IFSB to tighten Islamic finance guidance

Islamic finance is now of significant size to be considered systemically important in over a dozen countries The Islamic Financial Services Board (IFSB) will expand its guidance for national regulators after the International Monetary Fund (IMF) adopted its standard for Islamic banking, hastening efforts to harmonise business practices, according to Reuters. Last week the IMF said […]

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Global sukuk issuances surge 44% to $30bln in Q1

The upswing is attributable to a boost from Saudi Arabia By Waheed Abbas, Khaleej Times A total of $12 billion (Dh44 billion) worth of sukuk (Islamic bonds) was issued in March 2018, which brought global sukuk issuance to $30 billion (Dh110 billion) in the first quarter of 2018 – a 44.4 per cent surge from $20.8 […]

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Oman Arab Bank, Alizz Islamic explore merger

Oman Arab Bank, Alizz Islamic explore merger Oman Arab Bank, a unit of Omnivest OMVS.OM, and Alizz Islamic Bank BKIZ.OM are exploring a merger, joining an increase trend among Gulf banks to consolidate. Alizz Islamic, with its $200 million market capitalisation, said its board has agreed to proceed and explore this opportunity with Oman Arab […]

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Muslims demand Islamic banking

Islamic banking principles prohibit interest paid on all loans of money and investment in businesses that provide goods or services considered contrary to Islamic principles. AMAPALA – Members of the Muslim community have asked the Government to speed up the process of providing regulations for Islamic banking which does not permit the pursuit of profits.  Speaker […]

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Kuwait Finance House sets up $3 bln sukuk programme

Kuwait Finance House (KFH), the country’s second biggest lender by assets, has established a $3 billion Islamic bonds programme that would mark its largest foray into the market for sukuk. KFH will issue the certificates via a special purpose vehicle incorporated in the Dubai International Financial Centre (DIFC), a state-owned free zone, according to the […]

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Sukuk securitisation deals offer financing options to market participants

Islamic banks stand to benefit greatly from their new-found ability to incorporate Shari’ah-compliant financing in securitisations   By Staff Writer, CPI Financial Shari’ah-compliant financing will open up markets beyond their core Islamic base and offers a less expensive funding option, according to Moody’s Investors Service. “Raising debt secured on mortgages provides Islamic banks with a cheaper […]

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Islamic finance body AAOIFI issues standard for agency contracts

May (Reuters) – The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued its first standard covering wakala, or investment agency contracts, in a bid to harmonise practices for the widely used structure. The guidance issued late on Wednesday from Bahrain-based AAOIFI, one of the main standard-setting bodies in Islamic finance, aims to […]

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Non-Muslims too can benefit from Kenya’s Islamic banking

Today, we are witnessing an emergent Islamic finance industry with global assets of over $2 trillion and growing at around 10 per cent per annum, taking hold in leading international markets. There is also a thriving Islamic capital market with issuances of Shariah-compliant asset-based securities (Sukuk) reaching to $98 billion in 2017. With these recent […]

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