The Halal Times

Bursa Malaysia Adds Inter-Pacific to Islamic-Compliant List

KUALA LUMPUR (June 20): Bursa Malaysia Bhd has added Inter-Pacific Securities Sdn Bhd to the bourse operator and regulator’s Islamic participating organisations list to further grow the Islamic capital market. Bursa Malaysia said in a statement today that Islamic stockbroking services played an important role, under which clients’ funds were placed in Shariah-compliant accounts. “With […]

ICD signs three MoUs to Strengthen Collaboration

JEDDAH — THE Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group signed three a Memorandum of Understanding in quick succession to strengthen collaboration. The first one was with the City Bank, Bangladesh in order to boost cooperation for fostering private sector development in […]

Mintel: 13% of Asia-Pacific Product Launches Carry Halal Claim

With food accounting for nearly two-thirds of business in the global halal economy, there has been a flurry of new product activity in Asia-Pacific. According to market intelligence agency Mintel, 13% of all product launches in the region have carried the “halal” claim since 2012, with Indonesia, Malaysia and Thailand the top destinations in this […]

Grand Jamia Mosque: A Fusion of Traditional Islamic Architecture and Pakistani Culture

Web Desk) – Located in Bahria Town Lahore, the Grand Jamia Mosque is truly an architectural masterpiece. With a capacity to hold 70,000 visitors, the Grand Jamia Mosque is Pakistan s third largest and the world s seven largest mosque. Possessing four minarets that are 165 feet high, one big dome 40 feet in height and 20 […]

Fitch: Islamic Banking a Modest Deposit Stimulus in Morocco

Islamic banks, referred to as ‘participation banks’ in Morocco, are likely to provide a modest stimulus to deposit growth in the country, Fitch Ratings says. Morocco’s central bank granted its first licences to Islamic banks last week. Our discussions with Fitch-rated banks indicate that the ability to offer Islamic banking products could expand their deposit […]

UAE Free Trade Zones Boost Competitiveness

DUBAI — The UAE’s free trade zones are using advanced information management tools to drive the doubling of the global free trade zone GDP, experts announced Monday. Globally, the contribution of free trade zones to the Islamic Economy is set to double to $117 billion by 2021, according to a recent report by researchers Salaam […]

Islamic Banking Will Benefit Kenyans of All Faith

Bishop David Oginde’s opinion piece “Why expansion of Sharia laws remains perturbing” published in the Sunday Standard last weekend gave the impression that some proposed reforms in the Finance Bill 2017 portend danger simply because they touch on Islamic financial products. Bishop Oginde was clever in his approach but his message was loud and clear; Reforms to […]

Push for Mergers Among Islamic Banks and Non-Bank Lenders in Malaysia

CONVENTIONAL banks aside, there is a push by industry players for mergers and acquisitions (M&A) to take place in the crowded Islamic banking as well as the non-bank lender space. There are 16 Islamic banks in Malaysia. Two are full-fledged standalone banks: Bank Islam (M) Bhd and Bank Muamalat Malaysia Bhd. Eight more are subsidiaries […]

Brunei Ranked 12th in Global Islamic Economy Indicator

BRUNEI Darussalam has been ranked 12th in the latest Global Islamic Economy Indicator (GIEI), prepared by the answer company of Thomson Reuters. Brunei made it to the top 15 list for the first time, moving up five spots replacing Egypt. The Sultanate had a big jump in the Halal Travel ranking (10 spots) and strong […]

Fitch Ratings Optimistic for Participatory Banking in Morocco

Rabat – Participatory banks can “modestly stimulate the growth of deposits in the country,” says Fitch Ratings in a new analysis on the sector. The rating agency estimates that the possibility of offering new banking products could increase their deposit bases by 5 percent to 10 percent. In a note published on June 8, the […]

AMAF Calls the Public to Support Food Aid for Refugees

The campaign, lined up to run until after Eid Al Fitr, will set up a podium, featuring the replica of a refugee camp and an interactive screen projecting a tent city with a line of children waiting for food, at The Dubai Mall. The Awqaf and Minors Affairs Foundation (AMAF) has urged the public to […]

Ithmaar Honours Staff Over Islamic Finance Training

Ithmaar Bank, a Bahrain-based Islamic retail bank, recently honoured 10 employees who earned professional certificates in Islamic finance from the Bahrain Institute of Banking and Finance (BIBF). The employees, from various departments including Commercial and Financial Institutions, Retail Banking, Product Development and Management, and Compliance & Anti Money Laundering had successfully completed professional training programme […]

Islamic Banking Gains Significant Market Share in Oman

Dubai: Islamic banking in Oman is growing at a faster rate than conventional banking segment, with Islamic banking assets up more than 62 per cent year on year, according to a recent report issued by the Central Bank of Oman (CBO). Total assets held by Islamic banks and the Islamic banking windows of conventional lenders […]

Real Estate and Gold Driving UK Islamic Finance Offerings

UK Islamic Banks are expanding services to cater for London based property financing demand. QIB UK, part of the Qatar Islamic Bank group, and Al Rayan bank a UK subsidiary of Qatar based Masraf Al Rayan have both recently expanded offices and services to meet demand. QIB Begins offering Murabaha Facilities QIB-UK, has begun providing […]

NBF Islamic Recognised as the Best “Shari’a-Compliant Window of the Year”

National Bank of Fujairah (NBF) PJSC announced today that NBF Islamic has been recognised as the “Shari’a-compliant Window of the year” at The Banker’s Islamic Bank of the Year Awards 2017. This prestigious accolade is a clear indication of NBF’s position as the leading provider of comprehensive suite of Shari’a-compliant banking solutions. In 2014, NBF […]

