By Claire Wanja The Capital Markets Authority (CMA) has lauded government efforts to deepen Islamic Finance in Kenya, following the Presidential assent of the Finance Act 2017, confirming Kenya’s commitment to positioning itself as a regional Islamic Finance hub. The Finance Act 2017 contains a […]
Dubai: Kuwait’s Islamic financial services sector is growing rapidly, with Islamic banking emerging as the most developed component of the industry, according to a recent study by the International Monetary Fund (IMF). Kuwait’s Islamic banking industry has grown rapidly to become an important part of the domestic and global Islamic financial system. The country operates […]
S&P Global Ratings believes the Islamic finance industry will continue to expand this year, but lose some momentum in 2018. The industry’s assets reached $2 trillion at year-end 2016, slightly below our September forecast. Even though sukuk issuance accelerated in the first half of this year and will likely stay strong in the second half, […]
* Dana Gas seeking to have $700 mln sukuk declared invalid * Says Islamic finance has evolved since they were issued * Could increase perceived risk of sukuk issued in UAE * Dana seeking ruling in UAE court * Creditors would prefer English courts By Bernardo Vizcaino and Davide Barbuscia DUBAI/SYDNEY, (Reuters) – Dubai’s ambitions […]
The two largest Muslim countries in the world, Kazakhstan (largest in area) and Indonesia (largest as per Muslim population) agreed, among other things, on a close cooperation in Islamic finance and the halal industry, media representatives were told after the First Bilateral […]
Africa’s Growing Islamic Finance Footprint 1 Africa’s Growing Islamic Finance Footprint 1.1 CIBAFI Discusses Islamic Financed African Infrastructure Funding 1.2 ICD and Coris Bank International enter Agreement to establish Islamic window The use of Sukuk to fund Africa’s infrastructure needs as well as expanding Islamic Banking windows signal continued growth of African Islamic finance CIBAFI […]
The Islamic banking industry growing at a faster rate than conventional banking segment, with Islamic banking assets up more than 62 per cent year on year, according to a recent report issued by the Central Bank of Oman (CBO). Total assets held by Islamic banks and the Islamic banking windows of conventional lenders in February […]
UK Islamic Banks are expanding services to cater for London based property financing demand. QIB UK, part of the Qatar Islamic Bank group, and Al Rayan bank a UK subsidiary of Qatar based Masraf Al Rayan have both recently expanded offices and services to […]
Islamic finance is finance based on trade transactions in order to remove the basis of making money from money, often interpreted as interest. The trade transaction will typically involve an underlying asset. As such Islamic banks do not lend money, they enter into trade transactions based on leasing, partnerships and trading. Based on Article by Dr. Sami Al-Suwailem, Head, […]
North Africa’s First Islamic Treasury Bill issuance Nouakchott, 31st May 2017 – The Central Bank of Mauritania (CBM) announced the debut issuance of its new Sharia compliant instrument. Islamic banking market in Mauritania has experienced a strong growth over the last few years. The issuance of the new Islamic T-Bill marks a new chapter […]
Al Baraka Banking Group issues $400million Islamic Sukuk Al Baraka Banking Group B.S.C (“ABG”), the Bahrain-based leading Islamic banking group, announced the successful completion of its first Islamic Sukuk issue in the amount of US$ 400 million. The issue was well received in the GCC, Asian and European markets, and was five times oversubscribed, […]
The Cabinet approved during it sessions the formation of the UAE Council for Fatwa to be the sole reference for fatwa across the UAE and to ensure the alignment of all issued fatwa. The term refers to the ruling issued by Islamic scholars about an aspect of Islamic law. The Council will ensure that religious […]
