Body urges Islamic financial institutions to join in supporting affected sectors, people Abu Dhabi: The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its second meeting of 2020 on April 26. The meeting was chaired by Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended […]
BY YOSI WINOSA – SALAAM GATEWAY JAKARTA – Indonesia’s central bank made its first direct purchase of long-term government sukuk in primary auctions on Tuesday and Wednesday following a relaxation of regulations to help the sovereign finance additional spending to tackle the COVID-19 pandemic crisis, Onny Widjanarko, Executive Director Communications Department told Salaam Gateway. “We […]
BY RICHARD WHITEHEAD KUALA LUMPUR – The rise of IslamicMarkets since its 2018 launch has been impressive and undertaken in an assiduous way that echoes the financial institutions the platform covers more than the breakneck race for growth that most other start-ups pursue. Through his steady approach, it is no coincidence that its chief executive, Shakeeb Saqlain, […]
BY HASSAN JIVRAJ LONDON – A new charitable foundation is being set up in the UK that aims to become a £1 billion waqf fund combining commercial and social investments. There are waqf funds in the UK which are targeted by specific organisations like Islamic Relief or the East London mosque. However, there are few social […]
Insurance broker SAAFI in France is offering a highly anticipated takaful funeral and repatriation to the product, the first such Islamic insurance product in the country. Called Sakina (meaning “inner peace” and “tranquility of the heart” in Arabic), it allows subscribers to cover the costs of funerals and possibly repatriation by incorporating religious rituals and […]
UAE-based maritime and shipping company Gulf Navigation Holding is planning a private placement of 125 million dirhams ($34.04 million) in sukuk, the company said in a statement on Tuesday (Apr 14). Proceeds from the sukuk are to be used to strengthen the company’s liquidity position, it said. The company said it is “adaptive and resilient” to […]
BY HASSAN JIVRAJ LONDON – Rizq, a UK-based Islamic digital challenger bank is preparing for its launch this summer, Akmal Saleem, the fintech’s co-founder and CEO, told Salaam Gateway. “We are building Rizq from a different angle,” said Saleem. “We are positioning Rizq from the Muslim lifestyle perspective. We want to solve mainstream banking issues for Muslims […]
ALGIERS, April (Reuters) – Algeria, under pressure to find new sources of finance, set up a religious body in charge of Islamic finance on Tuesday in a final step towards launching sharia-compliant services. OPEC member Algeria’s state finances have been badly hit by the sharp fall in global oil prices, with the coronavirus pandemic deepening […]
Coronavirus outbreak may disrupt sukuk issuance, Moody’s says Islamic finance is poised to expand in 2020 and beyond, helped by growing use of Shariah-compliant products in the GCC region and Malaysia, according to a new report from Moody’s Investors Service. “We expect sukuk issuance to remain stable at around $180 billion (Dh661bn) this year, and […]
Malaysian firm COPE Private Equity has put out a call for Shariah-compliant businesses looking for financial backing amid the COVID-19 pandemic. The 15-year-old firm says all companies are welcome to apply but it does not invest in “start-ups, project financing, commodities, properties, and non-Shariah businesses.” The PE firm is committing to invest 20 million ringgit […]
By Sachin Kumar | The Peninsula Several countries are attempting to become leading regional and global Islamic finance hubs as Islamic finance is considered to be one of the fastest growing sectors. Qatar is rapidly developing its Islamic finance industry and is poised to become a leading hub for the sector Within the Islamic finance, […]
ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed By Staff Writer, The Saudi Gazette JEDDAH — Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID-19 pandemic. These include a major shift in global trade routes, changes in […]
