UAE approves issuance of a trial license for fractional sukuk project: Dubai Media Office

Fractional sukuk use technology to digitally divide a sukuk into small portions that can be sold to retail investors By Moataz Abdelrahiem, Reuters News CAIRO: The United Arab Emirates approved on Tuesday the issuance of a trial license for a fractional sukuk project under the supervision of the market authority, the Dubai media office said. Fractional […]

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New strategy to boost Oman’s Islamic banking sector

CBO is aiming for Islamic finance to be the key contributor to the national development agenda By Conrad Prabhu, Oman Daily Observer The Central Bank of Oman (CBO) has announced that it is developing a strategy to align the robust growth of the Islamic banking sector with the country’s national growth objectives. CBO Executive President Tahir […]

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Turkey: Regulator outlines local model of takaful

The Insurance and Private Pension Regulatory and Supervisory Agency (SEDDK) has published the “Definition of the Turkish Model within the Framework of Participation-Based Insurance Activities”. Under it, the minimum requirements to be met for takaful include: Establishment of an advisory committee, Not guaranteeing issues and risks that violate religious tenets, and Management of financial assets […]

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Dubai regulator DFSA issues new framework for investment tokens

New regulation applies to persons, entities dealing in or advising on investment tokens By Staff Writer, ZAWYA The use of investment tokens will now be regulated in Dubai, according to an announcement by the Dubai Financial Services Authority (DFSA). The authority, which oversees financial services in the Dubai International Financial Centre (DIFC), announced on Monday the […]

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Turkey’s interest-free finance system eyes 15% market share

Turkey’s Islamic finance and banking sector, or participation banking as it is widely known in the country, has achieved growth above conventional banks and could reach a market share of 15% by 2025, according to sector representatives, who expect Istanbul Finance Center (IFC) to make a significant contribution to the interest-free finance system. Ikram Göktaş, […]

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SEDCO, Lombard Odier launch ESG-focused sharia-compliant fund

DUBAI,  (Reuters) – Saudi Arabia’s financial firm SEDCO Capital and Switzerland’s Lombard Odier have launched an ESG-focused sharia-compliant fund to invest in developed market equities, they said on Wednesday. Global investors are increasingly driven by environmental, social and governance-related (ESG) factors, seen by the $2.2 trillion Islamic finance industry as complementary to sharia principles on […]

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Saudi’s Al Kathiri Holding plans $133mln Islamic bond

Proceeds to meet company’s strategic, financial objectives By Staff Writer, ZAWYA Saudi Arabia-listed building materials firm Al Kathiri Holding announced on Tuesday that it is looking to issue a Saudi riyal-denominated Islamic bond. Proceeds from the sukuk issuance, valued at 500 million riyals ($133.3 million), will be used for the company’s “general corporate purposes” and to meet its […]

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Sovereign sukuk issuances will help develop Islamic banking in Africa

Low levels of savings, limited awareness are constraints in growth, says Moody’s By Staff Writer, ZAWYA Despite being home to a large Muslim population, Islamic banking has made little headway in Africa. However, the continent’s need for development finance could lead to more sovereign sukuks being issued, Moody’s Investor Service said in a new report. Africa […]

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