Islamic Bank in UAE Launches Cardless Cash Withdrawal

Source: Arabian Business

  • Emirates Islamic said the service allows customers to make transfers to recipients using only their mobile phone number. UAE bank Emirates Islamic has launched cardless cash withdrawal through its mobile banking app. The Dubai-based bank, which has branches in all seven emirates, said customers can initiate the cash withdrawal from the bank’s mobile banking app and the funds can then be withdrawn from any Emirates Islamic ATM without using a debit or credit card...

‘Mainstreaming’ of Islamic Finance

Source: The Borneo Post

  • When talking about the mainstreaming of Islamic finance, my initial thought about it is words like ‘murabaha’, ‘shariah’, ‘takaful’ and ‘zakat’ would no longer need translation because they have become familiar features of many financial transactions and agreements run by the majority of financial institutions in Malaysia these days. On a larger view, it is highly common to see ‘sukuk’ being mentioned in any economic publication, or even on any TV business programme...

Sukuk Investment Explained

Source: IOL

  • Durban-based Al Baraka Bank has become the first South African financial institution to issue a Tier 2 Capital Sukuk, a Shariah-compliant investment and attractive alternative to conventional bonds, raising R200 million from the retail market, capacitating the bank to target a broader market. The bank's issuance decision is in line with an escalating international trend, with the Sukuk market globally demonstrating considerable growth in recent years. ...

MIDF, Al Rajhi Seek Central Bank’s Nod for Merger Talks

Source: The Edge Market

  • It is understood that MIDF had held preliminary talks directly with Al Rajhi Malaysia’s Saudi Arabian owner. Al Rajhi Malaysia is wholly owned by Al Rajhi Bank, the world’s largest Islamic lender by assets. MIDF is wholly owned by Permodalan Nasional Bhd. It is no secret that the development financial institution (DFI) has ambitions to become an Islamic bank. Merging with an Islamic bank is one way of getting there. MIDF already does some Islamic financing but there are limits to...

New Improvised Report on Islamic Banking Software Market

Source: The Market Sector

  • The report on the global Islamic Banking Software Market is a complete overview of the market, covering various aspects product definition, segmentation based on various parameters, and the prevailing vendor landscape. It compiles in-depth information and research methodologies. It is also combined with relevant charts and tables to enable readers to get a better perspective of this global market. An extensive elaboration of the competitive landscape along with future...

Tech Shaping Future of Islamic Banking

Source: Salaam Gateway

  • The Islamic Finance Development Report 2018 shows that the global Islamic finance industry grew year-on-year by of 11% to US$ 2.4 trillion in assets in 2017 or by CAGR growth of 6% from 2012, based on figures reported for 56 countries, mostly in the Middle East and South and Southeast Asia. Iran, Saudi Arabia and Malaysia remain the largest Islamic finance markets in terms of assets, while Cyprus, Nigeria and Australia saw the most rapid growth. Malaysia,...

Islamic Financial Institution Partners with Startup to Develop Interbank Blockchain Tools

Source: Coin Telegraph

  • IsDB, which will conduct the project through its private sector subsidiary, the Islamic Corporation for the Development of Private Sector (ICD), wants to improve Islamic financial institutions’ liquidity management and increase overall efficiency. The institution signed an agreement with Tunis-based iFinTech Solutions, a dedicated outfit which describes itself as an “Investment Advisory Firm focused on alternative financial solutions based on Islamic principles.”...

Qatar Partners Malaysia, Turkey to Conquer Islamic Finance Market

Source: Nikkei Asian

  • DOHA -- Qatar is planning an ambitious new initiative with Malaysia and Turkey to serve the $2 trillion global Islamic finance market from hubs in the three countries using common platforms and technology, as part of efforts by the Gulf emirate to overcome a blockade imposed by its neighbors and diversify its economy away from oil and gas. "We have a vision to cover the entire globe’s Islamic financial transactions between three financial centers...

Interest in Islamic Banking ‘Growing in Afghanistan’

Source: Tolo News

  • “The number of our customers has increased and the amount of their deposits have also increased. I am optimist in this regard,” said Saleem Rahimi, Marketing Officer in the Islamic Bank of Afghanistan (IBA). Officials from Afghanistan Banks Association said many banks in the country are prepared to offer Islamic banking services. “There are some problems which will be resolved in the near future, but the banks are ready to offer Islamic banking services,” said Najibullah Amiri, head of the association...

U.S. Aid Group to Help Develop Islamic Microfinance in Ethiopia

Source: Reuters

  • U.S.-based aid agency Mercy Corps has appointed consultancy IFAAS to help launch an Islamic microfinance business in Ethiopia, aiming to offer interest-free products to local communities, the firms said in a joint statement. Mercy Corps, one of the largest humanitarian organizations delivering aid to conflict zones including Syria, hopes Islamic finance can support financial inclusion efforts in the landlocked country. The appointment follows a study conducted by IFAAS to assess the...

