Tech shaping future of Islamic banking, disrupting Shariah-compliant finance industry ecosystem – study

The digital revolution is beginning to transform the Islamic banking sector, as seen by the launches of several digital-only Islamic banks. Tech is also disrupting the way the rest of the Islamic finance ecosystem operates, according to the Islamic Finance Development 2018 report. The report can be downloaded HERE. The Islamic Finance Development Report 2018 shows that the global Islamic […]

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Brunei achieves Islamic finance excellence with top 10 ranking

BRUNEI Darussalam remains in the top 10 best performing Islamic finance markets out of 131 countries as published in the Thomson Reuters Islamic Finance Development Report 2018 recently. The report, which takes into account data accumulated in 2017, revealed that Brunei’s score in the Islamic Finance Development Indicator (IFDI) increased from 47 to 50 – thus ranking […]

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Interest In Islamic Banking ‘Growing In Afghanistan

Bank officials said they are prepared to offer Islamic banking services to the people. Officials from Kabul-based banks – which provide Islamic banking services – said the number of their customers who are willing to be provided Islamic banking services is growing and that this makes them optimistic to further develop the sector in Afghanistan. […]

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Islamic banking should improve risk management practices

KARACHI: Despite being asset-backed, Islamic finance is still not immunised from risks associated with deficiencies in due diligence, inadequate buffers, lack of transparency and weak risk management practices. While addressing the book launching ceremony of Shariah Standards on Wednesday, SBP Governor Tariq Bajwa talked about the risks the Islamic banking industry needs to tackle. “Effective […]

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Uganda has no Islamic banking three years on

In Summary Uganda is yet to register a single application from lenders in this segment of the business. Regulations were ready for an October launch but there are still no takers to rival neighbours Kenya and Tanzania. Kenya and Tanzania have for years had a number of banks that are Sharia-compliant, giving product options to […]

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Saudi Arabia’s ICD to introduce blockchain-based Islamic banking solutions

Islamic Corporation for the Development of the Private Sector’s agreement with Tunisia-based I-FinTech Solutions will focus on developing products designed to solve liquidity issues The Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) has penned an agreement with a Tunis-based fintech company to develop blockchain solutions for Islamic banks, it has been […]

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IFAAS and Mercy Corps join hands to promote financial inclusion in Ethiopia

Ethiopia is one of the top-five recipients of UK-aid, according to DFID’s own sources. Press Release International consultancy IFAAS (Islamic Finance Advisory & Assurance Services – www.ifaas.com ) and Mercy Corps (MC), a global non-governmental, humanitarian aid organisation, are working together to unlock the potential of Islamic finance (hereon also referred to as ‘interest-free finance’) to address the […]

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