The Saudi Central Bank (SAMA) held its second virtual Islamic Finance workshop for 2021, with the core theme focusing around ‘The Contribution of Research and Development (R&D) in the Islamic Finance Industry’. The three main themes discussed at the event included the role of R&D in developing the industry; key areas that shape the focus of R&D and its development, along with significant achievements and future research trends; and recent innovations and practical applications in Islamic finance in addition to the anticipated value addition crea...

RAM Rating Services (RAM) has reaffirmed Telekom Malaysia’s (TM or the Group) Sukuk ratings. In particular, TM’s MYR 3 billion Islamic Medium-Term Notes (IMTN) Programme (2013/2033) has been reaffirmed as AAA/Stable, while its MYR 4 billion IMTN Programme (2018/2048) and Islamic Commercial Paper (ICP) Programme (2018/2025) have been reaffirmed at AAA/Stable/P1.  Ratings Rationale The reaffirmation of ratings is due to TM’s dominance over Malaysia’s fixed-broadband and fixed-line services and telecommunicati...

Due to its high potential and government backing through Government Regulation No 39 of 2021 regarding the implementation of Halal Product Assurance, Vice President of Indonesia, His Excellency Ma'ruf Amin, believes the country will become the world’s largest Halal producer. Why it Matters?  Globally, the number of Muslims has reached1.9 billion, with Indonesia having the largest Muslim population. This indicates that Indonesia has a sizeable market for Muslim products, with significant potential and the country is comm...

Datuk Seri Mustapa Mohamed, Minister in the Prime Minister’s Department (Economy), has stated that the Government of Malaysia is expected to lower the projection of its gross domestic product (GDP) growth for 2021, which was previously forecast at between 6.0-7.5%. Why it Matters?  The Minister attributed this to the Movement Control Order (MCO 3.0) that is currently in force. He elaborated that there would be a definite change, but the exact percentage is still being discussed. MCO 3.0 is not expect...

The first fully-fledged interest-free bank (IFB) to receive an operating licence from the National Bank of Ethiopia (NBE), ZamZam Bank, officially opened its main branch on the 3rd of June 2021, having cemented its position as the pioneer in Shariah-compliant banking in the country.  Why it Matters?  Governor of the NBE, Dr Yinager Dessie, remarked that the opening of ZamZam Bank is a realisation of the Government of Ethiopia’s commitment to building the economy. As financial inclusiveness is a key priority in the current economi...

The Middle East’s first Sustainability Private Corporate Sukuk related to utilities will be issued by United Arab Emirates (UAE)-based utility firm Utico in the coming weeks, according to media reports. Utico stated that it has achieved an international sustainability rating for its benchmark sized Sukuk from DNV UK.  Why it Matters? The Sukuk will support Utico’s unique sustainability and innovation programme, and will enable the company to expand its offerings based on its core business model. In addition, Utico stated its confidence th...

Profitability of Islamic Commercial Banks in Indonesia Reviewed from the Effect of NPF Ratio and CAR Ratio as Intervening Variables to ROA RatioCredit Risk

Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed DocumentsFiqh, Islamic banking, Shariah, Sukuk, Takaful

The Impact of Quality Banking Services in Improving the Perceived Mental Image of Jordanian Islamic Bank

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB) has partnered with the United Nations Industrial Development Organization (UNIDO) to support two key project agreements. The first is the Better Cotton Initiative (BCI), which will aim to revive the cotton industry in Egypt by supporting growers to cultivate sustainable cotton, and the second will aim to transform Sudan’s dairy sector by providing assistance for food safety production and resumption of dairy plant production.  Why it Matters?&n...