The Governor of Bank Indonesia (BI), Perry Warjiyo, has listed four main conditions for the globalisation of Indonesia’s Halal value chain.  Why it Matters? These conditions can make Indonesia not just a consumer, but also a central location for global Halal goods producers. The Halal economic chain’s development can be competitive and productive, as well as assist not only national economic growth but also people’s economic empowerment.  Details   The first requirement is to accelerate H...

Malaysia has reinforced its long-term positioning as a regional hub for green and sustainable finance, boosting the issuance of sustainability bonds by the Association of Southeast Asian Nations (ASEAN). According to the ASEAN Sustainable Finance State of the Market 2020 report (a collaboration between HSBC and the Climate Bonds Initiative), the Malaysian sustainability bond and Sukuk market is currently valued at USD 2.6 billion. Why it Matters? Malaysia is targeting to become an international centre for...

Fitch Ratings (Fitch) has affirmed Al Rajhi Banking and Investment Corporation’s (Al Rajhi Bank) Long-Term Issuer Default Rating (IDR) of A-, while revising the bank’s Outlook to Stable from Negative. In addition, Fitch has assigned Al Rajhi Bank a National Long-Term Rating of ‘AA+(sau)’ with a Stable Outlook. Ratings Rationale  The revision of the IDR’s Outlook to Stable reflects Fitch’s view that constraints on the operating environment, due to the COVID-19 pandemic and lower oil prices, have...

In order to meet the global banking system’s Basel III requirements, non-interest banks in Nigeria need more instruments to boost liquidity, Banking and Finance expert, Abdulwaheed Shitta, has said. According to Shitta, the Basel III Accord was introduced to address the global financial crisis of 2007-2008 and strengthen the banking sector across the globe. It emphasises capital and liquidity management of banks, as well as other segments in the financial market.  Why it Matters? Given that the non-interest ba...

Following Cabinet approval in November 2020 and Senate approval in May 2021, Egypt's Sukuk bill received  approval from Egypt’s House of Representatives on the 6th of June 2021. Meanwhile, Egypt’s Minister of Finance, Mohamed Maait has stated that the funds from the planned Sukuk sales would partly be used to finance the country’s budget deficit. Although the Government of Egypt is optimistic about increasing its development spending, the country’s economists are openly concerned about rising debt levels. Why it Matter...

On the 18th of June 2021, the Securities and Exchange commission of Pakistan (SECP) issued guidelines for the country’s corporate sector to raise funds from capital markets to finance or refinance projects that make a favourable contribution to the environment. According to the guidelines, all issuers eligible to issue debt securities (including Sukuk) via public offering or private placement (under the Companies Act, 2017 and with the Public Offering Regulations, 2017 and Private Placement of Securities Rules, 2017), and th...

Corporate social responsibility disclosure and profitability: Evidence from Islamic banks working in Yemen

Impact of Coronavirus Pandemic on Financial Market Stability in AfricaSukuk

Compliance and Determinants of the AAOIFI Financial Standards: Evidence From the MENA RegionIslam, Islamic banking, Shariah, Zakat

The National Mortgage Corporation of Malaysia, also known as Cagamas, has announced the issuance of MYR 200 million five-year Islamic Medium-Term Notes (IMTN), according to a company statement released on the 15th of June 2021.  Why it Matters?  Proceeds from the IMTN issuance will be used for Cagamas’ working capital purposes. According to Datuk Chung Chee Leong, Cagamas President and Chief Executive Officer, the company is pleased with the successful pricing of the issuance amid stricter measures implemented in M...