Brunei achieves Islamic Finance Excellence ranking

Source: Borneo Bulletin

  • BRUNEI Darussalam remains in the top 10 best performing Islamic finance markets out of 131 countries as published in the Thomson Reuters Islamic Finance Development Report 2018 recently. The report, which takes into account data accumulated in 2017, revealed that Brunei’s score in the Islamic Finance Development Indicator (IFDI) increased from 47 to 50 – thus ranking the country ninth this year and second in ASEAN after Malaysia. The report showed that the global Islamic finance industry...

Signing of Agreement between ICD and IFTS

Source: Irish Tech News

  • The Islamic Corporation for the Development of Private Sector (ICD), the private sector arm of Islamic Development Bank Group (IsDB) has signed an investment agreement with I-FinTech Solutions (IFTS) company in Tunisia to collaborate in developing FinTech solutions and implement these technologies in the Islamic Banks worldwide. The partnership between ICD and IFTS involves a pipeline of Fintech products that will be developed and implemented to mainly solve the Liquidity management issues...

Turkey and The Islamic Development Bank (IsDB) enjoy strong Partnership

Source: Yeni Safak News

  • Turkey and the Islamic Development Bank (IsDB) Group enjoy “a very strong partnership,” the group’s president said. "Turkey is the fourth largest beneficiary of IsDB Group financing," Bandar Hajjar said in an exclusive interview with Anadolu Agency. So far, the IsDB has invested a total of $11.6 billion in various development projects in Turkey, 45 percent of which were invested over the past five years, he noted. The bank, through its ten-year strategy, supports different sectors including health, education, transport and energy in Turkey, he said....

FNB Islamic Banking honoured at IRBA Global 2018 Awards

Source: The Good News

  • FNB Islamic Banking affirmed its position as a leading Islamic finance provider by claiming two more prestigious awards, this time, at the 4th annual Global Islamic Retail Banking Awards (IRBA) 2018 held on November 21 in Dubai. FNB Islamic Banking and its CEO Amman Muhammad were honoured with the Critic’s Choice Most Trusted Brand and IRBA CEO of the Year awards for 2018, respectively. “We are truly honoured to be awarded the Critic’s Choice Award as the Most Trusted Brand...

Bill to promote Islamic Banking Sector pushed

Source: Manila Bulletin

  • In filing Senate Bill No. 2105, or An Act Providing for the Regulation and Organization of Islamic Banks, Gatchalian emphasized the role of Islamic banking and finance in creating opportunities for the country’s underserved Muslim population and in expanding the funding base for micro, small, and medium-sized enterprises (MSMEs). The senator said the measure primarily seeks to establish a sound legal and regulatory framework for the development of Islamic banks in the country....

Sharia Banker expects 'Harsh Competition’ with Conventional Banks

Source: The Jakarta Post

  • While sharia banks are currently struggling to expand in the market, which is dominated by conventional banks, a senior executive at a leading sharia bank has expected that the two banking systems will eventually converge in competition as global demands change. Mulya E. Siregar, the president commissioner of Bank Mandiri Syariah, said conventional banks would eventually leave interest-based banking, as interest rates – the profit-generating element of their business – had been proven to be a source of inequality in the world....

Islamic banking not growing as expected: CBB Governor

Source: The Daily Tribune

  • Islamic banking industry has experienced a fragmented growth pattern in recent times and has failed to live up to the expectation from the Central Bank of Bahrain, its Governor said yesterday. Describing the industry’s progress towards ‘Maqasid-eShari’ah (objectives of Shariah) as being ‘painfully slow’, CBB governor Rasheed Al Maraj, said that the Islamic finance sector needs to take steps to ensure a thriving industry. He was speaking to an audience present at the World Islamic Banking Conference...

Global Islamic Financing requires Competent Leadership

Source: Gulf News

  • The leadership of Islamic financial institutions has to show exceptional professional competence and integrity to convince their stakeholders that they deserve to lead the industry to the next level of growth, Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, said at a major Islamic banking conference in Bahrain. “A leadership that does not possess a global mindset cannot possibly establish and manage a global Islamic financial institution,” he said at the 25th World...

Al Hilal Islamic Bank Completes Sukuk Transaction with Blockchain Technology

Source: BTC Manager

  • Al Hilal Bank, a progressive Islamic Bank headquartered in Abu Dhabi has announced the successful completion of an Islamic Sukuk transaction via distributed ledger technology, making it the first Islamic bank to achieve such a feat, according to a local news source, Abu Dhabi City Guide on November 26, 2018. Per sources close to the development, Al Hilal bank of the United Arab Emirates has entered into the history books as the first Islamic financial institution in the world to use distributed...

KFH participates in World Islamic Banking Conference

Source: Kuwait Times

  • KUWAIT: Kuwait Finance House (KFH) participates as a platinum sponsor in the 25th Annual World Islamic Banking Conference WIBC themed “Islamic Finance & Sustainable Economic Growth in the Age of Disruption”. The conference is held in Bahrain until 28th of November. KFH’s participation for the 6th consecutive year comes as part of its ongoing commitment towards taking part in the international financial forums that seek to improve Islamic banking and underscore the importance of this industry...

