Shari’ah Supervisory Board to promote Islamic banking

By Joann Villanueva MANILA — The bid to promote Islamic banking and finance in the Philippines got another boost following the signing of a memorandum of agreement (MOA) for the establishment of the Shari’ah Supervisory Board (SSB). The inter-agency Board in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) was formally established last April through the […]

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Bahrain AAOIFI issues three new governance standards

The objective of the standard is to introduce and set out a principle-based guidance in Sharia governance and fiduciary ratings. Staff Writer, Gulf Daily News MANAMA: Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued three final governance standards for industry adoption. The standards issued by the organisation’s Governance and Ethics Board […]

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Saudi Tadawul forms Shariah Advisory Committee

RIYADH: Saudi Arabia’s stock exchange will establish a Shariah Advisory Committee tto expand its offering to cover new Shariah-compliant investment tools and products, a statement from the company said. The committee consists of representatives from the Kingdom’s largest financial institutions, who will work towards a unified Shariah-compliant rulebook that will be approved by the members’ […]

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Public demand to drive growth in Bahraini Islamic banking sector

According to Fitch Ratings, Islamic banking continues to have significant importance in Bahrain, with its market share rising to 38.8 percent of domestic banking system Staff Writer, ZAWYA   BAHRAIN ISLAMIC FINANCE Bahrain’s Islamic banking sector growth (including Islamic windows) is expected to continue growth in 2022-2023, thanks to the strong momentum in 2021, likely driven by […]

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Bahrain’s Infracorp lists $900mln green sukuk on London Exchange

Transaction reflects Infracorp’s strategy to accelerate growth across MENA and South Asia regions Staff Writer, TradeArabia, 2022   Infracorp has announced the issuance of a $900 million sukuk, the first-ever green sukuk issued by a Bahraini entity, which has been listed on London Stock Exchange. Hisham Alrayes, Chairman of Infracorp commented: “This sukuk will enable positive […]

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Taming Inflation: An Islamic-Finance Perspective

Inflation is a major problem for modern economies. Over the years, the problem shifted from one extreme to the other: from “the great inflation” in the 1960s and 1970s, to “the death of inflation”  and “inflation myth” in the 1990s and 2000s, to the “deflation monster” in 2010s,  and most recently, to “the biggest inflation […]

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Saudi Arabia issues $2.75bln sukuk in March, Kingdom’s debt offices reports

The issuance is divided into two tranches Staff Writer, Arab News RIYADH: Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion ($2.75 billion). The issuance is divided into two tranches. The first tranche has a size of SR3.5 billion maturing in 2030, while the second […]

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Qatar offers vast opportunities for global fintechs

Doha Qatar offers great opportunities for international fintech companies, especially in light of the projected expenditures allocated for information and communications technology, which could reach $9bn by 2024, according to Minister of Commerce and Industry HE Sheikh Mohamed bin Hamad bin Qassim al-Thani. “The Islamic fintech market in Qatar was estimated at $850mn in 2020, […]

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