Gulf based banks dominate global Islamic Bank rankings with Al Rajhi Bank maintaining its top ranking based on assets of over $82 billion, followed by Kuwait Finance House on $56.8 billion, Dubai Islamic Bank on $33.73 billion and Abu Dhabi Islamic Bank with $30.49 billion in assets. »
Tatarstan and Sberbank have signed an agreement for cooperation in the field of Islamic financial services which envisages considering and making proposals for the development of the Sharia compliant financing in the republic. »
The financial sector plays a critical role in the socio-economic development of any country. Of importance, Islamic economics was designed as a just and ethical financial system, supporting the efficient allocation of resources both for wealth creation purposes, as well as the betterment of society. Finance based on Islamic principles is expected to further enhance socio-economic well-being in co... »
A busy week in the UK concludes with innovative Helicopter Financing deal and final delivery of Emirates A380 funded by UKEF Sukuk. Both deals mark World firsts within the sector for the UK and bolster it ambitions to become Western hub. »
In an amendment to Tax laws, the South African government is looking to its listed corporates to build off its sovereign Sukuk issuance last year with expanded inclusion of finance instruments based on Islamic principles within the tax regime. »
Jaseem Ahmed, Secretary General of the Islamic Financial Services Board (IFSB) stated the industry is now witnessing the coming together of the global community of savers and investors who are interested in ethical finance, adding such investors are showing an interest in sukuk because of its ethical credentials. »
GCC Market Update by Rasameel. Over the last month banks in the UAE have preferred conventional bonds issuance whilst Saudi banks have taken the Sukuk route. »
Short Term Sukuk is Recycled money and does not equate to a market Correction. Bank Negara has been in previous years been a prolific issuer of short-term sukuk, which by its very nature is short dated paper with maturity dates of less than one year. It is misleading to use such sukuk to accurately represent market demand as such short term sukuk are re-issued multiple times through-out the year. »
In an UK government innovation, this week saw delivery of the fourth and final Airbus A380 aircraft to be funded under the world’s first corporate sukuk to be guaranteed by a western government. The aircraft was delivered to Emirates this week at Hamburg Airport with the bond guaranteed by UKEF. »
Financial Inclusion is a hot topic in developing countries. To maintain growth the industry needs to reach and acquire large swathes of unbanked populations. Account penetration rates in key regions such as the Middle East, Sub- Saharan Africa and South Asia remain fairly low. In the Sub-Saharan African region, amongst the 34% of adults with an account, almost a third of account holders – or 12% ... »
