Uzbekistan to Develop Islamic Finance

Source: Gulf Times

  • Uzbekistan plans to introduce Islamic finance regulations and set up an Islamic finance institution to expand its banking sector and tap foreign markets as part of President Shavkat Mirziyoyev’s efforts to revamp the economy. Over the past year, the Tashkent government has liberalised foreign exchange rules and relaxed regulatory requirements for Kazakh banks looking to set up subsidiaries in the country. The establishment of the institution, which was announced in a...

How Islamic Finance can Manage Rupiah Stability

Source: Jakarta Post

  • In the last few weeks, we have witnessed an increase in foreign currency volatility in emerging markets, including Indonesia. The rupiah dropped to a new low of 14,418 against the US dollar on July 3, according to the Jakarta Interbank Spot Dollar Rate (JISDOR). According to Bloomberg, since April 2018, there has been capital outflow from the Indonesian bond market amounting. In the last few weeks, we have witnessed an increase in foreign currency volatility...

Islamic Finance Coop. With REDmoney

Source: Financial Tribune

  • The Iranian Association of Islamic Finance has signed a memorandum of understanding to expand cooperation with REDmoney, a leading company organizing events on the Islamic financial markets across the globe. Based on the MoU, the two institutions agreed to deepen bilateral engagement by holding joint conferences, forums and training courses on Islamic finance and publishing books, periodicals and news about related events, IBENA reported on Tuesday. REDmoney Group is the...

Physical Gold Fund SP Announces Shariah Compliance

Source: Trade Arabia

  • Physical Gold Fund SP (PGF), a world leader in physical allocated gold, has announced that it has been endorsed as Shariah-compliant by Amanie Advisors, a leading Shariah advisory firm specializing in Islamic finance solutions. Amanie Advisors issued the fatwa in accordance with the Shariah Standard on Gold set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and developed in cooperation with the World Gold Council...

Challenges facing Islamic Finance in Kenya

Source: KTN News

  • A robust regulatory environment and lack of proper knowledge are some of the main challenges hampering growth of Islamic Finance in Kenya. The trend is set to change with the following the introduction of a regular sharia finance technical workshop. The current edition of the 2-day workshop will deliberate on how the industry should be developed and how stakeholders can have harmony in addressing issues undermining the sector. Sharia scholars being trained will be expected....

South America is on the Radar of Islamic Finance

Source: Gulf Times

  • South America isn’t known to be a popular region for Islamic finance. This has to do with the dominance of Christianity there and the comparably low number of Muslims – around 4mn – predominantly in Brazil and Argentina. However, in the recent past, there have been some activities to conquer this bastion and approach it as a new frontier for Islamic finance in some smaller countries.The first foray Islamic finance has made on the continent was into Suriname. The Muslim population...

Banks Want 'Costly' Islamic Banking Adjusted

Source: The Observer

  • Banks have petitioned the central bank to review key regulations in Islamic banking to make it less costly for the banks. Patrick Mweheire, the chairman of Uganda Bankers’ Association (UBA) and chief executive for Stanbic bank said the current regulation requires that a commercial bank that applies to offer Islamic banking must have its own sharia panel comprising a nine muftis. Mweheire, who was speaking at UBA’s offices in Muyenga on Wednesday, said this is costly for the banks...

Maximise Benefits of Islamic Banks

Source: Standard Digital

  • Speaking at the forum, Gulf African Bank MD Abdallah Abdulkhalik said a unified Sharia Board will enhance operations of Islamic banks. "There is need for more awareness to ensure that the public both Muslims and non-Muslims are aware about Islamic finance," he said. They also lauded the government’s effort in supporting the growth of the Islamic finance sector which is worth over $2 trillion dollars. A project management office was set up under the National...

Gov't Committed to Promote Islamic Banking

Source: Duniya News

  • Caretaker Minister for Finance Dr Shamshad Akhtar Modnay said the government was committed to promote both industry as well as the regulators of Islamic Banking in the country. “When I was governor of State Bank of Pakistan (SBP) few years back, we were promoting the Islamic finance industry in very aggressive manner, and the subsequent governments were also engaged in promoting the industry,” the minister said while responding to a resolution moved by Senator Shibli Faraz in the Senate...

Triple A Islamic Finance Awards 2018

Source: Bobs Guide

  • Path Solutions is delighted to announce that it has received two accolades from The Asset Triple A Awards 2018, including ‘Best Islamic Technology Provider’ for a fourth year running and ‘Best Islamic Digital Banking Solution’ for its flagship Islamic core banking platform iMAL for the second time. The Asset Triple A annual event represents the industry’s most prestigious award ceremony recognizing excellence across Asia in the fields of banking, finance, treasury, and capital markets...

