Tatarstan President Pushes for Islamic Finance

Source: Asia Times

  • Tatarstan, an autonomous republic of the Russian Federation, is pushing hard to make its capital city Kazan a new center of Islamic finance for Russia and the region, Tatarstan President Answering a question from Capitol Intelligence/GCA at the KazanSummit between Russia and the Organization of Islamic Cooperation (OIC) several months ago, Minnikhanov said his government was pushing through legislation in the Russian Duma that would enable the issuance of Islamic financial instruments...

Nasdaq Dubai's Islamic financing platform exceed

Source: Arabian Business

  • Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have exceeded a total of $100 billion, it was announced on Wednesday. Established jointly by Nasdaq Dubai and Emirates Islamic, the platform meets needs ranging from funding for corporate growth and expansion to personal finance for retail customers. Transactions so far in 2018 have reached $28.8 billion, up 23 percent from the same period in 2017, a statement said Hesham Abdulla Al Qassim, chairman of Emirates Islamic....

Islamic Banking Key to Financing China’s Belt

Source: The National

  • China’s $5 trillion “Belt and Road” presents opportunities for Islamic banks to plug a sizeable funding gap, as the Asian superpower signs up more Muslim-majority nations to its transcontinental economic development scheme. “The Belt and Road is about supporting infrastructure development and economic growth,” said Adnan Chilwan, chief executive of Dubai Islamic Bank, the UAE’s biggest sharia-compliant lender by assets, during an event in Dubai on Tuesday. When you talk about financing such....

6th ASEAN Universities Int’l Conference on Islamic Finance

Source: Manila Bulletin

  • Participants from various sectors of the Association of Southeast Asian Nations (ASEAN) – particularly from the academe or education sector – are expected to converge in the Philippines for the 6th ASEAN Universities International Conference on Islamic Finance (AICIF). To be held at the New World Makati Hotel in Makati City on November 14 to 15, participants are expected to discuss the intricacies of Islamic finance, its benefits to the world, countries, and communities and the challenges.....

Islamic Financial Sector Gets Supervisory Framework

Source: Gulf News

  • Dubai: Federal Law No 14 of 2018 regarding the Central Bank and Organization of Financial Institutions and Activities has brought in more clarity to the legal framework governing Islamic banks, Islamic financial institutions and any financial institution, which carry on the whole or part of their businesses and activities in accordance with provisions of Sharia.The law provides for the establishment of a Higher Sharia Authority, which, among other things, determine the rules and standards for...

Why Non-Muslims are Converting to Sharia Finance

Source: The Economist

  • The halal restaurants established by Muslim migrants in Britain quickly inspired an almost religious following among non-believers. Now a similar conversion may be under way in banking. Al Rayan Bank, Britain’s biggest sharia-compliant retail bank by assets, says around one in three of its customers is non-Muslim, up from one in eight in 2010. The Bank of London and the Middle East (blme), another halal outfit also has a following outside the faithful: the “vast majority” of customers...

Blockchain to Transform Global Islamic Finance

Source: Tahawultech.com

  • The adoption of blockchain, artificial intelligence, cryptocurrencies and other advanced technologies are expected to have a positive impact on the global Islamic finance sector and create new benefits and opportunities for banks and consumers alike, according to industry experts speaking at the Global Islamic Economy Summit 2018 (GIES) in DubaiSheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, GIES 2018 is being organised under the theme....

Qatari Islamic Banks Enjoy Lowest Cost-to-Income Ratios

Source: Gulf Times

  • With consistent record-low non-performing financing rates, asset returns above the industry average, and provisions set-aside covering over 80% of NPF, Qatari Islamic banks' cost-to-income ratio has ranged between 22% and 24% throughout the 2017-18 analysis period, IFSB has said in a report With consistent record-low non-performing financing (NPF) rates, asset returns above the Islamic banking industry average, and provisions set-aside covering over 80% of NPF, Qatari Islamic banks' cost-to-income...

That Blockchain Technology will Boost Islamic Finance Sector

Source: Coin Revolution

  • The Global Islamic Economic Summit (GIES) for the year 2018 was convened in Dubai, UAE. Experts at the summit are positive that Blockchain technology enables the Islamic Finance Sector to grow tremendously in companies that have adopted DLT. In particular, the delegates singled out Islamic Banking as the subsector likely to benefit the most. Additionally, the experts believe that in the new future, the impact will be outstanding if the current trend continues.In addition to Blockchain technology...

Singapore Takes Second Shot at Growing Islamic Finance Industry

Source: The Straits Times

  • Singapore is taking another shot at the growing global Islamic banking and finance industry, with the launch of a new Shariah-compliant index that will serve as a benchmark for Shariah-compliant funds looking to invest in the city-state. It could carve a path for more Shariah-compliant products to be created, with the first foray into Islamic financing not having quite taken off years ago The FTSE ST Singapore Shariah Index, launched by FTSE Russell, Singapore Press Holdings ....

