The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 400%. Subscriptions worth Bahrani Dirham (BD) 104 million ($276.5 million) were received for the BD 26 million ($69.1 million) issue, which carries a maturity of 182 days. The expected return on the […]
(MENAFN) One of the biggest housing expansion firms in Saudi Arabia called Al Ramz joined alongside Watheeq Proptech VC Fund as a shareholder to aid in growing sustainable accommodation in Saudi Arabia. The financial support invests real estate technology startups, the ones employing 3D printing, manufactured constructions, and building robots. The deal is going to […]
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 […]
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 […]
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 […]
The global benchmark rate reform is a significant regulatory driven development that also has consequences for Islamic financial transactions Press Release Manama, Kingdom of Bahrain: Islamic finance industry’s leading standard-setting body, the International Islamic Financial Market (IIFM), today announced the approval of its Shari’ah Board’s RFR implementation related Compliant Standard Structuring Solutions for Murabahah and […]
Operating on the back of an estimated $2 trillion global Islamic finance market, Shariah-compliant fintechs should be attracting more interest from investors and higher funding amounts. The giants of the field, such as Wahed Invest and Alami, may be flush with funding, but some of those down the food chain find they are scrapping for […]
The waiver has been offered in a bid to make the local bond market vibrant. The Value Added Tax (VAT) wing of the board has waived taxes on sale and purchase of assets between originator and Special Purpose Vehicle (SPV) of Sukuk. VAT applicable to rent of assets or leasing of assets between them has […]
Moody’s survey shows half of respondents expect sales of Islamic products to grow By Staff Writer, ZAWYA Asset managers in Gulf Cooperation Council (GCC) countries expect increased inflows over the next 12 months amid growing demand for Islamic and environmental, social and governance (ESG)-compliant investments, according to Moody’s 2021 survey of chief investment officers (CIOs) from […]
Demand for Islamic finance growing faster than conventional banking, says Moody’s By Staff Writer, ZAWYA Islamic banks in the Gulf Cooperation Council (GCC) region are weathering the coronavirus pandemic due to their focus on low-risk retail finance, Moody’s Investors Service said on Monday. Banks across the region have had a challenging period since the health outbreak […]