Islamic finance charts high-tech future

Dubai: “Is it halal to buy shares in Tesla?” a young Muslim would-be investor asks on Twitter. Islamic bankers are hoping modern platforms will open the industry up to young investors. Particular challenges Before the novel coronavirus pandemic forced them to work from home, young men and women – in traditional abaya robes or jeans […]

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Indonesia central bank buys long-term sovereign sukuk at auction following rule change

BY YOSI WINOSA – SALAAM GATEWAY JAKARTA – Indonesia’s central bank made its first direct purchase of long-term government sukuk in primary auctions on Tuesday and Wednesday following a relaxation of regulations to help the sovereign finance additional spending to tackle the COVID-19 pandemic crisis, Onny Widjanarko, Executive Director Communications Department told Salaam Gateway. “We […]

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IslamicMarkets ready for expansion, including into retail subscriptions

BY RICHARD WHITEHEAD KUALA LUMPUR – The rise of IslamicMarkets since its 2018 launch has been impressive and undertaken in an assiduous way that echoes the financial institutions the platform covers more than the breakneck race for growth that most other start-ups pursue. Through his steady approach, it is no coincidence that its chief executive, Shakeeb Saqlain, […]

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France: SAAFI offers first takaful cover for funerals

Insurance broker SAAFI in France is offering a highly anticipated takaful funeral and repatriation to the product, the first such Islamic insurance product in the country. Called Sakina (meaning “inner peace” and “tranquility of the heart” in Arabic), it allows subscribers to cover the costs of funerals and possibly repatriation by incorporating religious rituals and […]

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UAE’s Gulf Navigation planning 125 million dirhams sukuk

UAE-based maritime and shipping company Gulf Navigation Holding is planning a private placement of 125 million dirhams ($34.04 million) in sukuk, the company said in a statement on Tuesday (Apr 14). Proceeds from the sukuk are to be used to strengthen the company’s liquidity position, it said. The company said it is “adaptive and resilient” to […]

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UK digital challenger bank Rizq eyeing summer launch

BY HASSAN JIVRAJ LONDON – Rizq, a UK-based Islamic digital challenger bank is preparing for its launch this summer, Akmal Saleem, the fintech’s co-founder and CEO, told Salaam Gateway. “We are building Rizq from a different angle,” said Saleem. “We are positioning Rizq from the Muslim lifestyle perspective. We want to solve mainstream banking issues for Muslims […]

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Algeria pushes ahead with Islamic finance plans

ALGIERS, April (Reuters) – Algeria, under pressure to find new sources of finance, set up a religious body in charge of Islamic finance on Tuesday in a final step towards launching sharia-compliant services. OPEC member Algeria’s state finances have been badly hit by the sharp fall in global oil prices, with the coronavirus pandemic deepening […]

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Islamic finance to expand in 2020 as demand for Shariah-compliant products grows

Coronavirus outbreak may disrupt sukuk issuance, Moody’s says Islamic finance is poised to expand in 2020 and beyond, helped by growing use of Shariah-compliant products in the GCC region and Malaysia, according to a new report from Moody’s Investors Service. “We expect sukuk issuance to remain stable at around $180 billion (Dh661bn) this year, and […]

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Malaysian private equity firm seeks Shariah-compliant businesses to support through COVID-19 pandemic

Malaysian firm COPE Private Equity has put out a call for Shariah-compliant businesses looking for financial backing amid the COVID-19 pandemic. The 15-year-old firm says all companies are welcome to apply but it does not invest in “start-ups, project financing, commodities, properties, and non-Shariah businesses.” The PE firm is committing to invest 20 million ringgit […]

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Growing Islamic banking and finance in Qatar

By Sachin Kumar | The Peninsula Several countries are attempting to become leading regional and global Islamic finance hubs as Islamic finance is considered to be one of the fastest growing sectors. Qatar is rapidly developing its Islamic finance industry and is poised to become a leading hub for the sector Within the Islamic finance, […]

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