The wider adoption of technology could simplify the Islamic finance sector and help it attract more digital-savvy millennials FinTech has spurred the evolution of the Islamic finance industry over the last year. It helps to address a need for simplification and innovation in the sector, which will support longer term acceptance and growth. More importantly, […]
BY HASSAN JIVRAJ Kenya is positioning itself as a hub for Islamic finance, aiming to lead in the region of East Africa and across Middle Africa. A predominantly Christian country with a minority 11% Muslim population, Kenya’s financial sector has been home to Islamic banks and takaful operators for more than a decade. The East African […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
The 5-year sukuk was priced with a profit rate of 2.95 per cent per annum Dubai: Dubai Islamic Bank (DIB) closed a $1 billion long 5-year sukuk with a profit rate of 2.95 per cent per annum, which is equivalent to 245bps over the equivalent tenor Mid Swap Rate. DIB’s $1 billion sukuk ithe first public benchmark […]
