Ivory Coast offers inaugural CFA 150 billion Sukuk

Hogan Lovells has advised the Islamic Corporation for the Development of the Private Sector (ICD), as arranger, on the inaugural CFA 150 Billion Sukuk offering by the Government of Côte d’Ivoire. The Sukuk is an amortising Sukuk al-Ijara and is targeted at local banks and institutional investors. It mirrors the successful Senegal Sukuk that Hogan […]

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Islamic finance in Africa in its infancy but underway

Islamic finance is a fast developing activity throughout the global markets, now focusing on a new frontier—Africa. Islamic finance has historically been dominant in Malaysia and the Gulf Cooperation Council (GCC). However, over the last year, Islamic finance has expanded its footprint throughout the Middle East, Indonesia, the United Kingdom, Luxembourg and Hong Kong. In […]

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Canada poised to be hub of Islamic finance

Islamic banking is being touted as the next big thing for Canada’s financial services sector, but experts say it’s up to the new federal government to demonstrate that it welcomes Shariah-compliant investments. “It’s absolutely fundamental that the Canadian government signal that, in fact, it is open to Islamic finance,” says Walid Hejazi, an associate professor at the University […]

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Favourable regulation key to Islamic finance growth

Muscat: Developing an enabling and empowering environment, including the necessary legislative and regulatory framework, is needed to support the growth of Islamic economy, according to an expert. This can be done by working on several key strategic pillars, Abdulla Mohammed Al Awar, chief executive officer of Dubai Islamic Economy Development Centre (DIEDC), said at the 2nd […]

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Bank of England joins IFSB Islamic finance body

The Bank of England has joined the Islamic Financial Services Board (IFSB), one of the main standard-setting bodies for Islamic finance, the second Western regulator to do so after Luxembourg. The BoE joins as an associate member, the 65th regulatory body to join the Kuala Lumpur-based body, bringing total membership to 189, the IFSB said […]

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Islamic Finance In Turkey

I. OVERVIEW Islamic finance has emerged as a rapidly growing industry with an increasingly global presence. It continues to be the topic of choice at prestigious finance conferences in Europe, Asia Pacific and in the United States. The Islamic financial services industry currently represents approximately 1% of global assets, however, it has been growing by […]

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Islamic finance body IIFM launches cross currency swap standard

(Reuters) – The Bahrain-based International Islamic Financial Market (IIFM) launched a standard contract template for sharia compliant cross currency swaps on Thursday, as the industry body seeks to enhance use of hedging tools in the sector. As Islamic finance grows, institutions are increasingly taking larger positions, often in various currencies, prompting the need for widely-accepted […]

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