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12 Dec

Doha: Qatar Islamic Bank (QIB) becomes a lead sponsor of the Euromoney Qatar Conference 2019. The 8th edition of the finance and investment conference will be held on the 8th and 9th of December 2019. 

This year’s Euromoney Qatar Conference will focus on how the resourceful and capital-rich Qatari economy is transforming it's already sizeable role in the global economy to meet the new demands of 21st-century business and finance.

Delegates will hear from Qatari ministers, financial and business leaders, in addition to industry practitioners,…

Doha: Qatar Islamic Bank (QIB) becomes a lead sponsor of the Euromoney Qatar Conference 2019. The 8th edition of the finance and investment conference will be held on the 8th and 9th of December 2019. 

This year’s Euromoney Qatar Conference will focus on how the resourceful and capital-rich Qatari economy is transforming it's already sizeable role in the global economy to meet the new demands of 21st-century business and finance.

Delegates will hear from Qatari ministers, financial and business leaders, in addition to industry practitioners,…

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12 Dec

Dubai Islamic Bank has successfully closed a $750 million five-year Sukuk, its second foray into the international capital markets in 2019.

The deal was priced intraday after completing a global roadshow in Hong Kong and London, as well as several investor calls, the bank said in a statement.

It added that the roadshow resulted in significant demand from Middle Eastern, Asian and European investors, with an order book that closed in excess of $2 billion, representing an oversubscription rate of 2.7 times.

Dr. Adnan Chilwan, Group CEO of the bank, said: “The success…

Dubai Islamic Bank has successfully closed a $750 million five-year Sukuk, its second foray into the international capital markets in 2019.

The deal was priced intraday after completing a global roadshow in Hong Kong and London, as well as several investor calls, the bank said in a statement.

It added that the roadshow resulted in significant demand from Middle Eastern, Asian and European investors, with an order book that closed in excess of $2 billion, representing an oversubscription rate of 2.7 times.

Dr. Adnan Chilwan, Group CEO of the bank, said: “The success…

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12 Dec

A top Malaysian businesswoman has expressed high hopes from the Istanbul Finance Center, an upcoming project that will add to the growing dominance of Turkey's commercial capital. 

The project, expected to be completed by early 2022, will serve as a global hub for financial systems and non-banking financial methods including Islamic finance.

Farah Jaafar-Crossby, CEO of Malaysia's Labuan International Business and Financial Center, told Anadolu Agency in an interview that the Istanbul center could be a role model for Islamic finance because…

A top Malaysian businesswoman has expressed high hopes from the Istanbul Finance Center, an upcoming project that will add to the growing dominance of Turkey's commercial capital. 

The project, expected to be completed by early 2022, will serve as a global hub for financial systems and non-banking financial methods including Islamic finance.

Farah Jaafar-Crossby, CEO of Malaysia's Labuan International Business and Financial Center, told Anadolu Agency in an interview that the Istanbul center could be a role model for Islamic finance because…

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12 Dec

Turkey, Qatar, Malaysia are poised to lead the Islamic finance industry in the coming years, the CEO of Qatar Financial Center said recently.

Speaking to Anadolu Agency in an exclusive interview, the CEO of Qatar Financial Centre Yousuf Al-Jaida said Malaysia could act as a gateway for Islamic finance into Asia, with Turkey into Europe and Qatar The Middle East and Africa.

He stressed that Malaysia was ready with its legal framework to facilitate the sector, as well as such products as Sukuk -- a non-interest-bearing note. Qatar and Turkey…

Turkey, Qatar, Malaysia are poised to lead the Islamic finance industry in the coming years, the CEO of Qatar Financial Center said recently.

Speaking to Anadolu Agency in an exclusive interview, the CEO of Qatar Financial Centre Yousuf Al-Jaida said Malaysia could act as a gateway for Islamic finance into Asia, with Turkey into Europe and Qatar The Middle East and Africa.

He stressed that Malaysia was ready with its legal framework to facilitate the sector, as well as such products as Sukuk -- a non-interest-bearing note. Qatar and Turkey…

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12 Dec

Bank Nizwa, Oman’s fastest-growing Islamic bank continues to excel in providing excellent customer service. The bank received two awards in this year’s edition of the Islamic Retail Banking Awards (IRBA) 2019. including the Strongest Islamic Retail Bank in Oman 2019, an accolade the bank scoops for the fifth year in a row, and the IRBA Best Branch Experience 2019, recognizing its focus on putting customers first and offering tailored Shari’a-compliant services that meet their evolving banking requirements.

The awards are organized annually by the UK…

Bank Nizwa, Oman’s fastest-growing Islamic bank continues to excel in providing excellent customer service. The bank received two awards in this year’s edition of the Islamic Retail Banking Awards (IRBA) 2019. including the Strongest Islamic Retail Bank in Oman 2019, an accolade the bank scoops for the fifth year in a row, and the IRBA Best Branch Experience 2019, recognizing its focus on putting customers first and offering tailored Shari’a-compliant services that meet their evolving banking requirements.

The awards are organized annually by the UK…

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12 Dec

According to the State of the Islamic Economy Report 2018/19, Malaysia has retained its status of the leader in the Islamic economy ecosystem for five consecutive years since 2013. Thomson Reuters ranked Malaysia as the most developed Islamic finance market in the world based on Islamic Finance Development Indicator (IFDI) values.

In addition to Malaysia’s impressive performance as the front-runner in the commercial sector of Islamic finance in the past four decades, perhaps it is time for the country to gear itself up to also lead the revitalization of…

According to the State of the Islamic Economy Report 2018/19, Malaysia has retained its status of the leader in the Islamic economy ecosystem for five consecutive years since 2013. Thomson Reuters ranked Malaysia as the most developed Islamic finance market in the world based on Islamic Finance Development Indicator (IFDI) values.

In addition to Malaysia’s impressive performance as the front-runner in the commercial sector of Islamic finance in the past four decades, perhaps it is time for the country to gear itself up to also lead the revitalization of…

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11 Nov

Senior Director and Head of Treasury and Financial Institutions of the African Finance Corporation, (AFC), Mr. Banji Fehintola,  has said that standardization and increased awareness are part of key elements that will facilitate the growth of  Islamic finance industry in Nigeria. He stated this on a Proshare WebTV program, “Islamic Finance Weekly.”

According to him, from a global perspective, Islamic finance still suffers from standardization problems preventing it from issuing conventional Eurobonds. He also noted that the…

Senior Director and Head of Treasury and Financial Institutions of the African Finance Corporation, (AFC), Mr. Banji Fehintola,  has said that standardization and increased awareness are part of key elements that will facilitate the growth of  Islamic finance industry in Nigeria. He stated this on a Proshare WebTV program, “Islamic Finance Weekly.”

According to him, from a global perspective, Islamic finance still suffers from standardization problems preventing it from issuing conventional Eurobonds. He also noted that the…

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11 Nov

Malaysian Islamic Banks Must Follow Maqasid Syariah Principles, said Anwar Ibrahim, former deputy prime minister of Malaysia.

SEPANG (Nov 19): Malaysian Islamic banks must fulfill the principle of Maqasid Syariah in their operations to develop a vibrant banking system and save the economy, said Member of Parliament, Datuk Seri Anwar Ibrahim Southeast Asia Ulama (scholars) Conference held in Sepang, Malaysia.

"Maqasid Syariah is just. It involves more people and provides an alternative economic system which benefits everyone.

Malaysian Islamic Banks Must Follow Maqasid Syariah Principles, said Anwar Ibrahim, former deputy prime minister of Malaysia.

SEPANG (Nov 19): Malaysian Islamic banks must fulfill the principle of Maqasid Syariah in their operations to develop a vibrant banking system and save the economy, said Member of Parliament, Datuk Seri Anwar Ibrahim Southeast Asia Ulama (scholars) Conference held in Sepang, Malaysia.

"Maqasid Syariah is just. It involves more people and provides an alternative economic system which benefits everyone.

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11 Nov

Islamic economists have been discussing the ways Islamic banks have been operating for quite some time now. Some say these financial institutions are required to put greater emphasis on shareholder primacy, while others believe customers should be given more importance by Islamic banks.

As Islamic finance is growing fast all over the world it is time we tackle these issues to understand the mechanics of the true nature of the products these institutes offer. Let us read the following article to read more about the topic.

https://www.…

Islamic economists have been discussing the ways Islamic banks have been operating for quite some time now. Some say these financial institutions are required to put greater emphasis on shareholder primacy, while others believe customers should be given more importance by Islamic banks.

As Islamic finance is growing fast all over the world it is time we tackle these issues to understand the mechanics of the true nature of the products these institutes offer. Let us read the following article to read more about the topic.

https://www.…

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11 Nov

TEHRAN (IQNA) – Action needs to be taken to make Islamic finance part of the halal ecosystem, said Malaysian Deputy Prime Minister Wan Azizah Wan Ismail.

Citing a study conducted by HalalFocus in 2011, she said it was reported that there seemed to be a disconnection between the halal industry and Islamic finance, in that the two industries had surprisingly grown at different momentum and developed independently of each other.

She pointed out there were very few halal players using Islamic banking and finance instruments while the rest…

TEHRAN (IQNA) – Action needs to be taken to make Islamic finance part of the halal ecosystem, said Malaysian Deputy Prime Minister Wan Azizah Wan Ismail.

Citing a study conducted by HalalFocus in 2011, she said it was reported that there seemed to be a disconnection between the halal industry and Islamic finance, in that the two industries had surprisingly grown at different momentum and developed independently of each other.

She pointed out there were very few halal players using Islamic banking and finance instruments while the rest…

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11 Nov

PUTRAJAYA, Nov 5 — Deputy Prime Minister Datuk Seri Dr. Wan Azizah Wan Ismail said the shortage of available financing for halal start-ups and small and medium enterprises (SME) is a “glaring” deficiency in Islamic finance.

She said Bank Negara Malaysia’s Financial Stability and Payment Systems Report 2017 revealed that Islamic business financing continues to exhibit strong growth at 12.5 percent.

“However, most of the Shariah-compliant SMEs are facing difficulties in seeking SME-suitable Islamic financing,” Dr. Wan Azizah said in her speech during the Halal Inclusion…

PUTRAJAYA, Nov 5 — Deputy Prime Minister Datuk Seri Dr. Wan Azizah Wan Ismail said the shortage of available financing for halal start-ups and small and medium enterprises (SME) is a “glaring” deficiency in Islamic finance.

She said Bank Negara Malaysia’s Financial Stability and Payment Systems Report 2017 revealed that Islamic business financing continues to exhibit strong growth at 12.5 percent.

“However, most of the Shariah-compliant SMEs are facing difficulties in seeking SME-suitable Islamic financing,” Dr. Wan Azizah said in her speech during the Halal Inclusion…

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11 Nov

Is there any Takaful product for the poorest of the poor? Well, ISRA, the International Shariah Research Academy of Malaysia may find an answer for you by next year. If they can find a `right Islamic insurance product` to serve the bottom 40% of wage earners in the country, the model could be replicated in other Muslim countries as well. 

The Kuala Lumpur-based ISRA plans to collaborate with Insurer FWD Takaful in a one-million ringgit project to introduce Takaful (Islamic insurance) to the poorest 40% families in Malaysia.

ISRA Consultancy`…

Is there any Takaful product for the poorest of the poor? Well, ISRA, the International Shariah Research Academy of Malaysia may find an answer for you by next year. If they can find a `right Islamic insurance product` to serve the bottom 40% of wage earners in the country, the model could be replicated in other Muslim countries as well. 

The Kuala Lumpur-based ISRA plans to collaborate with Insurer FWD Takaful in a one-million ringgit project to introduce Takaful (Islamic insurance) to the poorest 40% families in Malaysia.

ISRA Consultancy`…

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11 Nov

CIMB expects to increase its share of the SME sector in Singapore in the future. The bank has aggressive plans to link the SME sector in China which wants to penetrate the global halal market.

The bank plans to double its market share from 3 percent to 6 percent by 2021 for its small- and medium-sized enterprise (SME) banking business in Singapore. To achieve the ambitious target, it launched the ASEAN-China Halal Corridor initiative last year. The initiative is a trade network linking halal businesses across China and the region. It encompasses agribusiness,…

CIMB expects to increase its share of the SME sector in Singapore in the future. The bank has aggressive plans to link the SME sector in China which wants to penetrate the global halal market.

The bank plans to double its market share from 3 percent to 6 percent by 2021 for its small- and medium-sized enterprise (SME) banking business in Singapore. To achieve the ambitious target, it launched the ASEAN-China Halal Corridor initiative last year. The initiative is a trade network linking halal businesses across China and the region. It encompasses agribusiness,…

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11 Nov

Indonesia`s peer-to-peer or P2P lender Investree plans to raise Series C funding for regional, Islamic business expansion.  The company plans to expand into Japan, South Korea, and China. It conducts both conventional and Shariah-compliant businesses. It hopes to close its Series C round by December this year, according to its CEO and co-founder, Mr. Adrian Gunadi. 

The SME-focused lender has been attracting potential institutional investors since its inception four years ago. Investee offers financing products and government bonds on its platform. So far, it has distributed loans…

Indonesia`s peer-to-peer or P2P lender Investree plans to raise Series C funding for regional, Islamic business expansion.  The company plans to expand into Japan, South Korea, and China. It conducts both conventional and Shariah-compliant businesses. It hopes to close its Series C round by December this year, according to its CEO and co-founder, Mr. Adrian Gunadi. 

The SME-focused lender has been attracting potential institutional investors since its inception four years ago. Investee offers financing products and government bonds on its platform. So far, it has distributed loans…

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10 Oct

Khaled Abbas has been appointed group head of wholesale banking at Gulf International Bank (GIB).

A seasoned banker with more than two decades of experience, Abbas assumes the role after having served as GIB’s country head in the UAE, where he oversaw growth in the market.

Before joining GIB, Abbas was the executive vice president and regional head of wholesale banking at the Abu Dhabi Islamic Bank for eight years.

He previously held senior positions at Samba Financial Group and Banque Saudi Fransi.

Abbas has a bachelor’s degree in business studies from the…

Khaled Abbas has been appointed group head of wholesale banking at Gulf International Bank (GIB).

A seasoned banker with more than two decades of experience, Abbas assumes the role after having served as GIB’s country head in the UAE, where he oversaw growth in the market.

Before joining GIB, Abbas was the executive vice president and regional head of wholesale banking at the Abu Dhabi Islamic Bank for eight years.

He previously held senior positions at Samba Financial Group and Banque Saudi Fransi.

Abbas has a bachelor’s degree in business studies from the…

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10 Oct

KUWAIT: Kuwait Finance House(KFH) has won World’s Best Islamic Financial Institution 2019 award from Global Finance Magazine. Being one of the safest leading financial institutions in the region, KFH has also won Best Islamic Financial Institution 2019 award in the Middle East, and the Safest Islamic Financial Institution in the GCC 2019.

Also, KFH- Turkey has been named as World’s Best Islamic Financial Institution 2019 in Turkey and KT Bank AG-Germany as World’s Best Islamic Financial Institution 2019 in Europe by Global Finance. Backed by the sustainable growth, diversified…

KUWAIT: Kuwait Finance House(KFH) has won World’s Best Islamic Financial Institution 2019 award from Global Finance Magazine. Being one of the safest leading financial institutions in the region, KFH has also won Best Islamic Financial Institution 2019 award in the Middle East, and the Safest Islamic Financial Institution in the GCC 2019.

Also, KFH- Turkey has been named as World’s Best Islamic Financial Institution 2019 in Turkey and KT Bank AG-Germany as World’s Best Islamic Financial Institution 2019 in Europe by Global Finance. Backed by the sustainable growth, diversified…

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10 Oct

Saudi Arabia's National Commercial Bank reported a 20 percent year-on-year increase in third-quarter net profit as it benefitted from higher operating income and investment-related income, as well as lower costs.

The company reported a net profit for the quarter of 2.55 billion Saudi riyals (Dh2.5bn), beating analysts' expectations, as total revenue from special commissions, financing and investments rose 4.9 percent to 4.93 billion riyals.

"Total operating income increased by 5.9 percent mainly due to the increase in net special commission income, investment-related income…

Saudi Arabia's National Commercial Bank reported a 20 percent year-on-year increase in third-quarter net profit as it benefitted from higher operating income and investment-related income, as well as lower costs.

The company reported a net profit for the quarter of 2.55 billion Saudi riyals (Dh2.5bn), beating analysts' expectations, as total revenue from special commissions, financing and investments rose 4.9 percent to 4.93 billion riyals.

"Total operating income increased by 5.9 percent mainly due to the increase in net special commission income, investment-related income…

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10 Oct

JEDDAH: A Saudi economist who is president of the Islamic Development Bank has been selected to chair meetings of the world’s top banking institutions.


Dr. Bandar Hajjar will lead meetings of multilateral development banks from January for a year. His selection coincides with Saudi Arabia’s assumption of the presidency of the G20.


Multilateral development banks provide financial assistance, typically in the form of loans and grants, to developing countries in order to promote economic and social development.


They are the World Bank, the…

JEDDAH: A Saudi economist who is president of the Islamic Development Bank has been selected to chair meetings of the world’s top banking institutions.


Dr. Bandar Hajjar will lead meetings of multilateral development banks from January for a year. His selection coincides with Saudi Arabia’s assumption of the presidency of the G20.


Multilateral development banks provide financial assistance, typically in the form of loans and grants, to developing countries in order to promote economic and social development.


They are the World Bank, the…

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10 Oct

The federal cabinet has ratified Sarwa Islamic Savings Accounts Rules, 2019 prepared by Central Directorate of National Savings (CDNS due to persistent demand of Sharia compliant product, official sources told Business Recorder.

The source said that the Central Directorate of National Savings (CDNS) is an attached department of the Finance Division, which plays an important role in the mobilization of domestic savings, support, and management of inflationary pressures. These schemes also provide necessary social protection to the poor and vulnerable segments of society…

The federal cabinet has ratified Sarwa Islamic Savings Accounts Rules, 2019 prepared by Central Directorate of National Savings (CDNS due to persistent demand of Sharia compliant product, official sources told Business Recorder.

The source said that the Central Directorate of National Savings (CDNS) is an attached department of the Finance Division, which plays an important role in the mobilization of domestic savings, support, and management of inflationary pressures. These schemes also provide necessary social protection to the poor and vulnerable segments of society…

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10 Oct

Indonesian Islamic microfinance cooperative BMT Bina Ummah has raised 710 million rupiah ($50,000) through the world's first primary Sukuk issuance on a public blockchain and also the world's first micro Sukuk.

Specialized news outlet The Asset reports that BMT Bina used the SmartSukuk platform of Blossom Finance. BMT Bina is an Islamic microfinance institution based in Yogyakarta that supports micro-SMEs and entrepreneurs who are typically excluded from conventional financing support.

"The additional funds provided by this

Indonesian Islamic microfinance cooperative BMT Bina Ummah has raised 710 million rupiah ($50,000) through the world's first primary Sukuk issuance on a public blockchain and also the world's first micro Sukuk.

Specialized news outlet The Asset reports that BMT Bina used the SmartSukuk platform of Blossom Finance. BMT Bina is an Islamic microfinance institution based in Yogyakarta that supports micro-SMEs and entrepreneurs who are typically excluded from conventional financing support.

"The additional funds provided by this

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10 Oct

Sri Mulyani Indrawati has been reappointed as Finance Minster of Indonesia. This could provide a stability to the Indonesian President Joko Widodo economic team as he has an aggressive economic agenda to follow in his second term as the president of the country.  The appointment could also be a good news for the growth of Islamic Finance industry in the country.

Indonesian President Joko Widodo reappointed Sri Mulyani Indrawati as finance minister in a new cabinet, providing stability to his team as he seeks to deliver on pledges to boost Southeast Asia’s biggest economy…

Sri Mulyani Indrawati has been reappointed as Finance Minster of Indonesia. This could provide a stability to the Indonesian President Joko Widodo economic team as he has an aggressive economic agenda to follow in his second term as the president of the country.  The appointment could also be a good news for the growth of Islamic Finance industry in the country.

Indonesian President Joko Widodo reappointed Sri Mulyani Indrawati as finance minister in a new cabinet, providing stability to his team as he seeks to deliver on pledges to boost Southeast Asia’s biggest economy…

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10 Oct

American-based Wahed Invest halal robo-advisory platform announced today that they have successfully obtained regulatory approval from the Securities Commission Malaysia to offer digital investment management services in Malaysia.

Wahed Invest is the 3rd to officially enter the Malaysian market after StashAway and MyTheo.

Citing its support for the…

American-based Wahed Invest halal robo-advisory platform announced today that they have successfully obtained regulatory approval from the Securities Commission Malaysia to offer digital investment management services in Malaysia.

Wahed Invest is the 3rd to officially enter the Malaysian market after StashAway and MyTheo.

Citing its support for the…

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10 Oct

The Ministry of Economy in Tehran has plans to issue Manfa’at Sukuk worth 100 trillion rials ($877 million) to help augment government spending, according to the head of Capital Market Central Asset Management Company.  

The Sukuk bonds will be issued following a request by the Debt Management Office of the ministry, Gholamreza Abu Torabi said, Securities and Exchange News Agency reported.  

The office compiles data on the government’s arrears and regulates government securities to clear arrears and finance budgetary shortfalls. 

Originally published on www.…

The Ministry of Economy in Tehran has plans to issue Manfa’at Sukuk worth 100 trillion rials ($877 million) to help augment government spending, according to the head of Capital Market Central Asset Management Company.  

The Sukuk bonds will be issued following a request by the Debt Management Office of the ministry, Gholamreza Abu Torabi said, Securities and Exchange News Agency reported.  

The office compiles data on the government’s arrears and regulates government securities to clear arrears and finance budgetary shortfalls. 

Originally published on www.…

Posted by: hamza
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10 Oct

The lender’s track record of strong development-related asset performance—reflected in a substantial reduction of the non-performing assets (NPA) during the past three years—is a key factor in the upgrade.

MONDAY 14, OCTOBER 2019

Moody’s has upgraded Arab Petroleum Investments Corporation’s (APICORP) long-term issuer and senior unsecured rating to Aa2 and changed the company’s outlook to stable from positive.

The rating agency stated that the stable outlook reflects its view that the APICORP's creditworthiness will be supported by moderate leverage, high-quality…

The lender’s track record of strong development-related asset performance—reflected in a substantial reduction of the non-performing assets (NPA) during the past three years—is a key factor in the upgrade.

MONDAY 14, OCTOBER 2019

Moody’s has upgraded Arab Petroleum Investments Corporation’s (APICORP) long-term issuer and senior unsecured rating to Aa2 and changed the company’s outlook to stable from positive.

The rating agency stated that the stable outlook reflects its view that the APICORP's creditworthiness will be supported by moderate leverage, high-quality…

Posted by: hamza
0 comments
10 Oct

The lender will use the proceeds to support further expansion and development plans across a full range of banking and investment services as well as its commitment to Shari’ah-compliant financing solutions.

MONDAY 14, OCTOBER 2019 BY KUDAKWASHE MUZORIWA

Kuwait’s Warba Bank has listed its $500 million Sukuk on Nasdaq Dubai, the second Islamic bond to be listed by the Shari’ah compliant bank following the listing of a $250 million instrument in March 2017.

Shaheen Al-…

The lender will use the proceeds to support further expansion and development plans across a full range of banking and investment services as well as its commitment to Shari’ah-compliant financing solutions.

MONDAY 14, OCTOBER 2019 BY KUDAKWASHE MUZORIWA

Kuwait’s Warba Bank has listed its $500 million Sukuk on Nasdaq Dubai, the second Islamic bond to be listed by the Shari’ah compliant bank following the listing of a $250 million instrument in March 2017.

Shaheen Al-…

Posted by: hamza
0 comments
10 Oct

Oct 13 (Reuters) - All major Gulf stock markets rose on Sunday, reflecting Friday's surge in global equity shares after the United States and China appeared to move closer towards a resolution of their trade war.

U.S. President Donald Trump on Friday outlined the first phase of a deal to end the trade dispute with China and suspended a threatened tariff hike.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months to end a tariff tit-for-tat that has whipsawed…

Oct 13 (Reuters) - All major Gulf stock markets rose on Sunday, reflecting Friday's surge in global equity shares after the United States and China appeared to move closer towards a resolution of their trade war.

U.S. President Donald Trump on Friday outlined the first phase of a deal to end the trade dispute with China and suspended a threatened tariff hike.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months to end a tariff tit-for-tat that has whipsawed…

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10 Oct

Nur-Sultan, Kazakhstan: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has participated in the Astana International Financial Centre (AIFC) - Islamic Finance Week’s third annual conference organized by the Bureau for Continuing Professional Development (BCPD), to showcase its awards-winning ICS BANKS ISLAMIC banking application, exchange international experience on the development of Islamic finance in Kazakhstan and the CIS region.

Nur-Sultan, Kazakhstan: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has participated in the Astana International Financial Centre (AIFC) - Islamic Finance Week’s third annual conference organized by the Bureau for Continuing Professional Development (BCPD), to showcase its awards-winning ICS BANKS ISLAMIC banking application, exchange international experience on the development of Islamic finance in Kazakhstan and the CIS region.

Posted by: hamza
0 comments
10 Oct

KUALA LUMPUR, Oct 12 ― The establishment of the Special Committee on Islamic Finance (JKKI) will definitely provide further impetus to further promote and develop the Islamic finance (IF) ecosystem and strengthen Malaysia’s leadership as a centre of excellence in IF, said the Malaysian Institute of Accountants (MIA).

One of the objectives of JKKI, which was established this year, is to organise outreach initiatives and professional courses to promote deeper understanding of Islamic finance nationwide.

“This is in line with MIA’s ongoing IF Pupillage Programme as well as the…

KUALA LUMPUR, Oct 12 ― The establishment of the Special Committee on Islamic Finance (JKKI) will definitely provide further impetus to further promote and develop the Islamic finance (IF) ecosystem and strengthen Malaysia’s leadership as a centre of excellence in IF, said the Malaysian Institute of Accountants (MIA).

