The Islamic Religious Council of Singapore (Muis) plans to disburse more than SGD 4 million from its Waqf-generated income in 2021, according to a statement it issued on the 4th of August 2021.  Why it Matters?  Esa Masood, Chief Executive Officer of Muis, highlighted that the Council has grown its Waqf to more than SGD 900 million in 2020 from SGD 150 million in 2000, adding that the Council would continue to ensure that Waqf is managed and governed in an appropriate manner, based on statutory and religious obligat...

Saqr bin Ghalib, Director of the Artificial Intelligence (AI), Prime Minister’s Office, United Arab Emirates (UAE) states that the Government of UAE has mandated the doubling of the size of the country’s digital economy within the next ten years. AI and digital payments are considered to be fundamental building blocks of the UAE’s digital economy.   Why it Matters? With almost 80% of UAE’s digital payments being contactless, AI plays a crucial role in digital payments within the country. Pric...

Brunei Darussalam was represented by the Ministry of Religious Affairs through its Syariah Affairs Department at the 17th Association of Southeast Asian Nations (ASEAN) Working Group on Halal Food Marketing. The meeting was conducted virtually at the Ministry headquarters in Berakas, Brunei on the 3rd of August 2021.   Why it Matters? The ASEAN Working Group on Halal Foods was established with the objective of enabling uniform Halal standards in the ASEAN region. It also caters to the increasing demands for certified Halal go...

Fitch Ratings (Fitch) has affirmed the Long-Term Foreign Currency Issuer Default Rating (IDR) and unsecured rating of Saudi Arabia-based real estate company, Arabian Centres Company (ACC) at ‘BB+’, with a Negative Outlook. Fitch has also affirmed the unsecured rating and rating of the Sukuk trust certificates issued through Arabian Centres Sukuk Limited (ACSL) at ‘BB+’.  Ratings Rationale  The ratings reflect ACC’s standing as the largest retail real estate company in Saudi Arabia (A/Stable) with a portfolio of 21 shopping centre...

On the back of solid growth in its Shariah Banking Unit, Maybank Indonesia saw IDR 762 billion in profit before tax in the first half of 2021 (1H 2021). Maybank Indonesia's Shariah Banking Unit’s profit before tax was up 67.6%, reaching IDR 294 billion in the same period, despite adverse market conditions.  Why it Matters?  Maybank Indonesia continued with the implementation of its Shariah First strategy, promoting Islamic financial solutions via a Leveraged Model. As a result, the Shariah Banking Unit was allowed to access and u...

Malaysia-based Small Medium Enterprise Development Bank Malaysia (SME Bank) has set the final price of its MYR 500 million sustainability Sukuk at 59 basis points above the corresponding five-year Malaysian Government Securities, according to a statement issued by the bank on the 3rd of August 2021. The book building process was finalised following an overwhelming response from investors, with the Sukuk receiving bids of MYR 1.78 billion, or more than 3.56 times of the actual issuance, at a competitive rate of 3.10%.&nb...

Abu Dhabi Islamic Bank (ADIB) has announced the opening of accounts remotely and digitally for the first time in the United Arab Emirates (UAE), in line with the Government's objective of boosting digital services. This has been made possible via secure access to the Ministry of Interior (MoI)'s facial recognition verification system.  Why it Matters?  This instant and highly secure verification process helps to verify account opener details and is also a measure against fraud and different forms of identity theft. It enables citizens and r...

According to a recent report issued by the cloud banking platform Mambu, 53% of Millennial and Gen Z Islamic finance customers out of 2,000 surveyed are open to adopt Islamic banking if barriers to entry were removed.  Why it Matters? Total assets in the Islamic finance market exceeded USD 2 trillion recently and is predicted to grow to USD 3.8 trillion by 2023.The Islamic fintech industry is expected to be worth USD 125 billion in 2025. The younger generation is anticipated to amount to three quarters of all Islamic banking revenue by...

CIMB Bank and CIMB Islamic Bank (CIMB) have launched the bank’s first all-digital Islamic account, CIMB OctoSavers Savings Account-i, as well as the CIMB Octo Debit Mastercard. Why it Matters?  This new account is especially for the convenience of new customers, as the onboarding process is entirely self-executed on the digital platform. The card is delivered to customers via post to ensure that the whole process is branchless. Samir Gupta, Chief Executive Officer of CIMB Bank Group Consumer Banking, noted that COVID-19 had fast-tracked the bank&rsq...

Saudi Arabia’s Al Rajhi Bank recorded SAR 3.61 billion in net income in the second quarter of 2021 (2Q 2021) ended June, up 48% year-on-year (YoY). In a Bourse filing to the Saudi Stock Exchange (Tadawul) on the 1st of August 2021, Al Rajhi Bank stated that the 32% YoY increase in operating profit was led by a 27% YoY increase in income from special commissions, financing and investments.  Why it Matters? According to a statement by Al Rajhi Bank, the bank continued to strengthen its conser...