MUSCAT: Oman Arab Bank (OAB) and Alizz Islamic Bank announced the signing of an agreement for the overall structure of the potential merger between the two banks. This step will pave the way for the successful finalisation of two-years of negotiations between both parties. The agreement was signed by Rashad Mohammad al Zubair, Chairman of […]
This initiative marks the beginning of a long-term partnership between both parties, with the aim of further developing Islamic finance tools for the benefit of the world’s most vulnerable refugees and internally displaced persons Press Release In a bid to strengthen collaboration and governance in the area of Islamic social finance, the UN Refugee Agency, […]
Wahed Invest, a U.S.-based Islamic investment platform, has raised $25 million in a funding round led by Saudi Aramco Entrepreneurship Ventures, the venture capital arm of Saudi Aramco. The round also includes existing investors BECO and CueBall Capital, as well as Dubai Cultiv8, and Rasameel, Wahed said in a statement on Monday (June 8). The […]
By Archana Narayanan and Nicolas Parasie (Bloomberg) — The tiny emirate of Sharjah hired banks to raise as much as $1 billion from international debt markets, joining wealthier Gulf states to shore up its finances against the fallout of the coronavirus pandemic. The third-biggest sheikhdom in the United Arab Emirates mandated HSBC Holdings Plc, Mashreqbank […]
Bahrain Islamic Bank (BisB) launched the Tejoori Instant Finance service allowing customers to obtain instant finance within 5 minutes against a pledge from their Tejoori account. Chief Retail Banking of BisB, Dalal Al Qais, said, “BisB continues to launch innovative digital services with an aim to simplify customers’ money matters, in order to provide them with […]
The impact of the novel coronavirus on the global economy is growing and continues to shock the markets in unprecedented ways. On April 20, we have seen US crude oil prices drop to below zero for the first time in 150 years. With COVID-19 continuing to spread across the globe, what does this mean for […]
BY HASSAN JIVRAJ The Republic of South Africa is working on a rand-denominated sukuk for the financial year 2020/2021, according to a spokesperson from the country’s National Treasury. “The BR [Budget Review] 2020 stipulated that the National Treasury plans to issue the Domestic Sukuk in 2020/21. However, considering the current environment, the timelines will depend […]
BY HASSAN JIVRAJ LONDON – The government of the United Kingdom still plans to issue its second ever sovereign sukuk this year despite the coronavirus pandemic, according to a spokesperson from the country’s debt management office (DMO). In an e-mail response to Salaam Gateway, the spokesperson said the government previously announced it intends to issue […]
Dubai: “Is it halal to buy shares in Tesla?” a young Muslim would-be investor asks on Twitter. Islamic bankers are hoping modern platforms will open the industry up to young investors. Particular challenges Before the novel coronavirus pandemic forced them to work from home, young men and women – in traditional abaya robes or jeans […]
Body urges Islamic financial institutions to join in supporting affected sectors, people Abu Dhabi: The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its second meeting of 2020 on April 26. The meeting was chaired by Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended […]
BY YOSI WINOSA – SALAAM GATEWAY JAKARTA – Indonesia’s central bank made its first direct purchase of long-term government sukuk in primary auctions on Tuesday and Wednesday following a relaxation of regulations to help the sovereign finance additional spending to tackle the COVID-19 pandemic crisis, Onny Widjanarko, Executive Director Communications Department told Salaam Gateway. “We […]
BY RICHARD WHITEHEAD KUALA LUMPUR – The rise of IslamicMarkets since its 2018 launch has been impressive and undertaken in an assiduous way that echoes the financial institutions the platform covers more than the breakneck race for growth that most other start-ups pursue. Through his steady approach, it is no coincidence that its chief executive, Shakeeb Saqlain, […]
