Ajman Bank begins transactions on Nasdaq Dubai Murabaha platform for Islamic financing

Ajman Bank has begun transacting on the Nasdaq Dubai Murabaha Platform, which facilitates the provision of streamlined Shari’ah-compliant financing services. A ceremony to mark the occasion took place at Ajman Bank new Head Office in Ajman attended by Mohamed Amiri, Chief Executive Officer of Ajman Bank and Hamed Ali, Chief Executive of Nasdaq Dubai. Ajman Bank’s initial activity on the platform […]

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Morocco adopts draft law regulating Islamic insurance

May 14 (Reuters) – Morocco’s government adopted a bill on Thursday to regulate Islamic insurance, legislation that will face a final vote by parliament later this year, a cabinet statement said. It is the last step in Morocco’s legislative package to regulate the country’s fledgling Islamic finance industry. Earlier this year, it issued a decree […]

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Islamic finance body IFSB launches industry indicators

The Islamic Financial Services Board (IFSB) has launched a databank of industry indicators covering 15 member countries, helping shed new light on the size and shape of the sharia-compliant banking sector. The Kuala Lumpur-based IFSB, one of the main standard-setting bodies for Islamic finance, is supporting a range of initiatives to improve supervision of the […]

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Islamic finance body IFSB launches industry indicators

The Islamic Financial Services Board (IFSB) has launched a databank of industry indicators covering 15 member countries, helping shed new light on the size and shape of the sharia-compliant banking sector. The Kuala Lumpur-based IFSB, one of the main standard-setting bodies for Islamic finance, is supporting a range of initiatives to improve supervision of the […]

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Basics of the OIC Economies – Islamic Growth Markets Investment Outlook 2015

The 57 mostly Muslim-majority member countries of the OIC (Organization of Islamic Cooperation) represent a collective GDP (current) in 2013 of $6.7 trillion and are projected to grow 2015-19 at a higher rate than rest of the world or BRIC nations. (OIC markets 5.4% versus rest of world (ROW) 3.6% and BRICS 3.9%.) See the infographic […]

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Lloyd’s of London targets Islamic insurance market

(Reuters) – Lloyd’s of London [SOLYD.UL] has set its sights on Islamic insurance, known as takaful, to strengthen its push into emerging markets and is in talks with regulators to set up shop in Malaysia. The plans are part of the venerable London insurance market’s strategy to expand in fast-growing regions where insurance penetration remains […]

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IMF endorses Islamic finance, warns it must be implemented better

(Reuters) – The International Monetary Fund has endorsed the principles of Islamic finance, saying it could prove safer than conventional finance, but the  multilateral lender warned Islamic bankers that they must tighten rules and follow them more consistently. A report released by the IMF this week showed the lender’s growing interest in Islamic banking, which […]

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