Nairobi to Host Summit on Islamic Financing

Source: Business Daily

  • Nairobi is set to host the third edition of East Africa Islamic Summit in April focusing on financial technology (fintech) as a driver for Islamic economy and financial inclusion. A UK-based investment advisory firm GBS Africa on Wednesday said the conference will look at key factors that affect the development of Islamic economy and called on all stakeholders to play their role in advancing financial inclusion....

Qatar Islamic Bank Third Largest Contributor

Source: Al Bawaba

  • Addressing the 4th Doha Islamic Finance Conference on Tuesday, HE the Minister of Finance said that the State of Qatar has demonstrated its ability to continue in this field and to fulfill all its commitments with other countries. HE the Minister called for continued growth in the Islamic finance sector through concerted efforts to confront financial risks and increasing the efficiency of Islamic financial services....

Maisarah Participates in Conference on Islamic Banking

Source: Muscat Daily

  • Maisarah Islamic Banking Services participated in the recent International Islamic Banking and Finance Conference held at the Crowne Plaza Hotel. Organised by Sultan Qaboos University (SQU), represented by the College of Economics and Political Science, in collaboration with the Islamic Research and Training Institute of the Islamic Development Bank, the conference was held under the patronage of Sheikh Nasser bin Hilal....

Responsible Finance: Malaysia Leads the Way with New Guidelines

Source: Eco Business

  • The Securities Commission Malaysia recently issued its ‘Guidelines on Sustainable and Responsible Investment (SRI) Funds’ to promote the growth of such funds in Malaysia. These sustainable investment, as they are known, are used to contribute to advancements in social, environmental and governance practices as well as yield healthy financial returns to investors from the market....

Islamic Finance: Rapid Growth Ahead – Regional Views

Source: Sat PR News

  • The Islamic Finance: Rapid growth ahead – Regional Views Report has been published. It provides updated in 2018 year analysis of industries from Business and Finance, Economics, International Trade Markets The Regional Views series identifies factors behind medium to long-term economic trends in our region. Our forward looking perspective allows us to place current....

Dubai Islamic Bank Annual Profits Surge 20%

Source: The National

  • Profits at Dubai Islamic Bank (DIB), the emirate’s largest Sharia-compliant lender, rose 20 per cent in 2017, beating analysts' estimates, as the growth of Islamic financing offset higher impairment charges. The bank reported profits of Dh4.32 billion for the past year, compared with Dh3.6bn for 2016, in a regulatory filing on the Dubai stock exchange. The results are 2 per cent ahead of an average of five....

British International Campaign to Attract Islamic Investments

Source: Al Awsat

  • The UK's Department of International Trade has announced the launch of a wide-ranging campaign in the Middle East and the Gulf to encourage investment in the UK in accordance with Islamic Sharia. According to a report published by the Dubai-based regional Media and Communications Center, the United Kingdom is ranked the first Western country in the field of Islamic banking and investment in accordance with Islamic Sharia....

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 ....

Huge Potential for Islamic Banking in Egypt

Source: The Zawya

  • Egypt’s Islamic bank profits are up, structural reforms are accelerating an economic rebound and banking penetration among ordinary Egyptians remains low, all of which suggest Shariah-compliant financial services can make major gains in 2018. Yet government antipathy towards Islamic banking and a lack of specific regulations to govern the sector could stymie growth....

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 ....

An Introduction to Islamic Finance. Theory and Practice

Source: Sat PR News

  • and Practice. 2nd Edition. Wiley Finance Report has been published. It provides updated in 2018 year analysis of industries from Business and Finance, Finance, Islamic Finance Much has happened in the Islamic finance industry since this bestselling text was first published in 2007. This second edition is timely especially as there has been much re–thinking....

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 ....

BTMU provides $353m Islamic loan to Malaysia

Source: Asian Review

  • The Bank of Tokyo-Mitsubishi UFJ has provided an Islamic syndicated loan to a Malaysian affiliate of Saudi Arabia's state-owned telecom company, Saudi Telecom. The ringgit-based loan amount is about 41.7 billion yen ($353 million). Islamic finance bans the charging of interest, and it is customary to supply funds using palm oil transactions....

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 ....

East Africa Islamic economy summit

Source: The New Times

  • East Africa’s fairly developed infrastructure and communication sector, a young educated tech savvy population and their ability to capitalise on technology development provides a great opportunity for the region to lead in the Islamic Finance digital economy, according to Agnes Gitau, from GBS Africa. Gitau was speaking ahead of the third edition of the East Africa Islamic Economy Summit, which will focus on financial technology....

Meezan Bank Named ‘Best Islamic Retail Bank’

Source: Daily Times

  • Meezan Bank has been awarded the global winner of ‘Best Islamic Retail Bank’ for 2017 by Islamic Finance News of REDmoney Group, Malaysia. This is the second time that the Bank has received this recognition at the global level. The Bank has also been honoured with the coveted accolade of ‘Best Islamic Bank in Pakistan’, an award that has been conferred upon the Bank for the 12th time owing to its strength in providing a wide range of Shariah-compliant....

Is Bitcoin Islamic-compliant?

Source: Lexology

  • In a recent research paper, Mufti Faraz Adam has considered whether Bitcoin is Islamic-compliant. This is an important area of interest given the growing Islamic finance market which is expected to be worth more than US$6.5 trillion by 2020. The paper examines whether Bitcoin is money, a commodity or something else entirely. In his research, the Mufti analyses the primary and secondary sources of Islamic law to identify the principles of defining....

Malaysia to launch world’s First Digital Framework for Islamic Economy

Source: Gulf Times

  • Customers watch a styling session at the FashionValet store in Kuala Lumpur (file). Halal certification will be part of Malaysia’s digital framework to ensure Shariah compliance and authenticity of halal products and services, which can comprise all segments of the Islamic economy, including Islamic finance, halal food, halal tourism, halal pharmaceuticals and cosmetics, and halal fashion....

How Takaful Insurance Mitigates Business Risks

Source: Daily Trusts

  • In 2013, the National Insurance Commission (NAICOM) released guidelines on Takaful Insurance, which it said was in line with the provisions of the 1997 Insurance Act and the need to complement the current drive for financial inclusion to increase insurance penetration in Nigeria. The apex insurance regulator issued two licences to commence services in 2016. Takaful is an Arabic word, which means to take....

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