islamic finance

February 22, 2018

The Islamic Development Bank, IsDB, has launched Engage, a new digital platform which will promote technological and scientific solutions to accelerate progress towards the Sustainable Development Goals, SDGs.

The President of IsDB, Dr. Bandar Hajjar, announced the launch of Engage at an event hosted at Bloomberg’s European Headquarters in London, alongside UN Under-Secretary-General and Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific, ESCAP, Dr. Shamshad Akhtar, Dr. Hayat Sindi, Chief Scientific Advisor to IsDB, and a group of business, innovation and development experts.

Speaking"...

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February 21, 2018

The Dubai Islamic Bank, DIB, rang the market-opening bell today to celebrate the listing of a US$1 billion Sukuk on Nasdaq Dubai.

The Sukuk is the first benchmark dollar-denominated Sukuk from a GCC issuer in 2018 and provides significant support for the domestic and international growth strategy of DIB.

It is DIB’s sixth Sukuk on Nasdaq Dubai, making the bank the largest UAE debt issuer by value on the exchange with a total of US$5.25 billion. The latest Sukuk, carrying a profit rate of 3.625% with a five-year tenor, attracted investors from the Middle East,"...

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February 20, 2018

The Islamic Development Bank (IDB) – the Jeddah-based multilateral development bank with a subcsribed capital of $33 billion – is launching a new fund which will provide seed money to innovative start-ups and SMEs, helping them implement development projects related to the UN’s Sustainable Development Goals.

The IDB’s new Transform fund, which has a target capital of $500 million, will run in tandem with a new online hub called Engage, designed to connect innovators to each other and assist them in developing their ideas.

Speaking exclusively"...

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February 19, 2018

Rashed Al Blooshi, Chief Executive of Abu Dhabi Securities Exchange, ADX, and Hamed Ali, Chief Executive of Nasdaq Dubai, rang the ADX market opening bell to welcome the launch today by Nasdaq Dubai of futures trading on ADX’s main share index, the ADI.

Futures trading on the ADI will raise the global profile of Abu Dhabi’s capital markets and encourage more foreign investment. The ADI has risen 70 percent in the last five years, tracking the performance of all its companies in sectors including telecommunication, financial services, real estate and energy. The index provides a benchmark of the overall performance of the ADX market"...

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February 5, 2018

Abu Dhabi Islamic Bank (ADIB) today reported a record net profit of Dh2.3 billion ($626.2 million) for the year ended December 31, 2017, up 17.7 per cent from 2016, driven by higher income from fees, foreign exchange, investments and reduction in the cost of credit.

The net profit for Q4 2017 increased by 33.4 per cent to Dh607.2 million compared to Dh455.1 million in Q4 2016.

Revenue increased by 4.6 per cent"...

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February 1, 2018

The Sobha Group will break ground on its $4 billion lifestyle project, Firdous Sobha, in Umm Al Quwain by June this year, says P.N.C. Menon, chairman.

The mixed-use project, a joint venture with the UAQ government, will include around 650 residential units, five hotels, waterways and a golf course. The price for units will be pegged at an average of Dh500 per sqft. Sales will likely be launched later in the year.

The community will be connected to the mainland via a 1.1-kilometre bridge, work on which will also start by mid-year. The project has a development timeframe of 10 years.

The master planning for Firdous Sobha is complete. 'Our main customers will be people who own yachts."...

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January 22, 2018

Dubai Islamic Bank, DIB, has been recognised as the Fastest Growing Bank in the country at this year’s International Finance Magazine Awards.

Organised for the fifth consecutive year, the International Finance Magazine, IFM, Awards recognises and honors individuals and organisations that make a difference and bring significant value to the international finance industry.

Commenting on the award success, Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, said, 'All of us at DIB are extremely proud of what we have achieved together over the recent past. And"...

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January 21, 2018

Jordan's Safwa Islamic Bank said it has signed a co-operation agreement with Middle East Payment Services (MEPS), a leading, innovative payment services provider in the Middle East, to issue Mastercard prepaid cards for its clientele.

As per the deal, all of Safwa Islamic Bank’s clients will be able to obtain Mastercard prepaid cards from any of its locations spread across Jordan, said the statement from the bank.

These internationally and locally-recognized cards will enable users to make secure internet purchases and to utilize ATMs and point-of-sale (POS) devices, it stated.

The agreement was recently signed"...

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January 20, 2018

The Dubai Islamic Economic Development Centre, DIEDC, will hold a seminar 'Principles and Strategy in Islamic Economy' on 22nd January at the headquarters of the Arab Brazilian Chamber of Commerce in Sao Paulo, according to the Agencia do Noticias Brasil-Arabe, ANBA.

The event is intended for Brazilian businesspersons looking to tap into the market for halal goods and will look at industries such as fashion, tourism, food and cosmetics.

According to ANBA, speakers will include International Halal Accreditation Forum, IHAF, secretary-general Mohammed Badri;"...

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