Malaysia’s Halal Cluster Week, set to display the Halal Malaysia branding, has the potential to provide new market opportunities of up to USD 80 million in potential trade and investment, according to Datuk Seri Norazman Ayob, Deputy Secretary-General (Industry) of the Ministry of International Trade and Industry (MITI). The Halal Cluster Week, held from the 14th – 20th of November 2021, in conjunction with the ongoing World Expo 2020 Dubai in the United Arab Emirates, is hosted by the Halal D...

According to Indonesia's top religious body, the Indonesian Ulema Council (MUI), Bitcoin and other cryptocurrencies (cryptos) are prohibited under Islamic law and should not be exchanged in the country. In Indonesia, fatwas have no legal standing; yet the proclamation may persuade many Muslims to shun cryptocurrency. Why it Matters?  The MUI has likened cryptos to gambling, which is Haram or forbidden under Islamic law. Digital currencies are not tangible assets, and their value is subject to high volatility, so they breach Islami...

Near-term plans for 2022 will cover a review of disclosure and corporate governance frameworks for compatibility with sustainabilityUnclear timing for the next step of taxonomy development ahead of Common Ground Taxonomy releaseTaken together, these responsible finance developments at the policy & regulatory levels signal work – and opportunity – lies ahead for financial institutions The UAE Sustainable Finance Working Group has released its Statement on Sustainable Finance, which expands upon the Guiding Principles on Sustainable Finance issued in 2020...

Malaysia-based Serba Dinamik Holdings (Serba Dinamik) confirmed a 30-day grace period from the due date to make the coupon payment on the USD 300 million Sukuk before triggering any dissolution event. The clarification was made in response to an article published in a local newspaper stating that Serba Dinamik had not made the payment on the due date.   Why it Matters? The coupon payment for the USD-denominated Sukuk was due on the 9th of November 2021. Serba Dinamik has assur...

Bank Islam Malaysia (Bank Islam) issued MYR 300 million (USD 72.2 million) worth of Sukuk as the fourth tranche under its Sukuk Murabahah programme on the 12th of November 2021 with the aim of increasing the capital adequacy of the group. Why it Matters?  A statement issued by Bank Islam said the MYR 300 million (USD 72.2 million) Sukuk with a 10-year tenure would mature on the 12th of November, 2031. Also mentioned was that the Sukuk would be categorised as Tier 2 regulatory capital of Bank Islam&nbs...

Bank ABC Islamic has bounced back with a significant growth of 19.4% in net profit to reach USD 26.7 million during the nine-months of 2021 (9M 2021) compared to the same period in 2020 following the one-time impact of an issue with fraud related impairment.  Why it Matters? Hammad Hassan, Managing Director of Bank ABC Islamic said the overall results of the bank for the nine-month period was satisfactory despite the adverse effects on the top line which was due to a mix of various elements such as lower profit rate environment, reduction i...

At the 2021 Islamic Finance International Conference (IFIC) held in Ghana, a unanimous decision reached was that Islamic finance could be used to address Ghana’s rising public debt. Why it Matters? Prof John Gatsi, Dean of the University of Cape Coast’s School of Business, emphasised the important role of alternative finance systems in expanding the financial inclusion landscape. He reiterated that though Islamic finance could not eradicate public debt completely on its own, it could ...

The Islamic Financial Services Board (IFSB) recently concluded its 15th IFSB Summit, themed “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”. The two-day event which concluded on the 11th of November 2021, was hosted by the Saudi Central Bank in Jeddah, Saudi Arabia.  Why it Matters? Seven panel discussions, held across the two-day event, saw a valuable exchange of views, experiences and expertise on crucial issues facing the Islamic finance industry, developments in digitalisation, as well...

The 15th Islamic Financial Services Board (IFSB) Summit 2021, under the theme ‘Islamic Finance and Digital Transformation: Balancing Innovation and Resilience’, was held from the 9th – 11th November 2021 in Jeddah, Saudi Arabia. Hosted by the Saudi Central Bank, the Summit was attended by representatives of central banks, regulatory authorities and financial institutions from over 18 countries. The event was launched on the 9th of November 2021 with several messages from key industry players, followed by two days of...