KARACHI: The government raised more than Rs760 billion from the domestic sukuk market with Islamic banks still having enough liquidity to fill in the fiscal gap, The News learnt on Wednesday. Issuance of the government of Pakistan Ijara sukuk based on variable and fixed rental rates amounted to Rs561 billion last year. Two hundred billion […]
BY HASSAN JIVRAJ LONDON – A UK-based boutique fixed income structuring house is set to launch next month Islamic liquidity management products to boost the shortage of solutions to the sector, particularly in non-Islamic jurisdictions. “Currently there are few options for Islamic liquidity management solutions in British pounds or in Euros,’” said Scott Levy, CEO of Bedford […]
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the availability of all sets of its standards online free of charge. In the past, the AAOIFI Shari’ah standards were available online for free in English and Arabic. However, recently the Executive Committee of AAOIFI has accepted the proposal to make all standards including […]
Malaysia, Indonesia, Bahrain, UAE and Saudi Arabia ranked as the top five developed countries globally in Islamic Finance; Indonesia jumped to second place in IFDI ranking backed by government knowledge initiatives; Islamic finance assets increased 14 percent to US$ 2.88 trillion in 2019, the highest recorded growth for the industry since the global financial crisis. Global Islamic Finance assets […]
BY BIZBAHRAIN Published Jan,2021 via bizbahrain – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 477%. Subscriptions worth BD 124 million were received for the BD 26 million issue, which carries a maturity of 182 days. The expected return on the issue, […]
While addressing the parliament, President Shavkat Mirziyoyev said that it is high time to introduce Islamic financial services in Uzbekistan. “It is time to create a legal framework for the introduction of Islamic financial services in our country. Experts from the Islamic Development Bank and other international financial institutions will be involved in implementing a […]
BY NDUKA CHIEJINA (ASSISTANT EDITOR) ia The Nation – The Central Bank of Nigeria (CBN) says it will charge protection fees from investors in its Non-Interest Asset Backed Securities. One of the features of the CBN Non-Interest Asset Backed Securities (CNI-ABS), contained in a draft framework issued recently by the Apex bank on Non-Interest Asset Backed Securities, […]
DomaCom and Crescent Group have entered into an exclusive Heads of Agreement to deliver a pioneering Islamic home finance product The product will leverage DomaCom’s innovative fractional model that will allow Australia’s 700,000+ Muslim population to purchase a property using Shariah-compliant financing Crescent Group’s plan is to source institutional Islamic funding and structure its products […]
via The Financial Express – The Tk. 40 billion Sukuk was over-subscribed nearly four times to Tk. 151.53 billion in its first auction held on Monday at the central bank. For the first time, the government is mobilising funds from the financial institutions by issuing the Islamic bond. The Bangladesh Bank held an auction, where a […]
The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities, has been oversubscribed by 355%. Subscriptions worth BD 152.458 million were received for the BD 43 million issue, which carries a maturity of 91 days. The expected return on the issue, which begins on 16th December 2020 and […]
Over the years, the world has seen steady growth of the global Sukuk market. Sukuk is defined as a certificate of equal value representing undivided shares in ownership of tangible assets and services. Sukuk is an instrument for raising capital, usually referred to as an Islamic bond, tradeable on the securities exchange. The fundamental difference […]
BY YOSI WINOSA JAKARTA – Financing distributed by Indonesia’s Islamic fintechs reached 1.75 trillion rupiah ($124.2 million) in 2020, below the 2-3 trillion rupiah forecasted pre-pandemic by the Indonesia crowdfunding fintech association (AFPI). The growth from 1 trillion rupiah in 2019 to 1.75 trillion rupiah mid-December this year came in spite of the COVID-19 pandemic challenges, AFPI […]
