The sukuk was 4.9 times oversubscribed with a profit rate of 6.25 percent per annum, and nearly 40 percent of investor interest coming from outside the Middle East The total value of all sukuk listed on Dubai’s exchanges has now reached $61.14 billion, the largest amount of any listing center in the world LONDON: Dubai […]
Legitimate bodies contradict this view KUWAIT CITY: The Central Bank of Kuwait is currently working on a draft law which will allow it to appoint an independent Shari’a Supervisory Board, pointing out that if the law is passed, the Central Bank’s supervisory decisions on the Islamic banking sector will be subject to this committee to […]
Birmingham based Al Rayan Bank has been heralded ‘Best Islamic Bank in the UK’ by the Islamic Finance News (IFN) Deals of the Year awards. The Bank also scooped the prestigious ‘Sukuk Deal of the Year’ and ‘UK Deal of the Year’ awards and has been shortlisted for the ‘Global Deal of the Year’ award, […]
The Bankers Association for Finance and Trade (Baft) and International Islamic Financial Market (IIFM) have released a global industry standard document for buying and selling Islamic trade-related risk. The jointly-created master participation agreement (MPA) is intended to support the growth of Islamic trade finance business. The trade finance industry already has an MPA for conventional […]
Islamic financial institutions are increasingly using blockchain technology for complex financing terms, Shariah-compliant transactions and Islamic and sharia-compliant alternatives to conventional insurance. Blockchain can assist in KYC, back-office automation, and underwriting of micro-insurance. SEVERAL ISLAMIC FINANCIAL INSTITUTIONS ARE TRYING BLOCKCHAIN Emirates Islamic was the first Islamic bank to test blockchain. It is part of the UAE’s […]
The landmark issuance was subscribed nearly 5 times with around 40% interest generated from Asian and European investors Press Release Dubai, UAE: Dubai Islamic Bank PJSC (“DIB”), rated A3 by Moody’s (stable) and A by Fitch (stable), successfully closed a USD 750 million Additional Tier 1 (AT1) Perpetual Non-Call 6yrs Sukuk with a profit rate of 6.25% […]
GCC expected to maintain volumes around $48b, a tad lower than last year’s $48.5b Dubai: Tightening liquidity conditions worldwide, high geopolitical risks in the Middle East, and challenges inherent to sukuk issuance are likely to dampen the performance of the global sukuk market this year. Despite the emerging challenges, the GCC, and the UAE in […]
The provision of housing in Pakistan has not kept up with the fast-growing population, which is 207.8 million as per the census in 2017 — a drastic increase from 132.4m in 1998. As per various estimates, annual housing demand is between 400,000 and 700,000 units. But only 100,000 to 350,000 formal housing units are constructed […]
By: Muhammad Zulfikar Rakhmat and Dikanaya Tarahita In recent years halal tourism has grown substantially and occupies an important segment of international tourism. Statistical data shows that the value of the Muslim market worldwide stood at $2.3 trillion. With an estimated growth of up to 20% per year, this global halal industry has become the fastest growing consumer segment […]
By Jeremy Wall Ripple, the company behind XRP has made yet another massive stride in adoption. One of the largest Islamic banks in the world, Kuwait Finance House (KFH), has recently announced the launch of Ripple’s instant cross-border remittance service. The bank will be using Ripple’s sophisticated blockchain technology to process international payments for their customers in Saudi Riyal (SAR) […]
