|Financial Islam - Islamic Finance||
Responding to increased interest in developing Islamic finance, the International Monetary Fund (IMF), Central Bank of Tunisia (CBT), ) and the Islamic Development Bank (IsDB), organized a three-day regional conference in Tunis on December 17 to exchange knowledge and share experience in building technical capacity in Islamic Banking and Sukuk Markets.
The Central Bank of Yemen sold its first sukuk under the salam program worth YER 50 billion (USD 232 million) marking the country's return to the sukuk market this year.
The one-year sukuk was issued on April 1, 2012, and matures on April 2, 2013. The Shariah structure is approved by the Shariah Supervisory Board of the Central Bank, Kamal Al Rabie, head of the sukuk unit at the central bank, told Zawya in a phone conversation. The sukuk offers a return of 15% to 18%, according to Rabie.
A year on from the Arab Spring, prospects for Islamic finance to play a role in the rebuilding of affected countries has gathered pace; even as the countries continue to grapple with the impact of the uprisings.
The industry’s progress in the MENA countries has been especially marked in the first two months of this year.
AlHuda Centre of Islamic Banking & Economics (CIBE) and AKHUWAT are organizing International Conference on Islamic Microfinance on June 13, 2011 at Faisal Auditorium Islamabad wherein delegates from 12 countries will grace the occasion and 800 participants will attend this mega event. The aim of this conference is to choke out the plan of poverty alleviation on national and international scale to lessen poverty, social welfare and to tackle other problems pertaining to it.
The Central Bank of Yemen, has launched the country's first sukuk issue and plans to issue additional Islamic bonds worth $500 million this year, the official Yemen News Agency Saba reports Saturday.
The sukuk, issued Saturday, are valued at 4 billion Yemen rials ($18.74 million) and will be used to finance three local road projects, Saba reports.