Islamic fintech industry sets strategic priorities to drive financial inclusion

KUALA LUMPUR (July): The stakeholders and ecosystem players of the Islamic financial technology (fintech) space have determined nine strategic priority areas that will further reinforce and enhance financial inclusion in Malaysia. Islamic Finance News publisher REDmoney Group and the Malaysia Digital Economy Corporation (MDEC) said in a joint statement that of these strategic priority areas, […]

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DTI urges financial institutions to offer Islamic financing

By Kris Crismundo MANILA – The Department of Trade and Industry (DTI) is encouraging public and private financial institutions in the country to offer Islamic banking and financing services amid the coronavirus disease 2019 (Covid-19) pandemic. In a statement Monday, the Export Marketing Bureau (EMB) said offering Islamic financing will help micro, small and medium enterprises […]

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Islamic Finance – Exploring a potential growth engine for African economies.

Islamic Finance – Exploring a potential growth engine for African economies. Date: Tuesday, 25 August 2020 Time: 14:00 EAT Register here>> We are pleased to bring you this webinar, in conjunction with the Financial Sector Deepening Africa (FSD Africa) which will centre around the recently published Islamic Finance toolkit. by FSD Africa.   The main objectives of the webinar […]

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Islamic P2P lending platform launches in the UK

By MICHAEL LLOYD, An Islamic peer-to-peer lending platform has launched in the UK, providing Shariah-compliant finance to small- and medium-sized enterprises (SMEs). Salaam Gateway reported that Qardus, which is an appointed representative of Financial Conduct Authority-regulated ShareIn, provides unsecured loans of up to £100,000 in the form of a commodity murabahah, an Islamic financing structure in which […]

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Islamic finance assets may reach $3.4T in 2024: Expert

Islamic banks’ share in banking sector’s assets is 6% globally, says economist By: Ergin Garip ISTANBUL The volume of Islamic banks is estimated to reach $2.2 trillion globally in 2024, as the total assets of Islamic finance are predicted to reach $3.4 trillion, a Turkish economist said Thursday. Necdet Sensoy of the Istanbul Commerce University […]

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Singapore Islamic authority to disburse $3.5 mln in awqaf income, up 1% from 2019

The Islamic Religious Council of Singapore (MUIS) is disbursing 4,917,943 Singapore dollars (around $3.53 million) from the income of its managed awqaf assets to beneficiaries. The sum is about 1% up from last year. MUIS said on Saturday (June 6) that 3,646,178 Singapore dollars will be disbursed to local beneficiaries. 1,810,477 will be disbursed to the […]

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Malaysia’s Islamic finance sector to hit RM3t this year, says Bursa chairman

KUALA LUMPUR,— Malaysia’s Islamic finance sector is expected to sustain double-digit growth to reach almost RM3 trillion in 2020 under the second Capital Market Masterplan, according to Tan Sri Abdul Wahid Omar. The chairman of Bursa Malaysia Bhd said the country’s Islamic funds industry has demonstrated impressive growth. As of March this year, Shariah funds valued […]

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These Islamic finance social instruments could help countries navigate COVID-19

The instruments are Qard Hassan, social Sukuk, Waqf, and Zakat By Staff Writer, ZAWYA Islamic finance provides socially responsible products and the COVID-19 environment could give an opportunity to leverage them, a report by S&P Global Ratings showed. Measures to combat the spread of the virus have significantly slowed core Islamic finance economies; leading to higher expected unemployment […]

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Nasdaq Dubai welcomes listing of USD 1.5 billion Sukuk by Islamic Development Bank to support COVID-19 interventions

Funds will aid health, social and business programmes countering effects of virus among bank’s 57 member countries Listing underlines global collaboration in Islamic capital markets to promote socially beneficial initiatives  Dubai, 28 June 2020 – Nasdaq Dubai welcomed the listing today of a 1.5 billion US dollar Sukuk issued by Islamic Development Bank (IsDB) to support COVID-19 […]

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