Islamic Finance and Economics

Islamic Finance Continues to Make Inroads in West Africa

February 14, 2018

The use of sharia-compliant/compatible finance mechanisms for economic development and infrastructure continues to expand in West Africa, as the government of Mali uses Islamic bond offerings from and management by Saudi Arabia's Islamic Corporation for the Development of the Private Sector to raise capital for affordable housing in Mali.
New Regulations Aim to Standardize Islamic Finance

January 30, 2018

The Malaysia-based Islamic Financial Services Board has announced plans to develop improved standards for regulating sharia-compliant/compatible finance on a range of issues from bankruptcy and insolvency, especially given the increased risk associated with the rapid expansion of new markets for Islamic finance in Africa.
Islamic Finance Leaders Debate Cryptocurrencies

January 19, 2018

A fatwa from Egypt’s highest-ranking Islamic cleric, the Grand Mufti of al-Azhar University, forbidding trade in cryptocurrencies as incompatible with Islamic teachings has intensified debates among leading Islamic finance states that support the use of cryptocurrencies as part of an effort to digitize and globalize sharia compatible/compliant finance.
Summit Portends Push to Islamicize African Economy

January 17, 2018

Islamic finance and business experts anticipate that this year's East Africa Islamic Economy Summit in Kenya will launch an expanded effort to make the region the leader in the Islamic digital economy and to center sharia compliant/compatible finance instruments as the main vehicles for the Continent's economic development and wealth generation.
Afreximbank, OIC Expand Islamic Finance Footprint in Africa

January 16, 2018

The African Export-Import Bank (Afreximbank) has raised an estimated $260 million in sharia-compliant funding to support trade and small-business growth in Africa, with funding coming from affiliate institutions of the Saudi-based Organisation of Islamic Cooperation (OIC).
Pakistani Educator Calls for Sharia Principles in Development

December 14, 2017

The president of Pakistan's International Islamic University Islamabad called on "the Muslim world" to incorporate sharia principles into socioeconomic development and investment strategies, emphasizing that the "value orientation" of Islamic principles are critical for achieving economic sustainability and financial literacy.
Banking Conference Heralds Global Footprint of Islamic Finance

December 14, 2017

The recently concluded World Islamic Banking Conference held in Bahrain has released its 2017 annual report commissioned by the Organisation of Islamic Cooperation’s private sector development institution, emphasizing the broadening and deepening of the global footprint of sharia-compliant/compatible finances and products estimated at $2.2 trillion at year-end 2017.
Dubai Hosts Islamic Lifestyle Bootcamp

November 28, 2017

The Dubai Silicon Oasis Authority and the Dubai Islamic Economy Development Centre hosted an "Islamic lifestyle bootcamp" designed to support entrepreneurs and start-ups in accelerating the global integration and growth of Islamic lifestyle sectors such as fashion, tourism, and halal food through promotion and marketing of sharia-based values.
UK Court Rules on Dana Gas Sharia Bonds

November 20, 2017

In a widely watched case in the global Islamic finance industry, the UK High Court determined that UAE energy giant Dana Gas must repay $700 million of Islamic bonds to creditors, setting a legal precedent in rejecting the Dana Gas claims that new interpretations of sharia law trumped repayment obligations on the outstanding debt.
Maltese Finance Authorities Continue Islamic Finance Push

November 15, 2017

The Malta Financial Services Authority is preparing an Islamic sovereign bond offering as part of the government’s plan to bolster the Mediterranean state’s position as an EU hub for the $2.7 billion sharia finance industry.