Islamic Finance and Economics

Fitch Report Signals Caution for Saudi Islamic Banking

December 02, 2016

A new ratings report on Saudi Arabia just issued by Big Three Credit Rating Agency Fitch paints a cautious picture of the asset quality, profitability, and growth of Saudi Islamic banks, given the expectations that low oil prices will continue to exert downward pressure on the Kingdom's overall economic performance.
Islamic Economy Summit Calls for Sharia Compliance Auditing

October 31, 2016

The Global Islamic Economy Summit, an annual meeting of key players in the almost $2 trillion sharia-compatible finance industry, has called for financial institutions worldwide providing Islamic finance to submit to an independent external audit to ensure strict compliance with and the "integrity of sharia principles."
Kenya Seeks OIC Membership Through Islamic Finance

October 18, 2016

The government of Kenya has signaled the expansion of its country's Islamic finance industry through its launch of an Islamic Finance Project Management Office as part of a roadmap for the country's membership in the 57-member-state Organisation of Islamic Cooperation and toward making Nairobi an Islamic finance capital in Africa.
Sharia Finance Headlines at Global Islamic Economy Summit

October 13, 2016

Participants in the annual Global Islamic Economy Summit, which brings together Organisation of Islamic Cooperation member states with representatives of regional and international financial institutions, emphasized the importance of expanding Islamic finance to achieve Sustainable Development Goals in OIC member states and to globalize "an Islamic economy."
UN Promotes Use of Sharia Finance to Fulfill SDGs

October 12, 2016

Following up their establishment of a Global Islamic Finance and Impact Investing Platform for the fulfillment of the UN Sustainable Development Goals, the UN Development Programme and the Islamic Development Bank recently held a joint event at which they explored opportunities for using "Islamic finance instruments" to contribute resources for the fulfillment of the SDGs.
OIC Private Bank Strategy Promotes Sharia Finance Growth in Asia

October 11, 2016

The Organisation of Islamic Cooperation is positioning its Islamic Corporation for the Development of the Private Sector to develop strategic collaborations with private sector banks in order to expand sharia financial services and banking products in OIC-member-state markets in Asia.
Malaysia, OIC Prepare World's First Islamic Venture Capital Fund

September 19, 2016

As part of the Organisation of Islamic Cooperation's efforts to expand the global footprint of sharia economics, the OIC's Islamic Development Bank and Malaysia, a leading player in the rapidly growing global Islamic financial market, are preparing the world's first Islamic venture capital fund, estimated at $100 million.
World Bank Promotes Islamic Finance Project in Turkey

September 14, 2016

The World Bank has published a story touting its contributions to Turkey's "Innovative Access to Finance Project," which uses a finance model that corresponds with Islamic law to provide funding to small and medium enterprises in the country.
Sharia Investors Target Sub-Saharan Africa

August 24, 2016

Major sharia finance investors from the Mideast and South Asia are implementing target strategies for sub-Saharan Africa, a region whose economic growth forecasts, development needs, and sizable Muslim demography are viewed as ripe for the competitive expansion of Islamic finance.
Southeast Asia Seeks Lead on Global Sharia Finance

August 08, 2016

Malaysia and Indonesia took the lead at the World Islamic Economic Forum toward establishing Southeast Asia as the center of global sharia financial capital markets by announcing the formation of a World Sharia Stock Market Centre.