Search Results for: Islamic principles

Islamic Banking in Egypt Hits EGP 701bn in March 2024

A recent report by the Egyptian Islamic Finance Association (EIFA) highlights the significant growth of Islamic banking within Egypt’s banking sector. By the end of March 2024, the turnover of Islamic banking reached an impressive EGP 701 billion, a substantial increase of EGP 157 billion from …

2024-06-26 by Aamer Yaqub

Grow Your Wealth the Halal Way with Islamic Mutual Funds

Practicing Muslims frequently encounter challenges when trying to invest their lifelong savings due to the necessity for Sharia-compliant options. The conventional banking system, which operates on capitalist principles and interest (riba), is prohibited in Islam, leaving Muslims with limited …

2024-06-24 by Aamer Yaqub

AEON Bank’s Islamic Digital Bank Expected to Break Even in Five Years

KUALA LUMPUR— Aeon Bank (M) Bhd is making waves in the digital banking sector with its new Islamic digital bank, which is expected to break break-even within five years, according to Aeon Credit Service (M) Bhd. The bank’s entry into the market is well-timed, as demand for Shariah-compliant …

2024-06-22 by Aamer Yaqub

Top UK Banks Offering Islamic and Halal Mortgages

In the UK, the interest in Islamic mortgages is on the rise among Muslims looking for home financing that adheres to Sharia law. This detailed guide explores the landscape of Islamic mortgages in the UK, offering crucial insights and information to help you effectively navigate this dynamic sector. …

2024-06-22 by Aamer Yaqub

How Islamic Banks Thrive Without Charging Interest—Winning Over Non-Muslim Customers

Conventional finance, with its reliance on loans, mortgages, and interest payments, is essential for modern business operations. However, in the Muslim world, where interest (riba) is forbidden under Islamic law (Sharia), Muslim banks have pioneered alternative financial models. These innovative …

2024-06-22 by Aamer Yaqub

Bangladesh Hosts Shariah Audit Training for Islamic Banks

The five-day training course on “Shariah Audit of Islamic Banking Operations,” jointly organized by the Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) and the Bangladesh Institute of Bank Management (BIBM), successfully concluded on Wednesday at the BIBM campus in Mirpur, Dhaka. This …

2024-06-15 by Aamer Yaqub

Can Islamic Crypto Be the Savior of the Industry?

The rise of cryptocurrencies has revolutionized the financial landscape, offering decentralized, borderless, and transparent transactions that challenge traditional banking systems. However, integrating cryptocurrencies into Islamic finance has sparked significant debate and interest. Many are …

2024-06-13 by Hafiz M. Ahmed

CSBIB and BIBM Host Seminar on Islamic Banking in Dhaka

The Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) and the Bangladesh Institute of Bank Management (BIBM) jointly organized a national seminar titled “Accounting, Auditing, and Governance of Islamic Banks” on Saturday at a prominent hotel in Dhaka—the event aimed to deepen …

2024-06-11 by Aamer Yaqub

Why Japan Struggles to Develop a Home-Grown Islamic Finance Industry

Islamic finance, governed by Sharia (Islamic law), prohibits interest (riba) and promotes risk-sharing, asset-backed financing, and ethical investments. Despite its rapid global growth, Japan has faced significant challenges in developing a homegrown Islamic finance industry. Various entities have …

2024-06-10 by Hafiz M. Ahmed

AM Best Reaffirms Credit Ratings of Qatar Islamic Insurance Group Q.P.S.C.

In the vibrant landscape of the global insurance market, the Qatar Islamic Insurance Group Q.P.S.C. (QIIG) continues to distinguish itself with remarkable financial solidity and a prudent risk management approach. The recent affirmation by AM Best of QIIG’s Financial Strength Rating at A- …

2024-06-10 by Aamer Yaqub

Alizz Islamic Bank Offers Travel Now, Pay Later Plan Without Salary Transfer

This summer, Alizz Islamic Bank is making it easier for you to explore the world with its new Pay Later travel finance offer. Starting from June 3rd and running until August 29th, 2024, this initiative aims to help customers enjoy their vacations in any country of their choice with flexible and …

2024-06-10 by Aamer Yaqub

IsDBI and CIBAFI Join Forces to Propel Sustainable Development via Islamic Finance

In a significant move to advance Islamic finance and foster sustainable development, the Islamic Development Bank Institute (IsDBI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI) have signed a Grant Agreement. This strategic partnership aims to evaluate the economic …

