First Abu Dhabi Bank (FAB) has signed a definitive agreement to purchase 100% of the share capital holdings of Bank Audi’s Egyptian subsidiary; Bank Audi Egypt (BAE). The transaction is said to be finalised within the next few months; time taken is subject to customary conditions and regulatory approvals by the United Arab Emirates and Egypt. BAE reported USD 5.3 billion of total assets as of September 2020, with shareholders’ equity of BAE amounting to USD 479 million.  ...

The Central Bank of Bahrain (CBB) has issued a ‘Crypto Asset Services Company License – Category 2‘ to the cryptocurrency exchange, CoinMENA. CoinMENA is a Sharia-compliant exchange, certified by the Shariyah Review Bureau and met all requirements of the CBB to obtain the licence. The platform will facilitate the trade, deposit and withdrawal of digital assets in the users’ local currency.  CoinMENA is expected to be launched soon and begin operations within Bahrain. Post-launch, Coin...

According to the Malaysian Industrial Development Finance Berhad (MIDF) research, Malaysia’s Consumer Price Index (CPI) dropped 1.2% year-on-year (YoY) in 2020. This fall in CPI has not been observed for decades and was caused by the COVID-19 pandemic.   MIDF stated that deflation in CPI was last recorded in 1965 with a tepid fall of 0.1% YoY. MIDF added that the economic effects of the pandemic, coupled with sluggish oil prices in 2020 caused suppression in demand, enforced Movement Control Order (MCO), wh...

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has signed a deal with Uzbekistan-based Private Joint Stock Commercial Bank (PJSCB) – Orient Finans, by way of a USD 10 million worth Line of Trade Finance Agreement. Eng. Hani Salem Sonbol, ITFC Chief Executive Officer, expressed that the Trade Finance Facility for Orient Finans allows the ITFC to enhance its support to Uzbekistan given the negative impacts the country faces from the COVID-19 pandemic. Sonbol added that the positive economic...

The Government of Pakistan has decided to place 750 acres of the F-9 Park Islamabad as a guarantee for the Islamic-denominated Ijarah Sukuk at domestic and international markets, expected to raise USD 500 million to USD 1 billion. The funds will help build up reserves and provide budgetary support.  The details will be placed before the federal cabinet chaired by Prime Minister Imran Khan on the 26th of January 2021. This will be the first time that the current Pakistan Tehreek-e-Insaf (PTI) Government will launch international Sukuk instruments. The Finance Min...

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Research has found that French institutional investors have reduced their exposure to fossil fuel investments in response to climate and ESG disclosure requirements Although the regulation was domestic, it has had a global impact on non-euro investments, and those subject to more activist engagement have seen the greatest divestmentNew sustainable finance disclosures – and the trend towards more ESG and climate-related disclosure – will increase the significance of responsible finance for financial institutions around the world Climate disclosures are becoming more co...