The Government of Indonesia has raised IDR 12.5 trillion from its biweekly auction of State Shariah Securities (SBSN), also known as State Sukuk, held on the 29th of June 2021, according to a statement issued by the Directorate General of Budget Financing and Risk Management (DJPPR), Ministry of Finance. The amount raised exceeded the indicative target of IDR 11 trillion, and was higher than that awarded from the previous auction, which amounted to IDR 10 trillion. Total incoming bids amounted to IDR 48.685 trillion, which was higher than that received from the pr...

Bank Islam Malaysia (Bank Islam) and the Halal Development Corporation (HDC) have launched the GO Halal SME Financing Programme, with an initial funding portfolio of MYR 100 million to support the development of Malaysia’s Halal ecosystem and industry.  Why it Matters?  The facility, also known as the GO Halal Fund, will assist small and medium enterprises (SMEs) in a more organised and structured manner by focusing on capacity building, and will help strengthen SME businesses amid the COVID-19 pandemic,&...

Malaysia has announced an MYR 150 billion plan to help its people get through the latest nationwide lockdown that has been extended for a second time owing to the fact that COVID-19 infection figures remain high. The lockdown, which was scheduled to end on the 28th of June 2021, has been extended until the daily new COVID-19 cases drop below 4,000, the Government of Malaysia meets its inoculation target (10% of the population vaccinated) and the usage of ICU beds moderates.  Why it M...

The International Islamic Food Processing Association (IFPA) and Invest Kazakhstan (Kazakh Invest) have signed a Memorandum of Understanding (MoU) to promote agri-food projects with investments that relate to the use of Islamic finance, as well as investments in the wider market of Kazakhstan. Why it Matters?  Kazakh Invest and the IFPA share the goal of fostering commercial contacts and strategic alliances in the wider food supply chain as well as the expansion of export markets. This MoU paves the way for the parties to work together in the future ...

The seventh African Islamic Banking and Finance Summit is to be held in Dar es-Salaam Tanzania on the 8th of July 2021, according to a media report. The Summit is being organised by the AlHuda Centre of Islamic Banking and Economics (CIBE). Why it Matters?  Chief Executive Officer of AlHuda CIBE, M Zubair Mughal, observed that Islamic banking and finance is the most favourable approach to transforming the lives of those who live in poverty. The Summit's main goals include recognising significant developments in Islamic financial infrastructure, estab...

Speaking at the JC3 Flagship Conference 2021,  Chairman of Bursa Malaysia Securities, Tan Sri Abdul Wahid Omar, announced the launch of Bursa Malaysia Securities’ FTSE4Good Bursa Malaysia Shariah Index in July 2021. This is a Shariah-compliant version of the FTSE4Good Bursa Malaysia Index. Why it Matters?  Bursa Malaysia Securities’ has introduced this Index as part of its collaborative efforts with financial institutions to provide sustainable financing options to public-listed companies (PLCs) that have expresse...

Nigeria’s Non-Interest (Islamic) Capital Market (NICM) is expected to receive substantial investment from the country’s pension industry, according to Lamido Yuguda, Director General of the Securities and Exchange Commission (SEC), Nigeria. Why it Matters? The investment from the pension industry will lead to more issuances of NICM products by corporates, as well as other categories of issuers. Yuguda added that the current levels of activity in Nigeria’s NICM is clear evidence of the overwhelming acceptance of products offered in the market by the investin...

United Arab Emirates’ (UAE) property developer, Emaar Properties, is planning to issue a new benchmark USD-denominated Sukuk amid improving real estate sentiment in Dubai, following a global investor call and a series of meetings with fixed income investors, according to a statement issued by the company to the Dubai Financial Market dated 28th of June 2021. Why it Matters? The benchmark USD Regulation S Senior Unsecured Sukuk, which would come under Emaar Properties’ USD 2 billion Trust Certificate Issuance Programme, is expected to...

Following its comprehensive review by the Shariyah Review Bureau, United Arab Emirates (UAE)-based money service business, Jingle Pay, is now Shariah-compliant certified. Jingle Pay commissioned the Shariyah Review Bureau to conduct a thorough review of its Islamic products and services in order to ensure that they are fully compliant with Shariah principles. Why it Matters?  This certification provides Jingle Pay the opportunity to focus on its mission of financial inclusion across the region an...

The branding of religious financial institutions in the UK: Conversations with market actors within the Islamic financial sectorHalal, Haram, Islam, Islamic banking, Riba, Shariah, Participation, Provision