The Halal Times
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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 …
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 …
The International Basketball Federation (FIBA) announced on Saturday that basketball players will be able to wear religious headgear in professional games starting from 1 October 2017. Previously, any headgear and hair accessories were not permitted in professional basketball games. The move means that Muslim women will now be able to complete professionally while wearing the …
Deputy Minister of Finance for Treasury Affairs Mohamed Moiet said that the government intends to offer international bonds worth $3-4bn in the coming fiscal year. In January, the government offered a package of international bonds worth $4bn on the Luxembourg Stock Exchange with different maturity periods of 5, 10, and 30 years. Moiet told Daily …
Cairo: The Ministry of Finance is working on amendments to laws regulating the issuance of Islamic bonds (sukuk) as a means of filling a LE251-billion budget gap, which is susceptible to increase, an official at the Finance Ministry has said. The ministry is “racing against time” to issue the Islamic bonds law, Sami Khallaf, the …
Demand for halal food is growing but confusion surrounding global standards is hindering the industry’s potential, said an executive at Nestle, the world’s biggest food group. Aiad Al Khatib, head of corporate regulatory and scientific affairs at Nestle, said that standards for what is halal, or permissible under sharia law, need to be aligned, clarified …
Tunisian firms are preparing to issue Islamic bonds as the government finalises rules covering the sector, creating a new funding option for companies in an economy buffeted by labour unrest and militant attacks. Islamic finance – which bars interest payments in accordance with Islamic, or sharia, law – accounts for just 2.5 percent of Tunisia’s financial …
Tunisia will issue $1.75 billion of dollar-denominated bonds and Islamic sukuks in 2015 as it seeks funds to revive economic growth, the central bank governor said on Monday. With its political transition to democracy complete after elections last year, Tunisia’s new government will turn its focus to economic reforms four years after an uprising that toppled …
Tunisia’s Amen Bank launched two Islamic mutual funds this week while a leasing company prepares to convert into a full-fledged Islamic lender, welcome steps for the industry which has been waiting for the government to issue a debut Islamic bond. Islamic finance was neglected before the country’s 2011 “Arab Spring” revolution, with the new Islamist …
Tunisia, where nationals began voting in favor of another parliament, arrangements to raise $500 million from the offer of sukuk before one month from now’s over, as per Finance Minister Hakim Ben Hammouda. Citigroup Inc., Natixis SA, Standard Chartered Plc and Qatar-based Qinvest “communicated their readiness to coordinate” and counsels are continuous, Hammouda said in …
Tunis — The National Constituent Assembly (NCA) adopted, Monday, a draft law related to the amendment and the finalisation of the insurance code. The law aims to integrate a 7th chapter in the same code for the establishment of a legislative framework to rule the Takaful insurance. The amendment provides for the introduction of five …
