Canada: The Next Hub of Islamic Finance?

Source: Middle East Eye, UK

  • TORONTO, Canada - With a growing Muslim population, stable economy and openness to the world, Canada is poised to become the North American hub for Islamic finance, local experts have predicted. But many say Canadians must first better understand the growing financial sector, and support from the federal and provincial governments would go a long way to boost its development ....

Islamic Finance Expanding its Footprint in Oman

Source: Oxford Business Group, UK

  • Growth of Islamic banking is far outstripping that of the conventional banking segment with Islamic banking assets up more than 62% year-on-year (y-o-y) at the end of March, according to a report issued by the Central Bank of Oman (CBO) in mid-May. New rules released by the Capital Market Authority (CMA) in April regarding the issuance of sukuk should further ....

Why Market Share of Islamic Banks is So Small in Indonesia?

Source: The Jakarta Post, Indonesia

  • The performance of the Islamic banking industry in Indonesia has yet to satisfy the public’s expectations. Although with a market of more than 200 million Muslims, Islamic banks in Indonesia still face difficulties luring more customers and increasing their assets. For three consecutive years, the market share of the sharia banks in the country stood still at less than 5 percent ....

Islamic Banking Popularity said to Rise in the UAE

Source: Arabian Business, UAE

  • The popularity of Islamic banking product is growing in the UAE among both Muslim and non-Muslim customers, according to a new survey. The Islamic banking index published by Emirates Islamic, the sharia-compliant unit of Emirates NBD, showed that 51 percent of consumers now have at least one Islamic banking product, a 4 percent increase ....

New Islamic Banking Rules Make Gold an Accepted Investment

Source: Mining, Canada

  • Gold has become an accepted investment in the Islamic world for the first time as it can now be used as a commodity to back Sharia-based financial products, thanks to new standards announced Monday. The fresh rules, said the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council (WGC), pave the way ....

Islamic Finance Set for Big Lift from Iran

Source: Press TV, Iran

  • The Islamic finance industry is expected to get a significant lease of life from the opening of Iran’s economy which has assets of around $448 billion to its name. The Iranian banking system has yet to fully hook up with the global financial system as well as important Islamic finance institutions, especially those in Southeast Asia ....

India Has Potential to Become World Leader in Islamic Banking

Source: First Post, India

  • A recent announcement made by Reserve Bank of India (RBI) proposing the opening of an "Islamic window" in conventional banks for a gradual introduction of Sharia-compliant or interest-free banking in the country, has led to a fierce debate on the ethicality of Islamic Banking .....

Malaysia Replaces Pakistan as Leader in Islamic Banking and Finance

Source: Express Tribune, Pakistan

  • The Cambridge Islamic Finance Leadership Programme (IFLP) 2016 attracted participation from the Middle East, Africa, Asia, Europe and America. Over a period of five days beginning August 20, more than 50 mentors, speakers and delegates took part in the global leadership programme, specifically structured for the middle and upper-middle management ....

Sharia Banking: RBI Proposes Islamic Window in Banks

Source: India Times, India

  • The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country. Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for long to ensure financial inclusion of those sections of the society that remain ....

London Can Lead World as an Islamic Finance Hub

Source: Pak Observer, Pakistan

  • Financial Time published the following article from George Osborne (UK chancellor of the exchequer) regarding this week world Islamic Economic Forum: This week, more than 1,000 investors from more than 100 countries and 15 global leaders are gathering for the ninth world Islamic Economic Forum ....

Hot Trend in 2017: Rise of Islamic Banks on Main St. USA

Source: CNBC, USA

  • In the United States a quiet financial revolution is going on under the radar of the public eye. It's the rise of Islamic financial institutions — ranging from small community banks in the Midwest to nationwide investment banks and brokerage firms ....

2017 to Be Best Year for Islamic Financial Market

Source: PakObserver, Pakistan

  • Due to sharply declined trends in Oil prices, slow economic pace & Arab spring, the trend of the Islamic Banking & Finance had been slow paced in 2016 in Middle East and Arab region, while a sufficient development was recorded in Africa, Central Asia & Far East. especially in African market. For the broader understanding of Islamic Finance Industry, we can divide ....

