Iranian insurer, Dana Insurance, has announced that it is planning to launch limited Takaful services for the country’s Sunni population, according to local media reports dated 6th of December 2021. The announcement comes shortly after Dr Ehsan Khandouzi, Minister of Economic Affairs and Finance of Iran, stated that insurers in Iran should respond to a demand for Takaful in the country’s domestic market.  Why it Matters?  According to Ebrahim Kardgar, Chief Executive Of...

According to Flavio Bettarello, Deputy Trade Secretary at the Ministry of Agriculture in Brazil, the country, the world's largest supplier of foodstuffs including coffee and soybeans, is eager to increase farm product exports to Islamic countries. Why it Matters?  According to government data compiled by the Brazilian Beef Exporters Association (ABIEC) and the Brazilian Association of Animal Protein (ABPA), Brazil's Halal beef and chicken exports totalled USD 4.7 billion last year. As such the country is...

Khalid Jawed Khan, Attorney General of Pakistan, told the Federal Shariat Court (FSC) that the Government and parliament are completely committed to ensuring that all legislations are consistent with and brought in compliance with Islamic injunctions as detailed in the Holy Quran and Sunnah. Why it Matters? According to Khan, legislative and executive measures have enabled a strong interest-free banking sector in Pakistan, effectively providing services to its citizens. As of December 2020,...

Malaysia-based investment holding company Yinson Holdings (Yinson) will start issuing MYR 1 billion (USD 236.5 million) worth of Islamic medium-term notes (IMTN) with a five-year tenure on the 7th of December 2021, according to the Bond and Sukuk Information Exchange (BIX). The IMTN will pay an annual profit rate of 5.55% under the company’s Wakalah Sukuk scheme.  Why it Matters?  According to BIX, Yinson’s MYR 1 billion (USD 236.5 million) IMTN is set to mature on...

Malaysia-based Takaful Ikhlas Family and Takaful Ikhlas General (Takaful IKHLAS), which are wholly-owned subsidiaries of MNRB Holdings, have submitted business Zakat payments for the financial year ended 31st of March 2021 (FY 2021) amounting to MYR 446,835.00 (USD 105,659.80). The Zakat payments were made out to the Zakat Collection Center of the Federal Territory Islamic Religious Council (PPZ-MAIWP) in Kuala Lumpur recently, according to a statement issued by Takaful IKHLAS on the 4th of Dece...

Ma'ruf Amin, Vice President of Indonesia, has said that as part of the current development of digital technology, the phenomenon of digitalisation offers excellent potential to accelerate the growth of Shariah economics and finance in the country. Why it Matters?  According to Amin, Indonesia's economic and Islamic finance ecosystem would be impacted by the digitalisation process, which is currently accelerating. As a result, Amin asked the Indonesian Shariah Supervisory Board (DPS) and other stakeholders in the Islamic...

Dr Osaid Kilani, Global Head of Internal Shariah Control at Abu Dhabi Islamic Bank, has said that there are two key factors posing challenges to the status of today’s banks: digital disruption and changing consumer behaviours. Why it Matters?  According to Dr Kilani, digital disruption has fast-tracked the transition to digital financial services, while changing consumer behaviours relates to ethics – consumers wanting to know that their money is not damaging the natural world or its communitie...

Adnan Zaylani Mohamad Zahid, Assistant Governor of Bank Negara Malaysia, speaking at the IFN Asia Forum 2021 said the Islamic finance industry should support climate change actions and sustainability programmes facilitating trade and investment whilst exploring Asia’s fast-changing consumer landscape as there is significant growth potential for the sector. Why it Matters? Adnan Zaylani stressed on three areas. Firstly, with private capital showing an increased interest in the region, resulting i...

Bank Islam Brunei Darussalam (BIBD) Securities held an online preview for the inauguration of the new Shariah-compliant environmental, social and corporate governance (ESG) fund, announcing its public launch to be on the 6th of December 2021. The fund is aimed at attracting investors supporting products which promote sustainable economic growth. Why it Matters? Haji Muhammad Yazid bin Dato Paduka Haji Mahadi, Managing Director of BIBD Securities said they intend to promote ESG as well as encourage socially resp...

The United Kingdom’s (UK) central bank, Bank of England (BoE) has opened the Alternative Liquidity Facility (ALF) on the 2nd of December 2021, which has taken deposits from participating UK-based Islamic banks for the first time. The ALF is a non-interest-based deposit facility designed to provide banks that cannot pay or receive interest with a similar ability as conventional banks to place funds at the BoE.   Why it Matters?  According to Rhys Phillips, Head of Sterling Markets, BoE, the ALF will help the UK Islamic financ...