UK: Nomo Bank’s mortgage products are live on Iress’s broker software Xplan Mortgage and Trigold
BAHRAIN: Khalid Yousif Abdulrahman retires as board member of Bahrain Islamic Bank
MALAYSIA: YNH Property says technical default involving Sukuk program remedied, EdgeProp reports
MALAYSIA: Sunway Healthcare Treasury prints Islamic medium-term notes worth RM400 million (US$83.85 million) in total
MALAYSIA: Gabungan AQRS sells Islamic commercial paper worth RM5 million (US$1.05 million)
BANGLADESH: Bangladesh Bank’s Bangladesh Government Islami Investment Bonds auction receives total bids of BDT5.85 billion (US$52.75 million) in total
US: US District Judge Frederic Block sentences Halal Capital Founder Jebara Igbara to 84 months in prison for overlapping fraud schemes
UAE: Emirates Islamic records net profit of AED811 million (US$220.77 million) for Q1 2024
UAE: Dubai Islamic Bank records pre-tax net profit of AED1.85 billion (US$503.61 million) for Q1 2024
KUWAIT: Boubyan Bank’s net profit for Q1 2024 reaches KWD24.99 million (US$80.98 million)
MALAYSIA: Tabung Haji’s branch office relocates to Bandar Putra, Kulai, Johor
MALAYSIA: Malaysian Association of Asset Managers appoints Ismitz Matthew De Alwis as chairperson
SAUDI ARABIA: Rawabi Holding concludes Sukuk issuance worth SAR1.2 billion (US$319.74 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM18.52 billion (US$3.88 billion) in total
MALAYSIA: Capital Markets Malaysia seeks public feedback on sectoral guidance supplemental to Simplified ESG Disclosure Guide for SMEs
BANGLADESH: Bangladesh Bank receives bids amounting to BDT44.25 billion (US$398.96 million) for Islamic Banks Liquidity Facility
MALAYSIA: Sunway Treasury Sukuk sells Sukuk worth RM165 million (US$34.5 million) in total
UK: King & Spalding confirms support for IFN UK Forum 2024 as partner
QATAR: Dukhan Bank reports net profit of QAR423 million (US$115.13 million) for Q1 2024
UAE: Abu Dhabi Islamic Bank’s profit after Zakat and tax for Q1 2024 reaches AED1.45 billion (US$395.05 million)
UAE: Qardly launches Shariah compliant friends and family lending app
IRAN: Iranian government launches renewable energy certificates on Iran Energy Exchange
PAKISTAN: Securities and Exchange Commission of Pakistan and IFSB host workshop on Islamic capital markets
BAHRAIN: Bahrain Islamic Bank appoints Zaid Khalid Abdul Rahman as chairperson of board of directors
PAKISTAN: Pakistan Stock Exchange auctions government Sukuk with accepted competitive bids totaling PKR95.39 billion (US$341.79 million)
KUWAIT: Kuwait International Bank launches perpetual additional Tier 1 Sukuk worth US$300 million
INDONESIA: Indonesian government prints sovereign Shariah securities series worth IDR150 billion (US$9.26 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM21.06 billion (US$4.4 million) in total
SAUDI ARABIA: Capital Market Authority of Saudi Arabia licenses Pinnacle Capital to conduct managing investments activity in the securities business
OMAN: Bank Nizwa to donate OMR100,000 (US$259,015) to support families affected by recent adverse climate conditions
UAE: Al Ansari Exchange receives Payment Card Industry Data Security Standard validation for 2024
GLOBAL: International Islamic Financial Market and Participation Banks Association of Turkiye release Turkish versions of six standards
MALAYSIA: Moody’s expects nonperforming ratio of Malaysian Islamic banks’ retail financing to continue edging up over next 12 to 18 months
UAE: Fadhel Al Ali leaves his position as SHUAA Capital’s chairman
SAUDI ARABIA: National Debt Management Center of Saudi Arabia closes April 2024 issuance with total amount allocated of SAR7.4 billion (US$1.97 billion),
MALAYSIA: Midciti Sukuk prints Islamic medium-term note worth RM455 million (US$95.19 million)
TURKIYE: Kuveyt Turk Katilim Bankasi sells Sukuk worth TRY500 million (US$15.36 million)
INDONESIA: Indonesian government raises IDR5.93 trillion (US$365.86 million) through additional sovereign Shariah securities auction
TURKIYE: Turkiye Real Estate Bank sells Islamic paper worth TRY300 million (US$9.21 million)
MALAYSIA: Bank Negara Malaysia issues Islamic facility worth RM14.64 billion (US$3.06 billion)
SAUDI ARABIA: Thimar Development Holding Company establishes Thimar Towers Development and Real Estate Investment Company
SAUDI ARABIA: Malaz Capital receives authorization to conduct activities in securities business
INDONESIA: Mitra Perkasa registers Sukuk worth IDR2 billion (US$123,451) on Indonesia Central Securities Depository
