June 13, 2018

The Dubai Islamic Bank, DIB, donated AED20 million in Zakat money to the Ras al-Khaimah Charity Association, as part of its efforts to support social and charitable societies and associations, which are licensed in the country.

Abdul Razzaq Al Abdullah, Head of the Community Services Department of the DIB, handed the donation cheque to Abdulaziz Al Zaabi, Chairman of the Board of Directors of the Association. The association will distribute the funds to those eligible for Zakat though legitimate channels during the Holy Month of Ramadan.

Al Abdullah noted the bank’s"...

June 11, 2018

Abu Dhabi Islamic Bank, ADIB, has won the title of 'World’s Best Islamic Bank' in The Banker Magazine’s Awards for Islamic Banks in 2018 the highest accolade that the Financial Times-owned publication awards to Islamic banks.

ADIB also won two regional awards for 'Islamic Bank of the Year – UAE' and 'Islamic Bank of the Year – Middle East' for the fourth consecutive year.

ADIB was distinguished for the size and quality of its offering, led by its innovative digital and mobile services, strong financial performance and"...

June 10, 2018

DMCC has welcomed the Islamic Bank of Afghanistan as the newest member of its DMCC Tradeflow platform, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities. The announcement follows the signing of a Memorandum of Understanding, MoU, by Sanjeev Dutta, ‎Executive Director of Commodities at DMCC and Amer Khalil ur Rehman, Chief Executive Officer of the Islamic Bank of Afghanistan.

The collaboration will enable the Islamic Bank of Afghanistan to carry out Sharia-compliant Murabaha transactions using DMCC Tradeflow’s platform to take multi-currency trades from across"...

June 5, 2018

Abu Dhabi Islamic Bank, ADIB, has announced the launch of a 100 percent capital protected cloud technology equities basket note, designed to capture the growth in the cloud computing industry.

The investment note matures in 12 months and provides 100 percent capital protection at maturity to minimise investment risk. The note opens for subscription until 23rd June, 2018, with a 30 percent participation rate in the upside positive performance. Customers will have the option to redeem the investment after a three-month lock-in period on a monthly basis. The note provides clients with the opportunity to invest in an equity basket of leading global"...

June 4, 2018

The Dubai Islamic Bank, DIB, has donated Zakat money worth AED10 million to the Emirates Red Crescent, ERC, during the Holy Month of Ramadan.

Abdulrazaq Al Abdullah, Chairman of the Community Services Department of the DIB, presented a cheque to Mohammed Abdullah Al Haj Al Zarouni, Executive Director of the ERC’s Dubai Branch.

Al Abdullah highlighted the DIB’s desire to distribute Zakat money to regulated national charitable institutions, to fulfil the urgent needs of poor and needy families, as well as orphans and students, who are eligible to receive"...

May 29, 2018

The sixth Islamic Economy Award, IEA, ceremony will take place on the sidelines of the fourth Global Islamic Economy Summit, GIES 2018, which will run from 30th to 31st October, in Dubai. The award highlights the most innovative initiatives that drive economic development in line with the core principles of the Islamic economy – responsibility, sustainability and positive impact on society.

The summit is organised by Dubai Chamber of Commerce and Industry and Dubai Islamic Economy Development Centre, DIEDC, and strategically supported by Thomson Reuters.

Sultan"...

May 28, 2018

The Islamic banking industry is set to flourish further even in non-conventional markets as the International Monetary Fund (IMF) approved a plan to incorporate Islamic finance into its financial sector assessments of select countries starting from January 1, 2019 to improve regulation in the growing sector.

Under a proposal by the IMF's executive board, guidance issued by the Malaysia-based Islamic Financial Services Board (IFSB) would be incorporated into IMF assessments to address the regulation and supervision of Islamic banks. It means the fund, which traditionally focuses on conventional banking, now also accepts Islamic financial"...