According to a speech made on behalf of Chuchi Fonacier, Deputy Governor of The Bangko Sentral ng Pilipinas (BSP), Financial Supervision Subsector Managing Director of the BSP, Arifa Ala, said that the Republic Act 11054, also known as the Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao, calls for the establishment of a Shariah Supervisory Board. This would ultimately pave the way for the setting up of Islamic banks in the Philippines. The BSP is lobbying for this to be set up within the year 2021.  Why it M...

In collaboration with The United Nations Capital Development Fund (UNCDF), the Securities Commission Malaysia (SC) is creating an Islamic financial technology (fintech) accelerator programme.  Why it Matters?  The SC is working to create a market ecosystem that encourages healthy growth in the fintech sector, said Executive Director of Digital Strategy and Innovation, Chin Wei Min. Islamic fintech and the Islamic capital market are a strategic focus for the SC in 2021 and the key goal in the creation of the accelerator programme is to persu...

Finance-Growth Nexus: Evidence from Systematically Important Islamic Finance CountriesIslamic banking

Sharia Economics Rahmatan Lil 'Alamin in an Economy Era 4.0 (Review of the Philosophy and Theory of Islamic Economic Law)Amanah, Fatwa, Fiqh, Halal, Ijtihad, Islam, Islamic banking, Maqasid, Mudaraba, Riba, Sunnah, Takaful, Ummah, Waqf, Zakat, Al-hisbah

Challenges of Sukuk Issuance in Nigeria: A Case Study of Osun State SukukIslamic banking, Sukuk

The Importance of External Shocks and Global Monetary Conditions for A Small-Open Economy

A Study on the Growth of the Takaful Insurance System (Islamic Insurance) in Select CountriesShariah, Takaful

The Government of Malaysia has successfully priced the world’s first sovereign USD-denominated Sustainability Sukuk worth USD 1.3 billion, with the issuance of USD 800 million 10-year Sukuk and USD 500 million 30-year Sukuk. As the offering was oversubscribed 6.4 times, the Government upsized the initial total target size of USD 1 billion to USD 1.3 billion, according to a statement released by the Ministry of Finance.  Why it Matters?  The issuance marks Malaysia’s maiden Sustainability Sukuk and is also the world’s first USD Sustainabi...

The Government of Indonesia has raised IDR 7.365 trillion from its biweekly auction of State Shariah Securities (SBSN), also known as State Sukuk, held on the 20th of April 2021, according to a statement issued by the Directorate General of Budget Financing and Risk Management (DJPPR), Ministry of Finance. Total entry bids in the latest auction reached IDR 17.909 trillion, which was higher than that received from the previous auction held on the 6th of April 2021 which came up to IDR 14.559 trillion. Despite this, the amount...

Bank Islam Malaysia (Bank Islam), a subsidiary of BIMB Holdings Group (BIMB) targets to increase its asset size to over MYR 100 billion by 2025 from its current asset size of MYR 75 billion through its five-year restructuring plan themed LEAP25. Speaking at a media briefing “The Way Forward” on the 21st of April 2021, Chief Executive Officer of Bank Islam, Mohd Muazzam Mohamed, highlighted that LEAP25 aims to make Bank Islam the benchmark in the Shariah-environmental, social and governanc...