1 billion dirhams ($116 million) with a five-year maturity on Friday, the finance ministry said. The sukuk sale was an Ijara issue in local currency […]
New Shariah-compliant index launched to provide benchmark for Shariah-compliant funds looking to invest in Singapore SINGAPORE is taking another shot at the growing global Islamic banking and finance industry, with the launch of a new Shariah-compliant index that will serve as a benchmark for Shariah-compliant funds looking to invest in the city-state. It could carve […]
KUALA LUMPUR: Islamic finance should provide a framework to assess the impact on the economy, well-being of the society and environment, says former Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz. She said on Thursday that greater interest in responsible financing emerged after the 2008 financial crisis, which was advantageous to Islamic banking as […]
Islamic finance is rapidly growing across Africa, with investors, governments, and financial institutions increasingly leveraging its potential for both financing and development. Since 2014, $2.3 billion in sukuk, or Sharia-compliant bonds, have been issued in the continent, notes a briefing from ratings and financial agency Moody’s. There has also been an increase in the number […]
London house prices posted their biggest drop in almost a decade in July this year. An uncertain property market and the Brexit crisis have not dissuaded GCC buyers from purchasing housing in London, said experts. “There are more important issues than Brexit for GCC buyers,” Faisal Durrani, partner, head of research at property company Cluttons, […]