Path Solutions on the Number One Spot in Islamic Banking

Source: Bobs Guide

  • Path Solutions is proud to announce that it has topped the bobsguide Software Rankings 2018 in the Islamic Banking category - in an industry benchmark list that was revealed on the 11th of December. The inaugural bobsguide Software Rankings 2018 features a comprehensive number of technology companies from all around the world regardless of size or location. Market participants were invited to vote online or by email for their top financial software providers of the...

Date for Opening Tajikistan's First Islamic Bank Revealed

Source: Azernews

  • The first Islamic bank in Tajikistan to be opened in April 2019, a source in the financial market of Tajikistan told Trend. According to the information, in 2018, the Islamic Corporation for the Development of the Private Sector (ICD) Regional office in the Islamic Development Bank (IsDB) Group Hub in Almaty, Kazakhstan was approached by Sohibkorbank, a mid-sized bank in Tajikistan. “Sohibkorbank sought to get technical guidance to achieve their strategic...

Dubai Aims to Grow Islamic Economy to Make Up 10% of GDP by 2021

Source: Arabian Business

  • Through the use of modern technology, the Dubai Islamic Economy Development Centre (DIEDC) is aiming to raise the Islamic economy’s contribution to the city’s gross domestic product to 10 percent by 2021, compared to 8.3 percent in 2018, it said in a statement. The move is in line with a five-year strategy launched by DIEDC in 2017 in a bid to grow three key sectors of the Islamic economy, which comprises Sharia-compliant products and services...

NDIC Joins Islamic Financial Services Board

Source: This Day Live

  • The Council of the Islamic Financial Services Board (IFSB), headquartered in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance Corporation (NDIC) as a full member of the board. The corporation joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the board of the IFSB. The approval for the membership of the NDIC was conveyed to the Corporation via mail dated Tuesday, December 6, 2018 which was subsequently posted on the website of the IFSB....

Young GCC Nationals Spearhead Growth in Sharia Investing

Source: Gulf News

  • Young GCC nationals have been spearheading explosive growth in Sharia-compliant investments, which may result in doubling of Islamic assets within Lombard Odier in 2-3 years, a senior executive said. The major contribution will come from the GCC region, which along with the wider Middle East account for 10 per cent of the total wealth in Islamic investments, Christophe Lalandre, Managing Director, UAE at Lombard Odier, which manages $276 billion of clients’ money, told Gulf News in an interview....

Find Shelter From Financial Crisis in Shariah Stocks

Source: Bloomberg

  • Investors looking for a safe haven in turbulent financial markets should consider Islamic equities, according to a recent study.
    Restrictions on debt and the diverse investment goals for Shariah-conscious shareholders could help provide a shelter in a time of crisis, academics including Sohel Azad of Melbourne’s Deakin Business School wrote in the November issue of the Journal of International Financial Markets, Institutions and Money...

Maybank Islamic Plans Overseas Branch to Tap US$6.4tril Global Halal Economy

Source: The Star

  • Malaysia’s biggest Islamic bank is setting up its first overseas branch to meet the demand for financing in the us$6.4 trillion global halal economy. Maybank Islamic Bhd. expects to get regulatory approvals to set up its Dubai branch in the first half of next year, Chief Executive Officer Rafique Merican said in an interview in Kuala Lumpur. The bank is also looking into boosting its wealth management business by making use of...

Dubai Financial Market Updates Sharia Standards

Source: Gulf News

  • The Dubai Financial Market (DFM) has published updated Sharia standards in a move to bolster the regulatory framework supporting the Islamic capital markets sector. The updated guidelines include the Standard on Shares, first issued in 2007, and the Standard on Sukuk, first issued in 2014, the bourse said in a statement on Monday. Also updated was the Standard on Investment Funds draft that was circulated earlier this year....

GFH Wins ‘Best Islamic Bank’ Award

Source: Trade Arabia

  • Bahrain-based GFH Financial Group (GFH) said it was named ‘Best Investment Bank- Middle East’ and ‘Best Islamic Bank – Bahrain’ at the Islamic Business & Finance Awards - EMEA 2018, held recently in Dubai, UAE. In its 13th year, the annual awards gathered together more than 200 Islamic bankers and financiers from across the Middle East and Africa (MEA) to celebrate the industry’s best and brightest and their accomplishments over the past year...

Dubai Islamic Bank Triumphs at Islamic Banking Business and Finance Awards 2018

Source: Menafn

  • Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has once again dominated the Islamic Business and Finance Awards, collecting five major accolades at the prestigious industry event. The awards distinguish and endorse institutions and individuals who have played a key role in nurturing the growth and expansion of the Islamic financial sector around the globe.
    The accolades bestowed on the bank included Best Islamic Bank...

Clients and Participants