R3 partners with Wethaq for blockchain Islamic finance

Today enterprise blockchain company R3 announced that Dubai fintech startup Wethaq has signed a strategic partnership. Wethaq is targeting Islamic Capital Markets, starting with Sukuks. Earlier this year S&P ratings estimated the 2019 issuance of Sukuks would be $115 billion, the same as 2018. Blockchain has seen significant activity in asset-backed securities, which goes to […]

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An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years

An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years – Theo Osborn n an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world. Your research found that 46% of Muslim consumers had never […]

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Beijing’s Belt and Road plans could boost the Islamic banking sector

Huileng Tan, Evelyn Cheng China’s pursuit of Belt and Road Initiative projects in predominantly Islamic countries is expected to spur growth in the Islamic finance sector. Chinese issuers have, however, recently pulled away due to the complexities involved in rolling out such products, particularly as standards differ across various regulatory regimes, says Mohamed Damak, global […]

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Moody’s forecasts fast growth for Islamic banking in next five years

by Sebastian McCarthy Islamic banking within the Commonwealth of Independent States (CIS) will grow substantially over the next five years, according to Moody’s Investors Service. The US agency is forecasting financial expansion in many of the CIS counties during the years ahead as a result of government initiatives built to nurture the sector. “Kazakhstan, Kyrgyzstan, Tajikistan […]

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Indonesia’s advancement of Islamic Finance is transformative: IsDB

Jakarta (ANTARA) – Indonesia’s advancement and prioritization of Islamic Finance, including the recently launched National Islamic Finance Committee, locally called KNKS, is transformative, Islamic Development Bank (IsDB) official noted in a statement received by Antara here, Thursday. “We, at the IsDB, are pleased to support Indonesia’s roadmap to have a larger share of Islamic Finance […]

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Millennials key to the future of Islamic banking

Sharia-compliant banks step up investments in digital space to cater to this demographic Published:  June 30, 2019 07:00 David George | Editor – Commercial Publishing Younger customers are expected to play a crucial role in the growth of Islamic finance and expand its customer base in the future. With Muslim spend estimated at $2.1 trillion in 2017, […]

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Islamic finance key to funding green energy projects

As Middle East investment in renewables increases, adoption of green sukuk as one of the alternatives to traditional financing techniques will rise, says Deloitte Islamic finance can play a significant role in financing solar and other alternative energy projects in the Middle East as countries put an emphasis on green energy to meet increasing demand, […]

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In Muslim-Majority Kazakhstan, Islamic Banking Could Have Potential

Bello Danbatta, the Secretary General of the Islamic Financial Services Board (IFSB) sees Kazakhstan, the Caspian region’s third-largest economy, as a potential hub for Islamic banking in and around Central Asia. “We see here a huge potential for the development of Islamic finance,” Danbatta said Wednesday, according to reports by Kazinform. “With the population of 18 […]

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Almost half of British Muslim consumers have never used Islamic finance, providing ‘huge opportunity’ for industry – study

Forty-six per cent of British Muslims have never used Islamic finance, says a survey by the Shariah-compliant Gatehouse Bank. This marks “a wake-up call to the UK Islamic banking industry”, Gatehouse said in a statement on Wednesday. “Our report highlights that providers of Shariah-compliant finance are missing out because of a largely untapped market for […]

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Islamic Bank mission in Guyana to finalize energy projects

By Ray Chickrie Caribbean News Now contributor GEORGETOWN, Guyana – A team of six officials from the Islamic Development Bank led by Noureddine Mabrouk arrived in Guyana last Wednesday to scope renewable energy projects for off-grid area in partnership with the Guyana Energy Agency (GEA). The Islamic Bank team includes Noreddine Citroen, project management specialist; […]

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Almost half of Muslims have never used Islamic finance

Written by: Emma Lunn Nearly half (46 per cent) of Muslim consumers have never used Shariah-compliant financial products, according to Gatehouse Bank. The bank said the figure – which rises to 53 per cent among Muslim women – underlines the challenge faced by Shariah-compliant finance providers. Gatehouse’s Islamic Finance Consumer Report also found that seven […]

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