UK Islamic finance 2021: Opportunities loom amid Brexit and pandemic gloom

BY HASSAN JIVRAJ LONDON – The United Kingdom’s economic uncertainty continues with the twin blows of Brexit and the havoc caused by the COVID-19 pandemic. Like their conventional peers, the UK Islamic finance industry faces economic risks particularly with regards to the housing market. At the same time, Islamic banks are less likely to feel the […]

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Trowers & Hamlins advises Sohar International Bank SAOG on Takaful Oman’s debut Perpetual Sukuk Al Mudaraba Trust Certificate Issuance Programme

International law firm Trowers & Hamlins advised its longstanding client Sohar Islamic, Sohar International Bank SAOG (Sohar International) – one of the leading investment banks in Oman – on its role as the sole dealer and issue manager, on the establishment by Takaful Oman Insurance SAOG’s (Takaful Oman) of its debut Sukuk Al Mudaraba Trust […]

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Turkey: Participation finance department established under presidency

Department to focus on raising awareness of growing field of participation finance Aysu Bicer ANKARA The Turkish presidency is setting up an office to deal with the growing sector of participation finance, according to an official notice published Monday. The department within the Presidential Finance Office will focus on raising awareness of participation finance and […]

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Govt Ensures Cash Waqf to be Only Invested in Islamic Financial Products

Translator: Dewi Elvia Muthiariny, Editor: Petir Garda Bhwana TEMPO.CO, Jakarta – The Religious Affairs Ministry responded to various public questions regarding the National Cash Waqf Movement (GNWU), particularly on the use of collected waqf funds. The GNWU was launched by President Joko “Jokowi” Widodo on Monday, January 21, 2021. The ministry’s Director-General for Islamic Affairs, Kamaruddin Amin, emphasized that the management […]

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Islamic Finance After COVID-19

Islamic finance took a hit in 2020 but is preparing for the next surge of growth through innovation, standardization, and M&A activity. Author: CHLOE DOMAT The Islamic finance industry slowed down significantly in 2020 after experiencing a very strong 13% growth rate in 2019. Islamic financial institutions spent most of the year coping with the dual shocks […]

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UK firm set to roll out Islamic liquidity solutions, eyes SME sukuk origination

BY HASSAN JIVRAJ LONDON – A UK-based boutique fixed income structuring house is set to launch next month Islamic liquidity management products to boost the shortage of solutions to the sector, particularly in non-Islamic jurisdictions. “Currently there are few options for Islamic liquidity management solutions in British pounds or in Euros,’” said Scott Levy, CEO of Bedford […]

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AAOIFI makes all its standards accessible on its website on a complimentary basis

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the availability of all sets of its standards online free of charge. In the past, the AAOIFI Shari’ah standards were available online for free in English and Arabic. However, recently the Executive Committee of AAOIFI has accepted the proposal to make all standards including […]

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Refinitiv & Islamic Corporation for the Development of the Private Sector (ICD) 2020 Report: Global Islamic Finance Assets Expected to Hit $ 3.69 trillion in 2024

Malaysia, Indonesia, Bahrain, UAE and Saudi Arabia ranked as the top five developed countries globally in Islamic Finance; Indonesia jumped to second place in IFDI ranking backed by government knowledge initiatives; Islamic finance assets increased 14 percent to US$ 2.88 trillion in 2019, the highest recorded growth for the industry since the global financial crisis. Global Islamic Finance assets […]

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Central Bank of Bahrain Sukuk Al-Ijara oversubscribed

BY BIZBAHRAIN Published Jan,2021 via bizbahrain – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 477%. Subscriptions worth BD 124 million were received for the BD 26 million issue, which carries a maturity of 182 days. The expected return on the issue, […]

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