Islamic Finance and Blockchain: Can it bring greater impact?

Source: The Jakarta Post

  • The 2030 agenda, interconnected universal goals that promoting sustainable, inclusive development for all to end poverty, protect the planet, peace, and more sustainable future for generations to come was adopted by 193 countries under the United Nations in 2015. “Poverty eradication is at the heart of the 2030 Agenda, and so is the commitment to leave no-one behind,” said Achim Steiner, United Nations Development Program (UNDP) Administrator about Sustainable Development Goals to address...

Philippine Congress moves a step closer to expanding Islamic Banking

Source: Arab News

  • The Philippines has moved a step closer to opening the country to the wide range of banking and other financial services available through Islamic banking and finance. The move comes after the House of Representatives recently approved on second reading a proposed bill providing for the regulation and organization of Islamic banks in the Philippines. In an emailed statement to Arab News, Congressman Henry Ong said the “eventual enactment of the (proposed) law would be one of the historic moments in Philippine banking history.”...

Gov’t looks to float Sukuk Bonds under Islamic Finance Framework

Source: Business World

  • THE GOVERNMENT is looking at floating Shari’ah-compliant securities next year, but will still wait for the establishment of a legal framework for Islamic banking, the Department of Budget and Management (DBM) said yesterday. Budget Secretary Benjamin E. Diokno said the development of Islamic finance in the country is part of the Duterte administration’s economic reform agenda.
    “The President’s commitment to the Muslim people is not lost on us, his economic managers...

Algeria makes important step on Islamic Finance Roadmap

Source: MenaFN

  • Recent news that Bahrain-based Al Baraka Banking Group, which has banking branches across North Africa, received the prestigious 'Best Islamic Financial Institution award for its Algeria operations sheds light on the development opportunities of the Islamic finance industry in the North African nation which formulated a definite roadmap on Shariah banking only last year. The award has been bestowed for consistent business growth, meeting professional standards, offering quality products and services...

Abu Dhabi Islamic Bank gets approval to allow 25% Foreign Ownership

Source: Arabian Business

  • Abu Dhabi Islamic Bank, the UAE’s second-biggest bank complying with Muslim banking rules, said it obtained the Abu Dhabi Executive Council’s approval to allow foreigners to own up to 25 percent of its shares. The board decided to implement the decision November 19, according to a statement. Abu Dhabi Islamic Bank’s board had in 2010 approved a plan to allow foreigners to own shares in the lender. Its bigger counterpart in the neighboring emirate, Dubai Islamic Bank, currently allows 25 percent foreign ownership...

Government nears completion of an Islamic Finance Regulatory Framework

Source: NTV

  • The government is on the last leg of finalizing the drafting and adoption of the regulatory framework to facilitate the operation of Islamic finance in Kenya. Speaking in a workshop discussing the contents of the national policy on Islamic finance, Kamau Thugge, the Pricincipal Secretary of the National Treasury, says that the government is planning on hosting the financial sector regulators to discuss a public education strategy to clear any misconceptions and doubts on the objective...

Malaysia dominates the Islamic Economy

Source: CNBC

  • Malaysia can lay claim to be the center of the world's global Islamic economy, but the United Arab Emirates (UAE) is hot on its heels, according to new research. The "State of the Global Islamic Economy Report 2018/19," commissioned by the Dubai Islamic Economy Development Centre (DIEDC) and produced by Thomson Reuters, shows a narrowing gap between the two hubs. The Islamic economy is the Muslim-majority countries that have financial sectors and economies which comply with Islamic law....

Islamic Banking grows in popularity in the UAE

Source: Arabian Business

  • The popularity of Islamic banking products continues to grow in the UAE among both Muslim and non-Muslim customers, according to new research. The findings of the 2018 Islamic Banking Index by Emirates Islamic said that Islamic banks are outperforming their conventional peers in customer acquisition. It noted that 55 percent of UAE consumers now have at least one Islamic banking product, compared to 47 percent when the index was launched in 2015. In contrast, the penetration score for...

Islamic Bank to open Regional Office in Suriname amid growing ties

Source: Caribbean News

  • ARAMARIBO, Suriname — Following his tour of the Persian Gulf States of Saudi Arabia and the United Arab Emirates (UAE), the minister of finance of Suriname, Gillmore Hoefdraad, revealed this week that the Islamic Development Bank (IsDB) will open a regional office in Suriname that will serve as a hub within Latin America and the Caribbean and will also contribute to increased efficiency and cooperation. In Jeddah, he held talks with Dr Mansur Muhtar, vice president of the Islamic Development Bank...

Islamic Development Bank Group dives into Blockchain

Source: Coin Insider

  • The Islamic Development Bank Group (IsDB), a developmental company from Saudi Arabia, has teamed up with a blockchain startup from Tunisia to explore ways in which to install interbank blockchain tools. According to a press release, IsDB, a developmental company from Saudi Arabia, will be executing the project development through its the Islamic Corporation for the Development of Private Sector (ICD) – which acts as IsDB’s private sector subsidiary. The release states...

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