Regulators urged to create supportive environment for Islamic finance

KUALA LUMPUR, — Regulators need to create a supportive environment for the Islamic finance industry to boost the industry further, a forum was told today. Indonesia’s Badan Pengelola Keuangan Haji (BPKH) executive board member for foreign investment and international relations, Hurriyah El Islamy, said the Islamic finance industry should make it less complicated for the […]

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New Angel Investors Club hopes UK tax incentives will attract investments for ethical and Shariah-compliant start-ups, SMEs

BY HASSAN JIVRAJ LONDON – A recently-launched platform will seek to leverage UK government tax incentives for investors to put money into early stage start-ups and SMEs. The Bristol-headquartered Angel Investors Club (AIC) wants to connect Shariah-compliant and ethical start-ups and SMEs to investors by utilising the Seed Enterprise Investment Scheme and Enterprise Investment Scheme. There […]

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Indonesia gains heft in Islamic banking with 3-way merger

By merging syariah units of three lenders, country aims to capture bigger slice of market Jeffrey Hutton Regional Correspondent In Jakarta In Indonesia, being seen as halal is serious business. Starbucks and KFC show off their halal certification from the country’s top clerical body even though the franchises are rarely associated with booze or bacon. But […]

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Launch of UK’s first Islamic Finance undergraduate degree

By Shuiab Khan A university has announced the launch of the first Accounting and Islamic Finance undergraduate course in the UK. The BSc (Hons) Accounting and Islamic Finance degree at Birmingham City University will see students study Islamic economics, whilst developing an understanding of ‘corporate social responsibility’. Islamic finance is one of the fastest growing financial […]

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Singapore Islamic authority to disburse $3.5 mln in awqaf income, up 1% from 2019

The Islamic Religious Council of Singapore (MUIS) is disbursing 4,917,943 Singapore dollars (around $3.53 million) from the income of its managed awqaf assets to beneficiaries. The sum is about 1% up from last year. MUIS said on Saturday (June 6) that 3,646,178 Singapore dollars will be disbursed to local beneficiaries. 1,810,477 will be disbursed to the […]

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Potential of cryptocurrency in Islamic finance looks bullish, says Bank Negara’s Shariah Advisory Council chairman

KUALA LUMPUR, Oct — The potential of cryptocurrency in Islamic finance is looking bullish, driven by the forward shift towards digital economy in line with the new normal, according to Datuk Mohd Daud Bakar who chairs Bank Negara Malaysia’s Shariah Advisory Council.He said cryptocurrency may be deemed a new thing in Islamic finance, and described […]

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Uzbekistan drafts Islamic finance regulations

By Reuters Staff TASHKENT, Oct (Reuters) – Uzbekistan has drafted regulations on Islamic bonds, or sukuk, and aims to register the first issues next year, the Central Asian nation’s Capital Market Development Agency said on Monday. The most populous nation in the predominantly Muslim part of the Soviet Union, Uzbekistan has for the last few […]

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Coronavirus Presents Islamic Fintech with Opportunities and Challenges

Social distancing, resulting from the coronavirus pandemic, is likely to be the catalyst for Islamic banks across many countries to accelerate their digital transformation strategies, especially with financial inclusion being a major issue in many of the countries where Islamic finance is active. At present, digitalization is the focus of well-established Islamic banks in more […]

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Australia’s first full-fledged retail Islamic bank will be digital, and launch in 2021

BY HASSAN JIVRAJ In the global Islamic economy, Australia is best known as a halal food exporter. Last year, it sold $1.45 billion worth of meats to countries of the Organisation of Islamic Cooperation, on top of $1.72 billion in cereals, live animals, and dairy. At home, Australia’s domestic Islamic economy will soon get a boost with the […]

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