The Halal Times
Global Halal, Islamic Finance News At Your Fingertips
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 …
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 …
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), …
NAIROBI, KENYA – Although Islamic Banking is at an early stage, the faith-based lending model is becoming a growing trend in the Kenyan financial sector. It is showing indicators of exponential growth. The joint expansion of Islamic finance activities in the region and the huge Muslim population can be largely attributed to reforms in regulatory …
ICD) – The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia. On behalf of the CEO of ICD, Mr Khaled Al Aboodi, Mr. Mohammed Alammari, Director of …
In 2016, the Africa Finance Corporation (AFC), a pan-African multilateral lender based in Nigeria, sought to raise financing at competitive pricing levels in a bid to help it fund a number of new infrastructure projects in Africa. It also aimed to diversify its investor base in the process. This objective was achieved through the successful …
Professor Binta Tijani Jibril is the Director of International Institute of Islamic Banking and Finance, Bayero University, Kano State. The head of the lone university-based Islamic banking institute in West Africa told CHIJIOKE NELSON in this interview that the model is business, ethical, not religion and about sweeping global economies with its appealing concepts. Why …
ICD) – The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Afriland First Bank Guinea have entered into a Joint Strategic Collaboration to establish an Islamic window in Guinea. The MoU was signed by Mr. Khaled Al-Aboodi CEO of ICD and Dr. Paul Fokam, Chairman …
The Islamic Insurance division of Cornerstone Insurance Plc, Halal Takaful Nigeria has distributed surplus bonus to its customers in appreciation of their patronage and loyalty for the year 2015. Justifying the act, Group head of the Islamic Insurance Window of Cornerstone, Hajia Thaibat Adeniran said the decision was to allow customers who have no claim …
THE Lagos State government has commended the Institute of Islamic Finance Professionals (IIFP) for coming up with an initiative to lessen the financial burden of Muslim scholars. The Commissioner for Home Affairs, Dr Abdul-Hakeem Abdul-Lateef, gave the commendation during an IIFP workshop held at the Lagos Chamber of Commerce and Industry (LCCI), Alausa, Ikeja. At …
The new norm will be rolled out progressively from June. A list of the goods that will be required to be certified will be released soon. São Paulo – Halal certification will be mandatory for some food products in Algeria. The new rules will be rolled out gradually as of June, news agency Algérie Presse …
Dr Mahamudu Bawumia, Vice President said, recognising the Muslim heroes was crucial and important to the development of the Muslim communities and the nation at large. He therefore commended them for the recognition of the Muslim Ummah, especially the youth who were contributing to the development of the religion, their communities and the nation at …
I remember the first time I tried to wrap my hair. The fabric I used was rough and thick, so it was difficult to tie down. The woman who I credit with welcoming me into Islam gave me my first proper hijab; she also shared lessons with me and invited me to my first Eid. …
Higher education institutions in Kenya are yet to tap into the growing and lucrative demand for Islamic finance professionals needed by the rapidly-expanding multi-billion shillings niche sub-sector. While Kenya is gradually consolidating its position as the hub of Islamic finance in the region, local educational and training institutions are yet to respond to or anticipate …
FNB Islamic Banking has launched Takaful, an Islamic-compliant alternative to conventional short-term insurance. The Takaful product offering caters for commercial, vehicle, personal, body corporate and household cover. In time, the offering will extend to other forms of Islamic-compliant insurance. Amman Muhammad, the chief executive of FNB Islamic Banking, says: “Takaful is the perfect complement to …
United Arab Emirates (UAE) lender, Dubai Islamic Bank, is set to start operations in Kenya as the Government seeks to issue a Shariah-compliant Sukuk bond. Kenya aims to become a regional hub for Islamic banking while setting the sector as a source of development funds because of the large number of Muslims in Kenya. The …
NAIROBI, Kenya (RNS) In a country where 82 percent are Christian, halal, the dietary standard in Islamic law, is finding greater acceptance. Kenya is now home to a modest 100 halal-compliant food industry businesses, offering Muslims a choice of offerings and convenience, but that market may be growing. In addition to the country’s estimated 4 million …
The Republic of Uganda, which is working aggressively to attract Qatari investors to all sectors of its booming economy, is ready to welcome Islamic banking and financial service providers from Qatar “with open arms”, said the Finance Minister of the East African nation. “The Islamic banking and financial services have one big attraction to us—interest-free …
Nairobi will next week host a forum on governance, risk and compliance for Islamic finance, building on the city’s quest to be regional hub for shariah-compliant products. The General Council of Islamic Banks and Financial Institutions (CIBAFI), the umbrella of Islamic financial institutions, is behind the three-day workshop which starts on Wednesday. The forum will …
A push to have Kenya tap into the Halal economy goldmine is gaining steam on the back of legal and regulatory reforms initiated by the various government agencies. Halal, an Arabic word, means lawful or permissible. With regard to food, it is the Islamic dietary standards, as prescribed in the Quran. It also encompasses non-food …
Kenya, East Africa’s largest economy, played host to the second annual East Africa Islamic Economy Summit hosted by the advisory firm, GBS Africa. The forum, which brought together stakeholders from across the financial sector, deliberated on how the East African region and the African continent, in general, can tap into the over Ksh 200 trillion …
The Ministry of Tourism in Kenya has backed rallying calls by the private sector for development guidelines for Sharia-compliant products in the hospitality industry. The country lacks a regulatory framework for Halal food and facilities. This has seen Kenya miss out on the growing Halal tourism globally, a forum in Nairobi heard yesterday. Tourism CS …
The Capital Markets Authority (CMA) CEO Paul Muthaura said the move will pave way for the issuance of the first sharia-compliant sovereign bond with an estimated value of 500 million U.S. dollars. Muthaura said the government has listed regulations aiming to create an international financial hub for sharia-compliant banking services in East Africa to serve …
ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions, showcased its multiple award winning Islamic banking software, ICS BANKS® ISLAMIC, at Subâ€Saharan Africa Islamic Finance Convention which was held in Uganda at the Sheraton Kampala Hotel on the 6th of April 2017. The event was attended by more than 250 industry …
