The onset of the pandemic has supported a significant shift towards digital banking services, according to Ventje Rahardjo, Executive Director of the National Islamic Finance Committee (KNEKS). Omnichannel services (combining online and offline elements) are also anticipated to contribute towards the development of the Shariah economy.  Why it Matters? Shariah digital banks are expected to serve as models for developing Islamic financial services. Besides accessibility, standardisation of digital bank services is easier to maintain, thus making...

Pakistan’s Islamic banking industry (IBI)’s assets climbed 30.6% year-on-year (YoY) to PKR 4.389 trillion in the first quarter of 2021 (1Q 2021), up from PKR 3.360 trillion a year earlier, according to the latest Islamic Banking Bulletin issued by the State Bank of Pakistan (SBP). Why it Matters?  Despite the obstacles experienced by the sector due to COVID-19, demand for Shariah-compliant finance has been on the rise. The Government of Pakistan’s increased issuan...

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Qatar’s Dukhan Bank has announced its debut issuance of Additional Tier 1 (AT1) Sukuk valued at USD 500 million with a profit rate of 3.95%, according to a statement issued by the bank on the 8th of July 2021. The Sukuk issuance was oversubscribed 4.5 times, with an order book that peaked at USD 2.35 billion.   Why it Matters?  The oversubscription of the Sukuk is indicative of the financial strength and confidence of Dukhan Bank and the Qatari economy among global investors, as well as the robust methodology used by the Qatar Central...

Pakistan’s Meezan Bank has signed a Memorandum of Understanding (MoU) with the National Clearing Company of Pakistan Limited (NCCPL) to develop new Shariah-compliant products for the country’s capital market, according to a statement issued on the 8th of July 2021.  Why it Matters?  Under the MoU, Meezan Bank and NCCPL will work to boost the proportion of Islamic products in Pakistan’s capital market and develop new Shariah-compliant financial instruments. Meezan Bank will provide support in introducing the Murab...

On the 6th of July 2021, Saudi Arabia’s National Debt Management Center (NDMC) closed the SAR 10.412 billion (USD 2.78 billion), July 2021 issuance for the government’s SAR-denominated Sukuk.  Why it Matters?  Recently, Saudi Arabia has seen increased activity in Sukuk markets. According to Khalid Al-Bihlal, Head of S&P Global Ratings (S&P) in Saudi Arabia, an increase in bond issuance is expected to drive capital market growth, with the financing to help fund the SAR 12 trillion V...