Islamic banking is being touted as the next big thing for Canada’s financial services sector, but experts say it’s up to the new federal government to demonstrate that it welcomes Shariah-compliant investments. “It’s absolutely fundamental that the Canadian government signal that, in fact, it is open to Islamic finance,” says Walid Hejazi, an associate professor at the University […]
Muscat: Developing an enabling and empowering environment, including the necessary legislative and regulatory framework, is needed to support the growth of Islamic economy, according to an expert. This can be done by working on several key strategic pillars, Abdulla Mohammed Al Awar, chief executive officer of Dubai Islamic Economy Development Centre (DIEDC), said at the 2nd […]
Nasdaq Dubai has welcomed the listing on its market of a US$500 million Sukuk issued by Majid Al Futtaim Holding . The listing brings the total value of Sukuk listings carried out on the exchange during 2015 to $13.25 billion, which is more than the total value that has listed during the year on the […]
The Bank of England has joined the Islamic Financial Services Board (IFSB), one of the main standard-setting bodies for Islamic finance, the second Western regulator to do so after Luxembourg. The BoE joins as an associate member, the 65th regulatory body to join the Kuala Lumpur-based body, bringing total membership to 189, the IFSB said […]
Sukuk issued up to Q3, 2015 dropped by 38.6% to stand at $48.8 billion 13 jurisdictions issued 513 sukuk in Q3, 2015 in 12 different currencies Total global outstanding sukuk stands at $295 billion Lead arrangers and investors are confidence despite a slow year: most expect a boost in sukuk issuance in 2016, to be […]
I. OVERVIEW Islamic finance has emerged as a rapidly growing industry with an increasingly global presence. It continues to be the topic of choice at prestigious finance conferences in Europe, Asia Pacific and in the United States. The Islamic financial services industry currently represents approximately 1% of global assets, however, it has been growing by […]
(Reuters) – The Bahrain-based International Islamic Financial Market (IIFM) launched a standard contract template for sharia compliant cross currency swaps on Thursday, as the industry body seeks to enhance use of hedging tools in the sector. As Islamic finance grows, institutions are increasingly taking larger positions, often in various currencies, prompting the need for widely-accepted […]
KUWAIT, ( Reuters ) – Bahrain’s financial regulator plans to establish by the end of this year a central sharia board of scholars that will oversee the kingdom’s Islamic finance sector, a central bank official said. The board would be the second of its kind in the Gulf region. Oman’s central bank has set one up […]
The success of China’s transition from an industrial-focused economy to a consumption-based one will be crucial to the rest of Asia and the Gulf, according to a report prepared by Camille Accad, Economist at Asiya Investments Company. China’s plans to become a consumption and service based economy are progressing rapidly. In the 2000s, growth was […]