One of the objectives of JKKI, which was established this year, is to organise outreach initiatives and professional courses to promote deeper understanding of Islamic finance nationwide.

“This is in line with MIA’s ongoing IF Pupillage Programme as well as the…

Posted by: hamza
0 comments
10 Oct

The International Islamic Trade Finance Corporation (ITFC) has signed a US$1.5bn deal with the Republic of Maldives to finance trade initiatives across two key Maldivian industries.

The five-year agreement will aim to boost the country’s fuel sector, while also providing trade solutions for its fishing industry. Specifically, ITFC will look to combine trade development initiatives with transactional financing to support local fishing communities.

The deal will also hope to enable ITFC to develop value chains within the country through trade financing and programmes which…

The International Islamic Trade Finance Corporation (ITFC) has signed a US$1.5bn deal with the Republic of Maldives to finance trade initiatives across two key Maldivian industries.

The five-year agreement will aim to boost the country’s fuel sector, while also providing trade solutions for its fishing industry. Specifically, ITFC will look to combine trade development initiatives with transactional financing to support local fishing communities.

The deal will also hope to enable ITFC to develop value chains within the country through trade financing and programmes which…

Posted by: hamza
0 comments
10 Oct

KUALA LUMPUR: The government is expected to raise gross borrowings of RM135.2 billion or 8.9 percent of Gross Domestic Product (GDP) in 2019, the Finance Ministry said today.

Out of the RM132.5 billion, 94.5 percent or RM127.7 billion comprises domestic borrowings, while the remaining RM7.5 billion is offshore issuance.

The gross proceeds will be utilized mainly for principal refinancing amounting to RM83.3 billion and deficit financing of RM51.8 billion, the ministry said in the Fiscal Outlook and Federal Government Revenue Estimates 2020 report, released here today.…

KUALA LUMPUR: The government is expected to raise gross borrowings of RM135.2 billion or 8.9 percent of Gross Domestic Product (GDP) in 2019, the Finance Ministry said today.

Out of the RM132.5 billion, 94.5 percent or RM127.7 billion comprises domestic borrowings, while the remaining RM7.5 billion is offshore issuance.

The gross proceeds will be utilized mainly for principal refinancing amounting to RM83.3 billion and deficit financing of RM51.8 billion, the ministry said in the Fiscal Outlook and Federal Government Revenue Estimates 2020 report, released here today.…

Posted by: hamza
0 comments
10 Oct

Global Finance: How would you evaluate the resilience of Moroccan banks and their compliance with prudential rules?

Abdellatif Jouhari: The Moroccan banking system’s business model is based on intermediation, the collection of savings and the financing of economic actors. The sector has undergone significant changes over the past two decades, allowing a wide diversification of activities both at sectorial and geographic level, particularly on the African continent, where the Moroccan banks are now present in 27 countries. This, combined…

Global Finance: How would you evaluate the resilience of Moroccan banks and their compliance with prudential rules?

Abdellatif Jouhari: The Moroccan banking system’s business model is based on intermediation, the collection of savings and the financing of economic actors. The sector has undergone significant changes over the past two decades, allowing a wide diversification of activities both at sectorial and geographic level, particularly on the African continent, where the Moroccan banks are now present in 27 countries. This, combined…

Posted by: hamza
0 comments
10 Oct

DOHA:  The Global Islamic Finance Awards (GIFA) Committee has conferred the ‘Islamic Finance Personality of the year 2019’ award on Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB.

The honour is in recognition of Sheikh Dr Khalid’s impressive leadership at the helm of one of the largest and the best Islamic banks. Also, the award is in recognition of his high stature and the great efforts he has made to enhance Islamic finance at the regional and international levels.

GIFA awards are considered to be eminent at the global stage.…

DOHA:  The Global Islamic Finance Awards (GIFA) Committee has conferred the ‘Islamic Finance Personality of the year 2019’ award on Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB.

The honour is in recognition of Sheikh Dr Khalid’s impressive leadership at the helm of one of the largest and the best Islamic banks. Also, the award is in recognition of his high stature and the great efforts he has made to enhance Islamic finance at the regional and international levels.

GIFA awards are considered to be eminent at the global stage.…

Posted by: hamza
0 comments
10 Oct

Global Islamic financial assets have reached about $2 trillion, with the banking sector accounting for about 85 per cent of the total assets, the International Monetary Fund (IMF) has stated.

“The Islamic finance sector continues to grow and evolve in size and complexity, Islamic banking takes place in more than 60 countries, and the industry is now systemically important in 13 jurisdictions,” IMF’s annual report has stated.

The growth of Islamic finance presents important opportunities to strengthen financial inclusion, deepen financial markets, and mobilize funding for…

Global Islamic financial assets have reached about $2 trillion, with the banking sector accounting for about 85 per cent of the total assets, the International Monetary Fund (IMF) has stated.

“The Islamic finance sector continues to grow and evolve in size and complexity, Islamic banking takes place in more than 60 countries, and the industry is now systemically important in 13 jurisdictions,” IMF’s annual report has stated.

The growth of Islamic finance presents important opportunities to strengthen financial inclusion, deepen financial markets, and mobilize funding for…

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10 Oct

KUALA LUMPUR (Oct 8): AmBank Islamic Bhd has been named the Best Islamic Finance SME Bank Malaysia 2019 at the Alpha Southeast Asia Best Islamic Finance Awards 2019, held in Kuala Lumpur recently.

Commenting on the award win, AmBank Group chief executive officer (CEO) Datuk Sulaiman Mohd Tahir said the bank was honoured to receive the award, as it was a testament to its role as a leading financial provider that continues to support the growth and development of the small and medium enterprises (SMEs) in the country.

“I would like to take this opportunity to thank our SME…

KUALA LUMPUR (Oct 8): AmBank Islamic Bhd has been named the Best Islamic Finance SME Bank Malaysia 2019 at the Alpha Southeast Asia Best Islamic Finance Awards 2019, held in Kuala Lumpur recently.

Commenting on the award win, AmBank Group chief executive officer (CEO) Datuk Sulaiman Mohd Tahir said the bank was honoured to receive the award, as it was a testament to its role as a leading financial provider that continues to support the growth and development of the small and medium enterprises (SMEs) in the country.

“I would like to take this opportunity to thank our SME…

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10 Oct

Carriers to seek Islamic debt instruments in near-to-medium term for refinancing, Fitch says

Middle East airlines seeking to refinance debt or diversify their funding sources will fuel a surge in Islamic financing in the near to medium term, according to a senior Fitch Ratings executive.

"Islamic financing will be driven by Mideast airlines’ re-financing needs or some carriers opting to change their funding structure away from a reliance on governments and more towards capital markets," Bashar Al-Natoor, Fitch Rating's global head of Islamic financing, said on Wednesday on…

Carriers to seek Islamic debt instruments in near-to-medium term for refinancing, Fitch says

Middle East airlines seeking to refinance debt or diversify their funding sources will fuel a surge in Islamic financing in the near to medium term, according to a senior Fitch Ratings executive.

"Islamic financing will be driven by Mideast airlines’ re-financing needs or some carriers opting to change their funding structure away from a reliance on governments and more towards capital markets," Bashar Al-Natoor, Fitch Rating's global head of Islamic financing, said on Wednesday on…

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10 Oct

Dubai Islamic Economy Development Centre has announced an agreement with the Dubai International Financial Centre, the Dubai Financial Market, and the Climate Bonds Initiative to collaborate on growing the green Sukuk sector.

Dubai Islamic Economy Development Centre (DIEDC) has signed a memorandum of understanding (MoU) in this regard. They signed the agreement with the Dubai International Financial Centre (DIFC), the Dubai Financial Market (DFM), and Climate Bonds Initiative (CBI), a statement said.

It aims to promote the issuance of green Sukuk in the UAE and across the…

Dubai Islamic Economy Development Centre has announced an agreement with the Dubai International Financial Centre, the Dubai Financial Market, and the Climate Bonds Initiative to collaborate on growing the green Sukuk sector.

Dubai Islamic Economy Development Centre (DIEDC) has signed a memorandum of understanding (MoU) in this regard. They signed the agreement with the Dubai International Financial Centre (DIFC), the Dubai Financial Market (DFM), and Climate Bonds Initiative (CBI), a statement said.

It aims to promote the issuance of green Sukuk in the UAE and across the…

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10 Oct

Bank Nizwa has a 91% Omanization rate despite being within the fairly new industry of Islamic finance in Oman. The bank is organically grooming the next generation of experts to lead the industry now and well into the future.

Muscat: As part of Bank Nizwa’s strategy to nurture and promote Omani talent, the Board of Directors of Oman’s first Islamic Bank, has announced two key senior…

Bank Nizwa has a 91% Omanization rate despite being within the fairly new industry of Islamic finance in Oman. The bank is organically grooming the next generation of experts to lead the industry now and well into the future.

Muscat: As part of Bank Nizwa’s strategy to nurture and promote Omani talent, the Board of Directors of Oman’s first Islamic Bank, has announced two key senior…

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10 Oct

$500m Sukuk bearing an annual return rate of 3.875% to support Emaar's regional and global expansion plans

Chairman of Dubai-based real estate developer Emaar Properties, Mohamed Alabbar, rang the Nasdaq Dubai opening bell to celebrate the firm's listing of a 10-year Sukuk worth $500m (AED1.8bn) with an annual return rate of 3.875% as part of its $2bn (AED7.3bn) bond issuance program.

The capital raised will support Emaar Properties’ regional and international expansion plans, the developer…

$500m Sukuk bearing an annual return rate of 3.875% to support Emaar's regional and global expansion plans

Chairman of Dubai-based real estate developer Emaar Properties, Mohamed Alabbar, rang the Nasdaq Dubai opening bell to celebrate the firm's listing of a 10-year Sukuk worth $500m (AED1.8bn) with an annual return rate of 3.875% as part of its $2bn (AED7.3bn) bond issuance program.

The capital raised will support Emaar Properties’ regional and international expansion plans, the developer…

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10 Oct

Islamic finance is one of the fastest-growing sectors in the world, targeting a vast portion of the global population that has been largely underserved by the financial services industry. 

It’s thought that the Islamic finance industry will reach $3.8 trillion in assets globally by 2022, from $2.2 trillion in 2016. 

Traditionally, Islamic finance has focused on banking and mortgages, but more recently it has included investment in its remit, with Sharia-compliant funds now gaining in popularity.

But despite the prolific growth of this industry, there are still many…

Islamic finance is one of the fastest-growing sectors in the world, targeting a vast portion of the global population that has been largely underserved by the financial services industry. 

It’s thought that the Islamic finance industry will reach $3.8 trillion in assets globally by 2022, from $2.2 trillion in 2016. 

Traditionally, Islamic finance has focused on banking and mortgages, but more recently it has included investment in its remit, with Sharia-compliant funds now gaining in popularity.

But despite the prolific growth of this industry, there are still many…

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09 Sep

Islamic finance has grown significantly over the past few years into an estimated US$2.4 trillion industry. While the use of Shariah compliant financing for the acquisition of aircraft is not a new development, aircraft leasing firms and operators are increasingly looking at Islamic finance as a source of funding for the acquisition of aircraft , whether that be via Islamic banks or through the issuance of Shariah compliant bonds (Sukuk) to raise funds via the debt capital markets. GURMINDER SANGHERA writes.

We have seen a number of key players in the…

Islamic finance has grown significantly over the past few years into an estimated US$2.4 trillion industry. While the use of Shariah compliant financing for the acquisition of aircraft is not a new development, aircraft leasing firms and operators are increasingly looking at Islamic finance as a source of funding for the acquisition of aircraft , whether that be via Islamic banks or through the issuance of Shariah compliant bonds (Sukuk) to raise funds via the debt capital markets. GURMINDER SANGHERA writes.

We have seen a number of key players in the…

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09 Sep

According to the CBI’s Monetary and Foreign Exchange Research Center, four Iranian banks named ‘Bank Melli Iran (BMI), Bank Mellat, Bank Saderat Iran (BSI) and Bank Maskan’ were introduced as top Iranian banks listed in Islamic financial market.

This report has researched specifically with relation to the volume of activities, trend of current measures taken as well as development of Islamic financial market, based on which, subjects such as investment opportunities, policy of governments, dynamics of market, supply chain and competitive conditions have been reviewed in the Islamic…

According to the CBI’s Monetary and Foreign Exchange Research Center, four Iranian banks named ‘Bank Melli Iran (BMI), Bank Mellat, Bank Saderat Iran (BSI) and Bank Maskan’ were introduced as top Iranian banks listed in Islamic financial market.

This report has researched specifically with relation to the volume of activities, trend of current measures taken as well as development of Islamic financial market, based on which, subjects such as investment opportunities, policy of governments, dynamics of market, supply chain and competitive conditions have been reviewed in the Islamic…

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09 Sep

MALAYSIA is recognised globally as a leader in Islamic finance. The country ranked among the top three Islamic finance markets worldwide in terms of overall development, according to the Thomson Reuters Islamic Finance Development Report 2018.

Malaysia’s Islamic banking portion also grew sixfold over the last 30 years and now holds a market share of over 30%, while takaful has also registered a double-digit growth, outpacing conventional insurance expansion.

Yet, one mustn’t get complacent as this would hinder the development of the industry. In a recent lecture at…

MALAYSIA is recognised globally as a leader in Islamic finance. The country ranked among the top three Islamic finance markets worldwide in terms of overall development, according to the Thomson Reuters Islamic Finance Development Report 2018.

Malaysia’s Islamic banking portion also grew sixfold over the last 30 years and now holds a market share of over 30%, while takaful has also registered a double-digit growth, outpacing conventional insurance expansion.

Yet, one mustn’t get complacent as this would hinder the development of the industry. In a recent lecture at…

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09 Sep

New York — The United Nations Development Programme (UNDP) and Islamic Development Bank (IsDB) today launched a renewed action plan to strengthen collaboration in support of national efforts to achieve the Sustainable Development Goals (SDGs).

The new plan builds on UNDP’s and IsDB’s commitment to cooperate in shared priority areas such as crisis response and recovery, poverty reduction, private sector development, capacity-building, and knowledge-sharing. 

“This joint plan of action between IsDB and UNDP will support achievement of the Sustainable…

New York — The United Nations Development Programme (UNDP) and Islamic Development Bank (IsDB) today launched a renewed action plan to strengthen collaboration in support of national efforts to achieve the Sustainable Development Goals (SDGs).

The new plan builds on UNDP’s and IsDB’s commitment to cooperate in shared priority areas such as crisis response and recovery, poverty reduction, private sector development, capacity-building, and knowledge-sharing. 

“This joint plan of action between IsDB and UNDP will support achievement of the Sustainable…

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09 Sep

Why UNDP, the Islamic Development Bank (IsDB), and Islamic Solidarity Fund (ISF) are launching a programme to strengthen NGOs in 57 countries

Many countries in the Muslim world face daunting development challenges. In the Arab region despite steady progress in reducing poverty and boosting health and education, political fragility, instability, and recurrent conflicts present immense stumbling blocks on the course to implementing the 2030 Agenda.

Despite this, many Muslim countries have extended generous support to their neighbours; they represent eight of the top…

Why UNDP, the Islamic Development Bank (IsDB), and Islamic Solidarity Fund (ISF) are launching a programme to strengthen NGOs in 57 countries

Many countries in the Muslim world face daunting development challenges. In the Arab region despite steady progress in reducing poverty and boosting health and education, political fragility, instability, and recurrent conflicts present immense stumbling blocks on the course to implementing the 2030 Agenda.

Despite this, many Muslim countries have extended generous support to their neighbours; they represent eight of the top…

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09 Sep

NEW YORK, 26 September 2019 – UNICEF and the Islamic Development Bank (IsDB) today launched an innovative fund that will open new opportunities for Muslim philanthropy to reach the millions of children currently in need of humanitarian support and help achieve the Sustainable Development Goals (SDGs).  

NEW YORK, 26 September 2019 – UNICEF and the Islamic Development Bank (IsDB) today launched an innovative fund that will open new opportunities for Muslim philanthropy to reach the millions of children currently in need of humanitarian support and help achieve the Sustainable Development Goals (SDGs).  

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09 Sep

Central Asian currencies, entangled in Russian ruble and Chinese yuan slides, dipped to new lows against the US dollar in August as external bond investors took the signal to trim positions.

The Kazakh tenge, Uzbek som and Tajik somoni fell 2-12% on outsize Russian trade and remittance dependence. Kazakhstan is a member of the Moscow-led Eurasian Economic Union, and gets one-third of its imports from its historic ally and neighbor.

Tajik worker proceeds from there account for one-third of gross domestic product. For Uzbekistan, the fraction is only 10%, but the central bank…

Central Asian currencies, entangled in Russian ruble and Chinese yuan slides, dipped to new lows against the US dollar in August as external bond investors took the signal to trim positions.

The Kazakh tenge, Uzbek som and Tajik somoni fell 2-12% on outsize Russian trade and remittance dependence. Kazakhstan is a member of the Moscow-led Eurasian Economic Union, and gets one-third of its imports from its historic ally and neighbor.

Tajik worker proceeds from there account for one-third of gross domestic product. For Uzbekistan, the fraction is only 10%, but the central bank…

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09 Sep

Jakob Thomae of the 2° Investing Initiative explains how 17 international banks are road-testing a new methodology to address the barriers that have prevented banks from aligning more fully with the Paris Agreement

Ahead of New York Climate Week 2019, the sustainable finance sector has made important strides toward meeting one of the Paris Agreement’s long-term goals, under Article 2.1c: "making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.”

But there’s a major caveat: while finance as a whole has…

Jakob Thomae of the 2° Investing Initiative explains how 17 international banks are road-testing a new methodology to address the barriers that have prevented banks from aligning more fully with the Paris Agreement

Ahead of New York Climate Week 2019, the sustainable finance sector has made important strides toward meeting one of the Paris Agreement’s long-term goals, under Article 2.1c: "making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.”

But there’s a major caveat: while finance as a whole has…

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09 Sep
  • Australian Ethical has announced it will buy up 5 acres -- or around 20,200 square metres -- of the Amazon rainforest for every new and referring member to coincide with the global climate strike.
  • To do so, it will partner with Australian organisation HalfCut, which aims to buy and protects endangered forests around the world.
  • It comes after thousands of fires ignited in August, devastating the Amazon. Despite being a prominent issue…
  • Australian Ethical has announced it will buy up 5 acres -- or around 20,200 square metres -- of the Amazon rainforest for every new and referring member to coincide with the global climate strike.
  • To do so, it will partner with Australian organisation HalfCut, which aims to buy and protects endangered forests around the world.
  • It comes after thousands of fires ignited in August, devastating the Amazon. Despite being a prominent issue…
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09 Sep

Ministers and other senior government officials with responsibility for finance and development of infrastructure are expected to be in Lagos soon - The government officials are billed to participate in the 4th edition of the African International Conference on Islamic Finance - They will discuss how Africa can enhance its markets, build stronger, more robust economic ecosystems and ensure wider financial inclusion Nigeria is set to host the 4th edition of the African International Conference on Islamic Finance (AICIF). The event is a gathering of the leading financial experts, regulators…

Ministers and other senior government officials with responsibility for finance and development of infrastructure are expected to be in Lagos soon - The government officials are billed to participate in the 4th edition of the African International Conference on Islamic Finance - They will discuss how Africa can enhance its markets, build stronger, more robust economic ecosystems and ensure wider financial inclusion Nigeria is set to host the 4th edition of the African International Conference on Islamic Finance (AICIF). The event is a gathering of the leading financial experts, regulators…

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09 Sep

Saudi Arabia is expected to see a rise in Islamic finance penetration over the next 12 to 18 months, according to Moody's Investors Service.

The ratings agency predicts that Islamic finance penetration in the kingdom to increase to 80 percent of system-wide loans from 77 percent in 2018.

Demand from retail and corporate clients in the Islamic finance sector is set to grow as the Saudi regulatory authorities promote the industry’s growth through supportive regulatory framework, according to Moody’s report.

"Islamic finance is growing faster than conventional banking…

Saudi Arabia is expected to see a rise in Islamic finance penetration over the next 12 to 18 months, according to Moody's Investors Service.

The ratings agency predicts that Islamic finance penetration in the kingdom to increase to 80 percent of system-wide loans from 77 percent in 2018.

Demand from retail and corporate clients in the Islamic finance sector is set to grow as the Saudi regulatory authorities promote the industry’s growth through supportive regulatory framework, according to Moody’s report.

"Islamic finance is growing faster than conventional banking…

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09 Sep

Dubai: The global Islamic finance industry will continue to expand at a slower pace in 2019-2020 due to geopolitical and economic challenges faced by core markets, according to S&P Global Ratings.

“We believe the Islamic finance industry will continue to grow slowly in 2019-2020. It expanded by about 2 per cent in 2018 compared with 10 per cent the previous year with strong support from the sukuk market,” said Mohammad Damak, Senior Director and Global Head of Islamic Finance of S&P.

In 2019, S&P does not expect the market to fare much better given the…

Dubai: The global Islamic finance industry will continue to expand at a slower pace in 2019-2020 due to geopolitical and economic challenges faced by core markets, according to S&P Global Ratings.

“We believe the Islamic finance industry will continue to grow slowly in 2019-2020. It expanded by about 2 per cent in 2018 compared with 10 per cent the previous year with strong support from the sukuk market,” said Mohammad Damak, Senior Director and Global Head of Islamic Finance of S&P.

In 2019, S&P does not expect the market to fare much better given the…

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09 Sep

Islamic Finance and Impact Investing Platform Market

Islamic Finance and Impact Investing Platform Market basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analyzed the world’s main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.…

Islamic Finance and Impact Investing Platform Market

Islamic Finance and Impact Investing Platform Market basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analyzed the world’s main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.…

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09 Sep

The report titled “Islamic Banking Software Market” has recently added by MarketInsightsReports to get a stronger and effective business outlook. It provides an in-depth analysis of different attributes of industries such as trends, policies, and clients operating in several regions. The qualitative and quantitative analysis techniques have been used by analysts to provide accurate and applicable data to the readers, business owners and industry experts.

Top Companies in the Global Islamic Banking Software Market…

The report titled “Islamic Banking Software Market” has recently added by MarketInsightsReports to get a stronger and effective business outlook. It provides an in-depth analysis of different attributes of industries such as trends, policies, and clients operating in several regions. The qualitative and quantitative analysis techniques have been used by analysts to provide accurate and applicable data to the readers, business owners and industry experts.

Top Companies in the Global Islamic Banking Software Market…

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09 Sep

The boards of Kuwait Finance House and Ahli United Bank agreed on a share swap ratio, a crucial step in the former's bid to take over its smaller Bahraini counterpart and create a combined Islamic banking entity with $96.7 billion (Dh354.7bn) in assets.

The Bahraini entity said its board approved a final exchange ratio between the two lenders of one KFH share for every 2.325581 AUB shares, AUB said in a statement to Boursa Kuwait, where its shares trade.

“Approval of the … share exchange ratio does not imply that an official acquisition offer has been made by KFH,” AUB said…

The boards of Kuwait Finance House and Ahli United Bank agreed on a share swap ratio, a crucial step in the former's bid to take over its smaller Bahraini counterpart and create a combined Islamic banking entity with $96.7 billion (Dh354.7bn) in assets.

The Bahraini entity said its board approved a final exchange ratio between the two lenders of one KFH share for every 2.325581 AUB shares, AUB said in a statement to Boursa Kuwait, where its shares trade.

“Approval of the … share exchange ratio does not imply that an official acquisition offer has been made by KFH,” AUB said…

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09 Sep

Dubai Islamic Economy Development Centre (DIEDC) today signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFCA), the Dubai Financial Market (DFM), and Climate Bonds Initiative (CBI) to collaborate on growing the green sukuk sector and stepping up the exchange of knowledge and expertise in the field.

The MoU signing took place at DIFC. Signatories from the various participating entities included Abdulla Mohammed Al Awar, CEO of DIEDC, Arif Amiri, CEO of DIFC Authority, Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations…

Dubai Islamic Economy Development Centre (DIEDC) today signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFCA), the Dubai Financial Market (DFM), and Climate Bonds Initiative (CBI) to collaborate on growing the green sukuk sector and stepping up the exchange of knowledge and expertise in the field.

The MoU signing took place at DIFC. Signatories from the various participating entities included Abdulla Mohammed Al Awar, CEO of DIEDC, Arif Amiri, CEO of DIFC Authority, Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations…

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09 Sep

The built-in features of sustainability and best alternative financial solution make this phenomenon prominent and attracts the attention of professionals and researchers. Keeping in view the importance, AlHuda CIBE FZ LLE, Dubai- UAE and Center of Excellence in Islamic Finance (CEIF), Institute of Management Sciences (IM Sciences), Peshawar- Pakistan have entered into a Memorandum of Understanding (MOU)

Press Release

Dubai: Islamic finance, the globally emerging phenomenon is captivated its roots in Muslim, European countries and in America as well. The…

The built-in features of sustainability and best alternative financial solution make this phenomenon prominent and attracts the attention of professionals and researchers. Keeping in view the importance, AlHuda CIBE FZ LLE, Dubai- UAE and Center of Excellence in Islamic Finance (CEIF), Institute of Management Sciences (IM Sciences), Peshawar- Pakistan have entered into a Memorandum of Understanding (MOU)

Press Release

Dubai: Islamic finance, the globally emerging phenomenon is captivated its roots in Muslim, European countries and in America as well. The…

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09 Sep

Malaysian economy has some strict norms for financial trading and listings of Companies. The economy is known for its Islamic capital and being the world’s largest Islamic finance hub many Muslim countries look up to it for financial strategies.

