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 part IPO of up to $10 trillion. »
After opening its first office in Paris, NoorAssur announced it had plans to open around 20 other branches in France in 2016. Launched in 2012, NoorAssur had been offering Shariah-compliant products online. In the UK Gatehouse Bank and Cobalt Underwriting remain busy closing Sharia compliant deals. »
Islamic banks claim that they operate as Mudaribs and manage funds of ‘Sahib-ul Maal’ or depositors. Whereas, in reality, they function just like conventional banks. »
Albaraka Turk has issued a tier 2 Sukuk for the value of USD$250 million. The sukuk has been admitted for listing on the Irish Stock Exchange. The Reg S fixed rate resettable tier 2 sukuk is due 2025 and is backed by the credit of Albaraka Turk as obligor, was issued by Albaraka Sukuk Ltd. »
Dr. Ahmad Mohamed Ali stated that the IDB Group plans to reach 44 million people with improved basic social services, create 1 million jobs, and increase the share of Islamic finance globally, among a wide array of other tangible targets, by 2025, organizational and operational effectiveness within the IDB Group has to be enhanced further. »
The Ivory Coast is to become the latest state to issue a Sovereign Sukuk as it today launched its debut five year 150 billion CFA issuance sukuk priced at a profit rate of 5.75%. »
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. »
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. »
