One possible driver for its supporters is the fact it is perhaps the only crypto in the world that actually gives back to its community, which is potentially 2 billion strong. Islamic Coin diverts 10% of every issuance to charitable causes. Its decentralized nature, its ethical philosophy and its sustainable approach have clearly played a role, if the Executive Board is anything to go by.
With the bear market actively wreaking havoc every day, one crypto has defied all sentiment, securing $200m during its private sale from high net worth investors worldwide, making it perhaps the biggest success of 2022. Evidently seen as a safe haven by many top players, Islamic Coin has managed this in only 2 weeks, with its private sale still ongoing.
The year 2022 is positioned for growth for Qatar’s Islamic finance institutions as the economy expands in the run-up to the FIFA World Cup 2022.
Qatar’s Islamic finance sector is well placed to overcome any lingering challenges according to Oxford Business Group (OBG) report.
The Republic of Senegal, through the Société Nationale de Gestion et d’Exploitation du Patrimoine Bâti de l’État (SOGEPA SN), has sold XOF 330bn (around $525.4m) in three-tranche Sukuk Ijarah, attracting orders from regional and Middle Eastern investors.
The first tranche is a seven-year Sukuk; the second is a 10-year tranche, and the third tranche holds a 15-year tenor.
The Sukuk certificates will be listed on the Bourse Regionale des Valeurs Mobilieres.
For the first time Iran will introduce takaful (insurance) for its Sunni population, which is less than 10 million out of the country’s 85 million people. Amin Re has applied for a takaful licence to operate on Kish Island, off the country’s south coast. According to the Financial Tribune, citing Risknews, Amin Re submitted application both to the country’s regulatory body and the Kish Island Free Trade Zone Organisation.
The Islamic financial industry in Saudi Arabia has a prominent position in the world, with nearly SR3 trillion ($799.7 billion) of total assets, the Saudi Central Bank Deputy Governor for Research and International Affairs, Fahad Abdullah Al-Dossari, said.
This represents approximately 28 percent of the total Islamic financial assets globally, making the Kingdom the first in the world, according to the report of the Islamic Financial Services Board issued in 2021, Al-Dossari said in a seminar on April 25.
GCC-based financial institutions took the lead in environmental, social and governance (ESG) sukuk issuance, comprising green and sustainability-linked sukuk in the first quarter of 2022, according to global data provider Refinitiv.
The issuances, most of which came from the energy and utilities sectors, reached $2.4 billion in Q1 2022, slightly lower than the $2.5 billion issued during the same period in 2021. The debut issuance of $900 million from Bahrain-based Infracorp, the infrastructure investment arm of Gulf Finance House, was the largest ESG sukuk issued during the quarter.
Shariah Experts Ltd. has become the world’s first halal advisory firm to issue shariah compliance certificates on blockchain in the form of non-fungible tokens (NFTs).
The halal NFT certificates are minted and issued by the firm on Souq NFT, which is powered by MRHB DeFi, an ethical decentralised finance (DeFi) platform. Singapore-based gold crypto platform Cache.Gold has become the first receiver of the halal certification in the form of NFT.
With Islamophobic sentiments tainting the Islamic finance market, Muslim-owned businesses in Europe face the consequences.
The global Islamic finance market will likely experience a stable and potentially sustainable growth in 2022, according to S&P Global Ratings’ 2022 edition.
The finance industry that is in accordance with Islamic law, is expected to increase by 10 to 12% this year.
Qatar has been working to support the ecosystem for Islamic fintechs. Highlighting the role of technology in the Islamic finance during an online event, experts said fintech companies have an important role as they bridge the gap in the Islamic finance sector. Panelists discussed about the ecosystem to support SMEs with solutions to scale up halal economies and promote Qatar as an Islamic fintech hub regionally and globally during an online event.
HBKU in association with Qatar Financial Centre (QFC) organised a webinar entitled ‘Islamic FinTechs and the Halal Economy’ which shed light on the opportunities of halal economy that was $1.9 trillion in 2020 and expected to reach $3.2 trillion by 2024 which creates tremendous opportunities across various segments of halal economy from food, cosmetics, fashion to travel.
S&P Global Ratings said that the publication of a new auditing standard for Sharia compliance is a step forward for the Islamic finance industry.
“We consider that the recent publication of auditing standard No. 6 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will reinforce governance and enhance market discipline,” said S&P Global Ratings’ Head of Islamic Finance, Mohamed Damak.
“The key aspects of market discipline, in this context, are greater consistency in adhering to Sharia principles and a culture of rapid remedial action by non-compliant institutions.”