The Halal Times
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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 …
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 …
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 …
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 …
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 …
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 …
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 …
DUBAI: Designers, buyers and influencers have descended on Dubai for Arab Fashion Week, a five-day event dedicated to ready couture and resort wear for women, men and those who refuse a label. The show opened Tuesday night with Jordanian-Canadian sensation Rad Hourani, Palestinian-American Jenanne Filat and her menswear lineup straight out of Arkansas, and runway …
This year’s Arabian Travel Market witnessed a 10 per cent increase in visitors from the GCC and a 7 per cent increase in international visitors to the event, which was held in Dubai World Trade Centre from April 24-27. For the second year in succession, visitor numbers smashed through the 28,000 mark – the show …
As part of its consistent efforts to regulate the Islamic banking sector, The Accounting and Auditing Organisation for Islamic Financial Institutions, AAOIFI, has introduced new guidelines for applying the Sharia-Compliant finance law. The new standards come in keeping with the rapid growth witnessed by the Islamic economy and go in line with the initiative launched …
Law firm Dentons has advised Damac Real Estate Development Limited on its tender offer in respect of the outstanding $650m Trust Certificates, due 2019, and a simultaneous new debt issuance of a $500m five year Regulation ‘S’ senior unsecured sukuk. Completed on 20 April, 2017, the sukuk will mature in April 2022 and was issued …
Hussain Sajwani, chairman of Damac Properties, on Thursday rang the market opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai. The sukuk was issued by Damac Real Estate Development Limited (DRED), a wholly owned subsidiary of Damac Properties. Damac said in a statement that the listing supports its capital-raising initiative …
Dubai The Government of Dubai, acting through the Department of Finance (DOF), announced that the $600 million Sukuk Trust Certificates issued on 2 May 2012 under its $5 billion Trust Certificate Issuance Programme, reached maturity on 2 May 2017. Upon maturity, all the certificates were redeemed in full by making the required payment through the …
KUALA LUMPUR, The Islamic Financial Services Board (IFSB) and the Dubai Financial Services Authority (DFSA) successfully organised a joint seminar on liquidity generating innovations in Islamic finance in Dubai, UAE. Themed “The Role of Sukuk and Securitisation to Support New Financial Regulation”, the seminar was designed to encourage broad interaction among the delegates in exploring …
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced a mega Miles campaign on its Skywards Cards. The bank will offer bonus Skywards Miles to new cardholders and higher Miles for spends on its Infinite and Signature Skywards Visa credit cards. The offer is valid till June 30, with cardholders …
The Dubai Financial Services Authority (DFSA) hosted a seminar on “Liquidity Generating Innovations in Islamic Finance” in conjunction with the Islamic Financial Services Board (IFSB). The event was held at the Ritz Carlton, Dubai International Financial Centre (DIFC), yesterday. The seminar served as a platform to explore the use of existing Islamic capital market instruments …
The weak economic environment will continue to dampen the financial performance of Islamic banks in the GCC countries in 2017 and 2018, said S&P Global Ratings in a new report. The end of the commodities super-cycle has sparked a fall in the economic growth and prospects of the GCC region, implying both lower growth opportunities …
Dubai: Gulf Navigation said on Thursday its shareholders approved to issue a senior and unsecured sukuk of $250 million (Dh918 million). The sukuk would be for a period of five years, and should be with a profit rate of below 10 per cent, Gulf Navigation said in a statement posted on Dubai Financial Market’s website. …
The weak economic environment will continue to dampen the financial performance of Islamic banks in Gulf Cooperation Council countries in 2017 and 2018, said S&P Global Ratings in a report published today, “GCC Islamic Banks Stay On Course Through Glum Operating Conditions.” The end of the commodities super-cycle has sparked a fall in the economic …
Emirates Islamic has announced its Personal Finance Sale, enabling customers to benefit from profit rates starting from 2.79 per cent flat p.a. valid until April 23, 2017, customers can also benefit from higher financing amounts and payment holidays of up to two months, according to the Bank. “Our Personal Finance Sale campaign has become an …