The country dropped 33 out of 87 Bumiputera furniture producers from the list of suppliers to the government in the past few days. This move of delisting some major names in the industry baffled the industrial as well as the financial aspects concerned. The Finance Ministry of Malaysia explained yesterday that those companies were dropped…

Malaysian economy has some strict norms for financial trading and listings of Companies. The economy is known for its Islamic capital and being the world’s largest Islamic finance hub many Muslim countries look up to it for financial strategies.

The country dropped 33 out of 87 Bumiputera furniture producers from the list of suppliers to the government in the past few days. This move of delisting some major names in the industry baffled the industrial as well as the financial aspects concerned. The Finance Ministry of Malaysia explained yesterday that those companies were dropped…

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09 Sep

The company’s financial performance has recently been hurt by lower London Metal Exchange (LME) prices, ongoing US-China trade tensions and a drop in aluminium demand in North America and Europe.

THURSDAY 05, SEPTEMBER 2019 BY KUDAKWASHE MUZORIWA

Aluminium Bahrain (Alba), owner of one of the world's largest aluminium smelters, plans to raise $1.5 billion in bank debt to refinance loans it obtained in 2016 to back its Line 6 expansion project.

Alba has mandated three…

The company’s financial performance has recently been hurt by lower London Metal Exchange (LME) prices, ongoing US-China trade tensions and a drop in aluminium demand in North America and Europe.

THURSDAY 05, SEPTEMBER 2019 BY KUDAKWASHE MUZORIWA

Aluminium Bahrain (Alba), owner of one of the world's largest aluminium smelters, plans to raise $1.5 billion in bank debt to refinance loans it obtained in 2016 to back its Line 6 expansion project.

Alba has mandated three…

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09 Sep

* Emirates NBD extends rally on foreign ownership * All but one property shares slide in Dubai * Emaar falls for the third straight session * Financials strong in Egypt By Ateeq Shariff Sept 5 (Reuters) - The Dubai stock market rose on Thursday, mainly helped by its largest lender Emirates NBD, while Egypt rebounded on the back of financials. Dubai's index closed 0.4% up, with Emirates NBD increasing 1.5% and Dubai Islamic Bank, the United Arab Emirates’ largest sharia-compliant lender, adding 0.6%. Emirates NBD has been rising since Monday after it raised its foreign ownership limit to 20…

* Emirates NBD extends rally on foreign ownership * All but one property shares slide in Dubai * Emaar falls for the third straight session * Financials strong in Egypt By Ateeq Shariff Sept 5 (Reuters) - The Dubai stock market rose on Thursday, mainly helped by its largest lender Emirates NBD, while Egypt rebounded on the back of financials. Dubai's index closed 0.4% up, with Emirates NBD increasing 1.5% and Dubai Islamic Bank, the United Arab Emirates’ largest sharia-compliant lender, adding 0.6%. Emirates NBD has been rising since Monday after it raised its foreign ownership limit to 20…

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09 Sep

The global Islamic finance market is growing moderately, because of the strong investments in the Halal Sectors, infrastructure, and Sukuk bonds, especially through electronic modes in all products and services. The factors driving the growth of the market are directing investment toward the tremendous growth opportunities in the promising Islamic sectors. The industry’s total worth, according to key industry stakeholder organizations, across its three main sectors (banking, capital markets, and TAK?FUL), was estimated to be USD 2.05 trillion in 2017, marking an 8.3% growth in assets in…

The global Islamic finance market is growing moderately, because of the strong investments in the Halal Sectors, infrastructure, and Sukuk bonds, especially through electronic modes in all products and services. The factors driving the growth of the market are directing investment toward the tremendous growth opportunities in the promising Islamic sectors. The industry’s total worth, according to key industry stakeholder organizations, across its three main sectors (banking, capital markets, and TAK?FUL), was estimated to be USD 2.05 trillion in 2017, marking an 8.3% growth in assets in…

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08 Aug

The Bangko Sentral ng Pilipinas (BSP) is seeing more Islamic financing activities in the Philippines following the signing of Republic Act (RA) 11439 or “An Act Providing for the Regulation and Organization of Islamic Banks.”

In a statement on Friday, the BSP quoted Governor Benjamin Diokno as saying that the new law signed by President Duterte on August 22 “will unlock the full potential of Islamic financing in fostering inclusive economic growth.”

“With a well-defined regulatory framework now in place, the BSP looks forward to seeing greater participation in Islamic…

The Bangko Sentral ng Pilipinas (BSP) is seeing more Islamic financing activities in the Philippines following the signing of Republic Act (RA) 11439 or “An Act Providing for the Regulation and Organization of Islamic Banks.”

In a statement on Friday, the BSP quoted Governor Benjamin Diokno as saying that the new law signed by President Duterte on August 22 “will unlock the full potential of Islamic financing in fostering inclusive economic growth.”

“With a well-defined regulatory framework now in place, the BSP looks forward to seeing greater participation in Islamic…

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08 Aug

The enactment of a new Islamic banking law will help the Philippines achieve better levels of financial inclusion by making banking services more accessible to sectors not traditionally served by bigger players, the central bank said on Friday.

In a statement, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Republic Act No. 11439—officially named “An Act Providing for the Regulation and Organization of Islamic Banks”— “will unlock the full potential of Islamic financing in fostering inclusive economic growth.”

The law, which was signed by President Duterte last…

The enactment of a new Islamic banking law will help the Philippines achieve better levels of financial inclusion by making banking services more accessible to sectors not traditionally served by bigger players, the central bank said on Friday.

In a statement, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Republic Act No. 11439—officially named “An Act Providing for the Regulation and Organization of Islamic Banks”— “will unlock the full potential of Islamic financing in fostering inclusive economic growth.”

The law, which was signed by President Duterte last…

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08 Aug

R3 struck a strategic partnership with Dubai-based fintech startup, Wethaq, to build next-generation financial architecture for Islamic capital markets.

Wethaq, a “platform-as-a-service” firm, aims to use R3 Corda’s blockchain to manage the pre-sale, issuance, management and financialization of Sukuk securities, Islamic financial certificates similar to bonds.

According to the International Islamic Financial Market Annual Sukuk Report 2019, the total issuance of Sukuk…

R3 struck a strategic partnership with Dubai-based fintech startup, Wethaq, to build next-generation financial architecture for Islamic capital markets.

Wethaq, a “platform-as-a-service” firm, aims to use R3 Corda’s blockchain to manage the pre-sale, issuance, management and financialization of Sukuk securities, Islamic financial certificates similar to bonds.

According to the International Islamic Financial Market Annual Sukuk Report 2019, the total issuance of Sukuk…

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08 Aug

KUALA LUMPUR (Aug 28): Islamic banking institutions in Malaysia have been urged to provide extensive financing and entrepreneurship training to small and medium enterprises (SMEs) in order to strengthen the sector, said an economist.

Bank Islam Malaysia Bhd's chief economist Dr. Mohd Afzanizam Abdul Rashid said the move will create more jobs in SMEs and narrow the income gap between the SMEs and big enterprises.

Citing the effort done by Bank Islam through its ‘SME Development Programme’ held last year in partnership with Centre for University-Industry Collaboration of…

KUALA LUMPUR (Aug 28): Islamic banking institutions in Malaysia have been urged to provide extensive financing and entrepreneurship training to small and medium enterprises (SMEs) in order to strengthen the sector, said an economist.

Bank Islam Malaysia Bhd's chief economist Dr. Mohd Afzanizam Abdul Rashid said the move will create more jobs in SMEs and narrow the income gap between the SMEs and big enterprises.

Citing the effort done by Bank Islam through its ‘SME Development Programme’ held last year in partnership with Centre for University-Industry Collaboration of…

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08 Aug

KUALA LUMPUR (Aug 29): Malaysia’s Islamic banking industry is not phasing out of the limelight but is very much alive and kicking, gaining maturity and poised for further growth.

This is evident from statistics which shows that Islamic financing currently accounted for 34.1% of total financing (2008: 14.9%) while Islamic banking assets stood at 31.4% against a meagre 14% in 2008.

Going forward, further development of Islamic finance will increasingly be industry-driven.

“Islamic banking is not slowing down; rather, it has been growing. The industry is propelling…

KUALA LUMPUR (Aug 29): Malaysia’s Islamic banking industry is not phasing out of the limelight but is very much alive and kicking, gaining maturity and poised for further growth.

This is evident from statistics which shows that Islamic financing currently accounted for 34.1% of total financing (2008: 14.9%) while Islamic banking assets stood at 31.4% against a meagre 14% in 2008.

Going forward, further development of Islamic finance will increasingly be industry-driven.

“Islamic banking is not slowing down; rather, it has been growing. The industry is propelling…

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08 Aug

KUALA LUMPUR (Aug 14): Malaysia intends to keep its focus on the halal and Islamic finance industries in its efforts to enhance trade relations with Arab countries, says President of the Arab-Malaysia Chamber of Commerce (AMCC), Datuk Dr. Hafsah Hashim.

This would be important if Malaysia plans to achieve its aim of stronger trade links with the Arab countries, she said.

KUALA LUMPUR (Aug 14): Malaysia intends to keep its focus on the halal and Islamic finance industries in its efforts to enhance trade relations with Arab countries, says President of the Arab-Malaysia…

KUALA LUMPUR (Aug 14): Malaysia intends to keep its focus on the halal and Islamic finance industries in its efforts to enhance trade relations with Arab countries, says President of the Arab-Malaysia Chamber of Commerce (AMCC), Datuk Dr. Hafsah Hashim.

This would be important if Malaysia plans to achieve its aim of stronger trade links with the Arab countries, she said.

KUALA LUMPUR (Aug 14): Malaysia intends to keep its focus on the halal and Islamic finance industries in its efforts to enhance trade relations with Arab countries, says President of the Arab-Malaysia…

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08 Aug

Top 10 Halal businesses you can start right now. This statement looks pretty bold especially considering the seemingly insurmountable challenges all kinds of businesses face these days even after spending millions of dollars on marketing etc.  The present article assumes that you have little to no money to start any of the below-mentioned business. However, please remember you need to have plenty of energy and insatiable desire to succeed in your halal business.   The path to success is not going to be an easy one.

Let us start exploring various business ideas related to the halal…

Top 10 Halal businesses you can start right now. This statement looks pretty bold especially considering the seemingly insurmountable challenges all kinds of businesses face these days even after spending millions of dollars on marketing etc.  The present article assumes that you have little to no money to start any of the below-mentioned business. However, please remember you need to have plenty of energy and insatiable desire to succeed in your halal business.   The path to success is not going to be an easy one.

Let us start exploring various business ideas related to the halal…

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08 Aug

Turkey has emerged as a leading destination within the halal tourism market with a growing number of halal hotels and resorts that have seemingly found a market not catered to as widely elsewhere. How, outside of Turkey where the idea of a ‘halal hotel’ is becoming more common, will the same need be met in a way that is financially viable and gets the involvement of the Islamic finance sector which is a key need for the halal tourism sector.
Financing is such a key in the tourism market because much of the main assets that support travel and tourism are hotels and hotels are…

Turkey has emerged as a leading destination within the halal tourism market with a growing number of halal hotels and resorts that have seemingly found a market not catered to as widely elsewhere. How, outside of Turkey where the idea of a ‘halal hotel’ is becoming more common, will the same need be met in a way that is financially viable and gets the involvement of the Islamic finance sector which is a key need for the halal tourism sector.
Financing is such a key in the tourism market because much of the main assets that support travel and tourism are hotels and hotels are…

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07 Jul

African leaders today launched a continental free-trade zone.  The move expects to unite 1.3 billion people and create a 3.4 trillion dollar economic bloc in the continent. Lifting the bottom billion in Africa has always been a mantra for far too many economists and political leaders around the world. However, none of the previous attempts have been successful so far.  We have to question whether it is going to work this time? If yes, which will be the largest beneficiary countries, What is the overall impact of this proposed trading block to the world economy and the global…

African leaders today launched a continental free-trade zone.  The move expects to unite 1.3 billion people and create a 3.4 trillion dollar economic bloc in the continent. Lifting the bottom billion in Africa has always been a mantra for far too many economists and political leaders around the world. However, none of the previous attempts have been successful so far.  We have to question whether it is going to work this time? If yes, which will be the largest beneficiary countries, What is the overall impact of this proposed trading block to the world economy and the global…

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07 Jul

President of the Islamic Development Bank (IsDB) Group Dr. Bandar Hajjar has said the bank is a strategic partner to Kazakhstan and will continue to strengthen relations and increase its project portfolio in the Central Asian country.

Hajjar said on Thursday, on the sidelines of the Global Finance Forum in the Kazakh capital Nur-Sultan, that the bank is actively supporting socio-economic advancement in Kazakhstan. He pointed out that the bank portfolio in Kazakhstan has grown to roughly $1.5 billion in two decades covering key areas such as infrastructure, trade finance,…

President of the Islamic Development Bank (IsDB) Group Dr. Bandar Hajjar has said the bank is a strategic partner to Kazakhstan and will continue to strengthen relations and increase its project portfolio in the Central Asian country.

Hajjar said on Thursday, on the sidelines of the Global Finance Forum in the Kazakh capital Nur-Sultan, that the bank is actively supporting socio-economic advancement in Kazakhstan. He pointed out that the bank portfolio in Kazakhstan has grown to roughly $1.5 billion in two decades covering key areas such as infrastructure, trade finance,…

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07 Jul

Pak High Commissioner to United Kingdom Mohammad Nafees Zakaria has said the Sukuk market has been consistently gaining ground in Pakistan’s growing Islamic finance industry and there has been a concerted push by regulatory authorities in the country to promote the Islamic finance industry on a sustainable basis, with regular Sukuk issuance being a key element of this strategy.


The London Sukuk Summit is the world’s premier Sukuk and Islamic capital Markets gathering that took place from July 2 to 3. It attracted finance, business and industry leaders from around the world…

Pak High Commissioner to United Kingdom Mohammad Nafees Zakaria has said the Sukuk market has been consistently gaining ground in Pakistan’s growing Islamic finance industry and there has been a concerted push by regulatory authorities in the country to promote the Islamic finance industry on a sustainable basis, with regular Sukuk issuance being a key element of this strategy.


The London Sukuk Summit is the world’s premier Sukuk and Islamic capital Markets gathering that took place from July 2 to 3. It attracted finance, business and industry leaders from around the world…

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07 Jul

DAVAO CITY -- The National Commission on Muslim Filipinos is pushing for the approval of Enrolled Bill 8281 by President Mr. Rodrigo R. Duterte, for regulating and organizing the Islamic banking system in the country.

Dimapuno Datu Ramos Jr., director of the NCMF's Bureau of External Relations, said NCMF Secretary Saidamen Pangarungan had recently met with officials of the Bangko Sentral and the Asian Development Bank to push for the bill's approval. Last month, the Senate passed the bill, which originated from the House of Representatives, with 20 affirmative…

DAVAO CITY -- The National Commission on Muslim Filipinos is pushing for the approval of Enrolled Bill 8281 by President Mr. Rodrigo R. Duterte, for regulating and organizing the Islamic banking system in the country.

Dimapuno Datu Ramos Jr., director of the NCMF's Bureau of External Relations, said NCMF Secretary Saidamen Pangarungan had recently met with officials of the Bangko Sentral and the Asian Development Bank to push for the bill's approval. Last month, the Senate passed the bill, which originated from the House of Representatives, with 20 affirmative…

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06 Jun

KUALA LUMPUR, June 13 (Reuters) – Japanese restaurant operator Zensho Holdings Co Ltd agreed to buy Malaysian halal chain The Chicken Rice Shop (TCRS) for around 220 million ringgit ($52.86 million), a person with knowledge of the deal told Reuters on Thursday.

Zensho announced the acquisition last week but did not disclose the purchase price.

The deal increases the Japanese firm’s presence in Southeast Asia, adding to current operations in Malaysia as well as Indonesia, Thailand and Vietnam, said the person, who was not authorized to speak with media and…

KUALA LUMPUR, June 13 (Reuters) – Japanese restaurant operator Zensho Holdings Co Ltd agreed to buy Malaysian halal chain The Chicken Rice Shop (TCRS) for around 220 million ringgit ($52.86 million), a person with knowledge of the deal told Reuters on Thursday.

Zensho announced the acquisition last week but did not disclose the purchase price.

The deal increases the Japanese firm’s presence in Southeast Asia, adding to current operations in Malaysia as well as Indonesia, Thailand and Vietnam, said the person, who was not authorized to speak with media and…

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05 May

KUALA LUMPUR: RHB Investment Bank Bhd (RHB IB) is named the top arranger by issue value of debt and Sukuk programs and issuances by Malaysian Rating Corp Bhd (MARC).

In 2018, the bank was the largest issuer with a total of RM1.5 billion, followed by CIMB Investment Bank Bhd (RM650 million) and AmInvestment Bank Bhd (RM562 million).

RHB IB also topped the league table in terms of issue count with two Islamic issuances, followed by AmInvestment with a conventional and an Islamic issuance, and Affin Hwang Investment Bank Bhd with an Islamic issuance.

“Noteworthy deals…

KUALA LUMPUR: RHB Investment Bank Bhd (RHB IB) is named the top arranger by issue value of debt and Sukuk programs and issuances by Malaysian Rating Corp Bhd (MARC).

In 2018, the bank was the largest issuer with a total of RM1.5 billion, followed by CIMB Investment Bank Bhd (RM650 million) and AmInvestment Bank Bhd (RM562 million).

RHB IB also topped the league table in terms of issue count with two Islamic issuances, followed by AmInvestment with a conventional and an Islamic issuance, and Affin Hwang Investment Bank Bhd with an Islamic issuance.

“Noteworthy deals…

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05 May

Saudi Arabia's central bank on Sunday fined 16 banks, including a UAE bank and some of Kingdom's largest banks, for violating its laws and asked all the lenders to correct the violations.

The Saudi Arabian Monetary Authority (Sama) said the banks were fined for violating the "individual responsible finance principles" to implement principles of justice and transparency and to ensure full compliance with the responsible finance that should meet with the actual needs of all the segments of the society.

The regulator said the decision will also ensure fairness…

Saudi Arabia's central bank on Sunday fined 16 banks, including a UAE bank and some of Kingdom's largest banks, for violating its laws and asked all the lenders to correct the violations.

The Saudi Arabian Monetary Authority (Sama) said the banks were fined for violating the "individual responsible finance principles" to implement principles of justice and transparency and to ensure full compliance with the responsible finance that should meet with the actual needs of all the segments of the society.

The regulator said the decision will also ensure fairness…

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05 May

Revenue-based financing is on the rise, at least according to Lighter Capital, a firm that doles out entrepreneur-friendly debt capital.

What exactly is RBF you ask? It’s a relatively new form of funding for tech companies that are posting monthly recurring revenue. Here’s how Lighter Capital, which completed 500 RBF deals in 2018, explains it: “It’s an alternative funding model that mixes some aspects of debt and equity. Most RBF is technically structured as a loan.…

Revenue-based financing is on the rise, at least according to Lighter Capital, a firm that doles out entrepreneur-friendly debt capital.

What exactly is RBF you ask? It’s a relatively new form of funding for tech companies that are posting monthly recurring revenue. Here’s how Lighter Capital, which completed 500 RBF deals in 2018, explains it: “It’s an alternative funding model that mixes some aspects of debt and equity. Most RBF is technically structured as a loan.…

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05 May

May 19 (Reuters) - Dubai's stock market closed down on Sunday, dragged lower by property and banking shares as Gulf markets ended the day mixed amid rising geopolitical tensions that have shaken investor confidence.

Dubai's main index fell 2.2%, led by a 3.1% decline in heavyweight Emaar Properties and a 2.3% drop in bank Emirates NBD. Dubai Islamic Bank fell by 1.6%.

DAMAC Properties, which on May 15 reported its smallest profit since going public in 2015, shed 3.0%, recovering some earlier losses.

Gulf markets have been shaky since the United Arab Emirates said…

May 19 (Reuters) - Dubai's stock market closed down on Sunday, dragged lower by property and banking shares as Gulf markets ended the day mixed amid rising geopolitical tensions that have shaken investor confidence.

Dubai's main index fell 2.2%, led by a 3.1% decline in heavyweight Emaar Properties and a 2.3% drop in bank Emirates NBD. Dubai Islamic Bank fell by 1.6%.

DAMAC Properties, which on May 15 reported its smallest profit since going public in 2015, shed 3.0%, recovering some earlier losses.

Gulf markets have been shaky since the United Arab Emirates said…

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05 May

More than twenty Gulf financial institutions with total assets exceeding $1 trillion are in merger talks, part of an unprecedented wave of consolidation in the region’s financial industry. Here’s an overview:

Merger Talks In GCC Financial Industry Heat Up

Abu Dhabi Islamic Bank and First Abu Dhabi Bank

Talks are said to be underway in Abu Dhabi for a possible tie-up between Abu Dhabi Islamic Bank PJSC with First Abu Dhabi Bank PJSC, a merger that would create one of the Middle East’s largest lenders. FAB last month said it “currently has not entered discussions…

More than twenty Gulf financial institutions with total assets exceeding $1 trillion are in merger talks, part of an unprecedented wave of consolidation in the region’s financial industry. Here’s an overview:

Merger Talks In GCC Financial Industry Heat Up

Abu Dhabi Islamic Bank and First Abu Dhabi Bank

Talks are said to be underway in Abu Dhabi for a possible tie-up between Abu Dhabi Islamic Bank PJSC with First Abu Dhabi Bank PJSC, a merger that would create one of the Middle East’s largest lenders. FAB last month said it “currently has not entered discussions…

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05 May

Islamic finance in Malta is still in its infancy, where exposure to the market is still being sought after to reach the levels it merits. The potential and benefits that this will bring to the European market is all the more present. While there has been a slump over the past few years, with very little activity for Islamic finance to actually embed its roots into the market, 2018 has thus far been fruitful and Islamic finance is one step closer to penetrate this market.

Review of 2018

As mentioned, 2018 has gone off tangent, compared to the previous years. One of the…

Islamic finance in Malta is still in its infancy, where exposure to the market is still being sought after to reach the levels it merits. The potential and benefits that this will bring to the European market is all the more present. While there has been a slump over the past few years, with very little activity for Islamic finance to actually embed its roots into the market, 2018 has thus far been fruitful and Islamic finance is one step closer to penetrate this market.

Review of 2018

As mentioned, 2018 has gone off tangent, compared to the previous years. One of the…

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05 May

Bank Nizwa received the Best Islamic Bank in Oman Award from Islamic Finance News (IFN) during a recently held ceremony in Dubai. The prestigious award was received on behalf of the bank by Salim Rashid Al Maharbi, Chief Financial Officer of Bank Nizwa. More than 400 industry leaders from around the world attended the awards event.

Al Marhabi said, “As Oman’s first dedicated Islamic bank, with fully Shari’a- compliant products and services, Bank Nizwa continues to go from strength to strength and is now the leading Islamic financial institution in Oman. Our customers’ interests are…

Bank Nizwa received the Best Islamic Bank in Oman Award from Islamic Finance News (IFN) during a recently held ceremony in Dubai. The prestigious award was received on behalf of the bank by Salim Rashid Al Maharbi, Chief Financial Officer of Bank Nizwa. More than 400 industry leaders from around the world attended the awards event.

Al Marhabi said, “As Oman’s first dedicated Islamic bank, with fully Shari’a- compliant products and services, Bank Nizwa continues to go from strength to strength and is now the leading Islamic financial institution in Oman. Our customers’ interests are…

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05 May

The Central Bank of the UAE has developed a Persona Non Grata (UAEPNG) System in order to restrict persons with questionable professional integrity from joining the financial sector.

The system is aimed at protecting the country’s banking and financial system as people terminated for committing fraud or labeled with questionable professional integrity will not be able to join financial firms in the UAE.

“The Persona Non-Grata [UAEPNG] system was developed to protect the banking sector from the appointment of persons whose services have been terminated for…

The Central Bank of the UAE has developed a Persona Non Grata (UAEPNG) System in order to restrict persons with questionable professional integrity from joining the financial sector.

The system is aimed at protecting the country’s banking and financial system as people terminated for committing fraud or labeled with questionable professional integrity will not be able to join financial firms in the UAE.

“The Persona Non-Grata [UAEPNG] system was developed to protect the banking sector from the appointment of persons whose services have been terminated for…

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05 May

KUALA LUMPUR: Alliance Islamic Bank Bhd (AIS), the Islamic banking arm of Alliance Bank Malaysia Bhd yesterday launched its first-ever social crowdfunding platform, SocioBiz, for financially disadvantaged individuals seeking to raise funds to start or expand a business or learn a new life skill to earn a sustainable livelihood.

AIS formalized their partnership via a memorandum of collaboration with Islamic fintech venture builder, Ethis Ventures Malaysia, and beneficiary partners, Yayasan Kebajikan Negara (YKN), Yayasan Noor al-Syakur (Yanas), and Pertubuhan…

KUALA LUMPUR: Alliance Islamic Bank Bhd (AIS), the Islamic banking arm of Alliance Bank Malaysia Bhd yesterday launched its first-ever social crowdfunding platform, SocioBiz, for financially disadvantaged individuals seeking to raise funds to start or expand a business or learn a new life skill to earn a sustainable livelihood.

AIS formalized their partnership via a memorandum of collaboration with Islamic fintech venture builder, Ethis Ventures Malaysia, and beneficiary partners, Yayasan Kebajikan Negara (YKN), Yayasan Noor al-Syakur (Yanas), and Pertubuhan…

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05 May

ISLAMABAD: Pakistan Poverty Alleviation Fund (PPAF) has won the prestigious CIS Islamic Banking and Finance award for being the best contributor to the Islamic Finance Industry in a ceremony held recently in Tashkent, Uzbekistan.

According to the announcement made here on Thursday, the PPAF was selected for implementing the Interest-Free Loan Programme across Pakistan. The CIS Islamic Banking and Finance Awards is a signature initiative of Al-Huda CIBE aimed to recognize the industry leaders and to promote the concept of a sustainable economy.

