Recently, K-Electric, the main electricity supplier in Karachi, Pakistan issued Sukuk (Islamic bonds) to finance its increasing demand for electricity for the megacity. The following article originally published on www.samaa.tv discusses its profit-sharing initiative in detail. You can buy K-Electric’s Islamic bond (Sukuk) with a minimum investment of Rs5,000 and earn a tentative profit of …
Finance
Fintech Playing A Crucial Role In The Growth Of Islamic Banking Industry
Islamic Banks all over the world have been adopting financial technologies to streamline their business operations. This was stated by a panel of experts during an online seminar conducted by the first Virtual InFocus Session organized by Bahrain-based General Council for Islamic Banks and Financial Institutions (Cibafi), a global umbrella of Islamic financial institutions. Successfully …
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Maldives To Issue Sukuk To Help Restart Its Economy
The Maldives plans to issue Sukuk to help restart its tourism-focused economy affected by the COVID-19 pandemic. The small island nation of the Maldives in the Indian Ocean is returning to the international Sukuk market amid budget troubles caused by the coronavirus. President Ibrahim Mohamed Solih at a press conference in Malé, the capital, on …
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Nasdaq Dubai Welcomes DIB`s Sukuk
Nasdaq Dubai welcomed the listing on Tuesday of a $300 million Sukuk issued by Dubai Islamic Bank (DIB). The issuance was a tap on a one billion US dollar Sukuk that was listed on Nasdaq Dubai on June 16th, 2020. DIB earmarked the funds raised to support its customers and the business community as economies …
Uzbekistan To Issue Green Sukuk To Strengthen Its Financial Markets
To allure investors from the Islamic financial world, Uzbekistan is eyeing a green debt sale that would be marketed as a Sukuk. Atabek Nazirov, director of Uzbekistan’s Capital Markets Development Agency, discussed the planned debt issuance with Bloomberg in a recent interview. Uzbekistan sold its first international bond last year. The $1bn debut sovereign bond, …
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Saeed Lootah, The Founder Of First Islamic Bank Passes Away
Haj Saeed bin Ahmed Al Lootah, the founder of the world’s first Islamic bank, has passed away. He was 97. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai took announced Lootah`s death on Twitter. Paying respects for his untiring efforts to promote Islamic banking in …
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Top Three Emerging Trends In Islamic Finance Due To COVID-19
The COVID-19 pandemic crisis has affected most of the economies around the world. Governments have been adopting relaxed monetary policies to contain the negative effects of the pandemic. Firms’ profits have declined across the board. Islamic finance industry players are also adjusting their strategies and tools to lessen the harmful effects of the crisis. Recently, …
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IRTI Launches Blockchain-based Smart Credit Management Platform
The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has partnered with the Samsung-backed blockchain technology firm Blocko to build a blockchain-based innovative credit enhancement system. The patented Smart Credit Management System minimizes the risks associated with credit financing to businesses and consumers through the use of new economic incentive …
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Experts To Discuss Future Of Islamic Economics & Finance
Experts are scheduled to discuss the future of Islamic Economics & Finance online between June 14-20. Turkish President Recep Tayyip Erdoğan is going to make an opening speech. The conference is hosted by Istanbul Sabahattin Zaim University (IZU) in coordination with the Islamic Development Bank‘s Islamic Research and Education Institute (IRTI). The main objective of …
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UAE Zakat Fund Offers AED38.6 Million To Support The Needy
The Zakat Fund Disbursement Committee in Abu Dhabi has approved AED38.6 million for the needy, as part of the ‘Support Project’ benefitting 1,331 families in the UAE since the beginning of 2020. The project is expected to help reduce income and wealth inequality among low-income families during the COVID-19 pandemic and beyond. Abdullah bin Aqeedah …
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Islamic Fintech Startup Manzil Seeks Funds Via Crowdfunding
Manzil, a Toronto-based Islamic FinTech startup that offers shariah-compliant financial solutions for mortgage purposes, is offering the public a chance to own a share of the company through a private placement on the crowdfunding platform FrontFundr. Manzil says it has created financial products designed to be participatory, rather than predatory. The startup said the opening …
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Bank Nizwa Ranks As the World’s Best Islamic financial institution
Establishing itself as one of the leading Islamic banking institutions globally, Bank Nizwa was recently awarded the prestigious title of the Best Islamic Financial Institution in 2020 in Oman by Global Finance. Recognizing excellence across the Islamic Finance industry globally, winners of Global Finance’s 2020 Islamic Finance Awards received the recognition based on their improved …
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