Islamic bankers are developing innovations and workarounds that enable them to bring Shariah-compliant services into the digital age.

The strict rules against charging interest and investments deemed contrary to Shariah law earn Islamic finance an understandable reputation for conservatism. But a wider-angle view reveals a different reality. With a youthful, globalized and digitally savvy audience, Islamic financial institutions are rapidly embracing some of the biggest trends in the banking world, notably digital and […]

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Gatehouse Bank launches five-year home finance deal: how do Islamic ‘mortgages’ work?

Could Gatehouse Bank’s new ‘Home Purchase Plan’ help you secure a home? Gatehouse Bank has launched its longest fixed-rate deal for aspiring home buyers, becoming the latest Islamic bank to offer a five-year home finance option. So, what is the new Gatehouse mortgage alternative and how do these deals work? Islamic financial principles prevent you […]

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Islamic finance ‘key to Saudi Arabia’s economy’

The fourth session focused on the role of research and education institutes in raising awareness about the Islamic financial industry’s services RIYADH: The Islamic finance industry’s role in stimulating the national economy was highlighted at a Riyadh workshop organized by the Saudi Arabian Monetary Authority (SAMA). Turki Al-Mutairi, SAMA deputy governor for research and international […]

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Fintech to help Qatar become Islamic finance hub

Fintech can enable Islamic finance to attract more customers, increase efficiency, reduce costs and offer a wider range of products, helping the sector become more competitive against conventional finance, according to the Qatar Financial Center (QFC). The Islamic banking and finance industry currently reaches about 100mn customers worldwide while the potential market is six times […]

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Securities Commission Malaysia: SRI Sukuk Broadens Investor Base that Participate in SDGs

Malaysia has been pioneering the sustainable Islamic finance market well before the country’s 2014 launch of the Sustainable and Responsible investment (SRI) Sukuk framework. Zainal Izlan Zainal Abidin, Deputy Chief Executive of Malaysia’s Securities Commission, says the country needs to build on the seven SRI sukuk issued to date and pull more borrowers from the […]

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Islamic Finance Centre opens in Kazakhstan

Hamad Bin Khalifa University (HBKU), Al-Farabi Kazakh National University, and Astana International Financial Centre (AIFC) have opened an Islamic Finance Centre (IFC) in Kazakhstan. Gulf Times reports in its article Islamic Finance Centre opens in Kazakhstan that HBKU president Dr Ahmad M Hasnah attended the opening of the IFC at Al-Farabi Kazakh National University in Almaty, Kazakhstan, along with […]

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Indonesia To Unveil Sharia Economic Master Plan

By Ami Afriatni Indonesia will aim to push interest-free Islamic banking into the mainstream and boost domestic production of halal (permissible) foods, products and services when the world’s most populous Muslim-majority country unveils its first Sharia economic master plan on Tuesday, a government official said. The plan outlines efforts to grow Islamic economic sectors such as finance, […]

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Emirates Islamic, Sheikh Zayed Housing Programme to offer UAE nationals home finance solutions

Strengthens position as preferred bank for UAE Nationals Press Release Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced a partnership with the Sheikh Zayed Housing Programme. Enhancing its position as the preferred bank for UAE Nationals, Emirates Islamic will provide home finance solutions to the beneficiaries of projects built and delivered by […]

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The UK can be a world leader in Islamic finance

Amir Firdaus, chief financial officer, Al Rayan Bank MAY 2019 It is believed that more than 80pc of all fixed-term deposit customers of Al Rayan bank are not of the Muslim faith Islamic finance is reinforcing the UK’s position as a global financial hub, says Amir Firdaus, chief financial officer of the UK’s oldest and […]

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