On the 15th of July 2021, Malaysia’s Ministry of Finance stated that the pilgrims’ fund Lembaga Tabung Haji (LTH) is to come under Bank Negara Malaysia (BNM)’s purview. The Ministry of Finance elaborated that the Cabinet agreed at a meeting to list LTH as a ‘prescribed Islamic financial institution’ under Section 223 of the Islamic Financial Services Act 2013. Why it Matters? The Cabinet had also come to an agreement to strengthen the overall management and operations of LTH via a number of avenues, to ensure that i...

Moody’s ESG Solutions (Moody’s ESG) states that the increased global demand for Environmental, Social and Governance (ESG) products by investors will help boost the demand for green Sukuk and attract more diverse and global investors. This is reflected through sustainable assets, which reached USD 40 trillion globally in 2020, higher than the USD 2.4 trillion total size of the Islamic Financial Services Industry. However, the Islamic Financial market’s dynamic is unlikely to change ...

Tradable and Nontradable Inflation in Turkey: Predicting Different States with Markov Regime-Switching Approach

Heterogeneous Effect of Exchange Rates on Firms’ Exports: Role of Labor IntensitySales

Financial investments in Islamic economic thinking in relation to the Iraqi Islamic Bank for Investment and DevelopmentFiqh, Islam, Islamic banking, Maqasid, Murabaha, Salam, Sunnah, Participation, Sales

Constructing an Economic Activity Indicator for TurkeySales

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, has signed an Advisory Services Agreement with Uzbekistan’s Orient Finans Bank in relation to the launch of an Islamic Window at the bank.  Why it Matters?  Following the Government of Uzbekistan’s recent decision to introduce Islamic financial services in the country, Orient Finans Bank has aimed to implement Islamic banking in its operation. The planned Islamic Window will open doors to the bank bec...

Kuwait-based Boubyan Bank Group has announced the launch of Nomo, a fully licensed and regulated Islamic digital bank in the United Kingdom (UK), according to a statement issued on the 14th of July 2021. The digital bank has been launched as a brand name of the UK-based Bank of London and The Middle East (BLME), in which Boubyan Bank is a majority shareholder. Nomo offers Shariah-compliant UK bank accounts and financial management services for clients in Kuwait and the Middle East region with international banking needs. Why it Matters? ...

Adnan Zaylani Mohamad Zahid, Bank Negara Malaysia Assistant Governor, highlighted actioned-oriented leadership is a crucial element for leaders in Islamic finance institutions (IFIs) to drive financial developments towards sustainability. Leaders should be motivated towards cultivating a sustainability-focused culture within the organisation, driving innovation to produce value-driven and impactful solutions, as well as have a collaborative attitude to result in holistic outcomes. Wh...

Fitch Ratings forecasts Sukuk supply to increase in the second half of 2021 (2H 2021) following strong growth in the second quarter of 2021 (2Q 2021). The global Sukuk market witnessed strong activity in 2Q 2021, led by the Saudi Arabian Oil Company (which marked the largest Sukuk issuance ever by a corporate), as well as sovereign issuances from Indonesia, Turkey and Oman. Growth in 2Q 2021 was driven by strong investor appetite, coupled with refinancing and funding diversification requirements of issuers. Amidst ongoing fiscal deficits and persistent econom...