GLOBAL: Participation Banks Association of Turkiye and Bahrain Institute of Banking and Finance hold training program for banks
MALAYSIA: Wahed to launch crowdfunding platform in Malaysia in May 2024
GLOBAL: Millennial and Gen Z Muslims in Southeast Asia embrace Islamic banking, says study by Mambu
UK: Shariah compliant investment platform Mnaara launches in UK
MALAYSIA: Bank Negara Malaysia issues Islamic facilities worth RM17.21 billion (US$3.6 billion) in total
GAMBIA: Central Bank of The Gambia floats Sukuk Salam worth GMD50 million (US$735,295) in total
INDONESIA: Indonesian government raises IDR5.08 trillion (US$313.26 million) through auction of sovereign Shariah securities series
GLOBAL: The IsDB Group and its subsidiaries kicked off the 2024 IsDB Group Annual Meetings in Riyadh with agreements signed with member countries and strategic partners, to foster economic growth and development across vital sectors. The multilateral bank approved a...
Celebrating Earth Day earlier this week has prompted us to examine measures taken post-28th Conference of the Parties of the United Nations Climate Change Conference (COP28). Did policymakers and multilaterals draw castles in the sky...
22nd April is one for the books, for climate activists. It is Earth Day, a global event which has pushed for a number of monumental environmental actions. Earth Day eight years ago was when the...
Singapore-headquartered agri-business Olam Agri tapped the Islamic finance market for the first time. NESSREEN TAMANO has the story. The company secured an Islamic financing facility, opening up access to a new source of funds for...
This week, the Pakistani government announced its upcoming Sukuk auctions while the Saudi government opened the third round of its Sah savings Sukuk. Regular issuers Malaysia, The Gambia,...
The Nigerian Islamic finance and banking industry, also known as the non-interest finance sector, has, in the past few years, seen an increase in activity, public demand and support from the government, evidenced by new...
Islamic banks still struggle to manage their short-term liquidity in most markets. VINEETA TAN provides an overview of the landscape. Overview While the rest of the banking industry have access to a diverse set of...
Issuers in the GCC continue with the Sukuk trend, with notable launches from Abu Dhabi’s sovereign wealth fund and two Islamic banks in Saudi Arabia. In Tanzania, the capital market welcomed a landmark Sukuk issuance from the country’s education sector, while in Australia, the bank...
The Islamic Finance news Awards honor the best in the Islamic financial industry and are one of the most prestigious awards highly recognized by the global Islamic capital markets. These awards continue to be an apt representation of the current Islamic financial market landscape.
GLOBAL: Most of our winners do not arrive at the top of the list as the keystone of a national program. The IFN Overall Deal of the Year was structured under the leadership of the...
INDONESIA: The Indonesian province of West Java has affirmed its commitment to promoting a Shariah economy with the establishment of a dedicated Sharia Economic and Financial Regional Committee, or Komite Daerah Ekonomi dan Keuangan Syariah...
UK: Vennre, a digital platform specializing in selected private market investments and headquartered in the UK, has affirmed its commitment to ethical and Islamic financial principles with its latest move: enlisting Shariyah Review Bureau (SRB)...
This week, the Pakistani government announced its upcoming Sukuk auctions while the Saudi government opened the third round of its Sah savings Sukuk. Regular issuers Malaysia, The Gambia, Kuwait, Qatar and Turkiye issued new Islamic...
Takaful Oman, one of only two fully-fledged Islamic insurers in the Sultanate, has plans to expand its offerings within the next couple of years, CEO Neelmani Bhardwaj tells NESSREEN TAMANO. The company aims to introduce...
A consortium of 10 multilateral development banks (MDBs), including the IsDB, met to outline the key deliverables for a joint and coordinated action in 2024 that will increase the impact and scale of their work...
The Islamic Development Bank Group (IsDB) has many important tools to support its member countries achieve their development goals. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), The Islamic Corporation for...
The Securities and Exchange Commission of Pakistan (SECP) has announced the first digital Family Takaful operator registered with the country's regulator. NESSREEN TAMANO writes. Salaam Family Takaful, the family insurance arm of Islamic insurer Salaam...
