Islamic fintechs are on the rise — but how viable is this tailored offering?

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 […]

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Global Islamic finance growth slows to 3% in 2018

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 […]

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2019 Review of Developments In Islamic Finance In Nigeria

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 […]

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BSP issues rules for Islamic banks

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 […]

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Islamic banks ready to support SMEs

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 […]

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Egypt to issue first corporate sukuk within weeks

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 […]

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CIMB Islamic offers RM100m SME financing to be halal-ready

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 […]

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Central Bank of Bahrain’s new liquidity management tool aims to promote Islamic banking

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 […]

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How Islamic Finance Supports Nigeria’s Sustainable Development Goals-HRH Muhammadu Sanusi II

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 […]

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Time for Malaysia to lead Islamic social finance endeavours

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 […]

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Turkey, Malaysia, Qatar can pioneer in Islamic finance

$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 […]

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