By Staff Writer, Arab News RIYADH: Al Rajhi Bank has completed the issuance of SR6.5 billion ($1.7 billion) perpetual Tier 1 sukuk bonds denominated in Saudi Riyals through a private placement in the Kingdom. The settlement of the offering will take place on Jan. 2022, the bank said in a bourse filing. A fixed return of 3.5 percent […]
By Saeed Azhar and Yousef Saba DUBAI, Jan (Reuters) – Bahrain-based Infracorp, an infrastructure fund spun out of asset manager GFH Financial Group (GFHB.BH), aims to issue around $800 million in perpetual green sukuk – Islamic bonds – in the first quarter, GFH’s chief executive said on Monday. Infracorp has hired banks to advise on the debt sale, […]
By Doyinsola Oladipo DUBAI, Jan (Reuters) – The global Islamic funds market has grown by more than 300% over the last decade to nearly reach $200 billion in assets under management, the Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) said on Wednesday. Islamic assets under management (AuM) grew 13.7% in 2020 despite the […]
ISLAMABAD: The government called upon the Federal Shariat Court (FSC) on Wednesday to exercise “judicial restraint” by leaving it to the executive and the legislature to amend laws on Riba (interest) and other financial rules in keeping with Islamic traditions. Attorney General Khalid Jawed Khan told the FSC that parliament, the executive and other organs of the […]
Islamic finance industry projected to reach $4.94 trillion in 2025 Press Release · Global Islamic finance assets rose 14% to $3.374 trillion in 2020 · Saudi Arabia’s Islamic finance assets increased by 18% to $826 billion in 2020 UNITED ARAB EMIRATES – Islamic finance industry is projected to reach $4.94 trillion in 2025 according to […]
Faisal Islamic Bank of Egypt in first place with turnover of EGP 126bn The volume of Islamic banking in Egypt increased to EGP 407bn in September 2021, an increase of 14.5% from September 2020. According to the Egyptian Association for Islamic Finance, Islamic banking currently accounts for about 5% of the Egyptian banking market. Mohamed […]
This is the second issue that Islamic Development Bank has listed on Nasdaq Dubai since the start of the year By Staff Writer, Arab News RIYADH: The Islamic Development Bank listed SR63.76 billion ($1.7 billion) worth of financial instruments on Nasdaq, the Dubai-based stock exchange. The new listing sets out the Islamic Development Bank as the largest international […]
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 […]
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 […]
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 […]
