The Halal Times
Global Halal, Islamic Finance News At Your Fingertips
COVID-19 coronavirus is here to stay. This is a painful fact none of us can ignore anymore. Central banks around the world have been using various mixes of fiscal and monetary policies to contain the harmful effects of the pandemic. As the pandemic is expected to last much longer than we could have anticipated, governments …
The Middle East has been the most volatile region in the world for the past seven decades since Israel was established in 1948. The past two months have seen two major shocks for the region – the COVID-19 pandemic and the sharp oil price meltdown. There are several other problems as well which have rattled …
COVID-19 and oil price collapse are proving a double-edged sword to the Gulf Cooperation Council (GCC) countries. The World Bank recommends these countries to prioritize their focus on handling the COVID-19 virus pandemic and the impending recession resulting from the virus and a sharp decline in the oil price. A recent study done by The …
Global Islamic bond issuance is set to remain stable at around $180 billion Dubai: Islamic finance is set to keep expanding in 2020 and beyond as the GCC countries and Malaysia help drive growth in Shariah-compliant financial products, however, there are downside risks from the coronavirus (COVID-19) outbreak, according to rating agency Moody’s. “We expect …
RIYADH: Commerce ministers of the Gulf Cooperation Council (GCC) held a virtual meeting to discuss the economic impact of the coronavirus disease (COVID-19) outbreak in the region. Overseeing the provision and smooth flow of essential basic commodities to citizens of their countries was highlighted as one of the key roles of the respective ministries. The …
With a fast-growing Islamic finance industry, Doha has all the potential to emerge as the ‘Capital of Islamic Finance”, industry experts stated yesterday. ”Doha is the most qualified financial center to transform into the world capital of Islamic finance, based on a package of indicators, the most prominent of which is the rapid growth of …
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 …
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 …
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 …
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 …
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 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) …
The ninth International Economic Summit between Russia and the 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 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 …
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. …
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 …
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 …
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 …
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 …
DUBAI: The Salma Humanitarian Relief Programme, an initiative of the Dubai Islamic Economy Development Centre (Died) executed by Awqaf and Minors Affairs Foundation (Amaf), has announced the launch of its annual Ramadan campaign. In line with the UAE’s pioneering humanitarian role, the Salma program provides halal food relief to victims of wars and natural disasters …
The Chilean architectural practice Elemental has won the competition to convert a former flour mill on the coast of Doha Bay, known as the Art Mill, into a vast new gallery for Qatar Museums. The Santiago-based company beat off eight other finalists to design the new space, which is located east of the Museum of …
International Bank of Qatar (IBQ) announced that the bank will be sponsoring the ‘Bonds, Loans & Sukuk Middle East 2017’, the region’s largest finance and investment conference in Dubai this week. IBQ will have a strong presence onsite with an exhibition booth, showcasing its corporate banking and treasury products and services. Muhannad Kamal, deputy chief …
Earning another major achievement and a first-of-its-kind in the Gulf, the Hamdan Bin Mohammed Smart University (HBMSU) was awarded full academic accreditation by international and independent quality assurance body, Finance Accreditation Agency (FAA), for its Master’s Program in Islamic Banking and Finance. The move is a major boost to HBMSU’s leadership in investing in human …
JEDDAH — S&P Global Ratings forecast oil prices will stabilize at $50 per barrel in 2017 and 2018, with unweighted average GDP growth in the six GCC countries at 1.9% in 2017 and 2.4% in 2018, after 2.3% in 2016. S&P expects the slowdown in growth at both conventional and Islamic banks in the region …