2024-06-10 by Aamer Yaqub

Kazan Muslim Film Festival To Celebrate Islamic Culture and Unity

Starting tomorrow, June 8, until June 10, the public is invited to Pustaka Raja Tun Uda (PRTU) in Shah Alam to experience the Russian Kazan Muslim Film Festival. This festival promises a captivating showcase of films and documentaries that highlight Islamic culture and values, providing a unique …

2024-06-10 by Aamer Yaqub

Innovations in Islamic Finance: Meeting the Growing Demand in the GCC

Islamic finance faces significant challenges in developing innovative products and services that adhere to Shariah principles while meeting customer needs. In the GCC, where 50% of customers prefer Islamic banking if it offers competitive value, the demand for Shariah-compliant and Shariah-based …

2024-06-07 by Hafiz M. Ahmed

UAE Islamic Banks’ Assets Exceed $195 Billion

The Islamic banking sector in the UAE is witnessing remarkable growth, with assets now surpassing $195 billion. According to the latest data from the Central Bank of the UAE (CBUAE), the assets of UAE Islamic banks reached AED 717.7 billion ($195.39 billion) by the end of February 2024, marking a …

2024-06-06 by Aamer Yaqub

How Shariah-Compliant is Islamic Banking?

Islamic banking has garnered significant attention globally, especially among Muslim communities seeking financial solutions that align with their faith. Rooted in Shariah law, Islamic banking aims to offer an alternative to conventional banking by adhering to principles derived from the Quran and …

2024-06-06 by Hafiz M. Ahmed

Saudi Fund Governor Highlights Islamic Finance’s Capacity to Nurture Ecosystems

In a compelling address at the 18th Islamic Development Bank Global Forum on Islamic Finance, Dr. Stephen Groff, Governor of the National Development Fund of Saudi Arabia, highlighted the transformative power of Islamic finance. His speech, a cornerstone of the IsDB’s annual meetings and …

2024-06-06 by Aamer Yaqub

Top 8 Islamic Financial Planning Tips for Disabled Individuals

Navigating life with a disability can present unique challenges, particularly when it comes to financial management. For Muslims, aligning these efforts with Islamic principles adds another layer of consideration. That’s why our Essential Guide to Islamic Financial Planning for the Disabled is …

2024-06-06 by Aamer Yaqub

Can Islamic Finance Challenge Traditional Banking?

In the dynamic world of finance, the rise of Islamic finance presents an intriguing question: Can Islamic Finance Challenge Traditional Banking? Saudi Banker Reveals 5 Surprising Insights! This article, titled “Can Islamic Finance Challenge Traditional Banking? Saudi Banker Reveals 5 …

2024-06-06 by Aamer Yaqub

Islamic Wealth Management Industry Evolves with Market Trends

KUALA LUMPUR — The Islamic wealth management industry is on the brink of significant transformation as it adapts to changing market needs and emerging trends, according to Securities Commission Malaysia (SC) executive chairman Datuk Seri Dr. Awang Adek Hussin. In his keynote address at the 11th …

2024-06-04 by Aamer Yaqub

Seminar on Social Security System and Islamic Finance Held in Tokyo

Tokyo, June 2, 2024 – A seminar on the social security system in Japan and the principles of Islamic finance was held today at the Otsuka Masjid, Tokyo, drawing a diverse audience of community members and professionals eager to learn about these important topics. The event featured esteemed speakers …

2024-06-02 by Hafiz M. Ahmed

Is There any Difference Between Quranic Finance and Islamic Finance?

Islamic finance has grown significantly as an ethical alternative to conventional financial systems, rooted in principles derived from Islamic law (Shariah). However, there is often a nuanced distinction between Quranic finance and the broader Islamic finance industry. This blog post aims to explore …

2024-06-02 by Hafiz M. Ahmed

BML Islamic Introduces First-Ever Shari’ah-Compliant Credit Card

BML Islamic (the Islamic banking window of the Bank of Maldives) has introduced the first-ever Shari’ah-compliant credit card in the Maldives, heralding a new era of financial inclusion and accessibility for its customers. The innovative initiative, spearheaded by BML Islamic, aims to cater to the …

2024-05-29 by Hafiz M. Ahmed

Aeon Bank Officially Launches Malaysia’s First Islamic Digital Bank

Aeon Bank (M) Bhd has officially launched Malaysia’s first Islamic digital bank, marking a significant milestone in the country’s banking sector. The launch aims to provide comprehensive, Shariah-compliant digital banking solutions to all Malaysians, setting a new standard for financial services in …

