Islamic finance industry to sustain growth in 2020

JEDDAH — The Islamic finance industry will continue to grow slowly in 2019-2020, S&P Global Ratings said in a new report Monday. The industry expanded by about 2% in 2018 compared with 10% the previous year, according to S&P Global estimates, with strong support from the sukuk market. In 2017, most of the growth stemmed from […]

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ICD seeks to increase Central Asian participation in Islamic finance through developing local SMEs, says company chair

BY AIDANA YERGALIYEVA NUR-SULTAN – Islamic Corporation for the Development of the Private Sector (ICD) seeks to advance the private sector in Central Asia through funding agricultural and transport infrastructure projects, thus hoping to include them in the Islamic Finance market, ICD CEO and General Manager Ayman Sejiny told The Astana Times. Founded in November […]

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UAE and Luxembourg plan to boost economic ties

The UAE, considered the capital of the Islamic economy, seeks to strengthen its economic and trade ties with the Duchy of Luxembourg as well to enhance cooperation in Islamic banking. BY KUDAKWASHE MUZORIWA The UAE’s Minister of State for Financial Affairs, Obaid Humaid Al Tayer, held a meeting with his Luxembourg counterpart Pierre Gramegna, who is […]

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FCI creates new chapter to promote Islamic factoring

FCI, the global body representing factoring and receivables finance companies, is creating a new Islamic factoring chapter within its network. The aim is to “increase financing opportunities for SMEs via Islamic factoring”, FCI says. The association has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) – a member of the Islamic Development […]

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College launches degrees in Islamic finance

A Scottish college is offering Masters degree programmes on Islamic finance. Dundee’s Al-Maktoum College of Higher Education is collaborating with the University of Dundee to offer qualifications in MSc Islamic Finance, MSc Islamic Banking and Finance and MSc Islamic Banking, Finance and International Business. Islamic Finance is based on Shariah law that prohibits charging or […]

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HSBC Malaysia launches ESG Islamic structured product

KUALA LUMPUR: HSBC in Malaysia launched its first environmental, social and governance (ESG) Islamic structured product in the country. The landmark ringgit principal protected participation floating rate Islamic negotiable instruments  linked to Hang Seng Corporate sustainability index is an ESG-related Islamic structured product which is 100% principal protected if held to maturity. The product offered […]

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Islamic bankers are developing innovations and workarounds that enable them to bring Shariah-compliant services into the digital age.

The strict rules against charging interest and investments deemed contrary to Shariah law earn Islamic finance an understandable reputation for conservatism. But a wider-angle view reveals a different reality. With a youthful, globalized and digitally savvy audience, Islamic financial institutions are rapidly embracing some of the biggest trends in the banking world, notably digital and […]

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Gatehouse Bank launches five-year home finance deal: how do Islamic ‘mortgages’ work?

Could Gatehouse Bank’s new ‘Home Purchase Plan’ help you secure a home? Gatehouse Bank has launched its longest fixed-rate deal for aspiring home buyers, becoming the latest Islamic bank to offer a five-year home finance option. So, what is the new Gatehouse mortgage alternative and how do these deals work? Islamic financial principles prevent you […]

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Islamic finance ‘key to Saudi Arabia’s economy’

The fourth session focused on the role of research and education institutes in raising awareness about the Islamic financial industry’s services RIYADH: The Islamic finance industry’s role in stimulating the national economy was highlighted at a Riyadh workshop organized by the Saudi Arabian Monetary Authority (SAMA). Turki Al-Mutairi, SAMA deputy governor for research and international […]

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Fintech to help Qatar become Islamic finance hub

Fintech can enable Islamic finance to attract more customers, increase efficiency, reduce costs and offer a wider range of products, helping the sector become more competitive against conventional finance, according to the Qatar Financial Center (QFC). The Islamic banking and finance industry currently reaches about 100mn customers worldwide while the potential market is six times […]

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