The 15th IsDB Global Forum on Islamic Finance was held on the 28th of August 2021. One of the main conclusions arrived at was the important role of Islamic finance in assisting countries to mobilise resources required for economic recovery and to help reduce poverty levels following the damage caused by the COVID-19 pandemic.  Why it Matters?  At the opening of the Forum, H E Dr Muhammad Al Jasser, President of the Islamic Development Bank (IsDB) and Chairman of the IsDB Group, stressed the need for countries and develop...

Shafiq Digital Indonesia (SHAFIQ) has been awarded a business license from the Financial Services Authority (OJK) on the 19th of August 2021, according to a statement issued by Dr Muhammad Syafii Antonio, SHAFIQ Co-Founder and Chairman. The licence grants SHAFIQ permission to run a business as a securities offering provider via information technology-based crowdfunding services. Why it Matters? According to Dr Syafii, there is an increased awareness today of business practices based on Islamic principles,...

Thaddeus Malesa, Senior Advisor for Economics and Research, Qatar Financial Centre (QFC) Authority has stated that Qatar-based green bonds, Sukuk and economic, social and governance (ESG) funds are set to be issued shortly. According to Malesa, aggressive green investments by Qatar Petroleum (QP), together with guidance on ESG reporting by the Qatar Stock Exchange and QFC’s institutional backing, would be the reasons for the launch of these products.  Why it Matters?  As Qatar is predicted to run a considerable budget surplu...

According to a recent analysis of data from across the Gulf Cooperation Council (GCC) by Kuwait-based Kamco Invest, after experiencing a robust recovery in the first quarter of 2021 (1Q 2021) to reach pre-COVID-19 levels, net profits in the GCC banking sector as a whole remained stable in the second quarter of 2Q 2021.  Why it Matters?  Contributing to this stability were banks in the United Arab Emirates (UAE), which saw the largest rise in profits during (2Q 2021), recording a growth of 11...

Riyadh-based Jadwa Investment, an asset management and advisory company, has stated that Saudi Arabia's economy is on very stable footing, owing to growth in the Kingdom's non-oil sector in the first half of 2021, which has laid the groundwork for faster economic expansion in the second half of 2021. Why it Matters?  Jadwa Investment has revised upwards its 2021 GDP forecast to 1.8% year-on-year (YoY) from its previous forecast of 1.3% YoY, this growth supported by a 4.3% YoY increase in the coun...

According to the Indonesia Stock Exchange (IDX), as of the 27th of August 2021, the total number of corporate bonds and Sukuk in the pipeline stood at 29 issuances, to be issued by 20 companies.  Why it Matters?  For 2021, the IDX forecasts 84 issuances by 58 companies. It is also of the view that the potential to be issued is around IDR 82.9 trillion. Gede Nyoman Yetna, Director of Corporate Valuation at IDX, explained that bond and Sukuk issuance is an option for companies that wish to obtain funding via the capital market. Yetna elaborated that ba...

Islamic finance is key for creating economic stability amid the COVID-19 pandemic, according to Sri Mulyani Indrawati, Finance Minister of Indonesia, who was speaking at the Annual Islamic Finance Conference held in Jakarta on the 25th of August 2021.  Why it Matters?  Islamic finance is one of the fastest growing sectors in the global financial industry, and has grown ahead of conventional financing in the past decade. Growing Islamic finance, coupled with technology has contributed to economic stability. According to Indrawati, Indonesia...

Bank Islam Malaysia (Bank Islam) has signed a Memorandum of Understanding (MoU) with SME Corporation Malaysia (SME Corp) on the 24th of August 2021 to improve the competitiveness of small and medium enterprises (SMEs) in Malaysia. Speaking at a webinar following the signing of the MoU, Rizal Yusof, Head of SME Banking of Bank Islam, stated that Malaysia should focus on efforts to allow more SMEs to be involved in the Halal industry, and facilitate SMEs to obtain Halal certificates to penetrate the export market. Why it Matters?  U...

The subscription period for the initial public offering (IPO) of Bangladesh Export Import Company’s (Beximco) Green Sukuk Al Istisna’a for BDT 7.5 billion has been extended till the 6th of September 2021, following a lukewarm response from investors in the first phase, according to a company filing with the Dhaka Stock Exchange (DSE) on the 24th of August 2021. The issuance is a portion of Bangladesh’s first Green Sukuk valued at BDT 30 billion.  Why it Matters?  The first phase of t...

Nigeria is targeting to raise around USD 150 billion in investment from the International Halal Expo ‘Halal Expo Nigeria 2021’ (Expo) scheduled to take place at the Abuja Trade and Convention Centre between the 14th and 16th of September 2021, according to the main organiser of the event, Abuja Chamber of Commerce and Industry (ACCI). Why it Matters? According to Dr. Al-Mujtaba Abubakar, President of ACCI, who was speaking at a recent virtual press conference to announce the upcoming event, the Expo will serve as a lau...