Training programs for four conventional banks on Islamic banking and finance have been conducted in Uzbekistan. The programs were developed by the Islamic Development Bank Institute and the Islamic Corporation for the Development of the Private Sector. The five-day training for each bank included the following subjects: principles of Islamic f...
Oman’s Islamic banking sector is likely to maintain its positive trajectory in the short-to-medium term despite structural challenges, Fitch Ratings reports. Increased awareness, strong retail demand for Islamic products, supportive regulations, and a strong push from the Islamic windows of conventional banks will drive growth. Growth in Isl...
Rising crude oil prices are expected to lower oil-rich Gulf nations’ need to sell Islamic bonds, according to Moody’s Investors Service. Higher oil prices will lead to lower sukuk issuance in 2022. Sukuk is the name for interst free bonds. That’s driven largely by lower financing needs among Gulf Cooperation Council countries, according to a...
The 14th Emir of Kano and former governor of Central Bank of Nigeria, is calling for religious tolerance among Nigerians while canvassing support for Islamic finance. Lamido Sanusi spoke Sunday in Lagos as the guest of honour at the fifth national discourse organized by The Companion, an association of Muslim businessmen and professionals. San...
The global Islamic funds market has grown by more than 300% in the last decade to reach nearly $200 billion in assets under management. That’s according to the Bahrain-based General Council for Islamic Banks and Financial Institutions. Islamic finance bans interest payments and pure monetary speculation. It can be used only to invest in assets...
The Islamic Development Bank has launched a $1 billion financing plan to support renewable energy. Working with the Arab Petroleum Investment Corporation, the initiative will support utility projects in the 57-member Organization of Islamic Cooperation countries. The funds will be for electricity generation and transmission projects using ren...
Sukuk issuance surged Tuesday by 36% year-on-year to hit $252.3 billion in 2021, according to Fitch Ratings. A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law, or sharia. Central banks, governments, and multilateral institutions dominated sukuk issuances, the global rati...
