(Reuters) – The International Monetary Fund will incorporate Islamic finance into its financial sector assessments of select countries starting next year, aiming to improve regulation in the growing sector. International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File […]
Turkey plays a leading role in Islamic finance, said group chairman and chief executive officer of Path Solutions, an Islamic banking software provider. “I believe that Turkey has a role to play as a leader in Islamic finance and as a hub because it is one of the top three Islamic finance markets in the […]
The Islamic banking industry is set to flourish further even in non-conventional markets as the International Monetary Fund (IMF) approved a plan to incorporate Islamic finance into its financial sector assessments of select countries starting from January 1, 2019 to improve regulation in the growing sector. Under a proposal by the IMF’s executive board, guidance […]
Islamic finance is now of significant size to be considered systemically important in over a dozen countries The Islamic Financial Services Board (IFSB) will expand its guidance for national regulators after the International Monetary Fund (IMF) adopted its standard for Islamic banking, hastening efforts to harmonise business practices, according to Reuters. Last week the IMF said […]
The upswing is attributable to a boost from Saudi Arabia By Waheed Abbas, Khaleej Times A total of $12 billion (Dh44 billion) worth of sukuk (Islamic bonds) was issued in March 2018, which brought global sukuk issuance to $30 billion (Dh110 billion) in the first quarter of 2018 – a 44.4 per cent surge from $20.8 […]
Mohammed Abdulla, CEO of Sharjah Islamic Bank, on Wednesday rang the market opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai. The sukuk is the bank’s third that is listed on Nasdaq Dubai, the region’s international exchange, following two sukuk listings of $500 million each that were listed by the […]
Oman Arab Bank, Alizz Islamic explore merger Oman Arab Bank, a unit of Omnivest OMVS.OM, and Alizz Islamic Bank BKIZ.OM are exploring a merger, joining an increase trend among Gulf banks to consolidate. Alizz Islamic, with its $200 million market capitalisation, said its board has agreed to proceed and explore this opportunity with Oman Arab […]
Islamic banking principles prohibit interest paid on all loans of money and investment in businesses that provide goods or services considered contrary to Islamic principles. AMAPALA – Members of the Muslim community have asked the Government to speed up the process of providing regulations for Islamic banking which does not permit the pursuit of profits. Speaker […]
Kuwait Finance House (KFH), the country’s second biggest lender by assets, has established a $3 billion Islamic bonds programme that would mark its largest foray into the market for sukuk. KFH will issue the certificates via a special purpose vehicle incorporated in the Dubai International Financial Centre (DIFC), a state-owned free zone, according to the […]
Islamic banks stand to benefit greatly from their new-found ability to incorporate Shari’ah-compliant financing in securitisations By Staff Writer, CPI Financial Shari’ah-compliant financing will open up markets beyond their core Islamic base and offers a less expensive funding option, according to Moody’s Investors Service. “Raising debt secured on mortgages provides Islamic banks with a cheaper […]
THE Indonesia Stock Exchange greeted its latest listing on May 9th: that of BRIsyariah, the Islamic arm of state-controlled Bank Rakyat Indonesia, the country’s biggest bank by assets. The initial public offering (IPO) of 27% of BRIsyariah’s equity raised around 1.3trn rupiah ($92m). Islam outlaws the payment of interest, the basis of conventional banking. Yet […]
May (Reuters) – The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued its first standard covering wakala, or investment agency contracts, in a bid to harmonise practices for the widely used structure. The guidance issued late on Wednesday from Bahrain-based AAOIFI, one of the main standard-setting bodies in Islamic finance, aims to […]
