Islamic Development Bank Seeks Proposals for Dollar Sukuk

Source: Reuters, UK

  • Saudi Arabia’s Islamic Development Bank (IDB) has asked banks for proposals to arrange a U.S. dollar-denominated sukuk, banking sources said on Sunday. The Jeddah-based multilateral development bank is a regular issuer of international Islamic bonds, which it raises to fund its business activities but also to promote the international sukuk market ....

Africa is Islamic Banking’s New Frontier

Source: The Economist, USA.

  • IN 2008 Ethiopia’s conservative central bank experimented: it authorised interest-free banking. Interest is prohibited under sharia law, so the move was lauded as a step towards expanding financial services for the country’s large and often poor Muslim minority. But momentum soon stalled. An attempt to launch a fully-fledged ....

Islamic Finance and Real Estate - The Perfect Match

Source: International Banker, Ireland

  • In the Islamic-finance world, real estate has always been, save for a few exceptions, a perfect asset class. You have a property that is occupied by a tenant. That tenant pays rent in exchange for the right to use and occupy that property. Once that rent is paid to the landlord, the landlord uses the rent to pay off various landlord expenses, including financing costs, and ....

Islamic Cooperatives Can Help Alleviate Poverty

Source: The Jakarta Post, Indonesia.

  • The rapid growth of Islamic finance presents an opportunity to address the social and economic gap. As of 2012, the World Bank estimated total assets in the industry reached US$1 to 1.5 trillion, with asset growth of 10 to 15 percent annually until 2010 and 8 percent per annum afterward. Recently, the Financial Services Authority (OJK) ....

Islamic Finance in Africa: Impetus for Growth

Source: IslamicFinance.com, UK

  • Many market development and regulatory efforts have taken place in the African region in recent years as there is a clear set of potentials for Islamic finance to play a role in African countries to diversify their sources of funding. As the world’s largest untapped growth market for Islamic economy, Africa is expected to attract more Islamic finance ....

Strong Islamic Philosophy Key to be Finance Hub

Source: Borneo Bulletin, Brunei

  • BRUNEI Darussalam’s key competitive edge towards becoming an international Islamic Finance hub lies in its strong Islamic philosophy, which is embedded in its way of life and naturally contributes to the purity of the country’s Islamic finance. This was stated in a sabda yesterday by Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji ....

Islamic Banking Moved ahead in India.

Source: Scroll, India.

  • An interest-free cooperative bank modelled on the lines of the Islamic banking system – possibly the first of its kind in India – was launched in Kerala on Monday with the support of the Communist Party of India (Marxist). Islamic banking is a system that complies with the Shariat or Islamic law. Under the tenets of the Shariat, charging or offering ....

Islamic Banks Pledge Continued Financing for Affordable Housing

Source: Sun Daily, Malaysia.

  • The Association of Islamic Banking Institutions Malaysia (AIBIM) has reaffirmed that Islamic banking institutions will continue to provide home financing facilities to eligible customers through various financing schemes offered by its members, in response to recent media reports on calls to relax the criteria for affordable home ....

Public Islamic Bank issues RM500mil Sukuk

Source: The Star, Malaysia.

  • Public Islamic Bank Bhd (PIBB) is again raising funds by tapping an Islamic medium term notes (sukuk murabahah) programme set up in 2014, issuing the second tranche of subordinated sukuk amounting to RM500mil after a gap of over three years. In a filing with Bursa Malaysia on Thursday, parent Public ....

Bahrain and the UAE Push Islamic FinTech

Source: Startup MGZN, Bahrain.

  • The Islamic finance world has made significant progress during the last decade. The infant market it was years ago, quickly found its leading place on the global financial scene. However, its relationship with the conventional finance world has always been challenging. Although not everything that affects one has ....

Dubai Financial Industry is Blooming

Source: Startup MGZN, Bahrain.

  • The number of licensed companies in Dubai has marked a growth of 6.2% to 1,750 during the first half of 2017. As of 30 June, there were 463 regulated financial institutions in the DIFC. The people employed in the industry exceeded 21,000, and it is expected to rise, as new players enter the market. DIFC leased 144,000 square feet of commercial space ....

BSSI Summit Aims to Create New Financial Products

Source: Borneo Bulletin, Brunai

  • WITH the rising global demand for Islamic finance, the Brunei Darussalam Islamic Investment Summit (BIIS) 2017 hopes to produce financial experts and professionals. They will develop the lucrative financial industry, in line with the nation’s aspiration to become a reputable Islamic financial hub. With this, the various components in Islamic finance will see a spur ....

Indonesia Takes Big Step Towards Boosting Islamic Finance Industry

Source: Gulf Times, Qatar.

  • The world’s most populous Muslim nation, so far a laggard in developing a comprehensive Islamic finance industry, took a big leap towards the creation of a supportive framework for Shariah-compliant banking on July 27. It was the day when the country’s President Joko Widodo inaugurated the National Committee for Shariah Finance, or KNKS for its ....

Kazakhstan Builds on Islamic Credentials with Malaysian Partnership

Source: IBS Intelligence, UK

  • A financial hub in Astana, the capital of Kazakhstan, has signed a memorandum of understanding with Kuala Lumpur in Malaysia for the building of green and Islamic finance. The Astana International Financial Center (AIFC), with the backing of Malaysia Debt Ventures (MDV), will create a set of best practices for both new areas. "With this understanding, we are able ....

Azerbaijan Expecting Islamic Capital Inflow

Source: AzerNews, Azerbaijan

  • Azerbaijan’s economic development can get a powerful momentum against the backdrop of the growing demand for Islamic financial instruments in the country. During the first half of this year, Azerbaijan has already signed four different Islamic financing agreements. The agreements were signed between Azerbaijan’s Ministry of Economy and Islamic Development Bank ....

Committee for Shariah Finance to Make Indonesia Global Hub for Islamic Economy

Source: Jakarta Globe, Indonesia

  • President Joko "Jokowi" Widodo on Thursday (27/07) inaugurated the National Committee for Shariah Finance, or KNKS, as part of the government's push to make the world's biggest Muslim majority country a global hub for the Islamic financial industry. "The formation of the National Committee for Shariah Finance is part of the government's commitment to develop ....

IMF Highlights Islamic Finance Instrument Development in UAE

Source: IslamicFinance.com, UK

  • The IMF has highlighted the development of Islamic finance instruments in the UAE, stating the UAE is a major hub for Sukuk issuances. During 2001–15, $53.8 billion or 36 percent of all global sukuk issuances originated in the UAE. Report highlights are presented ....

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