OAB, Alizz Islamic ink pact to finalise merger

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 […]

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AAOIFI and UNHCR Sign an MOU For joint initiatives and collaboration to enhance Islamic social finance

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, […]

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UAE Emirate of Sharjah Hires Banks for $1 Billion Sukuk Sale

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 […]

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Bahrain Islamic Bank launches Tejoori Instant Finance

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 […]

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South Africa working on rand-denominated sukuk issue

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 […]

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Islamic finance charts high-tech future

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 […]

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Indonesia central bank buys long-term sovereign sukuk at auction following rule change

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 […]

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IslamicMarkets ready for expansion, including into retail subscriptions

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, […]

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