The awards…

ISLAMABAD: Pakistan Poverty Alleviation Fund (PPAF) has won the prestigious CIS Islamic Banking and Finance award for being the best contributor to the Islamic Finance Industry in a ceremony held recently in Tashkent, Uzbekistan.

According to the announcement made here on Thursday, the PPAF was selected for implementing the Interest-Free Loan Programme across Pakistan. The CIS Islamic Banking and Finance Awards is a signature initiative of Al-Huda CIBE aimed to recognize the industry leaders and to promote the concept of a sustainable economy.

The awards…

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05 May

NUR-SULTAN. KAZINFORM - The project was implemented in cooperation with Al-Farabi KazNU with the International Financial Center Astana (AIFC) and Hamad Bin Khalifa Qatar University, Kazinform has learned from the university's press service. Rector of KazNU Galym Mutanov, President of the Hamad Bin Khalifa University Dr. Ahmad Hasna, Vice-Chairman of the AIFC Board Yernur Rysmagambetov, representatives of financial institutions, teachers and students took part in the opening ceremony.

The unique Center, equipped with the latest technology and modern software, will provide training…

NUR-SULTAN. KAZINFORM - The project was implemented in cooperation with Al-Farabi KazNU with the International Financial Center Astana (AIFC) and Hamad Bin Khalifa Qatar University, Kazinform has learned from the university's press service. Rector of KazNU Galym Mutanov, President of the Hamad Bin Khalifa University Dr. Ahmad Hasna, Vice-Chairman of the AIFC Board Yernur Rysmagambetov, representatives of financial institutions, teachers and students took part in the opening ceremony.

The unique Center, equipped with the latest technology and modern software, will provide training…

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05 May

Qatar Islamic Bank (QIB) yesterday announced the launch of its affordable Takaful product for low-income workers called 'Family Sheild - WPS, underwritten by Daman Islamic Insurance company (Beema). This comes as part of the Bank's efforts in offering products and services tailored to the needs of Qatar's entire population.

This low-cost Takaful product can also be purchased by companies who want to give additional protection to their employees and is available in QIB industrial area branch located in Barwa Commercial Avenue.

Qatar is home to numerous people from around the…

Qatar Islamic Bank (QIB) yesterday announced the launch of its affordable Takaful product for low-income workers called 'Family Sheild - WPS, underwritten by Daman Islamic Insurance company (Beema). This comes as part of the Bank's efforts in offering products and services tailored to the needs of Qatar's entire population.

This low-cost Takaful product can also be purchased by companies who want to give additional protection to their employees and is available in QIB industrial area branch located in Barwa Commercial Avenue.

Qatar is home to numerous people from around the…

0 comments
05 May

Over the decades, the Islamic finance industry has seen significant growth and is now estimated to have crossed $2 trillion in assets. The ecosystem surrounding Islamic finance has also developed exponentially with the emergence of a full-suite of Sharia-compliant offerings such as takaful, Islamic funds, Sharia advisory firms, sukuks and more.

There are many variables that have contributed to the growth. Perhaps most important is the introduction of sophisticated regulatory regimes that have slowly built the confidence of customers, leading to an increased demand for Sharia-…

Over the decades, the Islamic finance industry has seen significant growth and is now estimated to have crossed $2 trillion in assets. The ecosystem surrounding Islamic finance has also developed exponentially with the emergence of a full-suite of Sharia-compliant offerings such as takaful, Islamic funds, Sharia advisory firms, sukuks and more.

There are many variables that have contributed to the growth. Perhaps most important is the introduction of sophisticated regulatory regimes that have slowly built the confidence of customers, leading to an increased demand for Sharia-…

0 comments
05 May

(Bloomberg) – Dubai’s Arqaam Capital and Abu Dhabi-based The National Investor (TNI), are weighing a possible merger.

Arqaam would have management control of the merged bank and its investors would hold about 40 percent.

Discussions are at an early stage and may not lead to a deal.

Banks in the Gulf…

(Bloomberg) – Dubai’s Arqaam Capital and Abu Dhabi-based The National Investor (TNI), are weighing a possible merger.

Arqaam would have management control of the merged bank and its investors would hold about 40 percent.

Discussions are at an early stage and may not lead to a deal.

Banks in the Gulf…

0 comments
05 May

Abu Dhabi Commercial Bank (ADCB) reported on Monday a net profit of Dh1.152 billion for the first quarter of 2019 that preceded its landmark three-way merger with two other banks on May 1 to emerge as a banking titan with Dh423 billion in assets.

The bank said higher cost of funds, partially offset by higher non-interest income and lower impairment charges, led to its first-quarter profit drop of five percent.

In a statement, the lender said a strong operating performance in the first quarter was underpinned by robust growth in gross interest and…

Abu Dhabi Commercial Bank (ADCB) reported on Monday a net profit of Dh1.152 billion for the first quarter of 2019 that preceded its landmark three-way merger with two other banks on May 1 to emerge as a banking titan with Dh423 billion in assets.

The bank said higher cost of funds, partially offset by higher non-interest income and lower impairment charges, led to its first-quarter profit drop of five percent.

In a statement, the lender said a strong operating performance in the first quarter was underpinned by robust growth in gross interest and…

0 comments
05 May

OiFF2019 aims at highlighting the potential Islamic Fintech has in order to develop the economy and improve financial inclusion

After the UAE, Malaysia, and Turkey, Elmangos brings its expertise in organizing fintech events to Muscat and launches Oman’s First Islamic Fintech Forum (OiFF2019).

Supported by e-Oman and Sultanate of Oman Information Technology Authority, the event is the first of its kind in the Sultanate and is taking place on 26-27 June 2019 in Muscat.

OiFF2019 aims at highlighting the potential Islamic Fintech has in order to develop the economy and…

OiFF2019 aims at highlighting the potential Islamic Fintech has in order to develop the economy and improve financial inclusion

After the UAE, Malaysia, and Turkey, Elmangos brings its expertise in organizing fintech events to Muscat and launches Oman’s First Islamic Fintech Forum (OiFF2019).

Supported by e-Oman and Sultanate of Oman Information Technology Authority, the event is the first of its kind in the Sultanate and is taking place on 26-27 June 2019 in Muscat.

OiFF2019 aims at highlighting the potential Islamic Fintech has in order to develop the economy and…

0 comments
05 May

The City of London and the UK are pioneers in creating suitable legal and regulatory frameworks and we provide the vast majority of professional and financial services to the global Islamic financial services industry. Most of the Islamic financial transactions are governed according to English common law with English law firms providing the bulk of the legal transactional, advisory and dispute resolution expertise. I have witnessed this first hand especially in my current role as partner and global head of Islamic Finance at McCarthy Denning.

The UK regulatory…

The City of London and the UK are pioneers in creating suitable legal and regulatory frameworks and we provide the vast majority of professional and financial services to the global Islamic financial services industry. Most of the Islamic financial transactions are governed according to English common law with English law firms providing the bulk of the legal transactional, advisory and dispute resolution expertise. I have witnessed this first hand especially in my current role as partner and global head of Islamic Finance at McCarthy Denning.

The UK regulatory…

0 comments
04 Apr

After UAE, Malaysia, and Turkey, Elmangos brings its expertise in organizing fintech events to Muscat and launches Oman’s First Islamic Fintech Forum (OiFF2019).

Supported by e-Oman and Sultanate of Oman Information Technology Authority, the event is the first of its kind in the Sultanate and is taking place on 26-27 June 2019 in Muscat.

OiFF2019 aims at highlighting the potential Islamic Fintech has in order to develop the economy and improve financial inclusion. The forum will provide the platform for global Islamic institutions to showcase their experience and success…

After UAE, Malaysia, and Turkey, Elmangos brings its expertise in organizing fintech events to Muscat and launches Oman’s First Islamic Fintech Forum (OiFF2019).

Supported by e-Oman and Sultanate of Oman Information Technology Authority, the event is the first of its kind in the Sultanate and is taking place on 26-27 June 2019 in Muscat.

OiFF2019 aims at highlighting the potential Islamic Fintech has in order to develop the economy and improve financial inclusion. The forum will provide the platform for global Islamic institutions to showcase their experience and success…

0 comments
04 Apr

Demand for the new issuance, due in 2049, is equivalent to around $2.47bn, according to Saudi Arabia's Debt Management Office.

The debt management office at the Saudi Ministry of Finance has announced a debut riyal-denominated Sukuk issuance with a 30-year maturity.

According to the Saudi Press Agency, the ministry said that the Sukuk would be valuable for long-term financing pricing in the kingdom and that it will support infrastructure projects, as well as public and private sector debt issuances.

The issuance is also "expected to be a reference point to…

Demand for the new issuance, due in 2049, is equivalent to around $2.47bn, according to Saudi Arabia's Debt Management Office.

The debt management office at the Saudi Ministry of Finance has announced a debut riyal-denominated Sukuk issuance with a 30-year maturity.

According to the Saudi Press Agency, the ministry said that the Sukuk would be valuable for long-term financing pricing in the kingdom and that it will support infrastructure projects, as well as public and private sector debt issuances.

The issuance is also "expected to be a reference point to…

0 comments
04 Apr

CIBAFI Conducts A Session On `Islamic Finance In CIS Region` In Russia.

Tatarstan, Russia  | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, conducted an InFocus session on “Islamic Finance in the CIS Region: A Path for Integration in the Financial System to Achieve Economic Growth and Sustainable Development”. The session was featured as part of the 11th International Economic Summit "Russia - Islamic World: Kazan summit 2019" in Kazan, Tatarstan, Russia.

The session followed a successful…

CIBAFI Conducts A Session On `Islamic Finance In CIS Region` In Russia.

Tatarstan, Russia  | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, conducted an InFocus session on “Islamic Finance in the CIS Region: A Path for Integration in the Financial System to Achieve Economic Growth and Sustainable Development”. The session was featured as part of the 11th International Economic Summit "Russia - Islamic World: Kazan summit 2019" in Kazan, Tatarstan, Russia.

The session followed a successful…

0 comments
04 Apr

RIYADH, April 25 (Xinhua) -- Saudi Arabia issued on Thursday its first Islamic bonds, or "sukuk," in the local market with a 30-year maturity, and extended the local currency yield curve, Saudi Press Agency reported.

The Ministry of Finance said in a statement that the issuance is expected to be a reference point to price mortgage and provide a new investment product in the local market.

It added that the reference point will also support developmental and infrastructure projects as well as public and private sectors' debt issuances.

The demand for the issuance,…

RIYADH, April 25 (Xinhua) -- Saudi Arabia issued on Thursday its first Islamic bonds, or "sukuk," in the local market with a 30-year maturity, and extended the local currency yield curve, Saudi Press Agency reported.

The Ministry of Finance said in a statement that the issuance is expected to be a reference point to price mortgage and provide a new investment product in the local market.

It added that the reference point will also support developmental and infrastructure projects as well as public and private sectors' debt issuances.

The demand for the issuance,…

0 comments
04 Apr

KUALA LUMPUR: MBSB Bank Bhd stands out as the Islamic bank with the highest investment spend in a year as it heads on with the efforts to become one of the premier banks in Malaysia.

President and chief executive officer Datuk Ahmad Zaini Othman said the bank had spent nearly a billion ringgit on a banking license, consultation fees, technology platform and talents to have the ability to compete with other banks.

“We aim to be a premier Islamic bank using technology as one of the enablers. That is why we are not worried that we only have 46 branches. Perhaps, we are scaling…

KUALA LUMPUR: MBSB Bank Bhd stands out as the Islamic bank with the highest investment spend in a year as it heads on with the efforts to become one of the premier banks in Malaysia.

President and chief executive officer Datuk Ahmad Zaini Othman said the bank had spent nearly a billion ringgit on a banking license, consultation fees, technology platform and talents to have the ability to compete with other banks.

“We aim to be a premier Islamic bank using technology as one of the enablers. That is why we are not worried that we only have 46 branches. Perhaps, we are scaling…

0 comments
04 Apr

KUALA LUMPUR: Malaysia is on the right track towards becoming a leading global Islamic finance hub in the near future.

Deputy Finance Minister Datuk Ir Amiruddin Hamzah said this in the Dewan Negara on Monday in response to a question from Senator Asmak Husin.

Thomson Reuters’ Islamic Finance Development Report 2018 showed that Malaysia remains a leader among 56 countries for Islamic finance institutions.

Malaysia was also involved in the global initiative to establish the International Islamic Liquidity Management Corp (IILM) in 2010 for…

KUALA LUMPUR: Malaysia is on the right track towards becoming a leading global Islamic finance hub in the near future.

Deputy Finance Minister Datuk Ir Amiruddin Hamzah said this in the Dewan Negara on Monday in response to a question from Senator Asmak Husin.

Thomson Reuters’ Islamic Finance Development Report 2018 showed that Malaysia remains a leader among 56 countries for Islamic finance institutions.

Malaysia was also involved in the global initiative to establish the International Islamic Liquidity Management Corp (IILM) in 2010 for…

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04 Apr

LAHORE: The UK-Pakistan Chamber of Commerce and Industry (UKPCCI) has announced investing £200 million in Pakistan and helping steer the country out of the financial crisis.

During a visit to Lahore Press Club here on Sunday, 15-member delegation, led by UKPCCI President Amjad Khan and Secretary Mian Waheedur Rehman, said the purpose of visiting Pakistan was to help address its economic challenges.

The delegation told the media persons various apprehensions amongst overseas investors with reference to Pakistan were related to the safety of their investment and protection of…

LAHORE: The UK-Pakistan Chamber of Commerce and Industry (UKPCCI) has announced investing £200 million in Pakistan and helping steer the country out of the financial crisis.

During a visit to Lahore Press Club here on Sunday, 15-member delegation, led by UKPCCI President Amjad Khan and Secretary Mian Waheedur Rehman, said the purpose of visiting Pakistan was to help address its economic challenges.

The delegation told the media persons various apprehensions amongst overseas investors with reference to Pakistan were related to the safety of their investment and protection of…

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04 Apr

PUTRAJAYA: In an unprecedented move, a nine-man Federal Court Bench handed down a landmark majority judgment that any decision by Bank Negara's Syariah Advisory Council (SAC) on Islamic finance is constitutional and binding on civil courts even though the Council is not a judicial body.

The nine-man super Bench is the first in the nation's history, but the landmark decision was a narrow 5-4 decision.

Previously, a Bench of seven members was the maximum number ever convened to hear such cases in the Federal Court.

The dissenting judges were Chief Justice…

PUTRAJAYA: In an unprecedented move, a nine-man Federal Court Bench handed down a landmark majority judgment that any decision by Bank Negara's Syariah Advisory Council (SAC) on Islamic finance is constitutional and binding on civil courts even though the Council is not a judicial body.

The nine-man super Bench is the first in the nation's history, but the landmark decision was a narrow 5-4 decision.

Previously, a Bench of seven members was the maximum number ever convened to hear such cases in the Federal Court.

The dissenting judges were Chief Justice…

0 comments
04 Apr

DOHA:  Despite strong interest in credit ratings from previously unrated GCC-based corporates in new industries such as consumer goods, health care, and education, uncertainty and volatility in the global capital market have kept issuance volumes low so far in 2019. Nevertheless, S&P Global Ratings expects volumes to pick up strongly in the remainder of the year.

The S&P has seen visibly lower issuance by GCC corporate in the first months of the year. Total bond and Sukuk issuance in the year-to-date is around$1.1bn. This situation is likely to change in the coming days and…

DOHA:  Despite strong interest in credit ratings from previously unrated GCC-based corporates in new industries such as consumer goods, health care, and education, uncertainty and volatility in the global capital market have kept issuance volumes low so far in 2019. Nevertheless, S&P Global Ratings expects volumes to pick up strongly in the remainder of the year.

The S&P has seen visibly lower issuance by GCC corporate in the first months of the year. Total bond and Sukuk issuance in the year-to-date is around$1.1bn. This situation is likely to change in the coming days and…

0 comments
04 Apr

After being shunned by Wall Street and international investors last year, Saudi Arabia made a historic comeback on Tuesday as oil giant Aramco received more than $100 billion in orders for its maiden global bond.

The bond sale, the most highly anticipated in recent memory, is set to be the largest-ever in emerging markets and one of just a handful of times that a company anywhere in the world received more than $100 billion in bids for a debt offer. It’s a clear sign of investors’ hunger for yield in a world where…

After being shunned by Wall Street and international investors last year, Saudi Arabia made a historic comeback on Tuesday as oil giant Aramco received more than $100 billion in orders for its maiden global bond.

The bond sale, the most highly anticipated in recent memory, is set to be the largest-ever in emerging markets and one of just a handful of times that a company anywhere in the world received more than $100 billion in bids for a debt offer. It’s a clear sign of investors’ hunger for yield in a world where…

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04 Apr

The Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) appointed Mr. Omar Mustafa Ansari as its new Secretary General in its meeting held on 7 April 2019 (the first day of AAOIFI 17th Annual Shari'ah Boards Conference in the Kingdom of Bahrain).

The Chairman of the Board, His Excellency Sheikh Ebrahim bin Khalifa Al Khalifa stated, “On behalf of AAOIFI and its Board of Trustees, we are very glad to announce that Mr. Omar Ansari has been selected and appointed as the new Secretary General of AAOIFI. During his last 4 years with…

The Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) appointed Mr. Omar Mustafa Ansari as its new Secretary General in its meeting held on 7 April 2019 (the first day of AAOIFI 17th Annual Shari'ah Boards Conference in the Kingdom of Bahrain).

The Chairman of the Board, His Excellency Sheikh Ebrahim bin Khalifa Al Khalifa stated, “On behalf of AAOIFI and its Board of Trustees, we are very glad to announce that Mr. Omar Ansari has been selected and appointed as the new Secretary General of AAOIFI. During his last 4 years with…

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04 Apr

Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Islamic lender, is considering buying its smaller rival Noor Bank PJSC, people with knowledge of the talks said.

The bank has held preliminary discussions with Dubai-based Noor Bank’s shareholders, said the people, asking not to be identified because the information is private. Discussions are at an early stage and may not lead to a deal. The acquisition would create a lender with 275 billion dirhams ($75 billion) in assets.

The Middle East’s financial services industry is witnessing a wave of consolidation as banks…

Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Islamic lender, is considering buying its smaller rival Noor Bank PJSC, people with knowledge of the talks said.

The bank has held preliminary discussions with Dubai-based Noor Bank’s shareholders, said the people, asking not to be identified because the information is private. Discussions are at an early stage and may not lead to a deal. The acquisition would create a lender with 275 billion dirhams ($75 billion) in assets.

The Middle East’s financial services industry is witnessing a wave of consolidation as banks…

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04 Apr

Nasdaq Dubai has announced the listing of Sharjah’s $1 billion Sukuk.

The joint lead managers for the Sukuk listing were Arab Banking Corporation, Dubai Islamic Bank as well as HSBC Bank, KFH Capital Investment Company, Sharjah Islamic Bank and Standard Chartered Bank.

Additionally, the legal advisers to Sharjah were Clifford Chance, and Maples and Calder.

Nasdaq Dubai has announced the listing of Sharjah’s $1 billion Sukuk.

The joint lead managers for the Sukuk listing were Arab Banking Corporation, Dubai Islamic Bank as well as HSBC Bank, KFH Capital Investment Company, Sharjah Islamic Bank and Standard Chartered Bank.

Additionally, the legal advisers to Sharjah were Clifford Chance, and Maples and Calder.

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04 Apr

UAE banks are continuing to set the bar when it comes to technology adoption in the region, with a new focus on offering customer services through social media apps.

Dubai's largest bank, Emirates NBD, and its Shariah-compliant unit, Emirates Islamic, have introduced 'WhatsApp Banking', which allows customers to check their account balances, the last five transactions of their account or credit cards, credit card mini statement, temporarily block or unblocking cards, new cheque book requests, as well as foreign exchange rates.

To subscribe to this service, Emirates NBD…

UAE banks are continuing to set the bar when it comes to technology adoption in the region, with a new focus on offering customer services through social media apps.

Dubai's largest bank, Emirates NBD, and its Shariah-compliant unit, Emirates Islamic, have introduced 'WhatsApp Banking', which allows customers to check their account balances, the last five transactions of their account or credit cards, credit card mini statement, temporarily block or unblocking cards, new cheque book requests, as well as foreign exchange rates.

To subscribe to this service, Emirates NBD…

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04 Apr

RIYADH — Samba Financial Group, Saudi Arabia's third-largest bank by assets, expects Saudi banks to see double-digit asset growth by early 2020, supported by government plans to diversify its oil-based economy, its chief executive told Reuters.

Riyadh plans to increase state spending to an all-time high of SR1.11 trillion ($295 billion) this year, from SR1.03 trillion in 2018, in an effort to spur economic growth.

"The government announced a number of transformational projects in entertainment, tourism, housing, and small and medium enterprises (…

RIYADH — Samba Financial Group, Saudi Arabia's third-largest bank by assets, expects Saudi banks to see double-digit asset growth by early 2020, supported by government plans to diversify its oil-based economy, its chief executive told Reuters.

Riyadh plans to increase state spending to an all-time high of SR1.11 trillion ($295 billion) this year, from SR1.03 trillion in 2018, in an effort to spur economic growth.

"The government announced a number of transformational projects in entertainment, tourism, housing, and small and medium enterprises (…

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04 Apr

KUALA LUMPUR, April 3 (Bernama) -- Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail said the government will continue to promote the Malaysian Halal Centre of Excellence globally, with the first centre outside of the country set to open in Bosnia at the end of this month.

She said the centre would conduct capacity development programmes, training and coaching for industries to be certified halal.

"This centre will be expanded to other parts of the world soon," she said in her remarks at the appreciation dinner organised in conjunction with the Global Halal…

KUALA LUMPUR, April 3 (Bernama) -- Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail said the government will continue to promote the Malaysian Halal Centre of Excellence globally, with the first centre outside of the country set to open in Bosnia at the end of this month.

She said the centre would conduct capacity development programmes, training and coaching for industries to be certified halal.

"This centre will be expanded to other parts of the world soon," she said in her remarks at the appreciation dinner organised in conjunction with the Global Halal…

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04 Apr

Dubai-based startup Sarwa has launched its Halal and Socially Responsible Investing (SRI) portfolios and has lowered the minimum to open up an account to $500.

The company's mission is to change the common belief that investing is a luxury by democratising it and making it available to everyone. Sarwa simplifies the tools that traditional investors usually use, allowing anyone to open an account, and start investing and growing their wealth. As part of their philosophy, Sarwa encourages its clients to follow a few simple rules - start early, avoid high fees and stay disciplined…

Dubai-based startup Sarwa has launched its Halal and Socially Responsible Investing (SRI) portfolios and has lowered the minimum to open up an account to $500.

The company's mission is to change the common belief that investing is a luxury by democratising it and making it available to everyone. Sarwa simplifies the tools that traditional investors usually use, allowing anyone to open an account, and start investing and growing their wealth. As part of their philosophy, Sarwa encourages its clients to follow a few simple rules - start early, avoid high fees and stay disciplined…

0 comments
04 Apr

Kuala Lumpur : More banks should consider Waqf funding as a tool to collaborate with other stakeholders to improve affordable housing ownership.

INCEIF CEO Prof Dr. Azmi Omar said currently, Waqf was being used as a form of financing the property sector, but tend to…

Kuala Lumpur : More banks should consider Waqf funding as a tool to collaborate with other stakeholders to improve affordable housing ownership.

INCEIF CEO Prof Dr. Azmi Omar said currently, Waqf was being used as a form of financing the property sector, but tend to…

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03 Mar

Saudi Aramco could issue its first ever international bonds as early as next week for about $10 billion to help fund the acquisition of petrochemicals giant Sabic, according to people with knowledge of the matter.

The deal is highly anticipated because it will require the state-run oil giant to lay open its accounts to investors for the first time since nationalization roughly four decades ago. It may also have to make public details about oil reserves and operations.

The world’s biggest oil producer said on Wednesday it will…

Saudi Aramco could issue its first ever international bonds as early as next week for about $10 billion to help fund the acquisition of petrochemicals giant Sabic, according to people with knowledge of the matter.

The deal is highly anticipated because it will require the state-run oil giant to lay open its accounts to investors for the first time since nationalization roughly four decades ago. It may also have to make public details about oil reserves and operations.

The world’s biggest oil producer said on Wednesday it will…

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03 Mar

Indonesia has raised 21.1 trillion rupiah ($1.49 billion) through the sale of retail Islamic bonds, the finance ministry said on Tuesday, as Jakarta bumps up such issuance to reduce its dependence on foreign funds.
The Islamic bonds, offered between March 1 to 20, carry a coupon of 8.05 percent per annum and have a three-year maturity.
A total of 35,026 investors bought the bonds, the ministry said.
Jakarta has sold three series of retail bonds this year with a total value of 28.3 trillion rupiah.
They are a part of the government’s strategy to nearly double retail…

Indonesia has raised 21.1 trillion rupiah ($1.49 billion) through the sale of retail Islamic bonds, the finance ministry said on Tuesday, as Jakarta bumps up such issuance to reduce its dependence on foreign funds.
The Islamic bonds, offered between March 1 to 20, carry a coupon of 8.05 percent per annum and have a three-year maturity.
A total of 35,026 investors bought the bonds, the ministry said.
Jakarta has sold three series of retail bonds this year with a total value of 28.3 trillion rupiah.
They are a part of the government’s strategy to nearly double retail…

0 comments
03 Mar

Masraf Al Rayan, Qatar’s second-largest bank by market value, is eyeing a debut in the debt capital markets this year after inviting bankers to pitch for arranger roles on a potential U.S. dollar-denominated benchmark Sukuk issue, sources said on Monday.

The sharia-compliant institution is expected to raise funds before end-April, three of the sources said, speaking on condition of anonymity as the deal is not yet public knowledge.

