Islamic finance is ‘going digital’ to better serve the world’s 1.8bn Muslims. Still, it’s uncertain if religious fintechs can attract a critical mass, and compete with their European secular peers. By Isabel Woodford Fintech is a crowded space. But a new subgenre is emerging to attract the world’s 1.8bn Muslims with a Shariah-compliant alternative. Young Muslims want […]
Despite the slower growth, total assets across the industry grew to RM10.3t in 2018 from RM10t previously by HARIZAH KAMEL / ISLAMIC finance industry growth slumped to 3% in 2018 from the previous year’s 7%, marking the second-slowest expansion after 2014 since the Islamic Finance Development Indicator (IFDI) report was introduced in 2012. The slowdown […]
As the new year 2020 enters its first full week, a review of developments that shaped Islamic Finance in Nigeria in the year 2019 appears below: Islamic Finance Global Asset Size According to the Islamic Financial Industry Stability Report, the current global size of the market is $2.19trn, which attests to a remarkable growth post-2008 […]
By Arno Maierbrugger/ Gulf Times Correspondent/ Bangkok With the approval of a new Islamic banking law in the Philippines by the country’s central bank last December, doors are now open for both domestic and foreign banks to open a Islamic banking window or to establish a subsidiary Islamic bank in the country with millions of […]
By LEE C. CHIPONGIAN The Bangko Sentral ng Pilipinas (BSP) has released the guidelines for the country’s Islamic banks and Islamic banking units (IBUs) and approved the Shari’ah Governance Framework (SGF) to ensure compliance to the banking requirements. BSP Deputy Governor Chuchi G. Fonacier signed the two circulars for the establishment of Islamic banks and […]
By HARIZAH KAMEL SMALL and medium enterprises (SMEs) are not fully utilising various solutions provided by Islamic banks due to a lack of awareness but it is a problem that can be addressed. The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) acting ED Ratna Sha’erah Kamaludin said local SMEs are not fully utilising […]
Egypt will issue its first corporate sukuk, or Islamic bonds, within weeks, a Financial Regulatory Authority (FRA) official said on Tuesday. CIAF Leasing, an aircraft leasing company, will issue sukuk worth $50 million, the first in Egypt to do so, Sayed Abdel Fadil, an FRA departmental head, told Reuters. A second company, a contractor, will […]
Wong Swee May – The Edge Financial Daily KUALA LUMPUR: CIMB Islamic Bank Bhd has unveiled its latest proposition in supporting small and medium enterprises (SMEs) to grow their businesses in the global halal market. Through CIMB HalalBizReady, the proposition provides financing packages that help businesses become compatible with the requirements of halal certification by […]
The tool is based on the “Single Binding Wa’ad based structure” By Staff Writer, ZAWYA The Central Bank of Bahrain (CBB) has launched a new liquidity management tool for Islamic retail banks to promote the development of Islamic banking in the kingdom. The tool based on the “Single Binding Wa’ad based structure” is developed by the International Islamic […]
Islamic Finance has the potentials to support Nigeria’s quest to achieve its sustainable development goals as a nation. The Emir of Kano His Royal Highness Mohammed Sanusi II disclosed this as a keynote speaker at the recent 4th Africa International Conference on Islamic Finance in Lagos. Speaking on the theme “infrastructure financing, sustainability and the future of […]
By Apnizan Abdullah ACCORDING to the State of the Islamic Economy Report 2018/19, Malaysia has been the leader of the Islamic economy ecosystem for five consecutive years since 2013. Thomson Reuters ranked Malaysia as the most developed Islamic finance market in the world based on Islamic Finance Development Indicator (IFDI) values. According to the Malaysia International […]
$2.4-trillion Islamic finance sector can be role model for world economy, says CEO of Qatar Financial Centre Gokhan Ergocun, Yunus Turk ISTANBUL Ready to be taken to the next level, the burgeoning sector of Islamic finance is ready to take root in new regions through Turkey, Malaysia and Qatar, according to a leading figure in […]
