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 […]
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 […]
Golden Coast Company, affiliated to Golden Pyramids Plaza, considers issuing green sukuk worth EGP 8bn to finance its project in Soma Bay in the Red Sea, sources told Daily News Egypt. It would be the first green sukuk issuance in Egypt. The first issuance of sukuk in the Egyptian market was in favor of Talaat […]
KUALA LUMPUR: The way forward for the Islamic capital market (ICM) in Malaysia is to consider introducing an Islamic social exchange in the near future to strengthen environmental, social and governance (ESG) programmes, especially to support the poor and the needy, said Securities Commission Malaysia (SC) chairman Datuk Seri Awang Adek Hussin. He said ICM […]
The Islamic Development Bank (IsDB) Group saw the signing of 77 financing agreements worth $5.4 billion for 24 member countries during its annual meeting in the Saudi port city of Jeddah, its chairperson said Saturday. The four-day event, starting on Wednesday, hosted dozens of agreements, panels, summits, and business-to-business meetings with the high-level participation of […]
Initial price guidance for the sukuk was given at 185 basis points over US Treasuries, the document said, and pricing is expected later on Wednesday By Rachna Uppal, Reuters News May, 2023 DUBAI – Aldar Investment Properties, a unit of Abu Dhabi’s largest developer Aldar Properties , launched a $500 million 10-year debut green Islamic bond, […]
KUALA LUMPUR: Moody’s Investors Service (Moody’s) expects strong Islamic finance growth in Malaysia to continue over the next 12 to 18 months supported by more government initiatives and digital banking. Financial institutions group analyst Chong Jun Wong said similar to other key Islamic markets, the growth of Islamic banks in Malaysia has actually outpaced the […]
By: HANNAH GANNAGE-STEWART, INDUSTRY NEWS Islamic finance professionals expect the sector to move rapidly towards greater use of open banking over the next three years, according to new research. The study, by IslamicMarkets.com, found that 90 per cent of Islamic finance professionals believe the adoption of open banking by financial institutions, governments, fintechs and other […]
Written by Yousef Saba for Reuters -> DUBAI, April (Reuters) – Bahrain has hired a group of banks to arrange investor calls ahead of a planned sale of U.S. dollar-denominated bonds comprising a tranche of Islamic bonds as well as conventional notes, a bank document showed on Wednesday. Bank ABC, Citi, First Abu Dhabi Bank, HSBC, JPMorgan, National Bank […]
The five-year sukuk which was priced at a reoffer yield of 4.774% generated strong demand, attracting orders of over $3.75bln Binsal Abdulkader and Rola AlGhoul, WAM (Emirates News Agency) DUBAI – Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest Islamic bank by assets and market capitalisation. […]
March saw six interest rate hikes across eight meetings by central banks overseeing the 10 most heavily traded currencies Karin Strohecker and Vincent Flasseur, Reuters News April, 2023 LONDON – The pace of interest rate hikes by major developed and emerging market central banks continued at a healthy clip in March though the scale of rises […]
National Bonds outstanding growth in 2022 included both individuals and institutions, as well as remarkable returns given to the bondholders Tariq Al Fahaam, WAM (Emirates News Agency) DUBAI: National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment portfolio of AED 13.7bn ($3.7 billion) in 2022, higher by 15% […]