Benchmark size is traditionally understood to mean upwards of $500 million.

Masraf Al Rayan is “very close” to mandating arrangers for…

Masraf Al Rayan, Qatar’s second-largest bank by market value, is eyeing a debut in the debt capital markets this year after inviting bankers to pitch for arranger roles on a potential U.S. dollar-denominated benchmark Sukuk issue, sources said on Monday.

The sharia-compliant institution is expected to raise funds before end-April, three of the sources said, speaking on condition of anonymity as the deal is not yet public knowledge.

Benchmark size is traditionally understood to mean upwards of $500 million.

Masraf Al Rayan is “very close” to mandating arrangers for…

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03 Mar

Etihad Credit Insurance (ECI) and First Abu Dhabi Bank (FAB) have partnered to help local businesses with their trade finance needs and support their international expansion.

Under a memorandum of understanding, the two have committed to jointly develop products and solutions for UAE-based exporters looking to mitigate commercial and political risks associated with their international trade activities, while also supporting their financing needs.

Areas of collaboration will include conventional and Islamic trade credit insurance, credit risk and supply risk solutions,…

Etihad Credit Insurance (ECI) and First Abu Dhabi Bank (FAB) have partnered to help local businesses with their trade finance needs and support their international expansion.

Under a memorandum of understanding, the two have committed to jointly develop products and solutions for UAE-based exporters looking to mitigate commercial and political risks associated with their international trade activities, while also supporting their financing needs.

Areas of collaboration will include conventional and Islamic trade credit insurance, credit risk and supply risk solutions,…

0 comments
03 Mar

Over 300 industry powerhouses from GCC, Asia, Africa and Europe are expected to converge at the two-day forum, that will also feature an exclusive report launch by Milliman.

Monday 25, March 2019

Middle East Global Advisors, a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets, will convene the 14th edition of their annual offering – The World Takaful & InsurTech Conference (WTIC), in strategic partnership with the Dubai International Financial Centre Authority and supported by the UAE Insurance…

Over 300 industry powerhouses from GCC, Asia, Africa and Europe are expected to converge at the two-day forum, that will also feature an exclusive report launch by Milliman.

Monday 25, March 2019

Middle East Global Advisors, a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets, will convene the 14th edition of their annual offering – The World Takaful & InsurTech Conference (WTIC), in strategic partnership with the Dubai International Financial Centre Authority and supported by the UAE Insurance…

0 comments
03 Mar

Muscat: The MSM30 index ended higher and closed at 4,127.84 points, up by 0.03 percent. The MSM Sharia Index closed at 537.57 points, down by 1.17 percent. Phoenix Power was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. Bank Muscat, up 5.48 percent, was the top gainer while the top loser was Raysut Cement, which lost 6.06 percent.

A total number of 395 trades were executed during the day's trading session generating a turnover of OMR4.87 million with more than 21.51 million shares changing hands. Out of 34 traded…

Muscat: The MSM30 index ended higher and closed at 4,127.84 points, up by 0.03 percent. The MSM Sharia Index closed at 537.57 points, down by 1.17 percent. Phoenix Power was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. Bank Muscat, up 5.48 percent, was the top gainer while the top loser was Raysut Cement, which lost 6.06 percent.

A total number of 395 trades were executed during the day's trading session generating a turnover of OMR4.87 million with more than 21.51 million shares changing hands. Out of 34 traded…

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03 Mar

the merger between Malaysian Industrial Development Finance Bhd (MIDF) and Al Rajhi Banking & Investment Corp (M) Bhd (Al Rajhi Malaysia) is likely to be an all-share deal as the latter’s Saudi Arabian owner wants to stay on as a shareholder, sources familiar with the matter say.

Al Rajhi Malaysia is wholly owned by Al Rajhi Bank, the world’s largest Islamic lender by assets. Permodalan Nasional Bhd (PNB) wholly owns MIDF.

“It will probably be an all-share deal as the Saudi [owner] isn’t looking to exit. It is understood to want to remain as a shareholder [in the…

the merger between Malaysian Industrial Development Finance Bhd (MIDF) and Al Rajhi Banking & Investment Corp (M) Bhd (Al Rajhi Malaysia) is likely to be an all-share deal as the latter’s Saudi Arabian owner wants to stay on as a shareholder, sources familiar with the matter say.

Al Rajhi Malaysia is wholly owned by Al Rajhi Bank, the world’s largest Islamic lender by assets. Permodalan Nasional Bhd (PNB) wholly owns MIDF.

“It will probably be an all-share deal as the Saudi [owner] isn’t looking to exit. It is understood to want to remain as a shareholder [in the…

0 comments
03 Mar

The roll-out of this market feature within the capital market is expected to attract significant international investment interest as well as form a stepping stone towards the achievements of an emerging market status.

Monday 25, March 2019

The Central Bank of Bahrain (CBB) has issued resolution 23/2019 for issuance of regulations in respect of short selling and giving securities on loan, which stipulates that the central bank shall specify the types of securities, which may be traded by loan and short sale, the terms and…

The roll-out of this market feature within the capital market is expected to attract significant international investment interest as well as form a stepping stone towards the achievements of an emerging market status.

Monday 25, March 2019

The Central Bank of Bahrain (CBB) has issued resolution 23/2019 for issuance of regulations in respect of short selling and giving securities on loan, which stipulates that the central bank shall specify the types of securities, which may be traded by loan and short sale, the terms and…

0 comments
03 Mar

KUALA LUMPUR (March 21): Malaysia Debt Ventures Bhd (MDV), a wholly-owned subsidiary of the Minister of Finance Inc, has recently received approval for the issuance of RM270 million Islamic medium-term notes (iMTN) from its RM1 billion sukuk facility.

The technology financier company said the issuance will be used to finance companies under its mandate, primarily small and medium enterprises (SMEs) involved in information and communications technology (ICT), green technology and emerging technology in Malaysia.

"The approval will facilitate MDV's existing commitment of…

KUALA LUMPUR (March 21): Malaysia Debt Ventures Bhd (MDV), a wholly-owned subsidiary of the Minister of Finance Inc, has recently received approval for the issuance of RM270 million Islamic medium-term notes (iMTN) from its RM1 billion sukuk facility.

The technology financier company said the issuance will be used to finance companies under its mandate, primarily small and medium enterprises (SMEs) involved in information and communications technology (ICT), green technology and emerging technology in Malaysia.

"The approval will facilitate MDV's existing commitment of…

0 comments
03 Mar

Emirates NBD is the largest issuer of conventional bonds on Nasdaq Dubai with a total nominal value of $5.28bn from eight listings.

Nasdaq Dubai has welcomed the listing of a new $1 billion conventional bond by Emirates NBD, Dubai's biggest bank.

Emirates NBD is the largest issuer of conventional bonds on Nasdaq Dubai with a total nominal value of $5.28 billion from eight listings.

The total value of all conventional bonds and sukuk on Nasdaq Dubai has now reached $77.28 billion.

The joint lead managers for Emirates NBD’s latest bond were BNP Paribas,…

Emirates NBD is the largest issuer of conventional bonds on Nasdaq Dubai with a total nominal value of $5.28bn from eight listings.

Nasdaq Dubai has welcomed the listing of a new $1 billion conventional bond by Emirates NBD, Dubai's biggest bank.

Emirates NBD is the largest issuer of conventional bonds on Nasdaq Dubai with a total nominal value of $5.28 billion from eight listings.

The total value of all conventional bonds and sukuk on Nasdaq Dubai has now reached $77.28 billion.

The joint lead managers for Emirates NBD’s latest bond were BNP Paribas,…

0 comments
03 Mar

(MENAFN - Gulf Times)

*The sukuk was met with strong investor demand as evidenced by the large orderbook which closed at $3.1bn, representing an oversubscription rate of 4.1 times
 

Qatar Islamic Bank (QIB) has successfully priced a $750mn five-year sukuk at par with a profit rate of 3.982%, which is equivalent to a credit spread of 150bps over US dollar-denominated mid-swaps.
The sukuk was met with strong investor demand as evidenced by the large orderbook which closed at $3.1bn, representing an oversubscription rate of 4.1 times.
In terms of geography,…

(MENAFN - Gulf Times)

*The sukuk was met with strong investor demand as evidenced by the large orderbook which closed at $3.1bn, representing an oversubscription rate of 4.1 times
 

Qatar Islamic Bank (QIB) has successfully priced a $750mn five-year sukuk at par with a profit rate of 3.982%, which is equivalent to a credit spread of 150bps over US dollar-denominated mid-swaps.
The sukuk was met with strong investor demand as evidenced by the large orderbook which closed at $3.1bn, representing an oversubscription rate of 4.1 times.
In terms of geography,…

0 comments
03 Mar

Whether in terms of trade, commerce, or cultural linkages, Gulf Co-operation Council (GCC) states have become increasingly diverse in their international ties over the past decade – with those linking the region to Asia emerging as one of the most critical corridors of economic activity. But how can GCC borrowers capitalise on emerging funding opportunities brought about by these deepening relationships?

The Ties that Bind

Trade and migration between the two regions has increased significantly over the past 20 years.

The GCC’s…

Whether in terms of trade, commerce, or cultural linkages, Gulf Co-operation Council (GCC) states have become increasingly diverse in their international ties over the past decade – with those linking the region to Asia emerging as one of the most critical corridors of economic activity. But how can GCC borrowers capitalise on emerging funding opportunities brought about by these deepening relationships?

The Ties that Bind

Trade and migration between the two regions has increased significantly over the past 20 years.

The GCC’s…

0 comments
03 Mar

The UK and Turkey have launched a joint initiative to try and scale Islamic finance through the fintech sector.

Offering recommendations, practical case studies and insights

At the moment it’s in the early stages as the idea is set out in a new report from the UK-Turkey Islamic Finance working group. This offers a series of recommendations, practical case studies and insights.

The working group is supported by TheCityUK, an industry-led body representing UK-based financial services, and the stock exchange Borsa Istanbul.

The plan is to bring more Muslims and…

The UK and Turkey have launched a joint initiative to try and scale Islamic finance through the fintech sector.

Offering recommendations, practical case studies and insights

At the moment it’s in the early stages as the idea is set out in a new report from the UK-Turkey Islamic Finance working group. This offers a series of recommendations, practical case studies and insights.

The working group is supported by TheCityUK, an industry-led body representing UK-based financial services, and the stock exchange Borsa Istanbul.

The plan is to bring more Muslims and…

0 comments
03 Mar

AFTER the success of the 1st International Conference on Business, Economics and Finance (ICBEF) in 2017, Universiti Brunei Darussalam’s School of Business and Economics (UBD SBE) is set to host the 2nd ICBEF from July 31 to August 1, under the theme ‘New Technologies, Dynamic Business Environment and Growth for Future’.

The upcoming conference is designed to cover current and upcoming areas of Business, Economics, and Accounting and Finance that branch into 18 other conference streams, including financial technology (FinTech), digital transformation, information system,…

AFTER the success of the 1st International Conference on Business, Economics and Finance (ICBEF) in 2017, Universiti Brunei Darussalam’s School of Business and Economics (UBD SBE) is set to host the 2nd ICBEF from July 31 to August 1, under the theme ‘New Technologies, Dynamic Business Environment and Growth for Future’.

The upcoming conference is designed to cover current and upcoming areas of Business, Economics, and Accounting and Finance that branch into 18 other conference streams, including financial technology (FinTech), digital transformation, information system,…

0 comments
03 Mar

KUALA LUMPUR (March 14): South Korea is keen to tap into Malaysia’s success in the halal industry by strengthening collaboration in the sector, especially in Malaysia’s globally recognised halal certification.

Visiting President Moon Jae-in in his speech during the Malaysia-Korea Business Forum today said that the Korean wave, known as Hallyu, has opened doors for its local businesses, and with Malaysia's halal expertise, the two countries could forge a stronger strategic partnership. 

"Malaysia’s halal certification is recognised globally and with this partnership, it can…

KUALA LUMPUR (March 14): South Korea is keen to tap into Malaysia’s success in the halal industry by strengthening collaboration in the sector, especially in Malaysia’s globally recognised halal certification.

Visiting President Moon Jae-in in his speech during the Malaysia-Korea Business Forum today said that the Korean wave, known as Hallyu, has opened doors for its local businesses, and with Malaysia's halal expertise, the two countries could forge a stronger strategic partnership. 

"Malaysia’s halal certification is recognised globally and with this partnership, it can…

0 comments
03 Mar

KUALA LUMPUR: The Securities Commission Malaysia (SC) expects the Malaysian capital market to remain resilient and orderly this year despite seeing a decline in the size of the capital market to RM3.1 trillion as at end 2018 from RM3.2 trillion in 2017, with lower fundraising activities last year.

 

The capital market saw a moderate level of fundraising activities in 2018, with total funds raised decreasing 21.8% to RM114.6 billion from a record high of RM146.6 billion in 2017. Of this, RM105.4 billion was raised via the corporate bond and…

KUALA LUMPUR: The Securities Commission Malaysia (SC) expects the Malaysian capital market to remain resilient and orderly this year despite seeing a decline in the size of the capital market to RM3.1 trillion as at end 2018 from RM3.2 trillion in 2017, with lower fundraising activities last year.

 

The capital market saw a moderate level of fundraising activities in 2018, with total funds raised decreasing 21.8% to RM114.6 billion from a record high of RM146.6 billion in 2017. Of this, RM105.4 billion was raised via the corporate bond and…

0 comments
03 Mar

KUALA LUMPUR: Bank Islam Malaysia Bhd’s unit, BIMB Investment Management Bhd (BIMB Invest) aims to increase the size of its global shariah-environmental, social and governance (ESG) equity fund, BIMB-Arabesque i Global Dividend Fund 1 (BigDF1), to RM1 billion this year from RM800 million at present.

BIMB Invest Chief executive officer Najmuddin Mohd Lutfi said having accessed Singapore early this year, BigDF1 is poised for further market expansion in the region.

 

 

“We are looking at the Indonesian and Bruneian market by 2020, as well as other…

KUALA LUMPUR: Bank Islam Malaysia Bhd’s unit, BIMB Investment Management Bhd (BIMB Invest) aims to increase the size of its global shariah-environmental, social and governance (ESG) equity fund, BIMB-Arabesque i Global Dividend Fund 1 (BigDF1), to RM1 billion this year from RM800 million at present.

BIMB Invest Chief executive officer Najmuddin Mohd Lutfi said having accessed Singapore early this year, BigDF1 is poised for further market expansion in the region.

 

 

“We are looking at the Indonesian and Bruneian market by 2020, as well as other…

0 comments
03 Mar

The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) warmly welcomed the decision by the Council of Foreign Ministers of the Organization of Islamic Cooperation (OIC) dated 2 March 2019 to establish and operationalize a Waqf endowment fund, in support of Palestine refugees. This represents a major milestone in the efforts to diversify funding sources in support of UNRWA.

The Waqf fund was first envisaged in a 2017 report by the Secretary-General of the United Nations and announced at the OIC’s 7th Extraordinary Islamic Summit Conference in…

The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) warmly welcomed the decision by the Council of Foreign Ministers of the Organization of Islamic Cooperation (OIC) dated 2 March 2019 to establish and operationalize a Waqf endowment fund, in support of Palestine refugees. This represents a major milestone in the efforts to diversify funding sources in support of UNRWA.

The Waqf fund was first envisaged in a 2017 report by the Secretary-General of the United Nations and announced at the OIC’s 7th Extraordinary Islamic Summit Conference in…

0 comments
03 Mar

In order to address the longstanding circular debt issue, the federal government on Friday issued the first-ever Pakistan Energy Sukuk-I (PSE-I) worth Rs 200 billion. The issuance of Shariah bond will provide the much-needed liquidity to the power sector and help the government resolve the circular debt faced by Pakistan's economy.

A Shariah-compliant instrument has been issued by Power Holding Pvt Limited (PHPL), fully owned by Ministry of Energy Power, with the approval of Meezan Bank's Shariah Board. A consortium of Islamic banks is led by Meezan Bank Limited helped the…

In order to address the longstanding circular debt issue, the federal government on Friday issued the first-ever Pakistan Energy Sukuk-I (PSE-I) worth Rs 200 billion. The issuance of Shariah bond will provide the much-needed liquidity to the power sector and help the government resolve the circular debt faced by Pakistan's economy.

A Shariah-compliant instrument has been issued by Power Holding Pvt Limited (PHPL), fully owned by Ministry of Energy Power, with the approval of Meezan Bank's Shariah Board. A consortium of Islamic banks is led by Meezan Bank Limited helped the…

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03 Mar
  • President of the IsDB H.E. Dr. Bandar Hajjar, and the Minister of Economy and Finance for the Government of Morocco H.E. Mohamed Benchaaboun opened the Forum
  • H.E. Dr. Bandar Hajjar stated that IsDB’s ambition is for a new development model which enables both the public and private sectors to play a role in development as the global financing gap widens to $2.5 trillion
  • The IsDB reaffirms its commitment to Morocco as investment stands at US$6.7 billion to date

Rabat, Morocco, 28th February 2019 – Today, the Islamic Development Bank (…

  • President of the IsDB H.E. Dr. Bandar Hajjar, and the Minister of Economy and Finance for the Government of Morocco H.E. Mohamed Benchaaboun opened the Forum
  • H.E. Dr. Bandar Hajjar stated that IsDB’s ambition is for a new development model which enables both the public and private sectors to play a role in development as the global financing gap widens to $2.5 trillion
  • The IsDB reaffirms its commitment to Morocco as investment stands at US$6.7 billion to date

Rabat, Morocco, 28th February 2019 – Today, the Islamic Development Bank (…

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03 Mar

In light of the heightened competition for deposits, the lender could see some compression in its NIM this year

By NG MIN SHEN / Pic By HUSSEIN SHAHARUDDIN

RHB Bank Bhd is hoping to beat its highest-ever net profit achieved in the financial year ended Dec 31, 2018 (FY18), this year, despite foreseeing continued competition for deposits and pressure on its net interest margin (NIM).

Group MD Datuk Khairussaleh Ramli said the lender is “working very hard” to surpass its achievements in FY18, in which its…

In light of the heightened competition for deposits, the lender could see some compression in its NIM this year

By NG MIN SHEN / Pic By HUSSEIN SHAHARUDDIN

RHB Bank Bhd is hoping to beat its highest-ever net profit achieved in the financial year ended Dec 31, 2018 (FY18), this year, despite foreseeing continued competition for deposits and pressure on its net interest margin (NIM).

Group MD Datuk Khairussaleh Ramli said the lender is “working very hard” to surpass its achievements in FY18, in which its…

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03 Mar

MENAFN - Gulf Times) The central bank of Pakistan has given the go-ahead to Islamic banks to offer cheaper refinancing to three priority areas including small and medium enterprises (SMEs), agriculture and renewable energy.


Islamic banks have been demanding the central bank for a long time to allow them to open cheaper refinancing windows to capitalize on opportunities and search for avenues to park their excessive liquidity.
Conventional banks have already been providing refinancing to the three major sectors for around three to four years.


'The State…

MENAFN - Gulf Times) The central bank of Pakistan has given the go-ahead to Islamic banks to offer cheaper refinancing to three priority areas including small and medium enterprises (SMEs), agriculture and renewable energy.


Islamic banks have been demanding the central bank for a long time to allow them to open cheaper refinancing windows to capitalize on opportunities and search for avenues to park their excessive liquidity.
Conventional banks have already been providing refinancing to the three major sectors for around three to four years.


'The State…

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02 Feb

Dubai: S&P Dow Jones Indices is taking a plunge into passive or low-cost index funds in the Gulf region.

The index provider has launched 15-factor and multi-factor indices, based on the constituents of the S&P GCC Index, S&P Saudi Arabia Index, and the S&P Saudi Arabia Shariah Index, utilizing factors such as volatility, value, quality, and momentum.

The indices are being launched late in the region, compared to similar regional products in developed markets, because local markets lacked depth in terms of liquidity and momentum of listed shares.

“We…

Dubai: S&P Dow Jones Indices is taking a plunge into passive or low-cost index funds in the Gulf region.

The index provider has launched 15-factor and multi-factor indices, based on the constituents of the S&P GCC Index, S&P Saudi Arabia Index, and the S&P Saudi Arabia Shariah Index, utilizing factors such as volatility, value, quality, and momentum.

The indices are being launched late in the region, compared to similar regional products in developed markets, because local markets lacked depth in terms of liquidity and momentum of listed shares.

“We…

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01 Jan
  • "For years we've said there is an inverse relationship between how change happens on the regulatory environment and the price of oil," Fadi Ghandour, executive chairman of Wanda Group, told CNBC on Thursday.
  • "The lower the price of oil, the faster the change process happens," Ghandour said.
  • Now that oil prices are dramatically down from their October highs, the veteran Middle East investor says the market moves "will definitely be a blessing in disguise."

In a part of the world better known for towering skyscrapers and oil than for its startup scene,…

  • "For years we've said there is an inverse relationship between how change happens on the regulatory environment and the price of oil," Fadi Ghandour, executive chairman of Wanda Group, told CNBC on Thursday.
  • "The lower the price of oil, the faster the change process happens," Ghandour said.
  • Now that oil prices are dramatically down from their October highs, the veteran Middle East investor says the market moves "will definitely be a blessing in disguise."

In a part of the world better known for towering skyscrapers and oil than for its startup scene,…

0 comments
01 Jan

Tose'e Etemad Mobin, the parent company of Telecommunication Company of Iran, is to issue IRR 5 trillion worth of equity-based Ijarah Sukuk on the Iran Fara Bourse, an over-the-counter market for securities and shares. According to the Security and Exchange News Agency, 2.2 billion rent-to-own four-year bonds, each worth IRR 2,248, will be offered by the IFB this week to repay TCI debts. 

Originally published on www.telecompaper.com

Tose'e Etemad Mobin, the parent company of Telecommunication Company of Iran, is to issue IRR 5 trillion worth of equity-based Ijarah Sukuk on the Iran Fara Bourse, an over-the-counter market for securities and shares. According to the Security and Exchange News Agency, 2.2 billion rent-to-own four-year bonds, each worth IRR 2,248, will be offered by the IFB this week to repay TCI debts. 

Originally published on www.telecompaper.com

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01 Jan

Ripple continues to expand its services among companies all over the world. This time, Kuwait Finance House announced the launching of a new remittance service that leverages Ripple’s technology. The information was released a few days ago by the financial institution.

Ripple’s New Partner

According to Kuwait Finance House (KFH), Ripple is powering an instant…

Ripple continues to expand its services among companies all over the world. This time, Kuwait Finance House announced the launching of a new remittance service that leverages Ripple’s technology. The information was released a few days ago by the financial institution.

Ripple’s New Partner

According to Kuwait Finance House (KFH), Ripple is powering an instant…

0 comments
01 Jan

GULF IPO Outlook

The outlook for initial public offerings (IPO) in the Gulf Co-operation Council (GCC) this year will depend on secondary equity markets and oil price stability, even as the GCC sovereigns continue to propel the non-oil economy by largely maintaining their budget spending, according to Kamco Research.

"The issuers are likely to watch the development of secondary markets early on in 2019, and also ascertain whether taking the debt market route for capital needs would be viable," Kamco said in a report.


The REIT (real estate investment trusts…

GULF IPO Outlook

The outlook for initial public offerings (IPO) in the Gulf Co-operation Council (GCC) this year will depend on secondary equity markets and oil price stability, even as the GCC sovereigns continue to propel the non-oil economy by largely maintaining their budget spending, according to Kamco Research.

"The issuers are likely to watch the development of secondary markets early on in 2019, and also ascertain whether taking the debt market route for capital needs would be viable," Kamco said in a report.


The REIT (real estate investment trusts…

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01 Jan

Islamic financial institutions are increasingly using blockchain technology for complex financing terms, Shariah-compliant transactions and Islamic and sharia-compliant alternatives to conventional insurance. Blockchain can assist in KYC, back-office automation, and underwriting of micro-insurance.

Emirates Islamic was the first Islamic bank to test blockchain. It is part of the UAE’s Emirates NBD banking group. As early as 2017 the bank integrated the technology into…

Islamic financial institutions are increasingly using blockchain technology for complex financing terms, Shariah-compliant transactions and Islamic and sharia-compliant alternatives to conventional insurance. Blockchain can assist in KYC, back-office automation, and underwriting of micro-insurance.

Emirates Islamic was the first Islamic bank to test blockchain. It is part of the UAE’s Emirates NBD banking group. As early as 2017 the bank integrated the technology into…

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12 Dec

The Dubai Islamic Economy Development Centre (DIEDC) and Bosna Bank International (BBI) have agreed to foster collaboration between Dubai and Bosnia and Herzegovina in developing the Islamic economy sectors.

The agreement also aims to strengthen cooperation between the two markets by leveraging the knowledge and expertise of DIEDC and its stakeholders, reported Emirates news agency Wam.

This was stated after Abdulla Al Awar, CEO of Dubai Islamic Economy Development Centre, and Amer Bukvic, CEO of Bosna Bank International, signed a memorandum of…

The Dubai Islamic Economy Development Centre (DIEDC) and Bosna Bank International (BBI) have agreed to foster collaboration between Dubai and Bosnia and Herzegovina in developing the Islamic economy sectors.

The agreement also aims to strengthen cooperation between the two markets by leveraging the knowledge and expertise of DIEDC and its stakeholders, reported Emirates news agency Wam.

This was stated after Abdulla Al Awar, CEO of Dubai Islamic Economy Development Centre, and Amer Bukvic, CEO of Bosna Bank International, signed a memorandum of…

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12 Dec

LONDON: One of the International Monetary Fund’s top officials warned on Tuesday that storm clouds were gathering over the global economy and that governments and central banks might not be well-equipped to cope.

The fund had been urging governments to “fix the roof” during a sunny last two years for the world economy, IMF First Deputy Managing Director David Lipton said.

