Sukuk issuance in Q4 to be ‘strong’ but geopolitics may dampen sentiment: Fitch

GCC banks are among key sukuk investors and issuers, says the ratings agency Staff Writer, ZAWYA October, 2023 Sukuk issuances are expected to be higher in Q4 2023 quarter-on-quarter, although regional geopolitical volatilities may impact sentiment and appetite towards sukuk and bonds in emerging markets and the Middle East, Fitch Ratings said in a recent report. “We expect […]

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Islamic finance has potential to offer unique, sustainable approach to finance

According to the latest statistics the Islamic financial industry is almost $4trln in total assets in 2021 Staff Writer, The Peninsula October, 2023 Doha, Qatar: The Islamic finance sector is undergoing rapid expansion. With its steadfast commitment to ethical and moral principles, Islamic finance has the potential to offer a unique and sustainable approach to finance, contributing to […]

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Saudi Arabia’s PIF wealth fund hires banks for debut sukuk – document

The $778bln Public Investment Fund mandated Citi, HSBC, JPMorgan and Standard Chartered Bank as global joint coordinators to organise a series of investor calls starting on Monday Hadeel Al Sayegh and Shamsuddin Mohd, Reuters News October, 2023 Saudi Arabia’s sovereign wealth fund has mandated banks to arrange its first dollar-denominated Islamic bond issue, a document showed on Monday. The […]

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Saudi, Kuwait to drive 10% annual growth of $3trln Islamic finance industry in 2023, 2024

Global sukuk issuances set to reach $160-$170 bln this year, S&P Global Ratings said in a report Staff Writer, ZAWYA October, 2023 The $3 trillion Islamic finance industry is expected to expand by around 10% per year in 2023-2024, similar to 2022, S&P Global Ratings said in a new report. Countries in the Gulf Cooperation Council (GCC), mainly Saudi […]

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Global sukuk issuance to drop in 2023 as GCC economies thrive

Staff Writer, ZAWYA, September, 2023 Global sukuk issuance will decline for the third consecutive year to between $150 billion and $160 billion in 2023, from $178 billion last year, as key GCC sovereign issuers are witnessing stronger fiscal positions, according to a new report by Moody’s Investors Service. The decline will be driven by lower volumes from key […]

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Uganda to allow financial institutions to sell Islamic banking products

Staff Writer, ZAWYA, September, 2023 Uganda will start licensing financial institutions, which want to offer Islamic banking products, a senior official with the country’s central bank said. “We will be licensing financial institutions that want to offer Islamic banking products. A few were awaiting enactment of the law,” The Monitor newspaper reported, quoting Adam Mugume, Bank of […]

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Oman’s Islamic banking assets grew by 12.6% year-on-year

In terms of market share, Oman’s Islamic banking assets now constitute 17.2% of the total banking sector assets as of the end of June Hubert, Muscat Daily, 2023 Muscat – Oman’s Islamic banking sector is experiencing robust growth this year, driven by strong demand for Shariah-compliant products and supportive regulations. The total assets of the sultanate’s […]

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ESX plans to develop Shariah-compliant capital market products

By Samuel Bogale Management of the newly established Ethiopian Securities Exchange (ESX) is eyeing the abundant resources in the Islamic finance sector for the development of Shariah-compliant capital market products. Planning to introduce various financial instruments that comply with Shariah law, the executives of the ESX said they will work to “integrate Islamic finance principles […]

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Uganda passes Islamic banking law

By Ben Margulies The Ugandan parliament passed legislation on June 27 to authorise Islamic banking in the country. The law now goes to the president for assent. The parliament also passed legislation amending tax laws to accommodate Islamic finance activities. The speaker of parliament, Anita Among, said MPs, including herself, had faced pressure not to […]

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IsDB and Indonesia Collaborate to Advance Islamic Finance Ecosystem

Jeddah, Kingdom of Saudi Arabia, August 2023 –In a bid to strengthen collaboration and fortify the Islamic finance industry, H.E. Dr. Zamir Iqbal, Vice President of Finance & CFO of the Islamic Development Bank (IsDB), welcomed a delegation from Indonesia at the IsDB Headquarters today. Leading the Indonesian delegation was H.E. Dr. Juda Agung, Deputy Governor […]

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