Emirates Islamic is First Islamic Bank to Integrate Blockchain Technology into Cheques

Emirates Islamic has announced that it will introduce blockchain technology into its cheques as a fraud prevention measure. Termed ‘Cheque Chain’, Emirates Islamic is the first Islamic bank in UAE to undertake this initiative to enhance security in the popular payment method. Emirates Islamic will issue new cheque books carrying a unique QR (Quick Response) […]

Islamic Banking is For Everyone, say Kenyan Authorities

Islamic banking is quickly gaining popularity in the Kenyan market, and banks have been quick to tailor the product accordingly. Global regulations on Islamic banking dictate that for any institution to call itself an Islamic financing institution, there must be a Sharia supervisory and advisory board whose role is to ensure that the products or […]

Halal Sector Key Topic at International Economic Summit

The ninth International Economic Summit between Russia and Organisation of Islamic Cooperation (OIC) member countries started on Friday in Kazan, Tatarstan, with the UAE represented by a senior delegation chaired by Dr Rashid bin Ahmed bin Fahad, Minister of State. The summit, which concludes today, began with a session entitled ‘Halal Industry’, which addressed the […]

Islamic Finance is Based on ‘Shared Prosperity’

The way Muslims do business is based on free-market economics, but it provides a far more equitable and sustainable economic model than the dog-eat-dog world of Western capitalism. This was a strong underlying message to come out of a recent conference on Islamic banking in Sandton. Islamic finance, which is governed by shariah (Islamic law), […]

Megabank Project to Support Turkey’s Aim to Increase Share in Participation Banking

Turkey and Indonesia are working on a lender project that will operate in compliance with Islamic law. Though talks are ongoing, the project titled “megabank” is expected to contribute to Turkey’s aim to expand the share of participation banking in the Turkish financial sector. Deputy Prime Minister Mehmet Şimşek, who held a meeting with the […]

FTZ Contributions to Islamic Economy to Reach $117bn

The contribution of free trade zones to the Islamic economy globally is set to double to $117 billion by 2021, according to a recent report by researchers Salaam Gateway. The UAE’s free trade zones are using advanced information management tools to drive the doubling of the global free trade zone GDP, said experts. The UAE […]

Alizz Islamic Bank Shows keen Interest in Merger With United Finance

Muscat: Alizz Islamic Bank has expressed an interest in a merger with the United Finance Company, which is subject to due diligence of the latter institution. United Finance Company has forwarded the proposal from Alizz Islamic Bank to its board, the company said in a disclosure statement posted on the Muscat Securities Market (MSM) website. […]

NCB Capital Announces Sukuk Private Placement

The National Commercial Bank (NCB) announces that on Thursday 5th June 2017 it successfully settled an issuance of subordinated Additional Tier 1 Capital Sukuk, in the amount of SAR 1.3 Billion, compliant with Islamic Shari’ah principles, through a private placement offer in Saudi Arabia. Sukuk issuances such as this are intended to strengthen the Bank’s […]

Clifford Chance Advises Oman on Sukuk Issuance

International law firm Clifford Chance has advised the Government of the Sultanate of Oman on its return to the international debt capital markets with the establishment of an unlimited sukuk-al-ijara trust certificate issuance programme and a drawdown of $2 billion trust certificates due 2024 thereunder. The transaction settled on June 1 and marks the largest […]

Path Solutions’ CEO Named Best Islamic Finance Technology CEO of the Year EMENA 2017

Path Solutions, an international core banking system provider for the Islamic financial services industry, today announced that its Group Chairman & CEO, Mohammed Kateeb, was named ‘Best Islamic Finance Technology CEO of the Year EMENA 2017’ by Global Banking & Finance Review. Member of UK-based GBAF Publications Ltd, Global Banking & Finance Review is a […]

Alizz Islamic Bank Signs Pact With Orpic to Finance Petcoke Storage Project

Muscat: Alizz Islamic Bank signed an agreement with Oman Oil Refineries and Petroleum Industries Company (Orpic) to provide Islamic financing facilities for the construction of a petroleum coke (petcoke) storage facility at the company’s refinery complex in Sohar. This is the first agreement of its kind in which Orpic avails sharia-compliant financing. Alizz Islamic Bank […]

Qatar Has Ninth-Strongest Islamic Finance Industry

The state of Qatar ranks ninth this year on the annually published Islamic Finance Country Index, showing considerable strength of its Islamic finance industry. The index, part of the Global Islamic Finance Report 2017 compiled by London-based Islamic finance consultant firm Edbiz Consulting, is the oldest and most respected index ranking different countries with regards […]

Islamic Banks Expand, But ‘Double-Digit Growth Spree May be Over’

Islamic banks have continued to expand their balance sheets and capital buffers, but the era of double-digit growth rates could be coming to an end while asset quality concerns creep up, an industry oversight body said recently. Islamic finance, which has its core markets in the Middle East and Southeast Asia, follows religious principles that […]

Malaysian Incubator Signs Deal to Boost China’s Halal Exports

A Malaysian technology and energy incubator has agreed to collaborate with companies in Hong Kong and China to produce and market halal-certified foods internationally. In a stock market filing, Asia Bioenergy Technologies said its Asiabio Capital subsidiary had signed a memorandum of understanding with YRZC International, Shan Xi Hong Hui Food (SXHHF) and Shan Dong […]

Aiming for Muslim Market, Taiwan Encourages Halal Certification

TAIPEI (Taiwan News)— With a growing population of over 200,000 Muslims, more restaurants in Taiwan are applying for halal certification and the food industry is aiming for a larger market in both Taiwan and Southeast Asian countries. According to the Taiwan External Trade Development Council (TAITRA), the global halal food market is worth US$900 trillion and […]

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