Emirates Islamic supports UAE businesses with global digital banking platform

Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has launched “businessONLINE” a digital business banking platform, to help businesses in the UAE manage all their banking needs on a single secure, intuitive platform Available to the bank’s small and medium business, large corporate and institutional client base, businessONLINE is a […]

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Malaysia seen within reach of 40% Islamic financing target

By Adeline Paul Raj / The Edge Malaysia MALAYSIA’s Islamic finance penetration rate has grown steadily over the years and looks on track to reach the central bank’s target of 40% share of total financing by the end of 2020, notwithstanding the disruptions from the Covid-19 pandemic. Bank Negara Malaysia, in its Financial Sector Blueprint […]

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Central Bank of Oman launches Fintech Regulatory Sandbox

Published Dec,2020 via Muscat Daily – The Central Bank of Oman (CBO) will launch the Fintech Regulatory Sandbox (FRS) initiative today, through which participants can apply to live test their innovative Fintech solutions, that are enabled by new technologies, in a safe environment under the supervision of the CBO. The CBO therefore issued the framework for […]

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Malaysia’s MyMy sets out stall to become world’s first standalone central bank-licensed digital Islamic bank

BY RICHARD WHITEHEAD KUALA LUMPUR – Freshly flush with millions in fundraising, Joe McGuire is now preparing to take the next steps on his path to launching the world’s first standalone central bank-licensed Islamic challenger bank. In September, McGuire’s fintech start-up, MyMy, was on the receiving end of a 10 million ringgit ($2.45 million) seed injection […]

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SC introduces new framework to facilitate offering of Islamic funds with Waqf features

The Securities Commission Malaysia (SC) today launched a new framework to facilitate the offering of Islamic funds with waqf features to enable the growth of the Islamic social finance segment. The development of waqf was identified as one area of significant potential for social development, greater public good and wealth distribution, in the SC’s Islamic Fund and Wealth Management Blueprint, […]

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Indonesia’s 3-way Islamic bank merger to build scale, raise competitiveness

Author: Rebecca Isjwara Indonesia’s planned merger of three state-owned Islamic banks will create an entity with scale comparable with the biggest local lenders and may give a fillip to Shariah-compliant finance in the world’s biggest Muslim nation by population, analysts say. The proposed merger between PT Bank BRIsyariah Tbk, PT Bank Syariah Mandiri and PT […]

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Saudi Electricity to convert $45 billion in government liabilities into perpetual instrument

DUBAI (Reuters) – Saudi Electricity Co 5110.SE said on Monday it has signed an agreement with the government to convert state liabilities worth 167.92 billion riyals ($45 billion) into a subordinated perpetual financial instrument to strengthen its balance sheet. The Shariah-compliant perpetual equity-like instrument will carry a 4.5% profit rate and a redemption option, it said in […]

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Interview: Redha Al Ansari, Head of Islamic Finance Research, Refinitiv

his interview is produced and sponsored by Refinitiv. It was first published in the State of the Global Islamic Economy 2019/20 report produced by DinarStandard and supported by the Dubai Islamic Economy Development Centre. The report can be downloaded from here.    Serving more than 40,000 institutions in approximately 190 countries, Refinitiv provides information, insights, and […]

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Dubai Aerospace Enterprise hires banks for dollar sukuk – document

DUBAI (Reuters) – Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, has hired banks to arrange investor calls ahead of a planned issuance of U.S. dollar-denominated sukuk, or Islamic bonds, a document showed on Monday. DAE, owned by sovereign wealth fund Investment Corporation of Dubai, hired Bank ABC ABCB.BH, Commercial Bank of […]

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