The Nigerian Debt Management Office (DMO) announced in a statement that it has listed its third sovereign Sukuk amounting to NGN 162.557 billion on the Nigerian Stock Exchange (NSE) and the FMDQ Securities Exchange (FMDQ). This Sukuk was issued in June 2020, the proceeds of which were used to finance 44 economic road projects across the 6 geopolitical zones of Nigeria. It has a seven-year tenure at 11.2% with maturity in 2027. Why it matters?  With this listing, those who invested in the 2020 Sukuk issuance can now trade, with new investors ...

According to the Global Islamic Fintech Report 2021, Islamic fintech transaction volumes for 2020 within the Organisation of Islamic Cooperation (OIC) countries amounted to an estimated USD 49 billion. Saudi Arabia, Iran, the UAE, Malaysia and Indonesia saw the largest volumes. Meanwhile, the GIFT Index of 64 countries ranked Malaysia, Saudi Arabia, the UAE, Indonesia and the UK as the 5 strongest ecosystems. The GIFT Index is a composite index covering 32 indicators across 5 categories: the Islamic fintech market and ecosystem, talent, regulation, infrastructure and capita...

Balance of Payments Constrained Growth in Pakistan - Implications for Development PolicyReserves

Response of Deposits to Fixation of Minimum Rate of Return: Evidence from Pakistan’s Banking System

Do Workers’ Remittances Promote Economic Growth in Pakistan?Participation

Multiple Directorships of Shariah Committees in Islamic Banks: Do Internal Audit and Financial Performance Matter?Islam, Islamic banking, ShariahIslam, Islamic banking, Shariah

John Roger Winfield has been appointed as the new Chairman of Al Rajhi Banking and Investment Corp (Al Rajhi Bank Malaysia or the Bank), following the placement of Arsalaan (Oz) Ahmed as the new Chief Executive Officer (CEO) of the Bank on the 15th of February, 2021. Two other Board members, Zulkiflee Hashim and Abdulrahman A. Al Fadda, have also been appointed, according to a statement issued on the 17th of March 2021.Why it matters? Al Rajhi Bank Malaysia aims to capitalise on the diversity in leadership and experience (both local and international) brought in by thes...

Saudi Arabian mall operator Arabian Centres (the company), is planning a Sukuk issuance of USD 500 million, according to media reports. The proceeds of this planned issuance are to be used to refinance outstanding debt and to support Arabian Centres’ expansion plans. In 2019, the company went public, with an SAR 2.8 billion initial public offering (IPO),  making its debut in the international Sukuk market the same year with a USD 500 million issuance.  Why it matters?  This would be the first Saudi A...

The International Islamic Liquidity Management Corporation (IILM) announced its successful completion of the auction pertaining to the reissuance of an aggregate of USD 1.40 billion in short-term Sukuk. The transaction includes USD 400 million carrying a 1-month tenure at a profit rate of 0.35%, USD 500 million with a 3-month tenure and a profit rate of 0.33%, as well as USD 500 million with a 6-month tenure at 0.40% profit. Why it matters?  According to Dr...

As the RFI Foundation’s report focused on, there is an important need to consider both the direct and indirect risks from the low-carbon transitionSome sectors are directly exposed to fossil shock, but several other productive activities are mainly affected by indirect effectsTaking a step back and re-evaluating the strategy may be a crucial step for financial institutions to take as the world’s transition accelerates after the breakthrough of awareness in 2020 A key insight from the RFI Foundation’s recent research into the embedded climate-related fi...