The government of Canada's Department of Finance has tabled its Budget 2024, which has a special focus on unlocking 3.87 million new homes for Canadians by 2031 and incentives to support this strategy. NESSREEN TAMANO...
As the demand for Islamic finance and banking grows, so too does the need for technology-based solutions that support Islamic financial institutions’ expansion plans and help them follow global best practices. NESSREEN TAMANO speaks to...
Islamic finance is a rapidly growing sector within the global financial landscape, aiming to provide financial products and services that comply with Islamic law, known as Shariah. One significant area of Islamic finance is Islamic...
Islamic banking has experienced significant growth in Oman in recent years at a constant growth rate of 12%-plus, reflecting the increasing popularity and acceptance of Islamic finance in the country. Oman, like many other countries...
The Islamic financial assets in Indonesia have shown significant positive development. According to the Islamic Finance Development Report in 2022, Indonesia secured the 7th position globally. This encouraging news is further reinforced by the increased...
No single week passes without receiving enquiries about Shariah compliant mortgages in Australia. The answer is too complicated to be detailed for non-specialized people in a situation similar to an elevator pitch. This article aims...
Nowadays, there is gaining awareness and popularity among the public on investment in gold. The existence of several platforms for investment in gold also facilitates the demand. To fulfill this demand, some Islamic banks have...
Going through Islamic history, I find it highly mysterious the often-tragic end of so many scholars, starting from the very beginning of Islam in the shape of As-Hab Al Suffa who were taken by the people pretending to be new Muslims to the two faraway places outside Medina with the permission of Prophet Muhammad on the pretext of learning Quran and Islamic teachings from them but were brutally killed as it turned out to be a trap. Such a massive loss of so many lives from As-Hab Al Suffa exposed the new Islamic society to a potential knowledge vacuum as...
Since October 2023, the current geopolitical situation in the Middle East has been escalating to a greater extent with the recent action from Iran which is almost nearing toward a regional war. The Bank of England in its recent outlook highlighted that risk outlook conditions remain challenging. It is important to note that 43% of...
Since Kazakhstan obtained its independence in 1991, Kazakhstan has witnessed only one attempt to establish Islamic insurance on its soil. In 2010, the first Takaful operator had been established in the form of a mutual insurance society named MIS Akniet, which was later renamed MIS Takaful. At the time, MIS Takaful offered various Takaful products,...
Mackenzie Investments has expanded its portfolio offerings with the introduction of the Mackenzie Shariah Global Equity Fund, a new investment vehicle designed to comply with Islamic financial principles. This fund specifically caters to investors seeking to align their investments with their religious and ethical beliefs. The fund is rigorously certified and regularly reviewed by Ratings...
In a historic move, the Maldives government has decided to allocate US$100,000 from the Maldives Zakat Fund to provide humanitarian aid to Gaza, Palestine. This decision, announced by Islamic Minister Dr Mohamed Shaheem Ali Saeed, marks the first time that funds from the Maldives Zakat Fund are being directed overseas. The assistance will be channeled...
QNB Financial Services (QNBFS) reported that the Qatar banking sector deposits increased 1.4% to QAR1,028.6 billion (US$278.03 billion) in February 2024. The growth in deposits results from a 2.2% increase in the public sector and a 1.1% increase in the private sector. It was reported that the public sector was supported mainly by government and...
This report is part of a series where DR MUHAMMAD ISSYAM ITAM delves into the challenges and implications associated with implementing Shariah Standard No 59 by AAOIFI (S59) in the global Sukuk market. It is...
Trade sanctions often work in mysterious ways. Generally, sanctions are penalties imposed by one country on another, to discourage the latter from acting aggressively or breaking international law. According to the BBC, there are more...
In June 2023, the United Nations Population Fund (UNFPA), Selangor Islamic University and Yayasan KUIS signed an MoU to begin their collaborative journey towards integrating Islamic finance to holistically address vital social issues such as...
Global equities had a strong start to the year as economic resilience and diminishing recession fears boosted risky assets overall. The S&P Global BMI surged 7.8% in Q1, led by the developed markets; notably, the...
In recent years, Saudi Arabia has undergone a remarkable transformation in its financial sector, largely propelled by the swift adoption of financial technology or fintech. This burgeoning industry has been pivotal in reshaping conventional financial...
Takaful Oman’s CEO Neelmani Bhardwaj shares insights into the burgeoning Islamic insurance sector of the Sultanate, as well as Takaful Oman’s expansion plans in the short and medium term, with IFN’s Nessreen Tamano in this podcast episode.