“But like many of you, I see storm clouds building, and fear the work on crisis prevention is incomplete,” he said at a banking conference hosted by Bloomberg.

He also warned that…

LONDON: One of the International Monetary Fund’s top officials warned on Tuesday that storm clouds were gathering over the global economy and that governments and central banks might not be well-equipped to cope.

The fund had been urging governments to “fix the roof” during a sunny last two years for the world economy, IMF First Deputy Managing Director David Lipton said.

“But like many of you, I see storm clouds building, and fear the work on crisis prevention is incomplete,” he said at a banking conference hosted by Bloomberg.

He also warned that…

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12 Dec

Abdul Razak Dawood, Adviser to the PM on Commerce,  has underscored the importance of furthering trade and investment ties between Japan and Pakistan.

A seminar titled “Trade & Investment Opportunities in Pakistan” was held today at the Ministry of Economy, Trade & Industry (METI) of Japan. 

It was jointly organized by Japan External Trade Organization (JETRO), METI, Pakistan’s Ministry of Commerce & Textiles and the Embassy of Pakistan in Japan.

 The seminar was over-subscribed with around 200 participants primarily from the Japan business community in…

Abdul Razak Dawood, Adviser to the PM on Commerce,  has underscored the importance of furthering trade and investment ties between Japan and Pakistan.

A seminar titled “Trade & Investment Opportunities in Pakistan” was held today at the Ministry of Economy, Trade & Industry (METI) of Japan. 

It was jointly organized by Japan External Trade Organization (JETRO), METI, Pakistan’s Ministry of Commerce & Textiles and the Embassy of Pakistan in Japan.

 The seminar was over-subscribed with around 200 participants primarily from the Japan business community in…

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12 Dec

Muscat: The Central Bank of Oman (CBO) has confirmed that it has become a full member of the Islamic Financial Services Board (IFSB), an international organization that promotes sound Islamic banking and sets standards and principles for Islamic financial institutions.

The announcement comes after the Central Bank of Oman had approached the IFSB to upgrade its membership from observer member to full member, thereby enhancing CBO’s efforts to develop the Islamic banking sector in the Sultanate.

“The Central Bank of Oman (CBO) would like to announce…

Muscat: The Central Bank of Oman (CBO) has confirmed that it has become a full member of the Islamic Financial Services Board (IFSB), an international organization that promotes sound Islamic banking and sets standards and principles for Islamic financial institutions.

The announcement comes after the Central Bank of Oman had approached the IFSB to upgrade its membership from observer member to full member, thereby enhancing CBO’s efforts to develop the Islamic banking sector in the Sultanate.

“The Central Bank of Oman (CBO) would like to announce…

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12 Dec

The world’s first Sukuk inaugurated in Malaysia back in 1990, when Shell MDS (M) Sdn Bhd launched a US$125 million (RM525 million) issue in ringgit. Since then, the popularity of sukuk, which are non-interest bearing, Shariah-compliant fixed income instruments, has gone from strength to strength, especially in Malaysia.

For years, sukuk have seen high demand from Islamic investors as well as conventional ones in Malaysia, where many regard this asset class as a superior alternative to traditional bonds.

The reasons are…

The world’s first Sukuk inaugurated in Malaysia back in 1990, when Shell MDS (M) Sdn Bhd launched a US$125 million (RM525 million) issue in ringgit. Since then, the popularity of sukuk, which are non-interest bearing, Shariah-compliant fixed income instruments, has gone from strength to strength, especially in Malaysia.

For years, sukuk have seen high demand from Islamic investors as well as conventional ones in Malaysia, where many regard this asset class as a superior alternative to traditional bonds.

The reasons are…

0 comments
12 Dec
Goldilocks Investment Company Limited today announced that it has acquired a 29.49 percent stake in Takaful Emarat - Insurance. This is Goldilocks’ second recent acquisition in the insurance sector.

"Goldilocks believes that the insurance sector is poised for considerable growth, driven by increasing contributions, favorable regulatory landscape, and new product opportunities. Goldilocks seeks to help Takaful Emarat take advantage of the strong market dynamics which are driving significant opportunities for growth," said a statement.

Launched in 2015, Goldilocks is an…

Goldilocks Investment Company Limited today announced that it has acquired a 29.49 percent stake in Takaful Emarat - Insurance. This is Goldilocks’ second recent acquisition in the insurance sector.

"Goldilocks believes that the insurance sector is poised for considerable growth, driven by increasing contributions, favorable regulatory landscape, and new product opportunities. Goldilocks seeks to help Takaful Emarat take advantage of the strong market dynamics which are driving significant opportunities for growth," said a statement.

Launched in 2015, Goldilocks is an…

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12 Dec

Yasaar Group, a UK-based Islamic Finance consultancy launched their sub-office in Bandar Seri Begawan, Brunei. The company was founded by a seasoned financial services consultant, Mr. Majid Dawood.

The company offers Islamic Finance and Shariah-compliant services to private and public financial institutions globally.   The founder & CEO of Yasaar Group said, "‘Yasaar Group is very optimistic about the significance and prospect of Islamic Finance in Brunei Darussalam.  For this reason, Yasaar wants to integrate into the Islamic Finance eco-system by working closely and…

Yasaar Group, a UK-based Islamic Finance consultancy launched their sub-office in Bandar Seri Begawan, Brunei. The company was founded by a seasoned financial services consultant, Mr. Majid Dawood.

The company offers Islamic Finance and Shariah-compliant services to private and public financial institutions globally.   The founder & CEO of Yasaar Group said, "‘Yasaar Group is very optimistic about the significance and prospect of Islamic Finance in Brunei Darussalam.  For this reason, Yasaar wants to integrate into the Islamic Finance eco-system by working closely and…

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12 Dec

Islamic Corporation for the Development of Private Sector (ICD) and I-FinTech Solutions (IFTS) have signed an investment agreement to implement blockchain solutions for Islamic banks

The signing of the agreement between ICD and IFTS to implement new technology solutions in banking. (Image source: ICD)

In a statement, ICD, the private sector arm of the Islamic Development Bank Group (IsDB), has announced that it will work with Tunisia-based company IFTS to develop FinTech solutions.

The partnership involves a pipeline of…

Islamic Corporation for the Development of Private Sector (ICD) and I-FinTech Solutions (IFTS) have signed an investment agreement to implement blockchain solutions for Islamic banks

The signing of the agreement between ICD and IFTS to implement new technology solutions in banking. (Image source: ICD)

In a statement, ICD, the private sector arm of the Islamic Development Bank Group (IsDB), has announced that it will work with Tunisia-based company IFTS to develop FinTech solutions.

The partnership involves a pipeline of…

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12 Dec

Investors looking for a safe haven in turbulent financial markets should consider Islamic equities, according to a recent study.

Restrictions on debt and the diverse investment goals for Shariah-conscious shareholders could help provide a shelter in a time of crisis, academics including Sohel Azad of Melbourne’s Deakin Business School wrote in the November issue of the Journal of International Financial…

Investors looking for a safe haven in turbulent financial markets should consider Islamic equities, according to a recent study.

Restrictions on debt and the diverse investment goals for Shariah-conscious shareholders could help provide a shelter in a time of crisis, academics including Sohel Azad of Melbourne’s Deakin Business School wrote in the November issue of the Journal of International Financial…

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12 Dec

(MENAFN - Editorial) The Islamic Financial Services Board (IFSB) is pleased to announce that the Islamic Development Bank (IsDB) is hosting the IFSB’s 33rd Council Meeting and Side Events 2018, scheduled to be held on 5 and 6 December 2018 in Jeddah, Kingdom of Saudi Arabia.
The list of events being organised during the 33rd IFSB Council Meeting and Side Events 2018 include:
5 December 2018
1. Roundtable on Technical Note on Financial Inclusion (TN-3)
2. IFSB Members and Industry Engagement Session
1. 18th Islamic Financial Stability Forum (this will be held…

(MENAFN - Editorial) The Islamic Financial Services Board (IFSB) is pleased to announce that the Islamic Development Bank (IsDB) is hosting the IFSB’s 33rd Council Meeting and Side Events 2018, scheduled to be held on 5 and 6 December 2018 in Jeddah, Kingdom of Saudi Arabia.
The list of events being organised during the 33rd IFSB Council Meeting and Side Events 2018 include:
5 December 2018
1. Roundtable on Technical Note on Financial Inclusion (TN-3)
2. IFSB Members and Industry Engagement Session
1. 18th Islamic Financial Stability Forum (this will be held…

0 comments
12 Dec

KUALA LUMPUR: Business owners, especially those with small and medium-sized enterprises (SMEs), wanting to expand their business could seek advice from CIMB by going to its booth at the Malaysia Agriculture, Horticulture and Agrotourism Show (MAHA 2018) in Serdang Selangor.

CIMB Group Islamic Banking chief executive officer Rafe Haneef said the bank has a formula for SMEs who want to expand their business, as well as for those planning to export their products to new markets abroad.

SME represents the backbone of the Malaysian economy, and the industry…

KUALA LUMPUR: Business owners, especially those with small and medium-sized enterprises (SMEs), wanting to expand their business could seek advice from CIMB by going to its booth at the Malaysia Agriculture, Horticulture and Agrotourism Show (MAHA 2018) in Serdang Selangor.

CIMB Group Islamic Banking chief executive officer Rafe Haneef said the bank has a formula for SMEs who want to expand their business, as well as for those planning to export their products to new markets abroad.

SME represents the backbone of the Malaysian economy, and the industry…

0 comments
12 Dec

World Halal Summit 2018 and the 6th Organization of Islamic Cooperation (OIC) Halal Expo kicked off in Istanbul on Thursday.

The two major gatherings on the global market for products and services conforming to Islamic guidelines (known as halal) -- organized under the auspices of the Turkish Presidency -- gathered some 250 exhibitors during four days starting from Thursday.

This year the summit and the expo -- for which Anadolu Agency is the global communications partner -- are expected to attract scholars, company representatives, experts, business people and politicians…

World Halal Summit 2018 and the 6th Organization of Islamic Cooperation (OIC) Halal Expo kicked off in Istanbul on Thursday.

The two major gatherings on the global market for products and services conforming to Islamic guidelines (known as halal) -- organized under the auspices of the Turkish Presidency -- gathered some 250 exhibitors during four days starting from Thursday.

This year the summit and the expo -- for which Anadolu Agency is the global communications partner -- are expected to attract scholars, company representatives, experts, business people and politicians…

0 comments
11 Nov

Islam's stance on classifying cryptocurrencies as halal (permitted) or haram (forbidden) has been an ongoing debate. CCN reported Monday that Islamic scholars have certified Swiss financial technology firm X8 for its digital currency as a form of investment for Muslim investors. This certification is necessary for the firm to expand into the Middle East.

X8currency is an ethereal-based token and is backed by eight fiat currencies and gold, and aims to “counter the inflationary headwinds experienced across the global markets,” according to its website. X8currency was certified by…

Islam's stance on classifying cryptocurrencies as halal (permitted) or haram (forbidden) has been an ongoing debate. CCN reported Monday that Islamic scholars have certified Swiss financial technology firm X8 for its digital currency as a form of investment for Muslim investors. This certification is necessary for the firm to expand into the Middle East.

X8currency is an ethereal-based token and is backed by eight fiat currencies and gold, and aims to “counter the inflationary headwinds experienced across the global markets,” according to its website. X8currency was certified by…

0 comments
10 Oct

Indonesian firm Blossom Finance has announced plans to launch blockchain-based sukuk, Islamic bonds, to fund microfinance projects in the Muslim-majority country.

Blossom Finance’s “Smart Sukuk” to Automate Issuance of Islamic Bonds

The project, to roll out in the coming months, involves using distributed ledger technology to keep issuance costs low while attracting a large pool of retail investors, said Khalid Howladar, chief strategy officer.

“Technology allows you to onboard customers in a far cheaper…

Indonesian firm Blossom Finance has announced plans to launch blockchain-based sukuk, Islamic bonds, to fund microfinance projects in the Muslim-majority country.

Blossom Finance’s “Smart Sukuk” to Automate Issuance of Islamic Bonds

The project, to roll out in the coming months, involves using distributed ledger technology to keep issuance costs low while attracting a large pool of retail investors, said Khalid Howladar, chief strategy officer.

“Technology allows you to onboard customers in a far cheaper…

0 comments
10 Oct

The halal restaurants established by Muslim migrants in Britain quickly inspired an almost religious following among non-believers. Now a similar conversion may be under way in banking. Al Rayan Bank, Britain’s biggest sharia-compliant retail bank by assets, says around one in three of its customers is non-Muslim, up from one in eight in 2010. The Bank of London and the Middle East (blme), another halal outfit, also has a following outside the faithful: the “vast majority” of customers are not Muslims.

A bank prohibited from paying interest might seem an unlikely choice for savers…

The halal restaurants established by Muslim migrants in Britain quickly inspired an almost religious following among non-believers. Now a similar conversion may be under way in banking. Al Rayan Bank, Britain’s biggest sharia-compliant retail bank by assets, says around one in three of its customers is non-Muslim, up from one in eight in 2010. The Bank of London and the Middle East (blme), another halal outfit, also has a following outside the faithful: the “vast majority” of customers are not Muslims.

A bank prohibited from paying interest might seem an unlikely choice for savers…

0 comments
05 May

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank Group (IsDB), concluded the Business Forum of the Agadir Agreement and the West African OIC Member Countries, held in Casablanca, Kingdom of Morocco, on 10-11 May 2018.

The forum aims to promote, foster and enhance trade and investment flows between participating Arab and African countries under the Arab Africa Trade Bridges (AATB) Program. The sessions of the forum explored numerous key topics including enhancing the legal framework…

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank Group (IsDB), concluded the Business Forum of the Agadir Agreement and the West African OIC Member Countries, held in Casablanca, Kingdom of Morocco, on 10-11 May 2018.

The forum aims to promote, foster and enhance trade and investment flows between participating Arab and African countries under the Arab Africa Trade Bridges (AATB) Program. The sessions of the forum explored numerous key topics including enhancing the legal framework…

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05 May

THE Indonesia Stock Exchange greeted its latest listing on May 9th: that of BRIsyariah, the Islamic arm of state-controlled Bank Rakyat Indonesia, the country’s biggest bank by assets. The initial public offering (IPO) of 27% of BRIsyariah’s equity raised around 1.3trn rupiah ($92m). Islam outlaws the payment of interest, the basis of conventional banking. Yet despite being home to an eighth of the world’s Muslims—225m, in a population of 260m—Indonesia’s Islamic banks are tiny. They account for just 5.8% of all banks’ assets. In neighbouring Malaysia, which has…

THE Indonesia Stock Exchange greeted its latest listing on May 9th: that of BRIsyariah, the Islamic arm of state-controlled Bank Rakyat Indonesia, the country’s biggest bank by assets. The initial public offering (IPO) of 27% of BRIsyariah’s equity raised around 1.3trn rupiah ($92m). Islam outlaws the payment of interest, the basis of conventional banking. Yet despite being home to an eighth of the world’s Muslims—225m, in a population of 260m—Indonesia’s Islamic banks are tiny. They account for just 5.8% of all banks’ assets. In neighbouring Malaysia, which has…

0 comments
05 May

Asia’s Islamic Finance

Asia’s Islamic Finance is steadily cementing its substantial role in the global Islamic finance industry, a new report by the Malaysia International Islamic Finance Center (MIFC) published in cooperation with Jeddah-based Islamic Corp for the Development of the Private Sector found. According to the research, entitled “Islamic finance in Asia: Reaching new heights,” Asia’s Islamic finance assets – excluding the Gulf Co-operation Council (GCC) – registered annual growth of 8.4% between 2011 and 2016…

Asia’s Islamic Finance

Asia’s Islamic Finance is steadily cementing its substantial role in the global Islamic finance industry, a new report by the Malaysia International Islamic Finance Center (MIFC) published in cooperation with Jeddah-based Islamic Corp for the Development of the Private Sector found. According to the research, entitled “Islamic finance in Asia: Reaching new heights,” Asia’s Islamic finance assets – excluding the Gulf Co-operation Council (GCC) – registered annual growth of 8.4% between 2011 and 2016…

0 comments
05 May

Amani’s

Looking for an Abaya on sale or wish to go for a modern burka to buy online? Well, in both the cases, the online boutique of Amani’s is likely to be the best bet for two reasons. First, it is offering Kaftan Kurtis and Abaya Dubai dresses online. Second, right now, it is offering them on sale. So, chances are high for anyone to get an authentic Abaya Islamic clothing at an unbelievable price.

Being in the UK, it can be somewhat challenging to get a traditional or modern Abaya or a Caftan online. Typically, searching for Abaya online shopping or Abayas online UK…

Amani’s

Looking for an Abaya on sale or wish to go for a modern burka to buy online? Well, in both the cases, the online boutique of Amani’s is likely to be the best bet for two reasons. First, it is offering Kaftan Kurtis and Abaya Dubai dresses online. Second, right now, it is offering them on sale. So, chances are high for anyone to get an authentic Abaya Islamic clothing at an unbelievable price.

Being in the UK, it can be somewhat challenging to get a traditional or modern Abaya or a Caftan online. Typically, searching for Abaya online shopping or Abayas online UK…

0 comments
05 May

Islamic Finance

Turkey to play a leading role in Islamic finance, said group chairman and chief executive officer of Path Solutions, an Islamic banking software provider.

"I believe that Turkey has a role to play as a leader in Islamic finance and as a hub because it is one of the top three Islamic finance markets in the world," Mohammed Kateeb told Anadolu Agency on Thursday.

He spoke on the sidelines of the General Council for Islamic Banks and Financial Institutions (CIBAFI) Global Forum in Istanbul.

The two-day forum, which ended Thursday with Anadolu…

Islamic Finance

Turkey to play a leading role in Islamic finance, said group chairman and chief executive officer of Path Solutions, an Islamic banking software provider.

"I believe that Turkey has a role to play as a leader in Islamic finance and as a hub because it is one of the top three Islamic finance markets in the world," Mohammed Kateeb told Anadolu Agency on Thursday.

He spoke on the sidelines of the General Council for Islamic Banks and Financial Institutions (CIBAFI) Global Forum in Istanbul.

The two-day forum, which ended Thursday with Anadolu…

0 comments
05 May

Islamic Finance

Kuwait City – The Islamic Finance Services Board (IFSB) successfully organised the IFSB’s 10th Public Lecture on Financial Policy and Stability on 1 May 2018 in Kuwait City, Kuwait, in conjunction with the IFSB Annual Meetings 2018. The IFSB Annual Meetings 2018 is hosted by the Central Bank of Kuwait.

The first lecture themed Financial Stability and Islamic Finance was delivered by Dr. Monzer Kahf, Professor of Islamic Finance and Islamic Economics at the…

Islamic Finance

Kuwait City – The Islamic Finance Services Board (IFSB) successfully organised the IFSB’s 10th Public Lecture on Financial Policy and Stability on 1 May 2018 in Kuwait City, Kuwait, in conjunction with the IFSB Annual Meetings 2018. The IFSB Annual Meetings 2018 is hosted by the Central Bank of Kuwait.

The first lecture themed Financial Stability and Islamic Finance was delivered by Dr. Monzer Kahf, Professor of Islamic Finance and Islamic Economics at the…

0 comments
05 May

Affin Bank

AFFIN Bank asset quality has been a thorn in its side, having deteriorated sharply last year as indicated by its gross impaired loan (GIL) ratio increasing 80 basis points — by far the biggest quantum of increase than in any of the local banks.

Controlled by Lembaga Tabungan Angkatan Tentera, the country’s second smallest banking group saw its GIL ratio worsen to 2.5% at the end of 2017 — a sharp deviation from the banking industry’s 1.53% — from 1.7% a year earlier.

In contrast, the industry’s GIL ratio improved from 1.61% at end-2016.

Affin Bank

AFFIN Bank asset quality has been a thorn in its side, having deteriorated sharply last year as indicated by its gross impaired loan (GIL) ratio increasing 80 basis points — by far the biggest quantum of increase than in any of the local banks.

Controlled by Lembaga Tabungan Angkatan Tentera, the country’s second smallest banking group saw its GIL ratio worsen to 2.5% at the end of 2017 — a sharp deviation from the banking industry’s 1.53% — from 1.7% a year earlier.

In contrast, the industry’s GIL ratio improved from 1.61% at end-2016.

0 comments
05 May

Why does SCB want to focus on Islamic banking in Bangladesh?

Islamic financing is growing alongside conventional banking of Bangladesh. The growth has been quite encouraging in almost all key markets, which are in Asia Pacific and the Middle East. We are always encouraged by how the government and regulators are supporting the promotion of Islamic banking globally.

Why the focus on Islamic banking?

Because of the need. There are 1.8 billion Muslims around the world. The core markets we operate in are mostly Muslim-majority…

Why does SCB want to focus on Islamic banking in Bangladesh?

Islamic financing is growing alongside conventional banking of Bangladesh. The growth has been quite encouraging in almost all key markets, which are in Asia Pacific and the Middle East. We are always encouraged by how the government and regulators are supporting the promotion of Islamic banking globally.

Why the focus on Islamic banking?

Because of the need. There are 1.8 billion Muslims around the world. The core markets we operate in are mostly Muslim-majority…

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05 May

Islamic Finance

Today, as the global economy is experiencing its first green shoot Islamic finance, one cannot forget the trauma of the economic winter precipitated by the global financial crisis of 2007-2008, one of the worst in living memory.

Following the crisis, many economists revisited the perennial question as to whether ‘the seeds of these recurrent crises lie in the systemic flaws in the financial system?’

A number of studies have shown that Islamic banks did indeed weather the financial storm better than their conventional counterparts exhibiting lower…

Islamic Finance

Today, as the global economy is experiencing its first green shoot Islamic finance, one cannot forget the trauma of the economic winter precipitated by the global financial crisis of 2007-2008, one of the worst in living memory.

Following the crisis, many economists revisited the perennial question as to whether ‘the seeds of these recurrent crises lie in the systemic flaws in the financial system?’

A number of studies have shown that Islamic banks did indeed weather the financial storm better than their conventional counterparts exhibiting lower…

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04 Apr

BOP

LAHORE: A meeting of the Board of Directors of The Bank of Punjab (BOP) was held on April 25, 2018 wherein Annual Audited Financial Statements of the Bank for the year ended December 31, 2017 and Un-audited Financial Statements for 1st quarter of year 2018 ended March 31, 2018 were approved by the Board.

The financial viability created through capital management measures and superb performance of the Bank in the past few years has enabled the Bank to take an important step of fully providing for the legacy Non-performing loans portfolio (NPLs),…

BOP

LAHORE: A meeting of the Board of Directors of The Bank of Punjab (BOP) was held on April 25, 2018 wherein Annual Audited Financial Statements of the Bank for the year ended December 31, 2017 and Un-audited Financial Statements for 1st quarter of year 2018 ended March 31, 2018 were approved by the Board.

The financial viability created through capital management measures and superb performance of the Bank in the past few years has enabled the Bank to take an important step of fully providing for the legacy Non-performing loans portfolio (NPLs),…

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04 Apr

Islamic Bank

(Pajhwok): The Islamic Bank of Afghanistan (IBA), the first lender in the country to apply the interest-free principles of Islamic finance in all its operations, was officially inaugurated in Kabul on Tuesday.

Previously known as Bakhtar Bank that operated under a conventional banking license since it was acquired by Azizi Bank in 2009, the IBA was granted the license on April 9 by the central bank, Da Afghanistan Bank.

The bank began converting its assets and deposits in January to adhere to…

Islamic Bank

(Pajhwok): The Islamic Bank of Afghanistan (IBA), the first lender in the country to apply the interest-free principles of Islamic finance in all its operations, was officially inaugurated in Kabul on Tuesday.

Previously known as Bakhtar Bank that operated under a conventional banking license since it was acquired by Azizi Bank in 2009, the IBA was granted the license on April 9 by the central bank, Da Afghanistan Bank.

The bank began converting its assets and deposits in January to adhere to…

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02 Feb

Indonesia has become the first Asian country to sell "green" bonds internationally in a US$1.25 billion (S$1.65 billion) deal as one of the world's largest greenhouse gas emitters tapped into investor interest in climate-friendly investments.

Globally, US$155.5 billion of so-called green bonds were sold last year, according to the London-based Climate Bonds Initiative. But only a handful of governments have themselves sold such deals, where the proceeds are earmarked for investment in environmentally friendly projects.

Indonesia on Friday (Feb 23) sold US$1.25 billion in…

Indonesia has become the first Asian country to sell "green" bonds internationally in a US$1.25 billion (S$1.65 billion) deal as one of the world's largest greenhouse gas emitters tapped into investor interest in climate-friendly investments.

Globally, US$155.5 billion of so-called green bonds were sold last year, according to the London-based Climate Bonds Initiative. But only a handful of governments have themselves sold such deals, where the proceeds are earmarked for investment in environmentally friendly projects.

Indonesia on Friday (Feb 23) sold US$1.25 billion in…

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02 Feb

The tallest hotel in the world has officially opened its doors in Dubai, with the newly-completed Gevora Hotel stealing the Guinness World Record title from the nearby JW Marriott Marquis, which had held the position until now.

Opened on 12 February, the new hotel is located on the Sheikh Zayed Road, and stands at 356 metres tall (1167.98 feet), and features 528 deluxe rooms and suites, five separate dining experiences and leisure facilities with a main pool deck, and a health club. Guests staying at the lavish hotel will also have access to a range of specially-curated services,…

The tallest hotel in the world has officially opened its doors in Dubai, with the newly-completed Gevora Hotel stealing the Guinness World Record title from the nearby JW Marriott Marquis, which had held the position until now.

Opened on 12 February, the new hotel is located on the Sheikh Zayed Road, and stands at 356 metres tall (1167.98 feet), and features 528 deluxe rooms and suites, five separate dining experiences and leisure facilities with a main pool deck, and a health club. Guests staying at the lavish hotel will also have access to a range of specially-curated services,…

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02 Feb

Turkish Islamic lender Albaraka Turk has raised $205 million worth of capital-boosting Islamic bonds, or sukuk, the first issuance in the country designed to qualify as Tier 1 capital, the bank said in a statement.

