Islamic Finance and Economics

Kazakhstan Hosts Meeting on Expansion of Sharia Finance

July 11, 2018

The Government of Kazakhstan hosted an Islamic Economy Forum that convened leading governmental and private sector players in the $2.2 trillion Islamic finance market, aiming to enhance the position of the Central Asian country in the globalization, regulatory standards, and digitization of sharia economics and finance.
Malta Takes Steps to Become EU’s Islamic Finance Hub

June 29, 2018

The Government of Malta has announced the establishment of the Malta Islamic Finance Association (MIFA), a national body that will coordinate the country’s initiative to develop sharia-compliant/compatible regulatory frameworks, financial services, and digital technologies, with the goal of replacing the UK as the EU’s hub for the $2.2 trillion Islamic finance industry.
Firms Lobby UK for Sharia-Oriented Tax Reform

June 22, 2018

A group of more than 20 firms engaged in Islamic finance and banking in the UK are lobbying the British Tax Authority to amend UK laws to create more competitive opportunities for sharia-compliant options in the areas of mortgage refinancing.
IMF Participates in Mainstreaming of Islamic Finance

June 08, 2018

Economic experts suggest that the International Monetary Fund’s (IMF) adoption of Core Principles for Islamic Finance Regulation and Supervision (CPIFR) could be a game-changer for the global mainstreaming of Islamic finance.
IMF Adopts Core Principles to Regulate Islamic Banking

May 30, 2018

The Executive Board of the International Monetary Fund (IMF) has approved the proposal of the Islamic Financial Services Board for Core Principles for Islamic Finance Regulation, intended as a supervisory framework to grow sharia-compliant/compatible banking and finance by attracting "unbanked" populations and to promote global financial stability.
World Summit Features Push for OIC-Russia Trade

May 15, 2018

This year's International Economic Summit Russia-Islamic World, held annually in the Russian city of Kazan, served as the platform for announcing systematic efforts to expand trade and investment between Organisation of Islamic Cooperation (OIC) countries and Russia.
Report Shows Rapid Growth of Islamic Finance in Asia

May 11, 2018

A new report by the Malaysia International Islamic Finance Center and Saudi-based Islamic Corp for the Development of the Private Sector indicates that Asia is the world’s fastest-growing region for Islamic finance, driven by demand for Islamic banking products and by the expansion of sharia finance to non-Muslim-majority countries.
Central Bank Introduces Islamic Banking in Afghanistan

April 24, 2018

The Afghan Central Bank has licensed the Islamic Bank of Afghanistan to apply sharia-compliant/compatible principles of Islamic finance in all its operations as it seeks to facilitate Islamic banking in the country's banking system to attract assets.
Experts Debate Sharia-Compatibility of Cryptocurrencies

April 11, 2018

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, the leading standard-setting entity for the $2-plus trillion global Islamic finance industry, is seeking agreement on the sharia-compliance/compatibility of cryptocurrencies, given recent rulings by clerics condemning Bitcoin and other cryptocurrencies as incompatible with Islamic principles.
Development Banks Support Expansion of Sharia Finance

April 09, 2018

The World Bank and the Saudi-based Islamic Development Bank have issued a joint report recommending policies designed to significantly expand the products and financing vehicles that can achieve a measurable increase in the use of long-term investments in sharia compliant/compatible finance.