The Japanese supervisory body has allowed banks under its watch to engage in so-called Islamic finance at their overseas branches starting this month. It was previously allowed only at their subsidiaries. Acting early will further secure Japan's rightful place as a leading financial market in a fast evolving global system. It will also strengthen links with the Middle East and Southeast Asia -- two of Japan's fastest growing export markets.
Takaful operators in most Middle East and North Africa (MENA) markets have ample opportunity to provide sound financial protection that is in line with consumers’ religious sensibilities.
A.M. Best said these prospects remain disappointingly unrealised, considering the huge global Muslim population, with Takaful companies struggling to establish strong business profiles.
"The forum will serve as a platform to explore the boundaries of new waqf developments and initiatives. It will shed light on new thoughts and ideas, in the quest for transformation and management of a sustainable socio-economic path for Muslim nations across the entire globe," said a statement.
The recovery in oil prices will have a positive effect on the general business environment across the Gulf region in general and the sukuk market in particular as it will help ease funding woes of investors, senior bankers say.
Talking to Khaleej Times on the sidelines of the Bonds, Loans and Sukuk Middle East conference, senior bankers of Noor Bank said higher oil revenue injects more cash into the system, which increases the funding available to support regional growth.
Global sukuk is expected to register growth of between 15% and 20% in 2018 on the back of improved macro-economic conditions and continued expansion in the Islamic nance ecosystem.
Franklin Templeton Investments (ME) Ltd CIO of global sukuk and MENA (Middle East and North Africa) fixed income Mohieddine Kronfol (picture) said compounded annual growth rates for the global sukuk market have averaged 24% between 2000 and 2017, to reach US$442 billion (RM1.77 trillion).
Morocco will finally launch its first Islamic bonds, better known as sukuk, after Bank Al Maghrib (BAM) and the board of Higher Council of Ulemas’ top experts gave approval to five participatory banks to set up their Islamic finance subsidiaries one year ago, Bloomberg reported.
Sukuk is the Arabic name for financial certificates defined by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as “securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.”
An Islamic scholar has declared bitcoin permissible under Sharia Law, potentially opening up the cryptocurrency market to investment from 1.6 billion Muslims around the world.
The publication of the study into whether bitcoin is halal or haram preceded unprecedented price gains for bitcoin, which saw it’s value surge by more than $1,000 in less than an hour.
Australia has begun to see a steady stream of property deals using Islamic financing as the attraction of low-risk tenants and a weak Australian dollar offset concerns about the lack of a welcoming tax environment for such transactions.
National Australia Bank Ltd, one of the most active banks in the sector, this month helped fund a A$160 million ($114 million) Brisbane property purchase, its third Islamic financing transaction since August.
Bahrain's Al Baraka Islamic Bank plans to open a sharia-compliant bank in France next year as the lender seeks to expand into Europe, Chief Executive Adnan Ahmed Yousif said on Sunday.
France has one of the largest Muslim populations in Europe but cultural and legal obstacles have impeded the development of its Islamic finance industry.
Saudi Aramco IPO may more than Quadruple Islamic Finance Industry Size.
Current estimates of the size of the global Islamic finance industry range from $1.66 trillion to $2.1 trillion. Recent announcements from Saudi Aramco may be about to give these numbers a supersized boost with a potential valuation and IPO of up to $10 trillion.
- Islamic Banking Operations
- Regulation and Supervision
- Capital Market Operations
- Securisation and Sukuk
- Takaful - Islamic Insurance
- Video Zone
- Events Agenda 2016
- Education and Training