According to Tan Sri Muhyiddin Yassin, Chairman of the National Recovery Council in Malaysia, the country is on track to realise its full potential as an Islamic economy and finance hub in the Association of Southeast Asian Nations (ASEAN) region and beyond.  Why it Matters?  The Chairman elaborated that there are many opportunities in the Muslim world and Muslim member nations must seek to build competitive advantages. Over the past decade, Malaysia has been a prominent player in the Global Islamic Economy Indicator (GIEI), thanks to its strong Islamic finance ecosyste...

Tengku Datuk Seri Utama Zafrul bin Tengku Abdul Aziz, Malaysia’s Minister of Finance has stated that the Labuan International Business and Financial Centre (Labuan IBFC) can be the platform to increase the country’s digital Islamic finance capabilities. Tengku Zafrul added that in order to achieve this goal, the Government of Malaysia will collaborate with the relevant stakeholders.   Why it Matters? According to Tengku Zafrul, the Government is ready to widen...

Sydney-based Marhaba (MRHB DeFi), has announced a partnership with United Arab Emirates (UAE)-based Masary Capital to bring decentralised finance (DeFi) opportunities to retail and institutional clients in the UAE and outside.  Why it Matters?  MRHB DeFi will be providing an ecosystem of eight unique and Shariah-compliant DeFi products, with Masary Capital's retail platform enabling the distribution of the products through access to crypto payments, investments, services and g...

To promote and encourage Islamic banking in the Philippines, the Bangko Sentral ng Pilipinas (BSP) in the Philippines is working with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). To this effect, Chuchi G Fonacier, Deputy Governor of the Financial Supervision Sector at BSP and Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman at the AAOIFI Board of Trustees, signed a memorandum of understanding (MOU) during a virtual ceremony conduct...

On the 14th of December 2021, the Industrial Technology Development Institute, the Department of Science and Technology (DOST-ITDI) in the Philippines unveiled its Halal-compliant beauty and personal care products. Why it Matters?  According to the DOST-ITDI, the growing Muslim population around the world has raised demand for new and differentiated Halal products and services. Details   Halal-compliant beauty products developed by DOST-ITDI include moisturising lipstick, lip balm, herbal whitening toothpaste,...

Total assets of Islamic banking entities in Oman crossed 15% market share of the country’s entire banking sector as at the end of June 2021. Why it Matters?  A jurisdiction with a 15% market share is considered a "systemically important Islamic banking system" by the International Monetary Fund (IMF) and the Islamic Financial Services Board (IFSB). Details  As per IFSB Stability Report 2021, Oman has become the 15th country in the world to have attained this market share. The Islamic banking sector in Oma...

Fitch Ratings (Fitch) has revised the outlooks on the Long-Term Foreign-Currency (LTFC) Issuer Default Ratings (IDRs) of two Turkish state-owned participation banks, Turkiye Emlak Katilim Bankasi (Emlak Katilim) and Vakif Katilim Bankasi (Vakif Katilim) to Negative from Stable. In addition, the outlooks of Long-Term Local-Currency (LTLC) IDRs have also been revised to Negative from Stable. Furthermore, Fitch has assigned Government Support Ratings (GSRs) of ‘b’ to the banks.  Ratings Rationale ...

Malaysia-based Serba Dinamik Holdings (Serba Dinamik) has had its long-term issuer default rating lowered to restricted default (RD) from C by Fitch Ratings (Fitch). In a statement on the 13th of December 2021, Fitch said that the downgrade came after the 30-day grace period on Serba Dinamik's USD 222 million (approximately MYR 939.3 million) senior unsecured Sukuk due in 2022 lapsed due to non-payment of the coupon. Why it Matters?  The 'RD' rating indicates an issuer that in Fitch's opinion has experienced an uncured p...

According to a United Nations High Commissioner for Refugees (UNHCR) report, the agency’s Refugee Zakat Fund benefited 584,586 people in the first six months of 2021, with total contributions of approximately USD 27.5 million, 70% of which came from Zakat donations. Why it Matters?  The impact of Zakat and Sadaqah donations on refugees and forcibly displaced individuals in 12 countries – Yemen, Syria, Lebanon, Jordan, Iraq, Egypt, Mauritania, Nigeria, Bangladesh, India, Pakistan and Malaysia – was highlighted in the report.  Details&n...

On the 10th of December 2021, the Supervisory Authority of Insurance and Social Welfare (ACAPS) in Morocco granted approval to Wafa Assurance, Moroccan Agricultural Mutual Insurance Company (MAMDA) and AtlantaSanad Assurance to carry out Takaful activities in the country. Why it Matters?  The Takaful subsidiaries of the three insurers are as follows: Wafa Takaful, Attakafulia Assurances and Taaouiniyate Taamine Takafuli. Marocaine Vie and AXA Assurance Maroc are two more...