The UAE, Bahrain and Malaysia are leading the Islamic Finance Development Report and Indicator (IFDI) country rankings for the fifth consecutive year, stated Thomson Reuters, a leading provider of intelligent information for businesses and professionalsm, in its report prepared in cooperation with the Islamic Corporation for the Development of the Private Sector (ICD), the private […]
By MOHAMMAD MAHBUBI ALI ISLAMIC finance has witnessed, over the last few years, a remarkable growth at 15 to 20 per cent Compounded Annual Growth Rate (CAGR), emerging as one of the fastest growing financial sectors in the world. The total assets of the Islamic financial industry in 2015 was around US$2 trillion (RM8.3 trillion) and […]
(Reuters) – Saudi Arabia’s central bank has joined an international standard-setting body for Islamic finance, a move that could help standardise industry practices and ease cross-border transactions in the Kingdom. The Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) said in a statement late on Sunday it had admitted the Saudi Arabian Monetary […]
By Arno Maierbrugger Gulf Times Correspondent Bangkok Islamic banks and financial service providers in Malaysia, which is currently riding out a slowdown in global growth of the sector, have been told they should develop more new products and embrace innovative tools from financial technology (fintech) startups in order to better navigate through the current disruptive […]
Anna Isaac Earning interest, or Riba, is forbidden under Islamic law: “Allah allows trade, but forbids interest,” says the Qu’ran, the holy text that, along with the Hadiths and other scripture, underpin the Muslim faith. This is why different forms of investment have been […]
By Bernardo Vizcaino and Carolyn Cohn LONDON/SYDNEY, Oct (Reuters) – Britain plans to reissue Islamic bonds in 2019, a government official told Reuters, in a sign the country’s exit from the European Union may accelerate plans to develop an Islamic finance industry. In 2014, Britain became the first Western country to issue an Islamic bond […]
(Reuters) – Russia’s largest lender Sberbank is considering setting up an Islamic finance entity and will propose regulatory changes to facilitate sharia-compliant business, a senior bank official told Reuters. Russian banks want to develop Islamic finance to attract investors from the Gulf and Southeast Asia, underscoring efforts to widen funding sources strained by an economic […]
Central Asia’s largest country Kazakhstan, with a Muslim-majority population of around 18mn people, is sustainably entrenching its role of becoming the region’s centre of Islamic finance and banking. As for the latest developments, it turned out at the first summit of the Organization […]
Sukuk may boost UK Islamic finance in focus on non-EU business * New sukuk could raise 1 bln stg – consultant * AIG, Lloyd’s looking to expand in Islamic insurance By Bernardo Vizcaino and Carolyn Cohn LONDON/SYDNEY, Oct (Reuters) – Britain plans to reissue Islamic bonds in 2019, a government official told Reuters, in a […]
Reuters) – Bahrain is tightening its rules for Islamic banks by requiring all of them to undergo independent, external audits to certify they are following Muslim laws known as sharia. The move, announced by the central bank on Sunday, could make Bahrain among the strictest jurisdictions for Islamic banking and help Manama maintain prominence in […]
Nigeria should strive to get its slice of the $3trillion global revenue of the Islamic finance market, the Director International Institute of Islamic Banking and Finance (IIIBF), Prof Binta Tijjani Jibril, has said. Prof Binta who spoke with Daily Trust in Abuja said given the multifarious financial problems Nigeria is facing at the moment, looking […]
New York, September 20 — Successful implementation of the 2030 Agenda requires a significant amount of financial resources, beyond traditional development financing. Innovative approaches are required to unlock new sources of capital. The public and private stakeholders, and investors gathered in New York for the high level side event- ‘Realizing Agenda 2030: How Islamic Finance through […]
