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Sustainable Finance Has an ‘Information Governance’ Problem

The building blocks behind the ‘information governance’ of sustainable finance appear to be an extension of a similar process undertaken to organise financial information to support more efficient capital allocation. But sustainable finance brings a wider range of complex challenges and trade-offs that are harder to balance, which makes them even more important to address without expecting a clean and neat solution to fit every objective. A BIS working paper examines how past experience relating to financial information governance, involving regulators, auditors and information...

Blake Goud | January 09, 2023

Sustainable Finance Has an ‘Information Governance’ Problem

Sustainable Finance Has an ‘Information Governance’ Problem

The building blocks behind the ‘information governance’ of sustainable finance appear to be an extension of a similar process undertaken to organise financial information to support more efficient capital allocation. But sustainable finance brings a wider range of complex challenges and trade-offs that are harder to balance, which makes them even more important to address without expecting a clean and neat solution to fit every objective. A BIS working paper examines how past experience relating to financial information governance, involving regulators, auditors and information...

Blake Goud | January 09, 2023

Abu Dhabi Islamic Bank Raises its Ownership in ADIB Egypt to Over 52%

Abu Dhabi Islamic Bank (ADIB) has acquired additional shares in ADIB Egypt, its subsidiary in Egypt, increasing its ownership stake of the entity to 52.607%, as per a statement made on the 5th of January 2023.Why it Matters? On the 5th of January 2023, the Abu Dhabi Securities Exchange (ADX) announced that ADIB had confirmed the acquisition of 9.6 million ADIB Egypt shares from the National Investment Bank, which is equivalent to 2.4% of the entity's total shares. According to the Chief Executive Officer of ADIB Group, Nasser Al Awadhi, the company hopes to leverage a strong...

IM Insights | January 06, 2023

Abu Dhabi Islamic Bank Raises its Ownership in ADIB Egypt to Over 52%

Abu Dhabi Islamic Bank Raises its Ownership in ADIB Egypt to Over 52%

Abu Dhabi Islamic Bank (ADIB) has acquired additional shares in ADIB Egypt, its subsidiary in Egypt, increasing its ownership stake of the entity to 52.607%, as per a statement made on the 5th of January 2023.Why it Matters? On the 5th of January 2023, the Abu Dhabi Securities Exchange (ADX) announced that ADIB had confirmed the acquisition of 9.6 million ADIB Egypt shares from the National Investment Bank, which is equivalent to 2.4% of the entity's total shares. According to the Chief Executive Officer of ADIB Group, Nasser Al Awadhi, the company hopes to leverage a strong...

IM Insights | January 06, 2023

Pakistan's Faysal Bank Granted an Islamic Banking License to Operate as a Full-Fledged Islamic Bank

The State Bank of Pakistan (SBP) has issued an Islamic banking license to Faysal Bank Limited (Faysal Bank), making it the second-largest full-fledged Islamic bank in the country.Why it Matters? The conversion of Faysal Bank from traditional banking to a system that is Shariah-compliant, is a rare occurrence both in Pakistan and globally, due to the bank's large size. Jameel Ahmed, the Governor of SBP, has stated that this conversion is a first in the country's banking history and a significant achievement for both the bank and the Islamic banking industry in Pakistan.Details ...

IM Insights | January 03, 2023

Pakistan's Faysal Bank Granted an Islamic Banking License to Operate as a Full-Fledged Islamic Bank

Pakistan's Faysal Bank Granted an Islamic Banking License to Operate as a Full-Fledged Islamic Bank

The State Bank of Pakistan (SBP) has issued an Islamic banking license to Faysal Bank Limited (Faysal Bank), making it the second-largest full-fledged Islamic bank in the country.Why it Matters? The conversion of Faysal Bank from traditional banking to a system that is Shariah-compliant, is a rare occurrence both in Pakistan and globally, due to the bank's large size. Jameel Ahmed, the Governor of SBP, has stated that this conversion is a first in the country's banking history and a significant achievement for both the bank and the Islamic banking industry in Pakistan.Details ...

IM Insights | January 03, 2023

Gross Written Contributions of UAE's Salama Expected to Reach AED 1 Billion With Aman Acquisition

The United Arab Emirates-based Islamic insurer, Salama, has announced that it will see an increase in its gross written contributions (GWCs) to AED 1 billion (USD 272 million) following its acquisition of a portfolio from takaful company, AMAN.Why it Matters?The acquisition was officially announced in October 2022, with both parties, both publicly traded on the Dubai Financial Market (DFM), confirming that the purchase is expected to be completed in the first quarter of 2023, subject to receiving regulatory approvals. The targeted portfolio generated AED 198.59 million (USD 54 million) in...

