Turkiye eyes to become leader in Islamic finance, says official

Turkiye aims to position itself as the leading country in Islamic finance, a senior finance official said on Tuesday, Anadolu News Agency reports. “Unlike many countries claiming to be an Islamic financial centre in the world, Turkiye has very important advantages based on its historical, cultural, geopolitical and economic background,” Goksel Asan, Head of the presidency’s Finance […]

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Indonesia raises $122mln from Islamic bond auction

October , 2022 The ministry plans to hold an additional auction to raise more on Wednesday   Gayatri Suroyo and Fransiska Nangoy, Reuters News   JAKARTA – Indonesia sold 1.89 trillion rupiah ($122.21 million) worth of Islamic bonds, below target, in an auction on Tuesday that drew incoming bids worth a total of 6.4 trillion rupiah, […]

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Sukuk outlook stable as new economic risks transpire

Jinan AlTaitoon, CESGA Senior Research Analyst, London Stock Exchange Group (LSEG) The world is facing a significant risk of recession this year that could worsen in 2023, according to the IMF. A report from Refinitiv examines the impact of recent economic developments on the prospects of the global sukuk market in the next five years. […]

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Sukuk documentation adapts to AAOIFI standards

Fitch Ratings says that however, it is uncertain if additional changes will be seen in the near term and issuers have exhibited varying degrees of adaptation, while the practical effect of the new documentation has yet to be tested Staff Writer, TradeArabia Changes in global sukuk documentation linked to UAE Central Bank’s adoption of the Accounting […]

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Profitability of Islamic banks will recover to pre-pandemic levels

“After declining in 2020 when the pandemic first struck, the return on average assets for most Islamic banking systems improved in 2021, partly because of lower provisioning needs as economies recovered,” Moody’s Investors Service said Staff Writer, Times of Oman Muscat: The profitability of Islamic banks will improve as provisioning needs decline and net profit margins […]

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Global sukuk issuance projected to reach $257bln by 2027

Global sukuk issuance is projected to moderate this year after a five-year record streak, reaching $185bln in 2022, as benchmark rates rapidly increase and oil prices remain high Jinan AlTaitoon, ZAWYA Global sukuk issuance raised $100.9 billion in the first half of 2022, slightly lower than the $104.2 billion issued during H1 2021, according to the […]

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Egypt’s FRA issues first license for Islamic microfinance activity

by:Fatma Salah, Daily News Egypt, 2022   Egypt – Chairperson of the Financial Regulatory Authority (FRA) Mohamed Farid revealed that the authority issued its first license to a financial institution to engage in financing micro enterprises according to Islamic financing formulas. Farid explained that issuing the new license adds a new dimension to the existing financing mechanisms […]

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Indonesia raises $716.35mln in Islamic bond auction

By Stefanno Sulaiman, Reuters News –, 2022Notes sold on Tuesday carried weighted average yields lower than comparable notes sold in the previous auction JAKARTA – Indonesia raised 10.64 trillion rupiah ($716.35 million) from an Islamic bonds auction on Tuesday, higher than indicative target of 7 trillion rupiah, its finance ministry said. Total incoming bids were 30.85 […]

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