The second phase of the Aid for Trade Initiative for Arab States (AfTIAS 2.0) was inaugurated by the International Islamic Trade Finance Corporation (ITFC) at the Islamic Development Bank (IsDB) Group headquarters in Jeddah, Saudi Arabia on the 27th of October 2021.   Why it Matters? The AfTIAS 2.0 which has a five-year implementation plan aims mainly to focus on further developing international trade conditions in the Arab region in order to improve efficiency and inclusiveness, create employment opportunities as well as enable sustai...

Standard Bank Limited has officially joined hands with Global Reporting Initiative (GRI) as the first Shariah-based bank in Bangladesh through the exclusive Sustainability Reporting Engagement Program, preparing a sustainability report that is based on the GRI Standards.On the occasion, Khondoker Rashed Maqsood, Managing Director & CEO of Standard Bank and Dr. Aditi Haldar, Director of GRI, South Asia Region, exchanged their views on the exclusive program by joining a virtual meeting held on the 26th of October, 2021. Rubina Pal, Manager, GRI South Asia, along with other off...

The International Energy Agency's (IEA) World Economic Outlook (WEO) provides some cause for optimism for a 1.5° C future if coordinated climate action comes out of COP 26, but remains at risk from an ‘ambition gap’ between announced policies and what is needed for Net Zero by 2050The best outcomes in terms of limiting the damage from climate change won’t be possible if they create a ‘two-track’ world if financing and technology committed by developed countries don't arriveGlobal efforts to coordinate with and support emerging & developing economies...

Sukuk and conventional financing share the same features that could make them vulnerable to global factors. One thing to note is that international investors should consider economic fundamentals over the headline risks that come from the Middle East.In our region (Gulf Cooperation Council (GCC)), active portfolio managers, who are on the ground, would tend to benefit more than the passive ones (this is due to the fact that most new investors in our region can easily be moved by negative sentiments and geopolitical risks). And when that happens, we can see ‘smart money’ comi...

PMB Investment, a Malaysia-based Islamic fund management company, is hoping to achieve MYR 10 – 15 million in funding by year-end for its newly-launched PMB Shariah Global Equity Fund (PMBSGEF).Why it Matters?   PMBSGEF is PMB Investment’s maiden global equity fund, catering to investors looking for medium to long term capital growth. According to Mahani Ibrahim, Chief Executive Officer of PMB Investment, the fund would provide investors in Malaysia access to a diversified portfolio of global&n...

The Central Bank of Oman (CBO) has announced the development of a new strategy to align the growth of the Islamic banking sector with the country’s national growth objectives.   Why it Matters? According to Tahir Salim al Amri, Executive President of CBO, the new strategy will assist with foreign investment inflows, collaboration between international and regional partners for training, awareness building and transfer of knowledge, as well as sustaining the growth of Oman’s Islamic banking sector. Al Amri note...

Hai Squad! Tau tidak kalau Indonesia merupakan negara yang memiliki populasi Muslim terbesar di dunia. Pada saat ini saja diperkirakan jumlah umat Muslim di Indonesia mencapai 207 juta orang dan mengimplikasikan bahwa mayoritas populasi penduduk di Indonesia memeluk agama Islam. Dalam beberapa tahun terakhir ekonomi syariah terus berkembang. Secara global, Arab Saudi memimpin dalam penguasaan aset keuangan syariah disusul Malaysia, Uni Emirat Arab, Kuwait, Qatar, Turki dan Indonesia.Di Indonesia sendiri terdapat beberapa contoh variasi produk keuangan syariah seperti yang terdapat...

International IFN Roadshow Bangladesh-2021 was held recently organised by REDMoney Group. The IFN Roadshow-2021 series opens with Bangladesh, a country that has a promising future in Islamic finance, especially as it launched its first corporate Sukuk in 2020. Bangladesh is on a sprint to aggressive development as the public demand for Islamic finance is rising, which has spurred a robust Islamic banking sector in the nation.Moody’s Investors Service forecasts a growth of more than 25% in Islamic banking penetration in the country, backed by strong government suppor...

On the 26th of October 2021, Dubai Islamic Bank (DIB), the United Arab Emirates’ (UAE) largest Islamic bank and the world's second largest Islamic bank, released its results for the quarter that ended 30th of September 2021 (3Q 2021). Supported by effective cost management and lower impairments, net profit for nine months ended 2021 (9M 2021) reached AED 3.1 billion, increasing 19% quarter-on-quarter (QoQ).  Why it Matters? Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler’s Court o...

According to Sri Mulyani Indrawati, Finance Minister of Indonesia, the country has a 23.11% share of the global Shariah bonds market, as it has issued a total of USD 23.7 billion worth of the Islamic bonds (Sukuk). Why it Matters? The Government has been aggressively issuing Sukuk in recent years, and they have proven to be quite resistant to the negative economic impacts of the COVID-19 pandemic. According to the minister, Shariah-compliant financial firms have remained strong throughout the pandemic, as seen by contin...