DFSA takes action to protect the integrity of Islamic Finance

The Desk facilitated the purchase and supply of title to metal commodities, sourced from a number of suppliers, for the use by the Desk’s clients in Murabaha transactions Press Release Dubai:  The Dubai Financial Services Authority (DFSA) has imposed restrictions on David Barnett and Christopher Steer following an investigation into their conduct while working on the Commodity […]

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UNHCR unveils the Refugee Zakat Fund, a global Islamic finance structure to help displaced populations worldwide

Taking philanthropy to a new level, UNHCR restructures its existing Zakat program into the Refugee Zakat Fund to help individuals and Islamic financial institutions realize their social responsibility with global impact Inaugural report indicates that Muslims pay around US$ 76 billion in Zakat each year, an amount with great potential to positively impact the world […]

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OPINION-Strategic Compassion: The power of Islamic finance in the service of global good

This opinion piece is co-authored by HRH Princess Sarah Zeid, Global Advocate for Maternal, Child and Newborn Health in Humanitarian Settings, and Amir M. Abdulla, Deputy Executive Director of the World Food Programme. The rich culture of altruism in Islam emphasizes giving to those most in need. Today, nowhere is this generosity more strategically needed […]

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Improved regulations spur Takaful growth

Globally, gross Takaful premiums, or contributions, increased at a compound annual rate of 9% between 2014 and 2017 By Issac John, Khaleej Times The profitability of Takaful insurers will stabilise after falling in 2017 due to heavy price discounting in the GCC countries, and rising claims in south east Asia, Moody’s said, noting that global demand […]

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DIB seeks to expand activities, mulls acquisitions

Dubai – Mubasher: Dubai Islamic Bank (DIB) is looking at opportunities to support the expansion of its activities. To this end, the UAE’s largest Islamic Bank might acquire financial institutions in line with the bank’s strategy and directions of its shareholders and board of directors, the lender said in a statement to the Dubai Financial Market (DFM) on Sunday. DIB is […]

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Malaysian PM urges Islamic bankers for tech investment

Mahathir Mohamad says Islamic finance can be ‘catalyst’ for growth of green developments globally. ANKARA  Malaysia’s prime minister on Wednesday said that introduction of smart technology within the financial industry has “positively disrupted the industry”. “Fintech [financial technology] has also penetrated the Islamic finance space despite it being considered in a very early stage,” Malaysia’s […]

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Labuan: Asia’s overlooked Islamic finance growth story

The presentation of the new “Market Report 2018” by the Labuan Financial Services Authority last week gives the opportunity to cast a light on Asia’s underreported Islamic finance hub and its future potential: Labuan. Labuan is a federal territory of Malaysia comprising one large main and six smaller islands located off the northern coast of […]

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What is Islamic finance – and what has Ireland done about it?

By Edana RichardsonOpinion: Islamic finance has potential opportunities for the Irish financial services sector, but legislative changes are needed to make it work here In 2015, the Irish Government declared Islamic finance to be a sector of opportunities for Ireland’s financial services sector. This enthusiasm was not unreasonable. While Ireland’s Muslim population of just over 63,000 people in 2016 is […]

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How could a Brexit no-deal affect Islamic finance?

While a no-deal Brexit could have a significant negative impact on U.K.-based Islamic banks’ asset quality, it is unlikely to cause major disruption to their funding, according to a report published today by S&P Global Ratings titled “Countdown To Brexit: Implications Of A No-Deal Brexit For Islamic Finance.” The U.K. is home to five fully […]

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