Islamic Finance Organisations Team up to Streamline Rule-Making

Source: Reuters

  • The top two organisations that set the rules for Islamic finance signed an agreement on Tuesday to work together to develop and revise some of their guidelines, aiming to hasten standardisation in the $2 trillion industry. Islamic finance is growing fast across markets in Africa, the Middle East and Southeast Asia, but it remains a fragmented industry with uneven implementation of its rules, which could stunt growth. The agreement signed between the Bahrain-based Accounting....

FNB Islamic Banking Wins at the Global Islamic Finance Awards

Source: IOL Business Report

  • FNB Islamic Banking was awarded the “Best Islamic Banking Window 2018” award at the Global Islamic Finance Awards (Gifa).
    This is the second time that the bank is receiving the award consecutively Gifa which was held in Sarajevo, Bosnia Herzegovina on the 29th of September is one of the most respected Islamic finance awards programmes globally. The awards celebrate excellence and best practices in Islamic finance across in a variety of categories including industry players to service providers....

Islamic Finance’s Growing Impetus in Africa

Source: Money Web

  • Over the last five years, Islamic finance has seen massive expansion across Africa with $2.3 billion raised through African sukuk (Islamic bond) issuance providing new funding sources spanning sovereigns and financial institutions, according to a new report by Moody’s Investors Service. Moody’s estimates that the share of Islamic banking assets – as a percentage of total African banking assets – will rise to over 10% over the next five years, from its current level of below 5%....

Islamic Finance Technology Provider at Global Islamic Finance Awards

Source: Bobs Guide

  • Alkheshnam: “ITS is delighted to win this highly prestigious award underscoring our continued position as a market leader recognized for delivering world-class products and services”. October 2018: International Turnkey Systems Group (ITS), the market leading provider of comprehensive Shariah-compliant financial solutions, was recently awarded the "Best Islamic Finance Technology Provider 2018” at the prestigious Global Islamic Finance Awards ceremonies held in Sarajevo, Bosnia....

Turkey Sets Eyes on Becoming Islamic Finance Centre

Source: Ahval News

  • Turkey is aiming to become a centre for Islamic finance as it seeks to increase its influence in the Middle East and the Muslim world. Participation banks, which pay revenue rather than interest for savings, are expected to grow rapidly in Turkey and elsewhere, according to Ikram Goktas, head of the state-run Vakif Katilim, which deals in Islamic finance. Turkish President Recep Tayyip Erdogan has long sought to make Istanbul a regional and global hub for the banking industry as a whole....

Islamic Finance on Advance in Europe

Source: Pakistan Observer

  • Latest developments show that Europe is increasingly embracing Islamic finance to an extent that the industry is gradually becoming more influential within the continent’s banking sector. Gulf Times reported last week about the growing potential Islamic finance is gaining on the Balkans, namely in Bosnia and Herzegovina, and this time it is the foray of Al Baraka Banking Group, which through its Turkish subsidiary Al Baraka Turk, launched a digital-only Islamic bank in Germany unde....

IFSB, AAOIFI Partner to Strengthen Islamic Finance Industry

Source: CPI Financial

  • The Islamic Financial Services Board (IFSB) has signed a MoU with the Accounting and Auditing organisation for Islamic Financial Institutions (AAOIFI) to jointly undertake technical activities relating to development and revision of prudential, Shari’ah, accounting and governance standards. In a statement, the IFSB stated that the duo also agreed to work together in raising awareness on emerging issues in the Islamic financial services industry...

Islamic Finance Promotes Inclusion

Source: New Straits Times

  • FINANCIAL inclusion or access to finance at an affordable cost has, since the early 2000s, been a focus of renewed concern for many governments and central banks. The World Bank’s 2017 Global Findex Database discovered that about 1.7 billion people worldwide remain unbanked — without an account at a financial institution or a mobile money provider. The United Nations Development Programme’s Sustainable Development Goals (SDGs), therefore, seeks to improve financial access....

IRTI, UNHAS to Enhance Islamic Finance Education

Source: Saudi Gazette

  • As part of initiatives to develop Islamic finance as an academic discipline, the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has signed a memorandum of understanding with Universitas Hasanuddin (UNHAS) of Indonesia.The memorandum was signed by the Director General of IRTI, Dr. Humayon Dar, and UNHAS Rector, Prof. Dr. Dwia Aries Tina Pulubuhu, at the university’s campus in Makassar, Indonesia last Oct. 11. The MOU will facilitate cooperation between...

Economic Impact Next Stage for Islamic Finance

Source: The Star Online

  • KUALA LUMPUR: Islamic finance should provide a framework to assess the impact on the economy, well-being of the society and environment, says former Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz. She said on Thursday that greater interest in responsible financing emerged after the 2008 financial crisis, which was advantageous to Islamic banking as it shared similar principles to ethical financing. The next step, she said, proposed future financing should also be value adding....

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