Blockchain Service Launched for Islamic Finance

Source: Coms MEA

  • Blockchain expert ArabianChain Technology, and ‘innovation firm' Curiositas will offer blockchain-based smart contracts and legal automation for Islamic finance products. The ‘Wethaq' platform is targeting Islamic capital markets, acting as a platform-as-a-service for financial institutions, fundraisers and investors to use in the pre-sale, issuance, management and secondary trading of sukuk products. Clients will be able to use Wethaq's comprehensive....

Abu Dhabi Islamic Bank Seeks $123m Capital Increase

Source: Arabian Business

  • The board of directors of Abu Dhabi Islamic Bank (ADIB) has recommended to increase the capital of the bank by AED464 million ($123.6 million) by issuing new shares. The 464 million new shares will be offered at a nominal value of AED1 per share as well as an issuance premium of AED 1.16 per share, bringing the total value of the rights issue to AED1 billion, the bank said in a statement. It added that the rights issue is subject to regulatory...

Plea on Islamic Banking

Source: GK News

  • The High Court has granted four more weeks to the Union Finance Ministry as well as Reserve Bank of India to respond to a Public Interest Litigation (PIL) seeking the introduction of Islamic Banking in Jammu and Kashmir. A division bench of acting Chief Justice Alok Aradhe and Justice Dhiraj Singh Thakur granted more time to the Union Finance Ministry and Reserve Bank of India for the reply after the assistant solicitor general of India, Tahir Shamsi, made a submission in this regard...

Maldives Launch First Islamic finance Magazine

Source: Salam Gate Way

  • Maldives Center for Islamic Finance Ltd (MCIF) is delighted to announce the launch of Laaba, the first publication in the archipelago dedicated to Islamic finance and wider Islamic economic sectors. Published by MCIF, the magazine will be the first platform in South Asia to bring together regional hubs with global partners in engaging knowledge, sharing ideas and collaborating to develop an influential voice for the region. Laaba will set the tone as a channel of communication...

The Islamic Bank to Open Branch in Libya

Source: Libya Observer

  • Minister of Finance of the Presidential Council Osama Hammad said that the plan of opening a branch of the Islamic Bank in Libya has been approved at $ 50 million. "The plan is ready to be transferred directly in the form of long-term loans, like Tunisia and other countries," Hammad stated, adding that a representative of the bank will visit Tripoli to initiate the formal procedures for the opening of the bank’s branch in Tripoli....

Islamic Financial Institutions to Apply Shari'ah Standards

Source: Zawya

  • Minhaj Advisory, a Dubai-based Co, the best training institute for the year 2017, praised the newly-pioneering step taken by the Higher Sharia Authority (HSA) at Central Bank of the UAE to enforce the Internal Sharia Control Committees (ISCC) of the Financial Institutions in the United Arab Emirates to apply the Shari’ah Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as of the first of next September onwards....

Shariah Fintech – A Case Study of Indonesia

Source: Regulation Asia

  • Fintech has undoubtedly changed the world of finance in the 21st century. Its continued growth has ushered in a host of regulatory changes in the financial industry as existing regimes now have to be adapted to fit the practice and application of end-to-end fintech products. The world of Islamic finance, while a less-talked about industry, is not immune to the changes heralded by technology. By definition, Islamic finance, or shariah-compliant finance, refers to financial...

Qatar Islamic Bank Profit Grows by 13.8%

Source: Zawya

  • Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the six months’ period ended 30 June 2018. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,325.3 Million for the six months’ period ended June 2018 representing a growth of 13.8% for the same period in 2017. Total Assets of the Bank has increased by 1.4% compared to December 2017 and now stands at QAR 152.5 billion. Financing activities have now reached QAR 100.3 billion...

Merger: National Bank of Oman and Bank Dhofar

Source: Arabian Business

  • Oman’s Bank Dhofar and National Bank of Oman (NBO) have agreed to begin talks regarding a possible merger, according to disclosures filed to the Muscat Securities Market (MSM). “The board of directors of National Bank of Oman in its meeting held on Sunday resolved to commence discussion with Bank Dhofar to explore the possibility of a merger between the two entities, subject to obtaining final approvals from the respective boards, shareholders, stakeholders and regulations,” NBO’s statement...

Growth of Islamic Finance Drives Demand for Degrees

Source: Financial Times

  • After 13 years building a commercial banking career in Indonesia, Lukman Hakim quit and went to business school in pursuit of an “ethical” future in Islamic finance. The 35-year-old Indonesian last year enrolled on the 12-month MSc in Islamic finance at Durham University Business School in the UK and plans to work in the industry after he graduates. Islamic finance is a method of banking that abides by sharia law, which forbids charging interest and gambling....

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