Dr. Ahmad Mohamed Ali stated that the IDB Group plans to reach 44 million people with improved basic social services, create 1 million jobs, and increase the share of Islamic finance globally, among a wide array of other tangible targets, by 2025, organizational and operational effectiveness within the IDB Group has to be enhanced further. »
The Ivory Coast is to become the latest state to issue a Sovereign Sukuk as it today launched its debut five year 150 billion CFA issuance sukuk priced at a profit rate of 5.75%. »
The International Islamic Trade Finance Corporation (ITFC) has signed a Memorandum of Understanding (MoU) with the Kingdom of Morocco to work on various trade initiatives between ITFC and the Kingdom. »
Authored by Dmitry Savelyev, the Duma Committee Deputy Chairman on Financial Markets, the bill seeks to separate and recognise sale and lease arrangements. Current legislation whilst not prohibiting two agreements (lease and sale) does not recognize these transactions as a leasing therefore "accelerated depreciation" (provided by the Tax Code) is not applicable to such products and as a result doe... »
Takaful is an important growing sector in the Islamic finance industry, with continuous positive growth momentum in key markets and estimations of continued double-digit growth globally. While the GCC and ASEAN are expected to continue to lead the global takaful markets with their substantial growth, emerging markets within Europe and Africa are also showing significant growth potential. »
Mauritania’s efforts to modernize and improve the stability of the banking system have increased financial intermediation and the number of foreign banks. The government is also taking steps to expand Islamic finance. »
Fresh Sukuk supply post-Fed meeting; sovereigns most likely to dominate in 2016. Kazakhstan parliament approves legislative amendments to facilitate Islamic finance. »
A notable feature of the Malaysian financial sector is the dual system of conventional and Islamic finance. This system was established pursuant to a strategy that had the objective of promoting an inclusive financial system and of strengthening linkages between the financial system and the real economy. »
Sukuk return has been on an upward trajectory since 2009. Such a relatively stable rate of return was partly due to the structure of Islamic bonds which have strong link with their underlying assets, allowing the instruments to escape the danger of excessive speculation. »
Sukuk issuances in October 2015 stood at USD2.6bn, increasing from USD0.5mn registered in the earlier year during the same period. For YTD October 2015 sukuk issuance by value declined 22%y-o-y to USD16.2bn, mainly driven by a sharp decline in sovereign issuances (-21% y-o-y, worthUSD4.8bn) and quasi-sovereign (-82%y-o-y,USD1.0bn). »
