France: SAAFI offers first takaful cover for funerals

Insurance broker SAAFI in France is offering a highly anticipated takaful funeral and repatriation to the product, the first such Islamic insurance product in the country. Called Sakina (meaning “inner peace” and “tranquility of the heart” in Arabic), it allows subscribers to cover the costs of funerals and possibly repatriation by incorporating religious rituals and […]

Read More

UAE’s Gulf Navigation planning 125 million dirhams sukuk

UAE-based maritime and shipping company Gulf Navigation Holding is planning a private placement of 125 million dirhams ($34.04 million) in sukuk, the company said in a statement on Tuesday (Apr 14). Proceeds from the sukuk are to be used to strengthen the company’s liquidity position, it said. The company said it is “adaptive and resilient” to […]

Read More

UK digital challenger bank Rizq eyeing summer launch

BY HASSAN JIVRAJ LONDON – Rizq, a UK-based Islamic digital challenger bank is preparing for its launch this summer, Akmal Saleem, the fintech’s co-founder and CEO, told Salaam Gateway. “We are building Rizq from a different angle,” said Saleem. “We are positioning Rizq from the Muslim lifestyle perspective. We want to solve mainstream banking issues for Muslims […]

Read More

Algeria pushes ahead with Islamic finance plans

ALGIERS, April (Reuters) – Algeria, under pressure to find new sources of finance, set up a religious body in charge of Islamic finance on Tuesday in a final step towards launching sharia-compliant services. OPEC member Algeria’s state finances have been badly hit by the sharp fall in global oil prices, with the coronavirus pandemic deepening […]

Read More

Islamic finance to expand in 2020 as demand for Shariah-compliant products grows

Coronavirus outbreak may disrupt sukuk issuance, Moody’s says Islamic finance is poised to expand in 2020 and beyond, helped by growing use of Shariah-compliant products in the GCC region and Malaysia, according to a new report from Moody’s Investors Service. “We expect sukuk issuance to remain stable at around $180 billion (Dh661bn) this year, and […]

Read More

Malaysian private equity firm seeks Shariah-compliant businesses to support through COVID-19 pandemic

Malaysian firm COPE Private Equity has put out a call for Shariah-compliant businesses looking for financial backing amid the COVID-19 pandemic. The 15-year-old firm says all companies are welcome to apply but it does not invest in “start-ups, project financing, commodities, properties, and non-Shariah businesses.” The PE firm is committing to invest 20 million ringgit […]

Read More

Growing Islamic banking and finance in Qatar

By Sachin Kumar | The Peninsula Several countries are attempting to become leading regional and global Islamic finance hubs as Islamic finance is considered to be one of the fastest growing sectors. Qatar is rapidly developing its Islamic finance industry and is poised to become a leading hub for the sector Within the Islamic finance, […]

Read More

Islamic finance body grants $850mln for combating coronavirus in member states

ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed By Staff Writer, The Saudi Gazette JEDDAH — Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID-19 pandemic. These include a major shift in global trade routes, changes in […]

Read More

Shariah-Compliant Fintech: Malaysia, Singapore, Indonesia Corridor has Made Substantial Progress in Establishing Islamic Finance Services

By Omar Faridi Vinnie Lauria, an entrepreneur and venture capitalist who established Golden Gate Ventures, an early-stage VC company managing more than $250 million in assets, notes that his Singapore-based company has been watching emerging tech sectors across the Southeast Asia region. Lauria reveals that he’s seeing significant growth in the Islamic finance industry. He points out that the […]

Read More

Indonesian Islamic banking roadmap to boost sector development

Link to Fitch Ratings’ Report(s): Indonesian Islamic Banks Dashboard: 2020 Fitch Ratings-Jakarta-09 March 2020: Indonesia’s new five-year roadmap for the country’s Islamic banking sector should provide some impetus to its development, although most benefits are likely to be realised over the medium term rather than the near term, Fitch Ratings says. The wide-ranging roadmap addresses the […]

Read More

“Sharia fintech”: Startups race to tap Indonesia growth by aligning with Islam

JAKARTA (Reuters) – Like millions of other Indonesians, Gandi Iswara had for years carried a wad of currency notes for dropping into donation boxes after prayers at mosques in suburban Jakarta.FILE PHOTO: A volunteer collects alms boxes with QR codes and stacks them on a cart after Friday prayers at Istiqlal mosque in Jakarta, Indonesia, […]

Read More