IM Insights | January 02, 2023

Gross Written Contributions of UAE's Salama Expected to Reach AED 1 Billion With Aman Acquisition

Gross Written Contributions of UAE's Salama Expected to Reach AED 1 Billion With Aman Acquisition

The United Arab Emirates-based Islamic insurer, Salama, has announced that it will see an increase in its gross written contributions (GWCs) to AED 1 billion (USD 272 million) following its acquisition of a portfolio from takaful company, AMAN.Why it Matters?The acquisition was officially announced in October 2022, with both parties, both publicly traded on the Dubai Financial Market (DFM), confirming that the purchase is expected to be completed in the first quarter of 2023, subject to receiving regulatory approvals. The targeted portfolio generated AED 198.59 million (USD 54 million) in...

IM Insights | January 02, 2023

Garuda Indonesia Aims to Resume Share Trading After Issuing Sukuk Worth USD 80 Million

Garuda Indonesia (Garuda), the country's national airline, has announced its plans to resume trading its shares on the Indonesia Stock Exchange (IDX) after issuing around USD 80 million in Sukuk, according to Irfan Setiaputra, Chief Executive Officer (CEO) of the carrier on the 27th of December. Why it Matters? In June 2021, the IDX suspended Garuda’s trading of shares after it had failed to make coupon payments on USD 500 million Sukuk. According to previous statements made by stock market officials, the airline's ban was to be lifted, provided it issues additional Su...

IM Insights | December 28, 2022

Garuda Indonesia Aims to Resume Share Trading After Issuing Sukuk Worth USD 80 Million

Garuda Indonesia Aims to Resume Share Trading After Issuing Sukuk Worth USD 80 Million

Garuda Indonesia (Garuda), the country's national airline, has announced its plans to resume trading its shares on the Indonesia Stock Exchange (IDX) after issuing around USD 80 million in Sukuk, according to Irfan Setiaputra, Chief Executive Officer (CEO) of the carrier on the 27th of December. Why it Matters? In June 2021, the IDX suspended Garuda’s trading of shares after it had failed to make coupon payments on USD 500 million Sukuk. According to previous statements made by stock market officials, the airline's ban was to be lifted, provided it issues additional Su...

IM Insights | December 28, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 4.699 Billion SAR-denominated Sukuk Issuance for December 2022 

The Kingdom of Saudi Arabia's (Saudi Arabia) National Debt Management Center (NDMC) has announced the closure of an SAR 4.699 billion (USD 1.25 billion) Sukuk issuance for December 2022 under the Saudi Arabian Government's SAR-denominated Sukuk Programme, as disclosed on the 20th of December 2022. Why it Matters? The offerings received bids totalling SAR 11.082 billion (USD 2.95 billion) and was split into two tranches, namely an SAR 4.094 billion (USD 1.09 million) issuance and an SAR 605 million offering, with respective maturity dates of 2032 and 2037. In July 2017, the Sukuk...

IM Insights | December 23, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 4.699 Billion SAR-denominated Sukuk Issuance for December 2022 

Saudi Arabia’s National Debt Management Center Closes SAR 4.699 Billion SAR-denominated Sukuk Issuance for December 2022 

The Kingdom of Saudi Arabia's (Saudi Arabia) National Debt Management Center (NDMC) has announced the closure of an SAR 4.699 billion (USD 1.25 billion) Sukuk issuance for December 2022 under the Saudi Arabian Government's SAR-denominated Sukuk Programme, as disclosed on the 20th of December 2022. Why it Matters? The offerings received bids totalling SAR 11.082 billion (USD 2.95 billion) and was split into two tranches, namely an SAR 4.094 billion (USD 1.09 million) issuance and an SAR 605 million offering, with respective maturity dates of 2032 and 2037. In July 2017, the Sukuk...

IM Insights | December 23, 2022

Climate Change and Biodiversity Are Inextricably Linked and Will Drive Financial Flows for Decades to Come

The Kunming-Montreal Agreement on biodiversity expands the expectations on financial institutions’ responsibilities towards the natural world. Islamic market financial sector stakeholders should take a cue from the Paris Agreement and build their capabilities to show what they are doing with regard to biodiversity. Doing so would complement their efforts on climate risk and open up new opportunities for investors pursuing ‘nature positive’ objectives in coming years. The COP15 (Kunming-Montreal) agreement is being called the ‘Paris Agreement’ for biodiversity a...

Blake Goud | December 23, 2022

Climate Change and Biodiversity Are Inextricably Linked and Will Drive Financial Flows for Decades to Come

Climate Change and Biodiversity Are Inextricably Linked and Will Drive Financial Flows for Decades to Come

The Kunming-Montreal Agreement on biodiversity expands the expectations on financial institutions’ responsibilities towards the natural world. Islamic market financial sector stakeholders should take a cue from the Paris Agreement and build their capabilities to show what they are doing with regard to biodiversity. Doing so would complement their efforts on climate risk and open up new opportunities for investors pursuing ‘nature positive’ objectives in coming years. The COP15 (Kunming-Montreal) agreement is being called the ‘Paris Agreement’ for biodiversity a...

