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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Pakistan has better regulatory framework for Islamic Banking

KARACHI (Dunya News) – The Islamic Banking Industry of Pakistan, in collaboration with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and contribution of Mufti Muhammad Taqi Usmani, launched Urdu version of the Book ‘Sharaie Mayaarat’. Renowned leaders from Pakistan’s financial sector spoke on the occasion. State Bank of Pakistan Governor Tariq Bajwa was […]

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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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Lawmaker hopeful Senate will pass bill on Islamic banks

By Charissa Luci-Atienza  The chairman of the House Committee on Banks and Financial Intermediaries is hoping for the smooth passage in the Senate of the bill providing for the regulation and organization of Islamic banks to attract better investments for the country. Leyte Rep.  Henry Ong said he is counting on the Upper Chamber to […]

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