How Islamic finance can build resilience to climate change

In arid and semi-arid lands (ASALs), extreme weather manifestations such as droughts caused by prolonged dry spells, among other climate stressors, put ASALs at risk and intensify conflicts. Worsening climate change impacts such as extreme rainfall fluctuations and temperatures are having a negative impact on agricultural food production, livestock value chains and livelihoods. To tackle Sustainable Development […]

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Moody’s: Digitisation and regulatory support drive growth of Islamic finance in Malaysia, Indonesia

SINGAPORE, July 1 — Digitisation, along with continued government commitment to develop Islamic banking, will support the growth of the sector in both Malaysia and Indonesia, according to Moody’s Investors Service. “Backed by strong profitability, Islamic banks in both Malaysia and Indonesia are stepping up their investments in digitisation, which should help the industry expand […]

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Fintech to help Oman’s Islamic banking unlock new growth opportunities

Oman’s Islamic banking assets are ranked 13th largest in the world By Gulam Ali Khan, Muscat Daily Muscat- Financial technologies, commonly known as Fintech, can enable Oman’s Islamic banking institutions to rapidly expand their outreach, boost efficiencies and uncloak new growth opportunities. The rise of Fintech is helping Oman’s economy and Islamic banking sector to be […]

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BSP to hasten Islamic banking rules

By Lee C. Chipongian The Bangko Sentral ng Pilipinas (BSP) will fast-track the issuance of regulations and rules for the development of Islamic finance in the country as soon as President Duterte approves and signs the Islamic Banking Law. BSP Governor Benjamin E. Diokno has identified the implementation of the Islamic Banking Law as one […]

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Islamic finance industry to sustain growth in 2020

JEDDAH — The Islamic finance industry will continue to grow slowly in 2019-2020, S&P Global Ratings said in a new report Monday. The industry expanded by about 2% in 2018 compared with 10% the previous year, according to S&P Global estimates, with strong support from the sukuk market. In 2017, most of the growth stemmed from […]

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ICD seeks to increase Central Asian participation in Islamic finance through developing local SMEs, says company chair

BY AIDANA YERGALIYEVA NUR-SULTAN – Islamic Corporation for the Development of the Private Sector (ICD) seeks to advance the private sector in Central Asia through funding agricultural and transport infrastructure projects, thus hoping to include them in the Islamic Finance market, ICD CEO and General Manager Ayman Sejiny told The Astana Times. Founded in November […]

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UAE and Luxembourg plan to boost economic ties

The UAE, considered the capital of the Islamic economy, seeks to strengthen its economic and trade ties with the Duchy of Luxembourg as well to enhance cooperation in Islamic banking. BY KUDAKWASHE MUZORIWA The UAE’s Minister of State for Financial Affairs, Obaid Humaid Al Tayer, held a meeting with his Luxembourg counterpart Pierre Gramegna, who is […]

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FCI creates new chapter to promote Islamic factoring

FCI, the global body representing factoring and receivables finance companies, is creating a new Islamic factoring chapter within its network. The aim is to “increase financing opportunities for SMEs via Islamic factoring”, FCI says. The association has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) – a member of the Islamic Development […]

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College launches degrees in Islamic finance

A Scottish college is offering Masters degree programmes on Islamic finance. Dundee’s Al-Maktoum College of Higher Education is collaborating with the University of Dundee to offer qualifications in MSc Islamic Finance, MSc Islamic Banking and Finance and MSc Islamic Banking, Finance and International Business. Islamic Finance is based on Shariah law that prohibits charging or […]

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