Dubai Islamic Bank Requests Proposals for Dollar Sukuk

Source: Business Times, Singapore

  • Dubai Islamic Bank (DIB) has asked banks to submit proposals to arrange a potential US dollar-denominated sukuk issue, sources familiar with the situation said on Wednesday. The planned debt transaction would be of benchmark size, which usually means upwards of US$500 million, said the sources, adding that the request for proposals was sent ....

Sukuk Issuance in Core Islamic Markets Set to Pick Up Pace

Source: Zawya, Middle East

  • The share of sukuk issuance in core markets such as the Gulf Cooperation Council (GCC) region, Malaysia, Indonesia, Turkey and Pakistan are expected to keep up their market share in 2017 in the total debt capital market issuance despite a significant increase in conventional bond issuances last year by Saudi Arabia, Abu Dhabi and Qatar, according to analysts ....

Islamic Banking a Gloomy Industry

Source: The Jakarta Post, Indonesia

  • Following its birth in the early 1990s, Indonesia’s Islamic banking industry grew tremendously in the first two decades. This industry seemed a very promising portfolio addition for investors, because it was resilient enough to withstand two severe financial crises, namely the Asian financial crisis in 1998 and the global financial crisis in 2008. That indicated that this industry could ....

Islamic Finance Boom Calls for Increase in Trained Personnel

Source: Zawya, UAE

  • In the fast-growing industry of Islamic finance, the lack of specialized, trained human capital in the field continued to be a challenge, said Saudi Arabian Monetary Authority (SAMA) Gov. Ahmed Al-Kholifey. The industry is booming in member states of the Gulf Cooperation Council (GCC) and internationally, in Muslim and non-Muslim countries alike ....

UAE Banks on a Digital Reboot

Source: Khaleej Times, UAE

  • Amid tightening liquidity and subdued credit off-take, the UAE's banks are stepping up their digitisation drive to tap new revenue streams and improve customer experience. "Technology is rapidly transforming the way customers are banking in the UAE," says Suvo Sarkar, senior executive vice-president and group head - retail banking ....

Central Bank of Kuwait Issue New Shari'ah Governance Guidelines

Source: CPI Financials, Middle East

  • Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al Hashel announced that the CBK Board of Directors has resolved to issue instructions on “Shari'ah Supervisory Governance for Kuwaiti Islamic Banks.” The issuance of these instructions are in line with the continuing efforts exerted by the CBK to promote Islamic banking activities ....

Debate Continues in India About Islamic Finance

Source: Gulf Times, Qatar

  • A few months ago, the path seemed to have been cleared for the introduction of Islamic finance in India after the country’s central bank made a proposal to launch Islamic banking windows at conventional banks. This would have had two crucial effects: Firstly, greater financial inclusion of unbanked Indians, not necessarily only around 170mn Muslims ....

Dubai Islamic Bank Sells Stake in Jordanian Bank

Source: Reuters, UK

  • Dubai Islamic Bank, the largest Islamic bank in the United Arab Emirates, has sold its stake in Jordan Dubai Islamic Bank, it said on Wednesday, as it chases growth in fledgeling Islamic banking markets. The Jordanian bank has quadrupled in size over the past five years, with assets of more than $1.1 billion and a network of 21 branches, DIB said ....

Iran Key to Islamic Banking Outreach

Source: Zawya, UAE

  • For Islamic banking, the opening up of Iran is a huge development, as Iranian banks make up the world’s largest financial system based on Islamic law, with Islamic banking assets totaling $500 billion. A large number of sukuk and other Islamic securities from Iran are expected over the next few years. Estimations are that there are over 150 Iranian companies ....

Morocco's Central Bank Approves Five Islamic Banks

Source: The Africa Report, France

  • Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central sharia board with a body of Islamic scholars to oversee the new sector. The North African country had long rejected Islamic banking due to concerns about Islamist movements, but its financial ....

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