Saudi Arabian billionaire businessman Prince Alwaleed bin Talal has been freed after a high-profile detention during a crackdown on corruption, describing his arrest as a „misunderstanding.“ Speaking to Reuters just ahead of his release Saturday, Alwaleed said that there were no charges against him following his arrest as part of a nationwide crackdown on corruption […]
SYDNEY (Reuters) – The Islamic Financial Services Board (IFSB) plans to develop more detailed guidance on financial safety nets to help harmonize Islamic principles with existing legal systems, as the industry body strengthens ties with financial regulators. The Malaysia-based IFSB, one of the main standard-setting bodies in Islamic finance, is seeking to shed light on […]
Islamic finance has traditionally been dominated by Muslim-majority countries in the Middle East and Southeast Asia. Now much of the rest of the world is getting in on it. Buoyed by the perception of more tranquil market conditions and an improving regulatory backdrop, issuance of Islamic debt by non-Muslim countries is set to climb to […]
Islamic finance assets growing 7% to $ 2.2trnn in 2016, and projected to reach $3.8trn by 2022 MANAMA — With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance play a larger role in […]
Deal will create a combined unit that wrote $245mln worth of gross written contributions last year. A branch of UAE based bank Al Hilal is seen in Jumeirah, May 16, 2013. Takaful Emarat has agreed a deal to buy Al Hilal Bank’s takaful unit. Takaful Emarat has agreed a deal to buy Al Hilal Bank’s takaful unit […]
Usman, a fisherman in North Sumatra, used to have a rickety fishing boat that could only take him as far as the mouth of the river, just before it meets the sea. He could not catch enough to feed his family of five but last month, he was able to buy a new boat with […]
DUBAI: The profitability of Gulf Islamic banks will deteriorate this year and in 2018 with several factors coming into play, S&P Global Ratings said in its report. “We expect the slowdown at Islamic banks in the GCC will persist in 2017 after asset growth declined to 5.3 percent in 2016 from 10.7 percent in 2014 […]
LONDON – A London High Court judge on Tuesday adjourned until Thursday a trial on the validity of a sukuk, or Islamic bond, issued by UAE company Dana Gas in a case with implications for the global Islamic finance industry. The judge’s decision came after Dana’s lawyers said no progress could be made as their […]
Green bonds have become rapidly popular throughout the world. And now Islamic finance is one of the latest sectors to explore green bonds in order to promote and develop Sharia-compliant financial products to invest in climate change solutions. Green Sukuk are Sharia-compliant investments in renewable energy and other environmental assets. They address Sharia concern for […]
The global Islamic finance industry, which is witnessing phenomenal growth rates with expansions in Europe and sukuk listings, will see a new entrant in Russia that hopes to cash in on the substantial Muslim population in the European country. They have already started the process of getting acclimatized with the Islamic finance industry by learning […]