The Malaysia International Halal Showcase (MIHAS) is scheduled to take place in September 2021 under the theme Empowering Halal, Tomorrow, Together. MIHAS 2021 will lead the digitalisation agenda for the Halal industry in attracting patrons, investors and trade partners and facilitating them under one virtual platform.  Why it Matters? The Malaysia External Trade Development Corporation (MATRADE) expects to enable digitally, high-value cross-border Halal trade at MIHAS 2021. Mustafa Abdul Aziz, MATRADE’s Chief Executive Officer, highlighte...

The IPCC report presents a stark view of the physical risks that have now become inevitable, and financial institutions need to be preparedThe climate data needed for financial institutions to prepare may not be widely available for institutions of all sizes, especially in emerging and developing marketsMalaysia’s Joint Committee on Climate Change (JC3) can serve as a good example of proactive efforts to improve financial institutions’ access to data and an understanding of how to leverage it to manage climate risks The news from the newest IPCC climate report&nb...

The definition of financial inclusion clearly explains its aim and scope. The World Bank stated that individuals and businesses should have ease of access to financial products and services at an affordable cost to meet their financial needs. These financial services to the economic agents must be delivered responsibly and sustainably. Among so many options to start financial inclusion, the World Bank suggests opening a “transaction account” that allows individuals and businesses to perform financial activities such as to send and receive payments, save money etc. The reason behind...

Qatar First Bank (QFB), a Qatar-based Shariah-compliant bank authorized by the Qatar Financial Centre Regulatory Authority (QFCRA) and listed on the Qatar Stock Exchange (QSE), has reported a net profit of QAR 41 million attributed to shareholders in the first half of 2021 (1H 2021).  Why it Matters? This half-yearly net profit is QFB’s highest over the last five years, and marks the third consecutive quarter of net profit for shareholders. According to Abdulrahman Totonji, Chief Executive Officer of QFB, the bank has established long...

Bahrain-based Bank ABC Islamic has reported USD 19.2 million in net profit for the first half of 2021 (1H 2021), compared to USD 14.5 million in the same period of the previous year.  Why it Matters?  According to Hammad Hassan, Managing Director of Bank ABC Islamic, the bank was able to recover to its normal performance following the absorption of the impact of the fraud related credit costs of 2020. Although the bank’s top line continues to be adversely impacted by a lower profit rate environment and a slowdown in business activity,...

The Malaysian Rating Corporation (MARC) has affirmed at AAAIS/MARC-1IS its ratings on the Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme of Gas Malaysia Distribution (GMD), with a Stable Outlook.  Ratings Rationale A key rating driver is GMD’s stable revenue generation through its distribution of natural gas in Peninsular Malaysia, using its owned natural gas distribution system (NGDS), which provides GMD with a near- monopolistic position. GMD’s rating is further supported by the incent...

Dato’ Dr Mohamad Zabidi Ahmad is set to join DDCAP Group as Senior Strategic Advisor, with the aim of developing DDCAP and ETHOS AFP™ Treasury focused services, as well as for their client business in Southeast Asia.  Why it Matters? Dato’ Dr Zabidi brings with him an extensive 38 years’ experience in the banking industry. This includes 19 years’ experience in Group Treasury product and functions (conventional and Islamic) including corporate (deposits, investment, client solutions), interba...

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, released the 2020 Annual Development Effectiveness Report on the 11th of August 2021. Titled ‘Embracing disruption to build back better’, the Report explains the disruptive impact that COVID-19 has imposed on the world and highlights the crisis-response measures taken by ITFC. Why it Matters?  COVID-19 has shone greater light on the critical importance of Development Finance Institutions (DFIs)&nb...

The Saudi Central Bank (SAMA) has launched the Islamic Finance Research Support Programme with a cash reward of SAR 100,000 to the top two research papers, in a bid to encourage research within the financial sector.  Why it Matters? The Programme expects to highlight the prominent role played by Saudi Arabia in the global Islamic finance sector. It will also substantiate SAMA’s current work to achieve integration in the research system as a part of its social responsibility obligations. It will also assist in fulfi...