In a statement released to Bursa Malaysia on the 10th of December 2020, BIMB Holdings (BIMB) stated that it will now proceed with its group restructuring plan, following approval from the Finance Minister  Datuk Seri Tengku Zafrul Abdul Aziz and Bank Negara Malaysia.  According to the statement, the proposed restructuring plan, which includes an internal reorganisation, along with distribution and repayment of capital, will allow for the transfer of BIMB’s listing status to its subsidiary Bank Islam Malaysia Berhad (Bank Islam).  ...

The United Nations Development Programme (UNDP) has stated that the key to Indonesia achieving its greenhouse gas emission targets is to take advantage of financing available in the market, including green Sukuk, according to local media reports.  According to Norimasa Shimomura, Head of Representative for the UNDP for Indonesia, who was speaking at a virtual discussion on the 11th of December 2020, the Government of Indonesia was targeting to reduce its greenhouse gas emissions by 29% on its own, and by 41% through international support by 2030, in accordance w...

Advisor for the Digital Financial Innovation Group, Financial Services Authority (OJK), Maskum has identified three key factors that influence the Islamic financial industry in Indonesia, as reported by local media.  According to Maskum, who was speaking at the Indonesia Islamic Festival (IIFEST) webinar series on the 11th of December 2020, the first factor that influences the Islamic financial industry is Islamic values in Shariah-based financial services. Citing an example of the goodwill of both parties, Maskum noted that there was a se...

Qatar’s 2021 Budget has allocated a significant amount of funding towards development projects in different sectors of the economy, such as infrastructure for utilities, education, healthcare, and transport, according to local media. These include existing projects as well as completely new projects.  Based on this, Qatar’s Planning and Statistics Authority expects the country’s economy to recover from the impact of COVID-19 with an estimated gross domestic product (GDP) growth of 2.2% for 2021. In October 2020, the Internat...

The United Arab Emirates (UAE)’s Minister of Economy, Abdulla bin Touq Al Marri, noted that the total value of initiatives and COVID-19-related economic support packages provided by local and federal governments in the UAE since the onset of the pandemic has exceeded AED 388 billion. According to the Minister, these efforts have contributed towards the increase of momentum in commercial activity, business continuity, and has accelerated the pace of recovery of critical sectors of the economy.  Al Marri noted that the government aims to remain on...

Innovations of Islamic Personal Financing Mechanisms in MalaysiaFiqh, Hibah, Islam, Islamic banking, Rahn, Riba, Shariah, Shariah compliant, Tawarruq, Mark-Up, Sales

Trust and Customer Value as a Strategic Business on Islamic BankingIslamic banking, Shariah

Pemeringkat Efek Indonesia (Pefindo) has affirmed the ‘idAAA’ rating of Indosat with a Stable Outlook, as well as several debt securities issued by the company.  According to an official statement, Pefindo affirmed the ‘idAAA(sy)’ ratings of Indosat’s Shelf Registration Sukuk Ijarah III Year for 2018-2020, Shelf Registration Sukuk Ijarah II Year for 2017-2019, and Shelf Registration Sukuk Ijarah I Year for 2014-2016.  In addition, the rating company affirmed the ‘idAAA’ rating for She...

The Monetary Authority of Brunei Darussalam (Autoriti Monetari Brunei Darussalam; AMBD), which manages and administers the Government of Brunei Darussalam’s Sukuk Al-Ijarah issuances, has successfully announced the pricing of its 188th issuance of short-term Sukuk Al-Ijarah securities amounting to BND 10 million, according to a recent statement.   The 188th Sukuk issuance was made on the 3rd of December 2020 and is set to mature on the 2nd of December 2021 with a 364-day tenure, at a rental rate of 0.0625%, according to the AMBD statement. ...

The 2020 Islamic Finance Development Report issued by the Islamic Corporation for the Development of the Private Sector (ICD), together with Refinitiv, stated that Islamic finance assets globally increased 14% year-on-year (YoY) to reach USD 2.88 trillion in 2019. Globally, Islamic finance assets are forecast to reach USD 3.69 trillion by 2024, according to the report. Analysed by sub-segment, the Islamic banking segment of the global Islamic finance assets industry contributed USD 1...