The lender said the perpetual sukuk, sold as a private placement and issued through an Irish-domiciled special purpose vehicle, would pay a 10 percent profit rate.

Islamic banks have been developing sukuk designed to meet Basel III banking standards being phased in around the world, helping them shift away from funding through retail deposits and short-term…

Turkish Islamic lender Albaraka Turk has raised $205 million worth of capital-boosting Islamic bonds, or sukuk, the first issuance in the country designed to qualify as Tier 1 capital, the bank said in a statement.

The lender said the perpetual sukuk, sold as a private placement and issued through an Irish-domiciled special purpose vehicle, would pay a 10 percent profit rate.

Islamic banks have been developing sukuk designed to meet Basel III banking standards being phased in around the world, helping them shift away from funding through retail deposits and short-term…

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02 Feb

HONG KONG/JAKARTA, Indonesia will become the first Asian country to sell "green" bonds internationally as it looks to tap into growing investor interest in climate-friendly investments.

Globally, $155.5 billion of so-called green bonds were sold last year, according to the London-based Climate Bonds Initiative. But only a handful of governments have themselves sold such deals, where the proceeds are earmarked for investment in environmentally friendly projects.

Indonesia on Thursday launched a five-year green Sukuk bond - which means the deal will conform to Islamic finance…

HONG KONG/JAKARTA, Indonesia will become the first Asian country to sell "green" bonds internationally as it looks to tap into growing investor interest in climate-friendly investments.

Globally, $155.5 billion of so-called green bonds were sold last year, according to the London-based Climate Bonds Initiative. But only a handful of governments have themselves sold such deals, where the proceeds are earmarked for investment in environmentally friendly projects.

Indonesia on Thursday launched a five-year green Sukuk bond - which means the deal will conform to Islamic finance…

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02 Feb

IDB Aiming for its Largest Sukuk Issuance

Bandar Hajjar, president of the Islamic Development Bank (IDB) has said the Saudi Arabia headquartered institution is planning soon to issue its largest sized Sukuk for $2.5 billion.

The 57 member AAA rated development bank is a regular issuer of Sukuk having last issued in September 2017 with a $1.25 billion issuance which was priced at 2.261%. As part of its stated capital market objectives, the multilateral bank is looking to…

IDB Aiming for its Largest Sukuk Issuance

Bandar Hajjar, president of the Islamic Development Bank (IDB) has said the Saudi Arabia headquartered institution is planning soon to issue its largest sized Sukuk for $2.5 billion.

The 57 member AAA rated development bank is a regular issuer of Sukuk having last issued in September 2017 with a $1.25 billion issuance which was priced at 2.261%. As part of its stated capital market objectives, the multilateral bank is looking to…

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02 Feb

Islamic Development Bank's "Transform" fund geared towards NGOs and SMEs working toward UN Sustainable Development Goals

The Islamic Development Bank (IDB) – the Jeddah-based multilateral development bank with a subcsribed capital of $33 billion – is launching a new fund which will provide seed money to innovative start-ups and SMEs, helping them implement development projects related to the UN’s Sustainable Development Goals.

The IDB’s new Transform fund, which has a target capital of $500 million, will run in tandem with a new online hub called Engage, designed to…

Islamic Development Bank's "Transform" fund geared towards NGOs and SMEs working toward UN Sustainable Development Goals

The Islamic Development Bank (IDB) – the Jeddah-based multilateral development bank with a subcsribed capital of $33 billion – is launching a new fund which will provide seed money to innovative start-ups and SMEs, helping them implement development projects related to the UN’s Sustainable Development Goals.

The IDB’s new Transform fund, which has a target capital of $500 million, will run in tandem with a new online hub called Engage, designed to…

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02 Feb

CIMB Investment Bank (CIMB IB) has emerged as the top winner in investment banking at an awards competition at the Southeast Asian level, for its strong and innovative capabilities in the capital markets, equities and trade finance.

CIMB IB, one of the largest Asia Pacific-based investment banks offering comprehensive research coverage of more than 700 stocks in the region, swept 12 awards for being the best in 2017 at the Alpha Southeast Asia Best Deals & Solutions Awards.

They included the Best Bond House, Best IPO Deal, Best Sukuk Deal, Most Innovative Sukuk Deal,…

CIMB Investment Bank (CIMB IB) has emerged as the top winner in investment banking at an awards competition at the Southeast Asian level, for its strong and innovative capabilities in the capital markets, equities and trade finance.

CIMB IB, one of the largest Asia Pacific-based investment banks offering comprehensive research coverage of more than 700 stocks in the region, swept 12 awards for being the best in 2017 at the Alpha Southeast Asia Best Deals & Solutions Awards.

They included the Best Bond House, Best IPO Deal, Best Sukuk Deal, Most Innovative Sukuk Deal,…

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02 Feb

Barwa Bank has won two esteemed titles at the European magazine Global Banking & Finance Awards 2017 in recognition of its service excellence and innovative efforts in the Islamic banking sector.
The bank was named the ‘Best Shariah-Compliant Bank’ in Qatar, while Barwa Bank Group CEO Khalid Yousef al-Subeai claimed the country’s ‘Best Banking CEO’ title.
Sheikh Mohamed bin Hamad bin Jassim al-Thani, chairman and managing partner of Barwa Bank Group, said: “The “Best Shariah-Compliant Bank in Qatar” award, presented by the European magazine Global Banking & Finance…

Barwa Bank has won two esteemed titles at the European magazine Global Banking & Finance Awards 2017 in recognition of its service excellence and innovative efforts in the Islamic banking sector.
The bank was named the ‘Best Shariah-Compliant Bank’ in Qatar, while Barwa Bank Group CEO Khalid Yousef al-Subeai claimed the country’s ‘Best Banking CEO’ title.
Sheikh Mohamed bin Hamad bin Jassim al-Thani, chairman and managing partner of Barwa Bank Group, said: “The “Best Shariah-Compliant Bank in Qatar” award, presented by the European magazine Global Banking & Finance…

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02 Feb

The world’s largest annual food and hospitality exhibition, according to its organisers, returns to Dubai on Sunday, with exhibitors from across the globe assembling to sell their seeds, cereals, and sourdough to large corporate customers, such as hotel chains and airlines.

Running from February 18 until February 22, the event is taking place at the Dubai World Trade Centre, with the 23rd edition of the show featuring over 5,000 local, regional and international exhibitors hawking their wares, and 97,000 attendees bearing witness to the food industry’s latest trends and technology…

The world’s largest annual food and hospitality exhibition, according to its organisers, returns to Dubai on Sunday, with exhibitors from across the globe assembling to sell their seeds, cereals, and sourdough to large corporate customers, such as hotel chains and airlines.

Running from February 18 until February 22, the event is taking place at the Dubai World Trade Centre, with the 23rd edition of the show featuring over 5,000 local, regional and international exhibitors hawking their wares, and 97,000 attendees bearing witness to the food industry’s latest trends and technology…

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02 Feb

Al Rayan Bank, the UK's largest Islamic bank* and one of the fastest growing banks in the country**, has become the first bank in the world to issue a public Sukuk (Islamic bond) in a non-Muslim country, reinforcing the UK's position as the western hub for Islamic finance. The transaction is priced at Sterling 3 months' LIBOR plus 80bps.

Tolkien Funding Sukuk No.1 Plc ("Tolkien Sukuk") is Al Rayan Bank's inaugural securitisation of residential finance backed security (a Sharia compliant alternative to a conventional RMBS^). The…

Al Rayan Bank, the UK's largest Islamic bank* and one of the fastest growing banks in the country**, has become the first bank in the world to issue a public Sukuk (Islamic bond) in a non-Muslim country, reinforcing the UK's position as the western hub for Islamic finance. The transaction is priced at Sterling 3 months' LIBOR plus 80bps.

Tolkien Funding Sukuk No.1 Plc ("Tolkien Sukuk") is Al Rayan Bank's inaugural securitisation of residential finance backed security (a Sharia compliant alternative to a conventional RMBS^). The…

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02 Feb

Banks in the United Arab Emirates are upbeat about 2018 with faster economic growth and higher interest rates set to boost earnings.

Banks are expected to raise lending by about 4 percent to 6 percent this year as Dubai prepares to host the Expo 2020. Interest rate increases by the Federal Reserve, which is shadowed by Gulf central banks, will also allow banks to raise loan pricing and improve net interest margins.

“Banks should do better because quality loan demand should pick up,” said Sanyalak Manibhandu, head of research at Abu Dhabi-based FAB Securities LLC. UAE…

Banks in the United Arab Emirates are upbeat about 2018 with faster economic growth and higher interest rates set to boost earnings.

Banks are expected to raise lending by about 4 percent to 6 percent this year as Dubai prepares to host the Expo 2020. Interest rate increases by the Federal Reserve, which is shadowed by Gulf central banks, will also allow banks to raise loan pricing and improve net interest margins.

“Banks should do better because quality loan demand should pick up,” said Sanyalak Manibhandu, head of research at Abu Dhabi-based FAB Securities LLC. UAE…

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02 Feb

The instrument will carry a dual listing on Nasdaq Dubai and the Irish Stock Exchange

Dubai Islamic Bank has launched a five-year $1 billion sukuk due to mature in February 2023, the bank announced on Wednesday.

The issuance, which emanates from the bank’s $5 billion sukuk programme, carried a profit rate of 3.65% and marks the first dollar-benchmarked sukuk transaction from the GCC in 2018.

The RegS transaction was executed following an investor meeting in Asia last year and a deal-related roadshow in London on January 29, 2018. A total of 120 orders were received…

The instrument will carry a dual listing on Nasdaq Dubai and the Irish Stock Exchange

Dubai Islamic Bank has launched a five-year $1 billion sukuk due to mature in February 2023, the bank announced on Wednesday.

The issuance, which emanates from the bank’s $5 billion sukuk programme, carried a profit rate of 3.65% and marks the first dollar-benchmarked sukuk transaction from the GCC in 2018.

The RegS transaction was executed following an investor meeting in Asia last year and a deal-related roadshow in London on January 29, 2018. A total of 120 orders were received…

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01 Jan

Qatar is all set to create a strategic plan and comprehensive regulatory framework for non-bank financial companies (NBFCs), which have vast potentials, particularly for the small and medium enterprises (SMEs) sector.

NBFCs should be able to capitalise on their experience in retail lending to expand their operations in the SME segment, Qatar Islamic Finance 2017 report said, adding opportunities for investment companies lie in Qatar’s largely untapped domestic private wealth.

"However, for the non-bank financial sector to achieve its growth potential, a comprehensive…

Qatar is all set to create a strategic plan and comprehensive regulatory framework for non-bank financial companies (NBFCs), which have vast potentials, particularly for the small and medium enterprises (SMEs) sector.

NBFCs should be able to capitalise on their experience in retail lending to expand their operations in the SME segment, Qatar Islamic Finance 2017 report said, adding opportunities for investment companies lie in Qatar’s largely untapped domestic private wealth.

"However, for the non-bank financial sector to achieve its growth potential, a comprehensive…

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01 Jan

Indonesia's central bank has issued a fresh warning about trading in cryptocurrencies like bitcoin because of the risk of losses to the public and even a potential threat to the stability of the financial system.

Bank Indonesia (BI) has previously said that cryptocurrencies were not recognized as a legal medium of exchange, so that they could not be used as a means of payment in Indonesia.

"The ownership of virtual currencies is high risk and prone to speculation because there is no authority who takes responsibility, there is…

Indonesia's central bank has issued a fresh warning about trading in cryptocurrencies like bitcoin because of the risk of losses to the public and even a potential threat to the stability of the financial system.

Bank Indonesia (BI) has previously said that cryptocurrencies were not recognized as a legal medium of exchange, so that they could not be used as a means of payment in Indonesia.

"The ownership of virtual currencies is high risk and prone to speculation because there is no authority who takes responsibility, there is…

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01 Jan

East Africa’s fairly developed infrastructure and communication sector, a young educated tech savvy population and their ability to capitalise on technology development provides a great opportunity for the region to lead in the Islamic Finance digital economy, according to Agnes Gitau, from GBS Africa.

Gitau was speaking ahead of the third edition of the East Africa Islamic Economy Summit, which will focus on financial technology (fintech) as a driver for Islamic Economy in East Africa, as well as financial inclusion in the region. The summit is slated for January 24-25 in Kenya’s…

East Africa’s fairly developed infrastructure and communication sector, a young educated tech savvy population and their ability to capitalise on technology development provides a great opportunity for the region to lead in the Islamic Finance digital economy, according to Agnes Gitau, from GBS Africa.

Gitau was speaking ahead of the third edition of the East Africa Islamic Economy Summit, which will focus on financial technology (fintech) as a driver for Islamic Economy in East Africa, as well as financial inclusion in the region. The summit is slated for January 24-25 in Kenya’s…

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01 Jan

KARACHI: Meezan Bank has been awarded the global winner of ‘Best Islamic Retail Bank’ for 2017 by Islamic Finance News of REDmoney Group, Malaysia. This is the second time that the Bank has received this recognition at the global level.

The Bank has also been honoured with the coveted accolade of ‘Best Islamic Bank in Pakistan’, an award that has been conferred upon the Bank for the 12th time owing to its strength in providing a wide range of Shariah-compliant banking solutions to both retail and corporate customers.

The Islamic Finance News (IFN) Awards…

KARACHI: Meezan Bank has been awarded the global winner of ‘Best Islamic Retail Bank’ for 2017 by Islamic Finance News of REDmoney Group, Malaysia. This is the second time that the Bank has received this recognition at the global level.

The Bank has also been honoured with the coveted accolade of ‘Best Islamic Bank in Pakistan’, an award that has been conferred upon the Bank for the 12th time owing to its strength in providing a wide range of Shariah-compliant banking solutions to both retail and corporate customers.

The Islamic Finance News (IFN) Awards…

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01 Jan

Most S&P and Dow Jones Shariah-compliant benchmarks outperformed their conventional counterparts for the year as information technology companies - which tend to be overweight in Islamic Indices - gained a whopping 39.4% beating the overall market by a wide margin, and financials - which are underrepresented in Islamic indices - experienced some weakness. This marked a reversal from 2016, where a surge in the financial sector late in the year caused Shariah-compliant benchmarks to lag. One notable exception to the 2017 trend was in the Middle East, where conventional and Islamic…

Most S&P and Dow Jones Shariah-compliant benchmarks outperformed their conventional counterparts for the year as information technology companies - which tend to be overweight in Islamic Indices - gained a whopping 39.4% beating the overall market by a wide margin, and financials - which are underrepresented in Islamic indices - experienced some weakness. This marked a reversal from 2016, where a surge in the financial sector late in the year caused Shariah-compliant benchmarks to lag. One notable exception to the 2017 trend was in the Middle East, where conventional and Islamic…

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01 Jan

Kuwait Finance House Group (KFH-Group) volume traded in the sukuk market reached $16.6 billion for the year 2017 ie a growth of 45% over the same period last year. Such volume is yet another outstanding achievement to be added to KFH record as a primary dealer and a regional and global sukuk market maker.

This also confirms the efficiency of KFH performance and the confidence of investors, not to mention the key role of the bank in activating the sukuk market. Group Chief Treasury Officer at KFH, Abdulwahab Essa Al-Roshood said that KFH occupied a great share of the secondary…

Kuwait Finance House Group (KFH-Group) volume traded in the sukuk market reached $16.6 billion for the year 2017 ie a growth of 45% over the same period last year. Such volume is yet another outstanding achievement to be added to KFH record as a primary dealer and a regional and global sukuk market maker.

This also confirms the efficiency of KFH performance and the confidence of investors, not to mention the key role of the bank in activating the sukuk market. Group Chief Treasury Officer at KFH, Abdulwahab Essa Al-Roshood said that KFH occupied a great share of the secondary…

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01 Jan

Doha: HE Minister of Finance Ali Shareef Al Emadi said that Qatar's Islamic Banks is the third largest contributor to global growth in Islamic banking, with Qatari Islamic banking accounting for about 25% of the country's banking sector.

Addressing the 4th Doha Islamic Finance Conference on Tuesday, HE the Minister of Finance said that the State of Qatar has demonstrated its ability to continue in this field and to fulfill all its commitments with other countries.

HE the Minister called for continued growth in the Islamic finance sector through concerted efforts to confront…

Doha: HE Minister of Finance Ali Shareef Al Emadi said that Qatar's Islamic Banks is the third largest contributor to global growth in Islamic banking, with Qatari Islamic banking accounting for about 25% of the country's banking sector.

Addressing the 4th Doha Islamic Finance Conference on Tuesday, HE the Minister of Finance said that the State of Qatar has demonstrated its ability to continue in this field and to fulfill all its commitments with other countries.

HE the Minister called for continued growth in the Islamic finance sector through concerted efforts to confront…

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01 Jan

LONDON: While 2017 was a bumper year for global sukuk issuance, the outlook for Islamic bonds remains "uncertain" for the coming year, according to ratings agency S&P Global.
Global sukuk issuance in 2017 reached $97.9 billion, an increase of 45.3 percent, from the $67.4 billion recorded in 2016. The increase was underpinned by large issuances by GCC countries, particularly the $9 billion sukuk issued by Saudi Arabia in April. This remains the largest issuance globally to date.

"Driving this performance were good liquidity conditions in the GCC and, more generally,…

LONDON: While 2017 was a bumper year for global sukuk issuance, the outlook for Islamic bonds remains "uncertain" for the coming year, according to ratings agency S&P Global.
Global sukuk issuance in 2017 reached $97.9 billion, an increase of 45.3 percent, from the $67.4 billion recorded in 2016. The increase was underpinned by large issuances by GCC countries, particularly the $9 billion sukuk issued by Saudi Arabia in April. This remains the largest issuance globally to date.

"Driving this performance were good liquidity conditions in the GCC and, more generally,…

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01 Jan

Manama: Qatar has strong economic foundation that helps support and enhances the investment trends in the Islamic finance industry, according to a top official of the Qatar Financial Center Authority (QFCA). This was disclosed by the QFCA chief executive Yousuf Mohamed al-Jaida, while announcing the details of the fourth Doha Islamic Finance Forum, which will get underway next week.

Qatar is one of the first countries in the region to adopt Islamic banking and create the regulatory environment for Islamic focused inward foreign direct investment through various regulatory bodies,…

Manama: Qatar has strong economic foundation that helps support and enhances the investment trends in the Islamic finance industry, according to a top official of the Qatar Financial Center Authority (QFCA). This was disclosed by the QFCA chief executive Yousuf Mohamed al-Jaida, while announcing the details of the fourth Doha Islamic Finance Forum, which will get underway next week.

Qatar is one of the first countries in the region to adopt Islamic banking and create the regulatory environment for Islamic focused inward foreign direct investment through various regulatory bodies,…

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01 Jan

Lahore  -  Vice Chairman Minhaj University Lahore Dr Hussain Mohi-Ul-Din delivered closing speech on last day of “World Islamic Economic and Finance Conference”, organised by Minhaj University Lahore. He said Pakistan is anticipated to be the world’s fastest developing Muslim economy in regards to the

Lahore  -  Vice Chairman Minhaj University Lahore Dr Hussain Mohi-Ul-Din delivered closing speech on last day of “World Islamic Economic and Finance Conference”, organised by Minhaj University Lahore. He said Pakistan is anticipated to be the world’s fastest developing Muslim economy in regards to the

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01 Jan

GCC issuers are likely to continue tapping debt markets in 2018 with similar amount of gusto as banks and corporations that need to refinance existing debt take the baton from sovereigns who may lessen the pace of purchases following a rebound in the price of oil.

Even though interest rates are rising, they are still at historically low levels and that may prompt issuers of all colours to lock in good rates ahead of a series of expected rate hikes by the Federal Reserve in 2018, market participants said. GCC nations with the exception of Kuwait peg their currencies to the US dollar…

GCC issuers are likely to continue tapping debt markets in 2018 with similar amount of gusto as banks and corporations that need to refinance existing debt take the baton from sovereigns who may lessen the pace of purchases following a rebound in the price of oil.

Even though interest rates are rising, they are still at historically low levels and that may prompt issuers of all colours to lock in good rates ahead of a series of expected rate hikes by the Federal Reserve in 2018, market participants said. GCC nations with the exception of Kuwait peg their currencies to the US dollar…

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01 Jan

Sanyalaksna Manibhandu, the head of research at NBAD Securities, discusses the outlook for regional equities.

What was behind the sluggish performance of the UAE and GCC equities in 2017?

A combination of a slowing economy, regional political and diplomatic tensions, and some unforeseen events have combined to make GCC equities an underperformer in 2017.

What are the prospects for the region in 2018? More of the same or a recovery of sorts?

We see GCC stock markets doing better in 2018 than they did in…

Sanyalaksna Manibhandu, the head of research at NBAD Securities, discusses the outlook for regional equities.

What was behind the sluggish performance of the UAE and GCC equities in 2017?

A combination of a slowing economy, regional political and diplomatic tensions, and some unforeseen events have combined to make GCC equities an underperformer in 2017.

What are the prospects for the region in 2018? More of the same or a recovery of sorts?

We see GCC stock markets doing better in 2018 than they did in…

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01 Jan

The EQUATE Group, a global producer of petrochemicals, earned regional recognition by receiving the Investment Grade Bond/Sukuk Deal of the Year Award at the 2017 GFC Media Middle East Awards in Dubai.

The award was for EQUATE’s debut issuance of $2.25 billion 144A and Reg S five-year and ten-year dual-tranche bond offering, which was issued during November 2016. The bond issuance is part of EQUATE’s long-term financial restructuring plan following the acquisition of MEGlobal in December 2015.

Phisanu Sermchaiwong, EQUATE’s Chief Financial Officer, commented on the…

The EQUATE Group, a global producer of petrochemicals, earned regional recognition by receiving the Investment Grade Bond/Sukuk Deal of the Year Award at the 2017 GFC Media Middle East Awards in Dubai.

The award was for EQUATE’s debut issuance of $2.25 billion 144A and Reg S five-year and ten-year dual-tranche bond offering, which was issued during November 2016. The bond issuance is part of EQUATE’s long-term financial restructuring plan following the acquisition of MEGlobal in December 2015.

Phisanu Sermchaiwong, EQUATE’s Chief Financial Officer, commented on the…

0 comments
12 Dec

Kuala Lumpur:- The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q2 of 2017 from 15 IFSB member jurisdictions. This eighth dissemination completes the availability of quarterly data from Q4 of 2013 to Q2 of 2017. The Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher stated, “With the launch of Phase IV of the IFSB’s Prudential and Structural Islamic Finance Indicators (PSIFIs) Database Project in early 2017, the IFSB has both extended the coverage of…

Kuala Lumpur:- The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q2 of 2017 from 15 IFSB member jurisdictions. This eighth dissemination completes the availability of quarterly data from Q4 of 2013 to Q2 of 2017. The Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher stated, “With the launch of Phase IV of the IFSB’s Prudential and Structural Islamic Finance Indicators (PSIFIs) Database Project in early 2017, the IFSB has both extended the coverage of…

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12 Dec

slamic finance grew strongly in the first half of 2017. We witnessed numerous Sukuk issuances into the international markets, which commonly featured special purpose issuing vehicles domiciled in popular centers such as the Cayman Islands, Jersey and the Dubai International Financial Center (DIFC). Growth appears to have slowed somewhat during the second half, as oil prices remained consistently low and currencies of certain nations depreciated or were devalued. Some believe that the slow growth in Islamic finance is likely to continue into next year and possibly beyond.

Review of…

slamic finance grew strongly in the first half of 2017. We witnessed numerous Sukuk issuances into the international markets, which commonly featured special purpose issuing vehicles domiciled in popular centers such as the Cayman Islands, Jersey and the Dubai International Financial Center (DIFC). Growth appears to have slowed somewhat during the second half, as oil prices remained consistently low and currencies of certain nations depreciated or were devalued. Some believe that the slow growth in Islamic finance is likely to continue into next year and possibly beyond.

Review of…

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12 Dec

Dubai: Capital levels in Gulf Cooperation Council (GCC) banks will remain broadly stable and well above Basel III minimum regulatory requirements in a context of modest credit growth in 2018, according to Moody’s.

Combined tangible common equity (TCE) ratios will remain broadly in the range of 11-16 per cent. Problem loan coverage, at around 95 per cent plus across the region, is high.

 

Low cost and stable deposit based funding, combined with elevated liquidity buffers will remain a credit strength of GCC banks in 2018.

In 2017, governments injected…

Dubai: Capital levels in Gulf Cooperation Council (GCC) banks will remain broadly stable and well above Basel III minimum regulatory requirements in a context of modest credit growth in 2018, according to Moody’s.

Combined tangible common equity (TCE) ratios will remain broadly in the range of 11-16 per cent. Problem loan coverage, at around 95 per cent plus across the region, is high.

 

Low cost and stable deposit based funding, combined with elevated liquidity buffers will remain a credit strength of GCC banks in 2018.

In 2017, governments injected…

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12 Dec

Qatar Stock Exchange continued to be under bearish spell to trade under 8,600 levels as foreign funds largely kept away from the market in view of Christmas.

Increased buying support from local retail investors notwithstanding, the 20-stock Qatar Index fell 0.36% for the second consecutive day to 8,569.58points.

There was increased net selling by domestic institutions and lower buying support from non-Qatari individuals in the bourse, whose year-to-date losses were seen at 17.89%.

Islamic equities were declining slower than the main index in the market, whose…

Qatar Stock Exchange continued to be under bearish spell to trade under 8,600 levels as foreign funds largely kept away from the market in view of Christmas.

Increased buying support from local retail investors notwithstanding, the 20-stock Qatar Index fell 0.36% for the second consecutive day to 8,569.58points.

