The law has 25 articles that define the concepts and financing formulas, deposits, investment accounts, Takaful insurance, investments and other transactions
S&P Global Ratings expects stronger economic growth in core Islamic finance countries and will boost industry assets about 10 per cent during 2022–2023
Participating universities will be announced over the coming months
The Islamic banking sector grew 14 per cent in 2019, equating to $1.99 trillion in global assets
Bank ABC, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, and HSBC, among others acted as joint lead managers and bookrunners for the transaction
With Muslim consumers across the world seeking out faith-based products and services, the Islamic economy is seeing robust growth among all its different verticals
The AAA-rated sustainability sukuk is the first Covid-19 related sukuk in the global capital markets
The sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 per cent per annum
Wahed Invest got the financing from Saudi Aramco Entrepreneurship Ventures unit as part of a $25m funding round
The nine-member external advisory group includes industry bodies such as the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.
Aiming for growth in new territories and demographic groups, Islamic banks look to drop the “Islamic” from their moniker.
A Malaysia-based association of Islamic scholars is planning to develop a global code of ethics to improve standards in the industry.
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