Home to the largest Muslim population, Indonesia is looking to sharia-compliant financial technology (fintech) to enhance financial inclusion in the country, where access to financing remains limited. Speaking as the chairman of the Sharia Economic Society supervisory board, Ma’ruf Amin, the running mate of President Joko “Jokowi” Widodo in the 2019 presidential election, told a […]
By Arno Maierbrugger/Gulf Times Correspondent/Bangkok The three predominantly Muslim countries out of ten in the Association of Southeast Asian Nations (Asean), namely Malaysia, Indonesia and Brunei, are on the way to form a new hub for Islamic finance and the wider halal industry through their current roadmaps to develop the sector. Malaysia, which is already […]
The BRI in the Gulf has given rise to Chinese investment in developing the Islamic financial sector. By Muhammad Zulfikar Rakhmat The Gulf may not be highlighted on maps of China’s Belt and Road Initiative (BRI), but the region has certainly experienced a rise in relations, particularly in the economic sphere on which the BRI is predicated. It […]
The sukuk was 4.9 times oversubscribed with a profit rate of 6.25 percent per annum, and nearly 40 percent of investor interest coming from outside the Middle East The total value of all sukuk listed on Dubai’s exchanges has now reached $61.14 billion, the largest amount of any listing center in the world LONDON: Dubai […]
By Antonio Colina IV DAVAO CITY – Mindanao lawmakers must pursue the proposed framework on Islamic banking in the Philippines for the development of the Bangsamoro territory, a top executive of the state-owned Development Bank of the Philippines (DBP) said. “We have not heard much about the initiatives and probably since we are now doing the […]
Legitimate bodies contradict this view KUWAIT CITY: The Central Bank of Kuwait is currently working on a draft law which will allow it to appoint an independent Shari’a Supervisory Board, pointing out that if the law is passed, the Central Bank’s supervisory decisions on the Islamic banking sector will be subject to this committee to […]
Birmingham based Al Rayan Bank has been heralded ‘Best Islamic Bank in the UK’ by the Islamic Finance News (IFN) Deals of the Year awards. The Bank also scooped the prestigious ‘Sukuk Deal of the Year’ and ‘UK Deal of the Year’ awards and has been shortlisted for the ‘Global Deal of the Year’ award, […]
The Bankers Association for Finance and Trade (Baft) and International Islamic Financial Market (IIFM) have released a global industry standard document for buying and selling Islamic trade-related risk. The jointly-created master participation agreement (MPA) is intended to support the growth of Islamic trade finance business. The trade finance industry already has an MPA for conventional […]
Islamic financial institutions are increasingly using blockchain technology for complex financing terms, Shariah-compliant transactions and Islamic and sharia-compliant alternatives to conventional insurance. Blockchain can assist in KYC, back-office automation, and underwriting of micro-insurance. SEVERAL ISLAMIC FINANCIAL INSTITUTIONS ARE TRYING BLOCKCHAIN Emirates Islamic was the first Islamic bank to test blockchain. It is part of the UAE’s […]
The landmark issuance was subscribed nearly 5 times with around 40% interest generated from Asian and European investors Press Release Dubai, UAE: Dubai Islamic Bank PJSC (“DIB”), rated A3 by Moody’s (stable) and A by Fitch (stable), successfully closed a USD 750 million Additional Tier 1 (AT1) Perpetual Non-Call 6yrs Sukuk with a profit rate of 6.25% […]
The Federal Government of Nigeria on December 28, 2018, issued a 7-year N100 billion Sovereign Sukuk (15.743% N100BN Al Ijarah Sukuk due 2025) as part of the New Domestic Borrowing in the 2018 Budget to finance road projects. The Offer attracted significant interest from a wide range of retail and institutional investors with a Total […]
GCC expected to maintain volumes around $48b, a tad lower than last year’s $48.5b Dubai: Tightening liquidity conditions worldwide, high geopolitical risks in the Middle East, and challenges inherent to sukuk issuance are likely to dampen the performance of the global sukuk market this year. Despite the emerging challenges, the GCC, and the UAE in […]
