Russian Bank Helps Arrange USD Dollar Sukuk

Source: IFN, Russia

  • VTB Capital has helped arrange a $500 million sukuk for UAE based property developer Damac (NR/BB/NR). The sukuk issued in the name of Alpha Star Holding III Limited drew demand of around $1 billion and was priced at a profit rate of 6.25%. The issuance came in tighter than its initial price guidance of 6.5% and will be used to repay Damac’s USD650m sukuk ....

Dana Gas Gets U.K. Court Order in $700 Million Islamic Bond Case

Source: Bloomberg, USA

  • Dana Gas PJSC won an extension of a London court order blocking investors from taking action over $700 million in disputed Islamic bonds until after a trial scheduled for as soon as October. Dana, which has operations in Egypt and Iraq, sent shockwaves through the world of Islamic finance by announcing in June that its own sukuk were not Shariah compliant ....

Can GCC Islamic Banks Escape the Oil-Price Cycle?

Source: Al Arabia, Middle East

  • What was unthinkable, or at least not admitted, just years ago is beginning to happen in Islamic finance. More and more stakeholders now concede that the Shari’ah-authorized way of banking has hit a glass ceiling. They acknowledge that Islamic banking and financial services have largely failed to innovate at the speed they were expected to, and are got caught in the image ....

Islamic finance on the Rise in Asia

Source: IFN, UK

  • In an interview with CNBC Squawk Box, Ashraf Mohammed from the Asian Development Bank (ABD) explains why Islamic finance is growing more popular as an alternative to the conventional banking system. Topics discussed included terrorist financing, and the growing importance of Islamic financing across Asia particularly for infrastructure funding in non-Muslim majority ....

Uganda: Kadaga Chides Government Over Islamic Banking Delay

Source: All Africa, Africa

  • Speaker of Parliament Rebecca Kadaga has questioned government's commitment towards rolling out Islamic Banking after a series of delays. She said delays in formulating guidelines might deny many people access to cheaper funds. Speaking at the fifth annual Iftar dinner organized by Parliament for members of the Muslim community recently, Kadaga noted that despite ....

Shariah-Compliant, Gold-Backed Digi-Coins Could Change Islamic Finance

Source: Gulf Times, Qatar

  • The launch of the first-ever Islamic finance-compatible cryptocurrency could be a game changer for the entire Islamic banking industry and the way it does its finance business, its founder says. OneGram, launched in May in Dubai, calls itself the world’s first Shariah-compliant cryptocurrency whose value is backed by actual gold reserves. The company started selling a total stock of 12.4mn digital tokens on May 21 that are backed by one gram of gold each, aiming to raise around $500mn ....

Islamic Finance Gets on its Feet in North Africa

Source: Gulf Times, Qatar

  • Governments in North Africa are increasingly leaning towards solid regulations for Islamic finance in a quest to find Shariah-compliant alternatives for decreasing conventional funding sources in order to rein in their current account and budget deficits. These initiatives come at a time when the share of global Islamic finance assets of Muslim-majority North African countries stand at just around 1% ....

Central Bank Looking to Implement Fund Based Deposit

Source: Islamic Finance News, UK

  • Shari’ah compliant liquidity facilities Consultation paper looks at establishing a fund based deposit facility for UK Islamic Financial institutions. The work to develop a Shari’ah compliant facility commenced in the second half of 2015, and is part of the Bank’s more general approach to broadening market access to central bank liquidity facilities. The Bank recognises that Islamic banks are currently unable to use the Bank’s existing facilities ....

UAE Islamic Bank Adds Extra Security to Cheques

Source: Arabian Business, Middle East

  • Emirates Islamic has announced that it will introduce blockchain technology into its cheques as a fraud prevention measure. Termed Cheque Chain, Emirates Islamic said it is the first Islamic bank in UAE to undertake this initiative to enhance security in the popular payment method. Emirates Islamic will issue new cheque books carrying a unique QR (Quick Response) code on every leaf, along with a string of 20 random ....

Oromia International Bank Moves into Islamic Banking, Selects New Core System

Source: Banking Technology, UK

  • Ethiopia-based Oromia International Bank (OIB) has opted for the IBS Banks core banking system, supplied by ICS Financial Systems (ICSFS), to underpin OIB’s Islamic banking operations. The solution will be deployed at the bank’s head office in Addis Ababa and rolled out across 200+ branches. This is the first core banking software project for ICSFS in Ethiopia, Banking Technology ....

Islamic Banking Progressing Efficiently

Source: Pakistan Observer, Asia

  • NBP Regional Head of Islamic Banking has said that NBP has achieved the remitting targets set for 2016-17 and day by day the people living aboard are using the bank for remitting purposes. She said this during an Iftar-cum-Dinner arranged in the honor of media men here at local hotel. Good number of various invited guests and journalists were also present ....

Cover Story: Disrupting Islamic finance

Source: The Edge Markets, Malaysia

  • For many years, the global Islamic financial services industry has been seen as a laggard in digital innovation compared with its conventional counterpart. There has been a lack of shariah-compliant alternatives to meet the growing demand for wealth management, investment, insurance and banking products that offer easier access and greater ....

Why London Will Remain the Islamic Finance Hub of the West?

Source: Market Mogul, UK

  • For many years, the global Islamic financial services industry has been seen as a laggard in digital innovation compared with its conventional counterpart. There has been a lack of shariah-compliant alternatives to meet the growing demand for wealth management, investment, insurance and banking products that offer easier access and greater transparency ....

Kuwait’s Islamic Finance Sector on Strong Growth Trajectory, IMF says

Source: Gulf News, UAE

  • Kuwait’s Islamic financial services sector is growing rapidly, with Islamic banking emerging as the most developed component of the industry, according to a recent study by the International Monetary Fund (IMF). Kuwait’s Islamic banking industry has grown rapidly to become an important part of the domestic and global Islamic financial system. The country operates a dual system where Islamic and conventional financial ....

Malaysia's Saturna, IDB Private Arm Launch Islamic Sustainable Fund

Source: Reuters, UK

  • Malaysia-based investment firm Saturna Sdn Bhd and the private sector arm of the Islamic Development Bank on Thursday launched a fund they say combines Islamic and sustainable investment principles. The dual investment mandate for the new ICD Global Sustainable Fund highlights a trend among Islamic financial firms, which are gradually embracing the concept of socially responsible investing ....

Russia Keen to Limit Saudi Influence in Islamic Finance Push

Source: IFN, UK

  • In an article for the Russian International Affairs Council, Yuri Barmin Analyst on Russia and its Middle East policy presents a great overview of the current state of affairs of the development of Islamic finance within Russia and the CIS. Yuri discusses the double push by Russian banks to enter into the Islamic financial market, initially during the global financial crisis in 2008 and ....

IMF: Malaysia is World Leader and Standard-Setter in Islamic Finance

Source: IF News, UK

  • Malaysia is a world leader and standard-setter in Islamic finance. In recent years, the government increased the use of Islamic debt instruments for funding purposes. In April 2016, the government issued its fifth dollar-denominated sovereign sukuk (Malaysia 2026, and Malaysia 2046) for US$1.5 billion using nonphysical assets as ....

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