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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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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Tenets of Islamic banking that make it stand out

As the global economy experiences its first green shoots, one cannot forget the economic trauma precipitated by the global financial crisis of 2007-2008, one of the worst in living memory. Following the crisis, many economists revisited the question of whether the seeds of the recurrent crises lie in systemic flaws in the financial system. A […]

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Afghanistan approves first full-fledged Islamic bank

(Reuters) – Afghanistan’s central bank has granted a license to the Islamic Bank of Afghanistan (IBA), the first lender in the country to apply the interest-free principles of Islamic finance in all its operations, a senior bank official told Reuters. The IBA was previously known as Bakhtar Bank and operated under a conventional banking license […]

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Millennials to drive the future of Islamic finance

The Islamic banking and finance industry has been growing at a rapid rate over the last decade – around twice the pace of its conventional counterpart – with the number and geographic reach of these institutions increasing exponentially. The industry’s assets stood at $2trn in 2015 and are expected to top $3.5trn by 2021 according […]

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POLICY FRAMEWORK AT THE HEART OF GROWTH

The success and continuous growth of any industry depends on how fast it can develop the ecosystem required to make it more inclusive and accessible The Islamic finance ecosystem includes appropriate legal and regulatory frameworks that recognise an intrinsic approach, allowing it to operate efficiently in a diversified financial system. In addition, it includes adequate […]

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