Malaysian peer-to-peer (P2P) financing platform, microLEAP, which provides Islamic and conventional financing, will be collaborating with Bank Pembangunan Malaysia Berhad (BPMB) to fund Malaysia Digital Economy Corporation’s (MDEC) Digital Agtech Programme. According to a recent microLEAP statement, MYR 10 million (USD 2.4 million) in Shariah-compliant microfinancing has been allocated for Malaysia’s agriculture community.  Why it Matters?  Microfinancing will enable farmers to b...

The Accounting Board (AAB) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has approved the issuance of the exposure draft on the Financial Accounting Standard (FAS) on Interim Financial Reporting and is inviting the public to provide industry feedback before the 30th of November 2021.  Why it Matters? The AAB concluded that guidance is required for interim financial reports, to manage timeliness, cost considerations and avoid repetition of previously reported information, as the primar...

Rania Al-Mashat, Minister of International Cooperation of Egypt, recently met with Hani Sonbol, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) to discuss boosting mutual relations, as well as diversification of cooperation areas between both sides. Why it Matters? Al-Mashat and Sonbol discussed features of the joint cooperation programme scheduled for 2022, which comes within the framework of executing Egypt’s development vision and 2030 sustainable development goals. Al-Mashat stated t...

The current COVID-19 pandemic and its economic ramifications have revealed new market services that use the digital transition to shape new economic models, particularly gold. This was revealed in a new report titled “The Global Gold Investment Markets”, released by Deloitte’s Islamic Finance Knowledge Center in the Middle East in conjunction with the International Shariah Research Academy (ISRA).  Why it Matters? The report examines the present condition of gold investment markets in major Is...

With about USD 1.8 billion in sustainable and responsible investment (SRI) Sukuk issued under Malaysia's SRI Sukuk Framework since 2014, Sukuk has been recognised as an effective funding instrument for managing sustainability transitions. Why it Matters?  Datuk Syed Zaid Albar, Chairman at Securities Commission (SC) Malaysia, noted that the issuances have encompassed varied green and social projects, ranging from solar power and sustainable natural resource management to green buildings and trust schools. Furthermore,&nb...

The Halal Industrial Park Sidoarjo (HIPS) in Sidoarjo, East Java, Indonesia one of the means of developing the Indonesian Islamic economy and finance, was paid a working visit by the Board of Directors and Commissioners of Askrindo Syariah.  Why it Matters?  Indonesia has the largest Muslim population in the world and therefore has the opportunity to develop the Halal industry. By doing so, many micro, small and medium-sized enterprises (MSMEs) will be helped and developed. As per Siti Ma'rifah, Syariah Pr...

Sidra Capital (Sidra), based in Saudi Arabia, stated on the 2nd of November 2021 that it has launched a single tenant industrial real estate aggregation programme in the United States of America (US). The fund launched in the US for the first time would invest roughly USD 155 million in the acquisition of industrial assets in the country.  Why it Matters?  The fund is part of Sidra's industrial real estate investment strategy, and it is the company's first real estate aggregation approach. The fund has been launched at a...

The Islamic Development Bank's subsidiary International Islamic Trade Finance Corporation (ITFC) is to provide USD 761.5 million in Murabaha financing to Pakistan for the import of petroleum products on a deferred payment basis. Why it Matters?  According to the Ministry of Economic Affairs in Pakistan, owing to increased demand amid strong economic recovery, financing has been increased from USD 300 million to USD 761.5 million. It further noted that the upcoming ITFC financing will aid in easing pressure on t...

The Central Bank of Iran (CBI) says that the first round of Sukuk Bond auctions under the new administrative government of Iran will be on offer on the 9th of November 2021. Why it Matters? A statement issued by the CBI said that Sukuk bonds worth IRR 50 trillion (USD 182 million) will be on offer for sale to banks and credit institutions and that the Iranian finance ministry, as the issuer of the bonds will declare the winners of the auction. Such activity comes as President Ebrahim Raeisi, leader of the new administration promising to minimize borrowing to curb a...