Blake Goud | December 23, 2022

Bank Negara Malaysia Issues Hajah and Darurah Exposure Draft

The Central Bank of Malaysia, Bank Negara Malaysia (BNM), has announced the release of an exposure draft of its policy document on Hajah (Need) and Darurah (Dire Necessity) on the 15th of December 2022. The document outlines BNM's proposed Shariah and operational requirements, as well as its expectations for the application of Hajah and Darurah by Islamic financial institutions in the course of conducting Islamic banking and Takaful business.Why it Matters? The policy document, among other things, specifies the parameters for the application of exceptional rules for Hajah and Dar...

IM Insights | December 22, 2022

Bank Negara Malaysia Issues Hajah and Darurah Exposure Draft

Bank Negara Malaysia Issues Hajah and Darurah Exposure Draft

The Central Bank of Malaysia, Bank Negara Malaysia (BNM), has announced the release of an exposure draft of its policy document on Hajah (Need) and Darurah (Dire Necessity) on the 15th of December 2022. The document outlines BNM's proposed Shariah and operational requirements, as well as its expectations for the application of Hajah and Darurah by Islamic financial institutions in the course of conducting Islamic banking and Takaful business.Why it Matters? The policy document, among other things, specifies the parameters for the application of exceptional rules for Hajah and Dar...

IM Insights | December 22, 2022

Saudi Arabia’s Nama Chemicals Inks Two Shariah-Compliant Facilities Worth SAR 90 Million 

Saudi Arabia's Nama Chemicals (Nama) has announced the signing of two Islamic Shariah-compliant finance arrangements totaling SAR 90 million (USD 24 million), as per a regulatory statement on the Saudi Stock Exchange Tadawul on 19th of December 2022. Why it Matters?  The facilities include a SAR 30 million (USD 8 million) Tawarruq facility arrangement with Riyad Bank as well as a Murabaha facility agreement for SAR 60 million (USD 16 million) with the National Bank of Kuwait and will be used as working capital. Details   The facilities...

IM Insights | December 20, 2022

Saudi Arabia’s Nama Chemicals Inks Two Shariah-Compliant Facilities Worth SAR 90 Million 

Saudi Arabia’s Nama Chemicals Inks Two Shariah-Compliant Facilities Worth SAR 90 Million 

Saudi Arabia's Nama Chemicals (Nama) has announced the signing of two Islamic Shariah-compliant finance arrangements totaling SAR 90 million (USD 24 million), as per a regulatory statement on the Saudi Stock Exchange Tadawul on 19th of December 2022. Why it Matters?  The facilities include a SAR 30 million (USD 8 million) Tawarruq facility arrangement with Riyad Bank as well as a Murabaha facility agreement for SAR 60 million (USD 16 million) with the National Bank of Kuwait and will be used as working capital. Details   The facilities...

IM Insights | December 20, 2022

Exploring the Potential for Shariah-Compliant Community Shares: New Report

A new Shariah Compliance Report for Community Shares has been released by Amanah Advisors on the potential for community share offers in being recognised as Shariah-compliant, as shared by the entity's Founder and Chief Executive Officer (CEO), Mufti Faraz Adam on the 12th of December 2022. Why it Matters?  The foundation of Islamic finance is Shariah-compliance and Shariah provides rules for business operations and the economy to make sure that all parties are treated fairly, that the transactions are fair, and that no unethical behaviour is being used. The report highlights so...

IM Insights | December 19, 2022

Exploring the Potential for Shariah-Compliant Community Shares: New Report

Exploring the Potential for Shariah-Compliant Community Shares: New Report

A new Shariah Compliance Report for Community Shares has been released by Amanah Advisors on the potential for community share offers in being recognised as Shariah-compliant, as shared by the entity's Founder and Chief Executive Officer (CEO), Mufti Faraz Adam on the 12th of December 2022. Why it Matters?  The foundation of Islamic finance is Shariah-compliance and Shariah provides rules for business operations and the economy to make sure that all parties are treated fairly, that the transactions are fair, and that no unethical behaviour is being used. The report highlights so...

IM Insights | December 19, 2022

Recent Insights

Indonesia: Market Evening Update - 27 January

Indonesia: Market Evening Update - 27 January

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Kuwait Daily Update - 26 January

Kuwait Daily Update - 26 January

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Pakistan: Open Market Operations Statistical Bulletin - December 2022

Pakistan: Open Market Operations Statistical Bulletin - December 2022

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Indonesia: Market Evening Update - 26 January

Indonesia: Market Evening Update - 26 January

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Qatar: Daily Market Report - 26 January

Qatar: Daily Market Report - 26 January

Majed Salah