The International Islamic Trade Finance Corporation (ITFC) has signed a Memorandum of Understanding (MoU) with the Kingdom of Morocco to work on various trade initiatives between ITFC and the Kingdom. »

A report produced by Deloitte highlights Islamic capital market developments in Europe. Analysis and discussion are formed around building case study scenarios for four potential European countries. The report also includes perspectives of prominent industry thought leaders and practitioners who shared their insightful views on the discussed issues. »

Authored by Dmitry Savelyev, the Duma Committee Deputy Chairman on Financial Markets, the bill seeks to separate and recognise sale and lease arrangements. Current legislation whilst not prohibiting two agreements (lease and sale) does not recognize these transactions as a leasing therefore "accelerated depreciation" (provided by the Tax Code) is not applicable to such products and as a result doe... »

Takaful is an important growing sector in the Islamic finance industry, with continuous positive growth momentum in key markets and estimations of continued double-digit growth globally. While the GCC and ASEAN are expected to continue to lead the global takaful markets with their substantial growth, emerging markets within Europe and Africa are also showing significant growth potential. »

Mauritania’s efforts to modernize and improve the stability of the banking system have increased financial intermediation and the number of foreign banks. The government is also taking steps to expand Islamic finance. »

A notable feature of the Malaysian financial sector is the dual system of conventional and Islamic finance. This system was established pursuant to a strategy that had the objective of promoting an inclusive financial system and of strengthening linkages between the financial system and the real economy. »

Sukuk issuances in October 2015 stood at USD2.6bn, increasing from USD0.5mn registered in the earlier year during the same period. For YTD October 2015 sukuk issuance by value declined 22%y-o-y to USD16.2bn, mainly driven by a sharp decline in sovereign issuances (-21% y-o-y, worthUSD4.8bn) and quasi-sovereign (-82%y-o-y,USD1.0bn). »

The report summarises global trends in Islamic finance with a particular focus on the development of the UK market. »

Kuveyt Türk, the Turkish participation bank has issued a Turkish Lira denominated Sukuk for TL150m. The 90 days issuance with a maturity of 90 days received demand of around TL200 million from a book building exercise which stated on September 15 to qualified investors. »

Addressing the opening ceremony, the IDB Group President, Dr. Ahmad Mohamed Ali extended appreciation to the Turkish Presidency for having included on G20’s agenda the development of SMEs via Islamic finance. He further highlighted the significance being placed by policy makers across the globe on the pivotal role of SMEs through Islamic finance in enhancing economic growth and alleviating poverty... »