The International Centre for Education in Islamic Finance (INCEIF), which is a Malaysia-based postgraduate university, has launched the i-Connect Fintech in Islamic Finance collaboration to create and foster a favourable Islamic finance ecosystem in the country, according to a statement issued on the 14th of July 2021.  Why it Matters?  The initiative is expected to enable new economic opportunities in disruptive innovation and help assist Malaysia to become a global hub for Islamic fintech. INCEIF has been appointed as the neutral entity for i-Connect, and aims to...

Tariff Changes by Turkey During the Covid-19 Pandemic: Impact on Import Value and Import Prices

Bangladesh Export Import Company (Beximco) has set the record date as the 19th of July 2021, for the existing shareholders of the company to subscribe to the asset-backed Beximco Green-Sukuk al Istisna for BDT 7.50 billion under private offer. This is a portion of Bangladesh’s first Green Sukuk valued at BDT 30 billion. Why it Matters?   Beximco is to use the proceeds from the subscription for the implementation of solar projects, Teesta Solar and Korotoa Solar, to produce electricity from renewable energy and...

Bank Syariah Indonesia (BSI) aims to strengthen the industrial ecosystem in Indonesia through a collaboration with Baitul Maal Wat Tamwil (the Shariah Microfinance Sector).  Why it Matters?  Abdullah Firman Wibowo, Deputy President Director 2 of BSI, noted that the programme is BSI’s way of supporting the Shariah microfinance ecosystem in Indonesia. There are three areas of focus in developing the BSI micro, small and medium-sized enterprises (MSME) segment: linkage, non-linkage and micro patterns. BSI's...

Oman’s Capital Market Authority (CMA) has introduced a new draft regulation for Bonds and Sukuk, that constitutes new requirements for Sustainable and Responsible Investment (SRI) bonds and Sukuk, which are meant for the issuance of sustainable, green, blue and social debt instruments. The draft regulation for Bonds and Sukuk augments and consolidates the previous Sukuk and bonds regulations that were separately issued by the CMA.  Why it Matters? This new...

The Malaysian Rating Corporation (MARC) has cut its growth forecast for Malaysia’s gross domestic product (GDP) to 3.9% for 2021, from its previous estimate of 5.1%. The prolonged nationwide lockdown measures, along with political instabilities are expected to delay Malaysia’s attempt at a recovery even further. The Malaysian economy is anticipated to reach pre-pandemic GDP levels by late 2022, at the earliest. This may extend further should mo...

Sigma Pensions has become the first pension fund administrator in Nigeria to launch a Non-Interest Retirement Savings Account (RSA), Fund VI. The Non-Interest Fund, is Fund VI under the Multi-Fund structure which has been introduced by the National Pension Commission (PenCom). This Fund targets contributors who wish to have their pension contributions invested in non-interest money and capital market products. Why it Matters?  According to Mark Collier, Chairman of the Board of Directors, Sigma Pensions, financial exclusion is high in Nigeria, estimated at around 37%. The la...

Jamal Bin Theniyah, Chairman of Emaar Properties, a property developer based in the United Arab Emirates (UAE), marked the listing of the company’s USD 500 million Sukuk on Nasdaq Dubai by ringing the market opening bell on the 13th of July 2021, according to local media reports.  Why it Matters?  The USD 500 million Sukuk issuance, which has a 10-year tenure, is part of Emaar Properties’ USD 2 billion Trust Certificates Issuance Programme, and is solely listed on Nasdaq Dubai. According t...

Under the theme ‘Reignite Your Exports’, the Malaysia External Trade Development Corporation (Matrade) has kicked off its yearly eNational Export Day (eNED@2021). Reaffirming its mandate to promote Malaysia’s enterprises globally, Matrade formalised a partnership at eNED@2021 to collaborate with Google Malaysia and Bank Islam Malaysia (Bank Islam).  Why it Matters?  Senator Datuk Lim Ban Hong, Deputy Minister of International Trade and Industry, noted that this annual event ...

Datuk Seri Mohamed Azmin Ali, Senior Minister cum Minister of International Trade and Industry of Malaysia, states that the country is on track towards economic recovery fuelled by increasing global demand, greater public and private sector funding and on-going policy support. This favourable outlook is supported by the World Bank’s most recent estimate of Malaysia’s 2021 economic growth at 4.5%.  Why it Matters? Malaysia’s economic fundamentals have remained resilient during tough times,...