Oman’s plan to introduce Islamic money market instruments is positive for sector

Moody’s says move will also diversify Islamic lenders’ assets Staff Writer, ZAWYA, 2022   Oman’s plan to introduce Islamic money market instruments will support the growth of the Islamic sector and diversify lenders’ assets, according to Moody’s. Last week, the Central Bank of Oman (CBO) announced progress of the planned introduction of Shariah-compliant money market instruments. […]

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State Bank of Pakistan adopts additional four new AAOIFI Shari’ah standards

This makes the total number of standards adopted by SBP 20 Press Release, 2022   Manama, Kingdom of Bahrain: Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is pleased to learn that the State Bank of Pakistan has adopted four additional AAOIFI Shari’ah standards. These standards include Shari’ah standard (SS) No. 10 – Salam and […]

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Tadawul launches first Shariah-compliant index

The step comes in line with growing demand and interest from local and international investors for Shariah-compliant investment tools Staff Writer, Mubasher, 2022 SAUDI ARABIAMARKETSMIDDLE EASTISLAMIC FINANCEEQUITIES Riyadh – The Saudi Exchange (Tadawul) has launched its first Shariah-compliant index, the TASI Islamic Index, to track the performance of the listed Shariah-compliant companies. This step comes in line with […]

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The IILM successfully reissues USD 600mln short-term Sukuk; second issuance

Today’s Ṣukūk reissuance marks the IILM’s second Ṣukūk auction for 2022 Press Release- SUKUK   Kuala Lumpur, Malaysia: The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of USD 600 million short-term “A-1” rated Ṣukūk across two different tenors of three and six-month respectively. The two series were priced competitively at: 1.68% for USD 240 million for […]

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Senegal issues $541mln Islamic sukuk

The bond was sold in three tranches of seven years, ten years and 15 years Nellie Peyton, Reuters News, 2022 DAKAR  – Senegal has issued a sukuk, or Islamic bond, worth 330 billion CFA francs ($541 million) to finance the acquisition of government buildings and other projects, a branch of the Islamic Development Bank Group said […]

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CBB Sukuk Al-Ijara oversubscribed

Subscriptions worth BD 32.8 million were received for the BD 26 million issue Press Release, 2022 Manama, Bahrain – 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 126%. Subscriptions worth BD 32.8 million were received for the BD 26 million […]

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Responding to inequality: The role of OIC nations and Islamic finance

Redistributive mechanisms in Islamic social finance are an increasingly prominent part of the quest for a more equitable distribution of wealth across all strata of society, especially in OIC countries Tayyab Ahmed, ZAWYA 2022 Inequality across and within countries has grown. According to the UN’s World Social Report 2020, over 70% of the world’s population lives […]

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Egypt to issue first sovereign sukuk soon

Staff Writer, Arab Finance June, 2022 Egypt is seeking to attract new segments of local and foreign investors who are interested in investing as per sharia law The Egyptian government is considering the issuance of the first sovereign sukuk over the coming period, Minister of Finance Mohamed Maait said on the sidelines of the Islamic Development […]

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