Bandar Hajjar, president of the Islamic Development Bank (IDB) has said the Saudi Arabia headquartered institution is planning soon to issue its largest sized Sukuk for $2.5 billion. The 57 member AAA rated development bank is a regular issuer of Sukuk having last issued in September 2017 with a $1.25 billion issuance which was priced at […]
The Ugandan government has approved regulations regarding the provision of Islamic finance, while the country’s central bank is expected to publish the rules in the coming months to improve financial inclusion. Once published, the central bank will be looking for application from financial institutions wanting to offer Shari’ah-compliant financial services. Uganda is the latest among […]
Now that two countries in the Gulf Cooperation Council (GCC), Saudi Arabia and the UAE, introduced a value added tax (VAT) regime for the first time ever, and the others are bound to follow, questions arise how such a consumer tax relates to Islamic finance products. Rating agency Fitch said in a statement ahead of […]
Italy is getting ready for the general elections that are scheduled for next March. Prime Minister Paolo Gentiloni’s Democratic Party is trailing both a center-right coalition led by former prime minister Silvio Berlusconi and the anti-establishment Five Star Movement led by Luigi Di Maio. It is hard to predict the outcome of the elections, but […]
The Ugandan government has approved regulations regarding the provision of Islamic finance, while the country’s central bank is expected to publish the rules in the coming months to improve financial inclusion. Once published, the central bank will be looking for application from financial institutions wanting to offer Shari’ah-compliant financial services. Uganda is the latest among […]
Santhosh V. Perumal Qatar needs to reform interbank liquidity management to study leakages from Islamic banks through interbank finance as part of a strategic roadmap for Shariah finance, according to a Qatar Financial Center (QFC) study. Moreover, there is also a need to develop a regulatory framework and promote green bonds and sukuk to embolden […]
A number of financing agreements, totalling over US$250mn, have been raised in support of the African Export-Import Bank (Afreximbank) in recent weeks. The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has provided a US$100mn and a €50mn facility, both of which will be used to support trade transactions […]
STOCKMARKETS in the Gulf do not observe Christian holidays, but still had a generally quiet day on December 25th. Shares in Dana Gas, an exploration business listed in Abu Dhabi, however, did make some noise, leaping by 13.2% on Christmas Day, to complete a buoyant six months for the stock (see chart). The surge may […]
RIYADH: The Islamic Development Bank (IDB) and the World Bank are to use the rapidly growing Islamic finance market for infrastructure development projects through public-private partnerships (PPP). The IDB recently organized a forum in Washington in partnership with the World Bank on this subject, IDB spokesperson Dr. Abdul-Hakim Elwaer told Arab News on Sunday. IDB […]
SYDNEY (Reuters) – The Islamic Financial Services Board (IFSB) plans to develop more detailed guidance on financial safety nets to help harmonize Islamic principles with existing legal systems, as the industry body strengthens ties with financial regulators. The Malaysia-based IFSB, one of the main standard-setting bodies in Islamic finance, is seeking to shed light on […]
Al Rayan Bank (UK), the country’s largest and oldest Islamic retail bank, has had an impressive start to 2018 by winning two prestigious awards. The bank has been named as the ‘Best Islamic Bank in the UK’ at the 2017 Islamic Finance News (IFN) Awards. This accolade follows it being named as the ‘UK’s Best […]
Islamic finance is one of the fastest growing areas of international finance. Finding its basis in the ethical teachings of Islam, it is steadily growing in appeal, thanks in no small part to the scale of the available market. Indeed, there are 1.6 billion Muslims around the world and there is clearly room for continued […]