Brazil is increasingly paying attention to the needs of Muslim tourists visiting the country and Halal tourism. Earlier in December 2021, Embratur, also known as the Brazilian Tourist Board, took part in the 1st edition of the Global Halal Brazil Business Forum, hosted by the Arab-Brazilian Chamber of Commerce and the Federation of Muslim Associations of Brazil (Fambras Halal). Why it Matters? According to Claudine Bichara, Revenue Generation Manager at Embratur, who attended discussion...

The Organisation of Islamic Cooperation (OIC) countries have pledged to establish a humanitarian trust fund for Afghanistan to aid the country, as Afghans face hunger and a harsh winter.  Why it Matters? Imran Khan, Prime Minister of Pakistan, speaking at the 17th extraordinary session of the OIC Council of Foreign Ministers (CFM) held on the 19th of December 2021 in Islamabad, Pakistan, warned that should immediate action not be taken, Afghanistan will head towards a crisis. The participants of...

With institutional and general investors purchasing Sukuk valued at BDT 24.3 billion (USD 291.6 million) through the private offer as well an initial public offer (IPO), Bangladesh-based Bangladesh Export Import Company (BEXIMCO)’s Sukuk subscription was completed as at the 15th of December 2021.  Why it Matters? In July, the Bangladesh Securities and Exchange Commission (BSEC) granted approval for the issuing of the BDT 30 billion (USD 360 million) Shariah-compliant green Sukuk, specifying that BDT...

The Islamic Development Bank (IsDB) approved a loan of USD 180 million for the Mohmand Dam and Hydropower Project in Khyber Pakhtunkhwa, Pakistan. China Gezhouba Group Corporation (CGGC) is the project's lead partner in the joint venture. Why it Matters?  The project, which is slated to create 800 MW of power, is estimated to generate 2,862 GW of energy yearly and will bring 16,737 acres of land under cultivation. According to IsDB the project enhances energy generation and provide sustainable water r...

According to Fitch Ratings (Fitch), the Islamic banking sector in the Gulf region will see more mergers and acquisitions (M&A).  Why it Matters?  Fitch anticipates more M&A in 2022, as many Islamic banks have weak franchises with limited competitive advantages, particularly in pricing, cost of funding, and expansion opportunities. Adding that asset quality, profitability and, potentially, capital pressures on these banks could lead to more tie-ups. Its outlook for Gulf Cooperation Council (GCC) Islamic banks in 2022 is neutral, owing to a m...

The Central Bank of the United Arab Emirates (CBUAE) and the Islamic Financial Services Board (IFSB) have emphasised the Islamic financial industry's critical role in global economic recovery and the need to build a system that is prudent, resilient, sustainable and transparent. Why it Matters?  Owing to its pure principles and ethical investment aspects that adhere to global investors' environmental, social and corporate governance (ESG) goals, the regulators called for an inclusive approach, stressing the potentially significant...

Nigeria is offering NGN 250 billion (USD 604 million) worth of Sukuk Al Ijarah from the 16th to 22nd of December 2021 as per a circular issued by the Debt Management Office (DMO) of Nigeria, which is the government agency undertaking the exercise.  Why it Matters? In September 2017, the Sukuk issuance programme was initiated by the DMO to support and fund the development of infrastructure, promote financial inclusion as well as strengthen the domestic securities market. The l...

Serba Dinamik Holdings (Serba Dinamik) has confirmed that it has defaulted on a Sukuk worth USD 222.2 million (MYR 939.8 million), saying that the occurrence could have a substantial impact on the group's financial performance. Why it Matters?  The default also implies that Sukuk holders have the right to demand the immediate payment of 25% of the outstanding amount of the Islamic bond, which was due to mature in May 2022. The group elaborated that the default "will give rise to several other potential events of default of the indebtedness unde...

Kuwait-based Islamic bank, Boubyan Bank, has signed an agreement with Dubai International Financial Centre (DIFC) FinTech Hive inaugurating the “Boubyan Bank Accelerator Program”. Why it Matters? The aim of the programme is to promote the growth and expansion of Kuwaiti startups, emphasising Boubyan Banks’s interest to encourage projects by young Kuwaitis. At the signing of the agreement, Abdullah AlTuwaijri, Chief Executive Officer (CEO) - Private, Consumer & Digital Banking of Boubyan Bank said the bank’...

Nihad Biganovic, Sales Manager of Mersi Doo, a travel agency in Bosnia and Herzegovina’s Sarajevo, has said that the lack of tourism infrastructure, such as hotels, is the most significant impediment to tourism in Bosnia. Biganovic also said that the Halal tourism industry needs more investment and infrastructure.  Why it Matters?  In response to a query on Bosnia's tourism industry, Biganovic noted that the number of visitors is increasing. In recent years, there has been a substantial increase in the number of Muslim touri...