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Insights

Kuwait’s Equate Petrochemical Plans to Issue USD Denominated 5 Year Sukuk

Kuwait based Equate Petrochemical Company (EPC) has planned to issue a USD-denominated, five-year Sukuk, marking possibly the first debt issuance in the Gulf region in over a month...
IM Insights | March 25, 2020

Egypt’s Sayyaf to Postpone Issuance of USD 50 Million Sukuk to 4Q 2020

Sayyaf Aircraft and Equipment Rental Company (SAERC) has decided to postpone its USD 50 million Sukuk issuance, citing economic uncertainty caused by the COVID-19 pandemic.&nb...
IM Insights | March 25, 2020

Fitch Ratings: Growth of Turkish Participation Banks Surpass the Conventional Banks

Fitch Ratings reports that Turkish participation banks have outpaced conventional banks in segment growth in recent years, despite the market being intensively volatile. ...
IM Insights | March 25, 2020

Malaysia Announces Initiatives to Overcome COVID-19 with a Comprehensive Stimulus Package Expected by Month End

Amidst the on-going lockdown, Malaysian Prime Minister (PM), Tan Sri Muhyiddin Yassin has announced multiple initiatives in an attempt to relax the burden of its people d...
IM Insights | March 25, 2020

Pakistan Announces Multi-Billion PKR Stimulus Package for its COVID-19-Affected Economy

In an initiative to counter the impact of COVID-19 on Pakistan’s economy, a major economic relief package has been approved, at a meeting of Pakistan Government’s Economic team, ...
IM Insights | March 25, 2020

Malaysia’s Penang State Zakat Board Allocates MYR 2.5 Million to Assist Small Businesses

Following Malaysia’s Selangor Zakat Board’s (LZS) MYR 15 million Zakat allocation to assist the traders in Selangor state, Penang Zakat (TPZ), which is under Penang Islamic Relig...
IM Insights | March 25, 2020

Malaysian Takaful Operators still Issue Guarantee Letters, Process Claims and Renew Policies Amidst COVID-19

In support of the Government of Malaysia’s efforts to control the spread of Covid-19, Takaful companies and conventional insurance companies in Malaysia have r...
IM Insights | March 25, 2020

Riba Revisited II (Part 2 of 10)

Riba Revisited II (Part 2 of 10)
Riba in Wakalah (Agency)In Wakalah there could be situations where Riba arises. In AAOIFI Shariah Standard No. (23): Agency, we see the definition: “2/1/1 Agency is the act of one party...
Nizar Alshubaily | March 24, 2020

Cosmeca Korea Obtains Indonesian Halal Certificate to Supply Cosmetics to Muslim Consumers

South Korean cosmetics giant, Cosmeca Korea (CK) has moved a step forward in supplying Halal beauty care products focussing on Muslim customers by obtaining Indonesian Ulama C...
IM Insights | March 24, 2020

IsDB to Invest USD 5.5 Million in Waqf Medical Commercial Complex in Lebanon

Islamic Development Bank (IsDB) will partially finance the development of a Waqf Medical Commercial Complex in Tripoli, Lebanon. The medical complex will consist of retail spaces and medical fu...
IM Insights | March 24, 2020