International law firm Trowers & Hamlins advised its longstanding client Sohar Islamic, Sohar International Bank SAOG (Sohar International) – one of the leading investment banks in Oman – on its role as the sole dealer and issue manager, on the establishment by Takaful Oman Insurance SAOG’s (Takaful Oman) of its debut Sukuk Al Mudaraba Trust […]
Department to focus on raising awareness of growing field of participation finance Aysu Bicer ANKARA The Turkish presidency is setting up an office to deal with the growing sector of participation finance, according to an official notice published Monday. The department within the Presidential Finance Office will focus on raising awareness of participation finance and […]
Translator: Dewi Elvia Muthiariny, Editor: Petir Garda Bhwana TEMPO.CO, Jakarta – The Religious Affairs Ministry responded to various public questions regarding the National Cash Waqf Movement (GNWU), particularly on the use of collected waqf funds. The GNWU was launched by President Joko “Jokowi” Widodo on Monday, January 21, 2021. The ministry’s Director-General for Islamic Affairs, Kamaruddin Amin, emphasized that the management […]
Islamic finance took a hit in 2020 but is preparing for the next surge of growth through innovation, standardization, and M&A activity. Author: CHLOE DOMAT The Islamic finance industry slowed down significantly in 2020 after experiencing a very strong 13% growth rate in 2019. Islamic financial institutions spent most of the year coping with the dual shocks […]
NUR-SULTAN – The global Islamic financial market is growing and has reached US$2.1 trillion at the beginning of 2019, expanding by 5 percent over the year, according to the S&P Global Ratings agency’s Islamic Finance Outlook report. There were 418 commercial Islamic banks in the world in 2018. In Kazakhstan, Islamic finance is a relatively […]
KARACHI: The government raised more than Rs760 billion from the domestic sukuk market with Islamic banks still having enough liquidity to fill in the fiscal gap, The News learnt on Wednesday. Issuance of the government of Pakistan Ijara sukuk based on variable and fixed rental rates amounted to Rs561 billion last year. Two hundred billion […]
BY HASSAN JIVRAJ LONDON – A UK-based boutique fixed income structuring house is set to launch next month Islamic liquidity management products to boost the shortage of solutions to the sector, particularly in non-Islamic jurisdictions. “Currently there are few options for Islamic liquidity management solutions in British pounds or in Euros,’” said Scott Levy, CEO of Bedford […]
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the availability of all sets of its standards online free of charge. In the past, the AAOIFI Shari’ah standards were available online for free in English and Arabic. However, recently the Executive Committee of AAOIFI has accepted the proposal to make all standards including […]
Malaysia, Indonesia, Bahrain, UAE and Saudi Arabia ranked as the top five developed countries globally in Islamic Finance; Indonesia jumped to second place in IFDI ranking backed by government knowledge initiatives; Islamic finance assets increased 14 percent to US$ 2.88 trillion in 2019, the highest recorded growth for the industry since the global financial crisis. Global Islamic Finance assets […]
BY BIZBAHRAIN Published Jan,2021 via bizbahrain – 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 477%. Subscriptions worth BD 124 million were received for the BD 26 million issue, which carries a maturity of 182 days. The expected return on the issue, […]
While addressing the parliament, President Shavkat Mirziyoyev said that it is high time to introduce Islamic financial services in Uzbekistan. “It is time to create a legal framework for the introduction of Islamic financial services in our country. Experts from the Islamic Development Bank and other international financial institutions will be involved in implementing a […]
BY NDUKA CHIEJINA (ASSISTANT EDITOR) ia The Nation – The Central Bank of Nigeria (CBN) says it will charge protection fees from investors in its Non-Interest Asset Backed Securities. One of the features of the CBN Non-Interest Asset Backed Securities (CNI-ABS), contained in a draft framework issued recently by the Apex bank on Non-Interest Asset Backed Securities, […]