There was increased net selling by domestic institutions and lower buying support from non-Qatari individuals in the bourse, whose year-to-date losses were seen at 17.89%.

Islamic equities were declining slower than the main index in the market, whose…

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12 Dec

(MENAFN - Muscat Daily) Muscat- Alizz Islamic Bank recently won the award for 'Best Sukuk Deal 2017' at the seventh Global Islamic Finance Awards 2017 (GIFA) held in Astana, Kazakhstan.

The award was received on behalf of the bank by Mustafa al Lawati, head of investment banking, project finance and syndications at Alizz Islamic Bank, according to a press release.

GIFA is one of the most prestigious awards in the world of Islamic banking and finance. It acknowledges the contributions of institutions in the growth and expansion of the Islamic banking and finance sector.…

(MENAFN - Muscat Daily) Muscat- Alizz Islamic Bank recently won the award for 'Best Sukuk Deal 2017' at the seventh Global Islamic Finance Awards 2017 (GIFA) held in Astana, Kazakhstan.

The award was received on behalf of the bank by Mustafa al Lawati, head of investment banking, project finance and syndications at Alizz Islamic Bank, according to a press release.

GIFA is one of the most prestigious awards in the world of Islamic banking and finance. It acknowledges the contributions of institutions in the growth and expansion of the Islamic banking and finance sector.…

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12 Dec

PETALING JAYA: RAM Ratings has assigned an “AA3/stable” rating to Edra Energy Sdn Bhd’s proposed sukuk wakalah of up to RM5.28 billion in nominal value (2017/2037) to fund the largest gas plant in Malaysia.

In a statement today, the rating agency said it reflects the company’s strong project economics, underscored by stable cash flow generation, resulting in a minimum finance service coverage ratio (with cash balances, post-distribution, calculated on payment dates) of 1.5 times under RAM’s sensitised case upon completion of the plant.

“Given the technology…

PETALING JAYA: RAM Ratings has assigned an “AA3/stable” rating to Edra Energy Sdn Bhd’s proposed sukuk wakalah of up to RM5.28 billion in nominal value (2017/2037) to fund the largest gas plant in Malaysia.

In a statement today, the rating agency said it reflects the company’s strong project economics, underscored by stable cash flow generation, resulting in a minimum finance service coverage ratio (with cash balances, post-distribution, calculated on payment dates) of 1.5 times under RAM’s sensitised case upon completion of the plant.

“Given the technology…

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12 Dec

Q atar has stressed the importance of facilitating maritime trade with Iran.

This was underlined by Qatari Minister of Transportation and Communications Jassim Saif Ahmed Al Sulaiti in a meeting with CEO of Ports and Maritime Organization of Iran Mohammad Rastad in Doha on Monday, the Ministry of Roads and Urban Development’s news portal reported on Tuesday.

The two sides scrutinized ways of eliminating obstacles to exports and transit from Iran’s southern ports to Qatar and of increasing private sector investments from both countries in the fields of logistics…

Q atar has stressed the importance of facilitating maritime trade with Iran.

This was underlined by Qatari Minister of Transportation and Communications Jassim Saif Ahmed Al Sulaiti in a meeting with CEO of Ports and Maritime Organization of Iran Mohammad Rastad in Doha on Monday, the Ministry of Roads and Urban Development’s news portal reported on Tuesday.

The two sides scrutinized ways of eliminating obstacles to exports and transit from Iran’s southern ports to Qatar and of increasing private sector investments from both countries in the fields of logistics…

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12 Dec

The strategy will focus on utilising the group companies' strengths in order to maximise synergies, economies of scale and core competencies to grow the bank and its subsidiary companies into the future of modernised banking enabling sustained growth at home and in regional and international markets.

This strategic structuring of the bank's group of companies builds on the bank's milestones achieved to date in all operating indicators. The Bank was able to grow in the last ten years its asset base from $848 million to $4.75 billion in 2017. Deposits grew from $679 to $3.6 billion,…

The strategy will focus on utilising the group companies' strengths in order to maximise synergies, economies of scale and core competencies to grow the bank and its subsidiary companies into the future of modernised banking enabling sustained growth at home and in regional and international markets.

This strategic structuring of the bank's group of companies builds on the bank's milestones achieved to date in all operating indicators. The Bank was able to grow in the last ten years its asset base from $848 million to $4.75 billion in 2017. Deposits grew from $679 to $3.6 billion,…

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12 Dec

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group and the African Export-Import Bank (Afreximbank) signed a line of financing agreement for a $100-million facility on Sunday in Jeddah.
The $100-million line of financing facility will be utilized by Afreximbank to provide Shariah-compliant financing to small and medium-sized enterprises (SMEs) in its member countries in Africa. Afreximbank has a solid pipeline of projects in the industrial, communication, technology, health care, construction and…

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group and the African Export-Import Bank (Afreximbank) signed a line of financing agreement for a $100-million facility on Sunday in Jeddah.
The $100-million line of financing facility will be utilized by Afreximbank to provide Shariah-compliant financing to small and medium-sized enterprises (SMEs) in its member countries in Africa. Afreximbank has a solid pipeline of projects in the industrial, communication, technology, health care, construction and…

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12 Dec

Doha: Qatar Islamic Bank (QIB), has introduced facial recognition capabilities, Face ID, in its iOS and Android Mobile App, making it the first Bank in Qatar to allow the facial recognition technology feature on all smartphone devices.

Instead of customers logging into their accounts with their username and password each time they open the QIB Mobile App, they can now use their Face ID to login in a simple and secured manner.

The new facial recognition technology, which is the latest authentication standards to login to smartphone devices and subsequently the applications,…

Doha: Qatar Islamic Bank (QIB), has introduced facial recognition capabilities, Face ID, in its iOS and Android Mobile App, making it the first Bank in Qatar to allow the facial recognition technology feature on all smartphone devices.

Instead of customers logging into their accounts with their username and password each time they open the QIB Mobile App, they can now use their Face ID to login in a simple and secured manner.

The new facial recognition technology, which is the latest authentication standards to login to smartphone devices and subsequently the applications,…

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12 Dec

ISTANBUL: The Turkish Treasury will take over a 58.45 percent stake in Vakifbank currently held by the General Directorate of Foundations, under the Prime Minister’s office, an emergency decree published in the Official Gazette said on Sunday.

The cabinet will decide on the per-share price of the transaction, the decree said. The amount will be paid via the issuance of five sukuks.

Vakifbank, the seventh-largest lender in Turkey by asset value, posted a net profit of 700.7 million lira ($184 million) in the third quarter, down 14 percent from a year earlier, according to…

ISTANBUL: The Turkish Treasury will take over a 58.45 percent stake in Vakifbank currently held by the General Directorate of Foundations, under the Prime Minister’s office, an emergency decree published in the Official Gazette said on Sunday.

The cabinet will decide on the per-share price of the transaction, the decree said. The amount will be paid via the issuance of five sukuks.

Vakifbank, the seventh-largest lender in Turkey by asset value, posted a net profit of 700.7 million lira ($184 million) in the third quarter, down 14 percent from a year earlier, according to…

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12 Dec

Dubai: Mawarid Finance has recently launched a Book titled “Shariah Fatwas of Mawarid Finance”. Published by the Shariah Department at Mawarid Finance, the book consists of series of the top Islamic sharia opinions (fatwa) issued by the Sharia Board on the banking and financial transactions throughout the last ten years. The book has been reviewed and approved by senior Shariah Scholars at the Dubai Islamic and Charity Affairs Department and the National Media Board; made of 213 pages that feature the most important sharia decisions issued by the Sharia Board since the launch of Mawarid…

Dubai: Mawarid Finance has recently launched a Book titled “Shariah Fatwas of Mawarid Finance”. Published by the Shariah Department at Mawarid Finance, the book consists of series of the top Islamic sharia opinions (fatwa) issued by the Sharia Board on the banking and financial transactions throughout the last ten years. The book has been reviewed and approved by senior Shariah Scholars at the Dubai Islamic and Charity Affairs Department and the National Media Board; made of 213 pages that feature the most important sharia decisions issued by the Sharia Board since the launch of Mawarid…

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12 Dec

Muscat: With the aim of enhancing its employees understanding to Sharia related matters and to provide a greater insight into Islamic finance topics, Bank Dhofar's Maisarah Islamic Banking Services (Maisarah) recently held a training session on ‘Islamic Banking ‘ in Salalah.

The session was jointly conducted by Sharia Supervisory Board’s Chairman Dr. Salim bin Al Dhahab and its member Dr Mohammad Amin Qattan. Both the dignities discussed in details the Sharia aspects of different Islamic banking products and services offered by Maisarah and stressed the…

Muscat: With the aim of enhancing its employees understanding to Sharia related matters and to provide a greater insight into Islamic finance topics, Bank Dhofar's Maisarah Islamic Banking Services (Maisarah) recently held a training session on ‘Islamic Banking ‘ in Salalah.

The session was jointly conducted by Sharia Supervisory Board’s Chairman Dr. Salim bin Al Dhahab and its member Dr Mohammad Amin Qattan. Both the dignities discussed in details the Sharia aspects of different Islamic banking products and services offered by Maisarah and stressed the…

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12 Dec

Investing.com – United Arab Emirates equities were lower at the close on Sunday, as losses in the Transport, Finance & Investment and Consumer Staples sectors propelled shares lower.

At the close in Dubai, the DFM General lost 0.48% to hit a new 6-month low, while the

Investing.com – United Arab Emirates equities were lower at the close on Sunday, as losses in the Transport, Finance & Investment and Consumer Staples sectors propelled shares lower.

At the close in Dubai, the DFM General lost 0.48% to hit a new 6-month low, while the

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12 Dec

New York- Islamic finance offers a promising alternative to traditional sources of funding and should be utilized to realize the Sustainable Development Goals (SDGs) that countries will adopt in September, participants at the Third International Conference on Financing for Development were told.

 “In mobilizing resources for the SDGs, non-traditional sources of financing need to be given due attention,” Savas Alpay, Chief Economist of the Islamic Development Bank, said in Addis Ababa, Ethiopia, which is hosting the four-day Conference.

He…

New York- Islamic finance offers a promising alternative to traditional sources of funding and should be utilized to realize the Sustainable Development Goals (SDGs) that countries will adopt in September, participants at the Third International Conference on Financing for Development were told.

 “In mobilizing resources for the SDGs, non-traditional sources of financing need to be given due attention,” Savas Alpay, Chief Economist of the Islamic Development Bank, said in Addis Ababa, Ethiopia, which is hosting the four-day Conference.

He…

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12 Dec

Speaking at a conference in Singapore, Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore listed a number of key trends which can help boost cross border Islamic finance trade between Asia and the Middle East.

Ms Loh commented on the global Islamic finance industry being on an upward growth trajectory in the past decade, withtotal assets exceeding US$2 trillion in 2014, up from US$700 billion in 2005. Most of this demand has stemmed from Middle East and Asia. Stronger trade and investment linkages between these…

Speaking at a conference in Singapore, Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore listed a number of key trends which can help boost cross border Islamic finance trade between Asia and the Middle East.

Ms Loh commented on the global Islamic finance industry being on an upward growth trajectory in the past decade, withtotal assets exceeding US$2 trillion in 2014, up from US$700 billion in 2005. Most of this demand has stemmed from Middle East and Asia. Stronger trade and investment linkages between these…

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12 Dec

Couple of days ago, I was shocked to know that the International Bank of Azerbaijan (IBA), the Central Asian country`s largest and the only state-owned bank, had closed its Islamic banking department. What a great misread on its part!

Though, the bank did not cite any specific reasons to close the Islamic finance window, it may have been due to any structural changes internally.  Whatever the reasons maybe, the bank has virtually closed its doors to the flood of opportunities it could have grabbed by keeping itself engaged in the fast-growing field of Islamic finance.

Couple of days ago, I was shocked to know that the International Bank of Azerbaijan (IBA), the Central Asian country`s largest and the only state-owned bank, had closed its Islamic banking department. What a great misread on its part!

Though, the bank did not cite any specific reasons to close the Islamic finance window, it may have been due to any structural changes internally.  Whatever the reasons maybe, the bank has virtually closed its doors to the flood of opportunities it could have grabbed by keeping itself engaged in the fast-growing field of Islamic finance.

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12 Dec

LONDON: Many industry observers assert that all Islamic banking products in essence are replicas of conventional banking products, be they Islamic deposits or financing products based on leasing or trade-based contracts.

A replica, however, by its very nature and definition is inferior to the original, and should sell for a significantly lower price. Islamic banking products are certainly not replicas in this sense, as in most cases they happen to be more expensive than their conventional counterparts.

LONDON: Many industry observers assert that all Islamic banking products in essence are replicas of conventional banking products, be they Islamic deposits or financing products based on leasing or trade-based contracts.

A replica, however, by its very nature and definition is inferior to the original, and should sell for a significantly lower price. Islamic banking products are certainly not replicas in this sense, as in most cases they happen to be more expensive than their conventional counterparts.

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12 Dec

As more Western companies do business in the Middle East, Islamic finance has become an increasingly important part of the world economy.

But Islamic finance follows different rules than conventional Western economies, in keeping with sharia, the Islamic legal system.

Demand for sharia-compliant banks is growing rapidly, with Ernst & Young projecting an annual growth rate of 19.7 percent by 2018.…

As more Western companies do business in the Middle East, Islamic finance has become an increasingly important part of the world economy.

But Islamic finance follows different rules than conventional Western economies, in keeping with sharia, the Islamic legal system.

Demand for sharia-compliant banks is growing rapidly, with Ernst & Young projecting an annual growth rate of 19.7 percent by 2018.…

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12 Dec

London: Islamic banking and finance (IBF) is swiftly growing in countries outside the Organisation of Islamic Cooperation (OIC) block, especially in the United Kingdom that houses six fully-fledged Islamic banks (one retail and five wholesale), making it the most important centre of Islamic finance outside the Muslim world.

The global Islamic financial services industry attained the size of $2 trillion by the end of 2015. Islamic banking segment, which accounts for 75%, dominates the industry. Sukuk, although much talked about, is only 15% of the total Islamic financial assets.…

London: Islamic banking and finance (IBF) is swiftly growing in countries outside the Organisation of Islamic Cooperation (OIC) block, especially in the United Kingdom that houses six fully-fledged Islamic banks (one retail and five wholesale), making it the most important centre of Islamic finance outside the Muslim world.

The global Islamic financial services industry attained the size of $2 trillion by the end of 2015. Islamic banking segment, which accounts for 75%, dominates the industry. Sukuk, although much talked about, is only 15% of the total Islamic financial assets.…

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12 Dec

There is no doubt that Islamic finance is growing around the world – actually sector expert Camille Paldi says it is “booming”, but it needs proper regulatory, reporting and resolution framework and tailored standards to continue its rapid expansion.

There are current around 500 Islamic banks operating in 75 countries around the world and Islamic finance is growing at 10-15% per year with GCC Islamic banks constituting 70% of the global total.

Camille Paldi explains, “Islamic finance is booming around the world and is an alternative source of financing. With proper…

There is no doubt that Islamic finance is growing around the world – actually sector expert Camille Paldi says it is “booming”, but it needs proper regulatory, reporting and resolution framework and tailored standards to continue its rapid expansion.

There are current around 500 Islamic banks operating in 75 countries around the world and Islamic finance is growing at 10-15% per year with GCC Islamic banks constituting 70% of the global total.

Camille Paldi explains, “Islamic finance is booming around the world and is an alternative source of financing. With proper…

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12 Dec

Dubai: The past is no guarantee for the future — so we have to prepare ourselves for the unprecedented and the unexpected. Islamic finance needs to be relevant and respond to its external operating environment.

There are some paradigms that are shifting before us, which we need to understand and be prepared for as practitioners, institutions and jurisdictions. Here I would like to call out three global mega trends that are shaping the world as we know it.

First, this century will be about emerging markets. We are seeing a sustained rebalancing of the world economy as well…

Dubai: The past is no guarantee for the future — so we have to prepare ourselves for the unprecedented and the unexpected. Islamic finance needs to be relevant and respond to its external operating environment.

There are some paradigms that are shifting before us, which we need to understand and be prepared for as practitioners, institutions and jurisdictions. Here I would like to call out three global mega trends that are shaping the world as we know it.

First, this century will be about emerging markets. We are seeing a sustained rebalancing of the world economy as well…

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12 Dec

Dubai: Digitization of Islamic banks is a must for the growth of the Islamic finance industry. Although, the industry is quite young, the fintech disruption is already changing the way Islamic banks are spending money on technology to transform the way they do business to attract Internet-savy customers. However, most of these banks are still a long way from becoming truly digital as currently, many of them offer only the basic services online.

Experts speaking at a plenary session at the Global Islamic Economy Summit 2016 said like their conventional peers, Islamic banks too have…

Dubai: Digitization of Islamic banks is a must for the growth of the Islamic finance industry. Although, the industry is quite young, the fintech disruption is already changing the way Islamic banks are spending money on technology to transform the way they do business to attract Internet-savy customers. However, most of these banks are still a long way from becoming truly digital as currently, many of them offer only the basic services online.

Experts speaking at a plenary session at the Global Islamic Economy Summit 2016 said like their conventional peers, Islamic banks too have…

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12 Dec

NAIROBI, KENYA: Although Islamic Banking is at nascent stage in the country, the faith-based lending model is becoming a fast growing trend in the Kenyan financial sector and showing indicators of exponential growth. The concomitant expansion of Islamic finance activities in the region and the huge Muslim population can be largely attributed to reforms in regulatory and taxation frameworks. These two strictures have remarkably redefined Islamic Financing in the country necessitating innovation and creativity to meet the growing and diverse needs of the customers. Acceptance of Shariah laws…

NAIROBI, KENYA: Although Islamic Banking is at nascent stage in the country, the faith-based lending model is becoming a fast growing trend in the Kenyan financial sector and showing indicators of exponential growth. The concomitant expansion of Islamic finance activities in the region and the huge Muslim population can be largely attributed to reforms in regulatory and taxation frameworks. These two strictures have remarkably redefined Islamic Financing in the country necessitating innovation and creativity to meet the growing and diverse needs of the customers. Acceptance of Shariah laws…

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12 Dec

Bitcoin is taking the world by storm. The decentralized digital currency is a secure payment platform that anybody can use. It is free from government interference and operated by an open, peer-to-peer network.

This independence is one reason Bitcoin has become so popular, causing its value to rise steeply. At the beginning of 2017, a single bitcoin was worth around $1,000. By November 2017, this had risen to around $7,000. Indeed, the total value of the cryptocurrency market is some $150 billion.

A crucial feature of Bitcoin is its security. Bitcoins have two important…

Bitcoin is taking the world by storm. The decentralized digital currency is a secure payment platform that anybody can use. It is free from government interference and operated by an open, peer-to-peer network.

This independence is one reason Bitcoin has become so popular, causing its value to rise steeply. At the beginning of 2017, a single bitcoin was worth around $1,000. By November 2017, this had risen to around $7,000. Indeed, the total value of the cryptocurrency market is some $150 billion.

A crucial feature of Bitcoin is its security. Bitcoins have two important…

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11 Nov

Islamic Finance is booming around the globe. Currently, there are around 500 Islamic banks operating in 75 countries around the world. Islamic finance is growing at 10-15% per year with GCC Islamic banks constituting 70% of the global total. In fact, non-Muslim countries are also tapping into the growing Islamic finance market by issuing sukuk or Islamic bonds. This growing field of ours was supposed to help lift  up the masses from the pangs of poverty and give them access to basic financial services. However, so far, the growing clout of Islamic financial assets around the world has…

Islamic Finance is booming around the globe. Currently, there are around 500 Islamic banks operating in 75 countries around the world. Islamic finance is growing at 10-15% per year with GCC Islamic banks constituting 70% of the global total. In fact, non-Muslim countries are also tapping into the growing Islamic finance market by issuing sukuk or Islamic bonds. This growing field of ours was supposed to help lift  up the masses from the pangs of poverty and give them access to basic financial services. However, so far, the growing clout of Islamic financial assets around the world has…

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11 Nov

JEDDAH: Over the past decade, financial technology — widely referred to as FinTech — has grown primarily due to growing Internet access worldwide and the emergence of smartphones and apps. According to the Ericsson Mobility Report published last year, 70 percent of the world’s population is expected to be using smartphones by 2020. As smart devices are increasingly becoming part of everyday life for most people in the digital age, it is essential for the banking sector to become more innovative to enhance its productivity as well as include more and more unbanked people into the fold.…

JEDDAH: Over the past decade, financial technology — widely referred to as FinTech — has grown primarily due to growing Internet access worldwide and the emergence of smartphones and apps. According to the Ericsson Mobility Report published last year, 70 percent of the world’s population is expected to be using smartphones by 2020. As smart devices are increasingly becoming part of everyday life for most people in the digital age, it is essential for the banking sector to become more innovative to enhance its productivity as well as include more and more unbanked people into the fold.…

0 comments
11 Nov

NAIROBI, KENYA: Although Islamic Banking is at nascent stage in the country, the faith-based lending model is becoming a fast growing trend in the Kenyan financial sector and showing indicators of exponential growth. The concomitant expansion of Islamic finance activities in the region and the huge Muslim population can be largely attributed to reforms in regulatory and taxation frameworks. These two strictures have remarkably redefined Islamic Financing in the country necessitating innovation and creativity to meet the growing and diverse needs of the customers. Acceptance of Shariah laws…

NAIROBI, KENYA: Although Islamic Banking is at nascent stage in the country, the faith-based lending model is becoming a fast growing trend in the Kenyan financial sector and showing indicators of exponential growth. The concomitant expansion of Islamic finance activities in the region and the huge Muslim population can be largely attributed to reforms in regulatory and taxation frameworks. These two strictures have remarkably redefined Islamic Financing in the country necessitating innovation and creativity to meet the growing and diverse needs of the customers. Acceptance of Shariah laws…

0 comments
02 Feb

LAST year, in charting its future, Al Rajhi Banking and Investment Corp (M) Bhd (Al Rajhi Malaysia) decided that growth over the next three years to 2020 would be driven mainly by the corporate segment.

However, having seen that segment grow faster than expected — corporate financing grew 50.8% to RM4.7 billion as at June 30 from a year ago — it now sees a need to drive the retail segment as well.

“Now that we’ve got the corporate engine going, we realise that we need to focus on the retail engine as well. We need to firm up the strategy on the retail side. That’s what we’…

LAST year, in charting its future, Al Rajhi Banking and Investment Corp (M) Bhd (Al Rajhi Malaysia) decided that growth over the next three years to 2020 would be driven mainly by the corporate segment.

However, having seen that segment grow faster than expected — corporate financing grew 50.8% to RM4.7 billion as at June 30 from a year ago — it now sees a need to drive the retail segment as well.

“Now that we’ve got the corporate engine going, we realise that we need to focus on the retail engine as well. We need to firm up the strategy on the retail side. That’s what we’…

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09 Sep

(MENAFN - Muscat Daily) Muscat- Coinciding with the new academic year, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in association with the Ministry of Education (MoE) and Injaz Oman has launched a financial literacy programme covering 4,000 school students in Muscat, Batinah and Dhofar governorates.

The programme focusing on students, who represent the future of Oman, is aimed at inculcating a healthy savings habit as well as motivating them to develop entrepreneurial thinking and skills from an early age. In the first phase of the 'Little Investor' programme…

(MENAFN - Muscat Daily) Muscat- Coinciding with the new academic year, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in association with the Ministry of Education (MoE) and Injaz Oman has launched a financial literacy programme covering 4,000 school students in Muscat, Batinah and Dhofar governorates.

The programme focusing on students, who represent the future of Oman, is aimed at inculcating a healthy savings habit as well as motivating them to develop entrepreneurial thinking and skills from an early age. In the first phase of the 'Little Investor' programme…

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07 Jul

In his previous role, Kumar was the Chief Operating Officer at Qatar Islamic Bank in Doha. With over 25 years banking experience, he spearheaded transformational projects at several MENA-based banks, along with serving in several senior roles at the National Bank of Egypt in Cairo, Ahli Bank QSC in Qatar, National Bank of Dubai and Commercial Bank of Kuwait. Prior to coming to the Middle East in 1997, he held multiple roles with HSBC and Standard Chartered Bank in India. Krishna Kumar holds a B.Tech in Mechanical Engineering from the College of Engineering in Trivandrum, India. He also…

In his previous role, Kumar was the Chief Operating Officer at Qatar Islamic Bank in Doha. With over 25 years banking experience, he spearheaded transformational projects at several MENA-based banks, along with serving in several senior roles at the National Bank of Egypt in Cairo, Ahli Bank QSC in Qatar, National Bank of Dubai and Commercial Bank of Kuwait. Prior to coming to the Middle East in 1997, he held multiple roles with HSBC and Standard Chartered Bank in India. Krishna Kumar holds a B.Tech in Mechanical Engineering from the College of Engineering in Trivandrum, India. He also…

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07 Jul

Anees Moumina, chief executive of SEDCO Holding Group, has received the “Best Family Business CEO” award at the 2017 CEO Middle East Awards, held in the Four Seasons Hotel, Dubai. The award honors successful CEOs who have delivered outstanding results, as well as those that have made a vital contribution to the vibrancy of their businesses.
Moumina was recognized for “his excellent and innovative actions across the organization with the goal of offsetting market headwinds through new business developments and improved synergy within the group,” the company said.
“He effectively…

Anees Moumina, chief executive of SEDCO Holding Group, has received the “Best Family Business CEO” award at the 2017 CEO Middle East Awards, held in the Four Seasons Hotel, Dubai. The award honors successful CEOs who have delivered outstanding results, as well as those that have made a vital contribution to the vibrancy of their businesses.
Moumina was recognized for “his excellent and innovative actions across the organization with the goal of offsetting market headwinds through new business developments and improved synergy within the group,” the company said.
“He effectively…

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