2024-05-28 by Aamer Yaqub

Faisal Islamic Bank’s Business Volume Up 31% YoY in April

Amidst a rapidly evolving financial landscape, Faisal Islamic Bank of Egypt (FAIT) stands out with a remarkable year-on-year growth, underscoring its resilience and strategic foresight in the Islamic banking sector. Record-Breaking Growth In April 2024, Faisal Islamic Bank reported an impressive …

2024-05-25 by Aamer Yaqub

Istanbul Hosts Inaugural AlBaraka Summit Focused on Islamic Finance

Istanbul is rapidly positioning itself as a significant hub for Islamic finance, drawing global attention with the upcoming 1st AlBaraka Summit. This event not only emphasizes the city’s role in the Islamic economy but also reflects its broader ambitions to become a global financial …

2024-05-23 by Aamer Yaqub

Museum of Islamic Art in Qatar Concludes Inaugural ‘Challenge Camp

The Museum of Islamic Art (MIA) wrapped up its first-ever Challenge Camp on Friday, marking a milestone in educational and cultural enrichment. This pioneering event was organized in collaboration with the Internal Security Force (Lekhwiya), the Ministry of Endowments and Islamic Affairs, the Qatar …

2024-05-20 by Aamer Yaqub

Fitch Rates Jordan Islamic Bank ‘BB-‘ with Stable Outlook

In the dynamic landscape of Islamic finance, Jordan Islamic Bank (JIB) continues to exhibit resilience and stability, underscored by its recent rating assessment by Fitch Ratings. The international rating agency has assigned JIB a Long-Term Issuer Default Rating (IDR) of ‘BB-‘ with a …

2024-05-18 by Aamer Yaqub

Islamic Etiquettes for Muslim Travelers: What to Follow

Traveling is an enriching experience that broadens horizons, introduces new cultures, and offers unique opportunities for personal growth. For Muslim travelers, it is crucial to maintain faith and adhere to Islamic etiquette while exploring the world. This comprehensive guide delves into the …

2024-05-13 by Hafiz M. Ahmed

HAQQ Network Advances Islamic Web3 with Gold Token and Real-World Assets

HAQQ Network Expanding Islamic Web3 Initiative With Gold Token and RWA” has taken a significant leap forward with the launch of its Gold Token in June, marking a critical advancement in the network’s broader ambition of tokenizing real-world assets (RWA). In a detailed blog post, Alex …

2024-05-11 by Aamer Yaqub

Which are the Best Islamic Banks of 2024?

In the transformative landscape of global banking, Best Islamic Financial Institutions 2024 have notably outpaced their conventional counterparts in 2023, achieving remarkable growth through strategic technology investments and digital innovation. As traditional banks faced challenges, the allure of …

2024-05-11 by Aamer Yaqub

Azerbaijan Joins “Islamic Banking and Finance” Training in Türkiye

(Baku, AZERTAC) – In a noteworthy endeavor to enhance the skills and understanding of Islamic banking and finance among professionals, Azerbaijan joins “Islamic Banking and Finance” Training in Türkiye. Held recently in Istanbul, this specialized program represents a collaborative effort between …

2024-05-10 by Aamer Yaqub

Shahjalal Islami Bank Inks MoU with Islamic Corporation for Private Sector Development

In a significant stride towards advancing Islamic finance, Shahjalal Islami Bank PLC has recently achieved a notable feat by formalizing a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), a prominent member institution under the umbrella …

2024-05-08 by Aamer Yaqub

Top 4 Islamic Banks Providing Digital Banking Solutions in the UK

Islamic banking, or Sharia-compliant banking, is revolutionizing the UK’s ethical finance sector by strictly adhering to Islamic principles. The emergence of four Islamic banks offering digital banking services marks a significant shift away from conventional interest-based banking, aligning …

2024-05-07 by Aamer Yaqub

Emirates Islamic First in Region to Offer Fractional Sukuk to Investors

Emirates Islamic has distinguished itself as the pioneering Islamic bank in the region to offer Fractional Sukuk to investors, heralding a new era in the accessibility of the international Sukuk markets. As of April 29, 2024, this Dubai-based institution has dramatically lowered the investment entry …

2024-05-02 by Aamer Yaqub

How Does Political Instability Impact Global Islamic Finance? Top 10 Insights

In today’s interconnected world, political instability significantly affects various sectors, including Islamic finance. This blog post, titled “How Does Political Instability Impact Global Islamic Finance? Top 10 Insights,” delves into the top 10 ways political unrest influences …

2024-04-28 by Aamer Yaqub