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ACC sues Al-Arafah Islami Bank director

The Anti-Corruption Commission (ACC) filed a case against an incumbent director of Al-Arafah Islami Bank for allegedly laundering Tk 1.68 crore in Singapore. ACC filed the case against Badiur Rahman, who was also chairman of the bank's board of directors between 2008 and 2016. Badiur set up the company Ariel Maritime in Singapore with three directors. Badiur's invested capital was SGD 25,000 in 2003 and he has been operating the company since then. His investment increased to SGD 0.5 million, equivalent to Tk 1,68,38,800. According to ACC, Badiur could not show any acceptable documents to prove legitimacy of the source of income that he invested in the company. To conceal the source of income, he misused his power as a director and secretly transferred the money.

Executive #education : Dauphine #Tunis se lance dans la finance islamique

L’Université Dauphine Tunis lance un executive master intitulé "Principes et pratiques de la finance islamique". La première promotion se déroulera de janvier à juillet 2019 pour 420 heures de cours, en anglais, en français et, pour partie, en arabe. Le programme se divise en cinq modules: principes de la finance islamique, principes et pratiques de la banque commerciale islamique, principes et pratiques de l’investissement et du financement de projets en finance islamique, principes et pratiques de la gestions d’actifs islamistes et de l’assurance Takaful et enseignements complémentaires. Les enseignements seront dispensés par l’équipe pédagogique de l’Université Paris Dauphine, menée par les co-directeurs Kader Merbouh et Kaouther Jouaber-Snoussi.

Launch of #Malta Islamic Finance Association

Malta Islamic Finance Association (MIFA) was officially launched on 26th June 2018 by Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri. The present government headed by Prime Minister Joseph Muscat fully supports and endorses all efforts for establishing Islamic Finance in Malta. Malta Islamic Finance Association aims to liaise with governments, quasi-governmental institutions, multilateral organizations, standard setting bodies, agencies and regulatory authorities. The Governing Council of MIFA has appointed Mr. Reuben Buttigieg as President of MIFA and Sheikh Bilal Khan as Secretary General of MIFA for the first term.

East Africa rides the Islamic finance train; #Uganda next to join

Countries in East Africa are increasingly joining the Islamic finance industry as their Muslim population grows and demand for Shariah-compliant banking and finance rises. In Ethiopia the central bank is planning to develop Islamic finance in order to improve financial inclusion, while Somalia’s central bank has given licences to six Islamic Banks and two takaful companies. Both Tanzania and Kenya have recognised the potential of Islamic finance, in Rwanda Islamic finance made its debut in 2016 with an Islamic microfinance Institution. Only Burundi, South Sudan and Eritrea don’t have ambitions to set up Islamic banks. The latest regional entrant in the Islamic finance sector is Uganda. Finance minister Patrick Ocailap said that a framework for the implementation of Islamic banking in the country has been developed and will be operational by October 2018.

AIFC: Development of Islamic Finance

Astana International Financial Center (AIFC) aims to be the driver of the Islamic finance development in Kazakhstan. For this, the AIFC is strengthening its capacity building by establishing the Bureau for Continuing Professional Development. AIFC managing director Yernur Rysmagambetov said two programs habe been launched. One of them is aimed at the training of specialists for the banking sector. The second program is focused on literacy of the end users on Islamic finance. The corporate sector is the main customer of the Islamic banks in Kazakhstan. Attraction of the retail customers in the Islamic finance is another trend of the past years.

AIIB and IsDB Group join forces to grow sustainable infrastructure

The Asian Infrastructure Investment Bank (AIIB) and the Islamic Development Bank Group (IsDB Group) have signed a Memorandum of Understanding (MOU) to establish a framework for strategic cooperation. The MOU will have a strong focus on sustainable infrastructure including development of energy and power, transportation and telecommunications, rural infrastructure water supply and sanitation, environmental protection, urban development and logistics. IsDB Group President H.E Dr. Bandar M.H. Hajjar said the Group looks forward to stimulate the region’s economic growth together with AIIB. The two banks intend to share knowledge and exchange experiences among employees through joint temporary assignments, secondments and training.

New #Egypt Finance Chief Looks to #Sukuk for Funds

Egypt is considering tapping the international sukuk market in the coming fiscal year, as it looks to diversify funding sources. The issuance would mark a revival of a plan shelved since 2013 when the government issued the law to pave the way for the country’s first Islamic bond. Finance Minister Mohamed Maait said that the ministry has yet to discuss how much it wants to raise from conventional bond sales in the coming fiscal year. The focus is shifting toward long term borrowing. The government is also planning on launching the first offerings of stakes in public sector companies in July or August. The initial stakes are expected to raise between 15 billion and 18 billion pounds.

Islamic Windows of Coris Bank International pave the way to achieve SDG goal by ensuring financial inclusion and shared prosperity

Islamic banking is gaining a strong footing in Africa with the launch of Islamic banking windows of Coris Bank International in Mali, Senegal, Benin and Côte d’Ivoire. The official launch of Coris Bank Baraka Senegal took place in the presence of the Islamic Corporation for the Development of the Private Sector (ICD) representatives, the Minister of Budget of Senegal, the Deputy CEO of Coris Bank International group and the CEO of Coris Bank International Senegal. The Minister of Budget of Senegal showed appreciation to Coris banking group for launching the Islamic window. ICD as a technical advisor facilitated the launch of Islamic windows in Senegal, Benin and Mali. Further, Coris Bank International and ICD are collaborating together to launch one more Islamic window in Côte d’Ivoire by end of June, 2018.

#Qatari banks lead Gulf states in real estate lending despite blockade: report

Qatari banks lead the Gulf Cooperation Council (GCC) members states in real estate lending despite the economic blockade. Qatar disbursed 3.36 billion U.S. dollars of incremental credit in the first quarter of this year. Saudi Arabian banks ranked second, as they disbursed 1.47 billion dollars of incremental credit. Residential-related transactions contributed to 48% of the total transactions and accounted for 50.8% of the transaction volumes in the first quarter. On Sunday, Fitch Ratings has upgraded the outlooks of Qatar Islamic Bank (QIB) to 'stable'. The rating showed that Qatar was able to overcome the economic and trade blockade imposed on it by the Saudi-led bloc since last year.

Green finance to fund #Indonesia’s new development projects

Indonesia, one of the world’s biggest greenhouse gas emitters, is turning to green finance markets to fund new development projects. In February, the Indonesian government issued $1.25 billion as the first sovereign green sukuk in the world. The first corporate green sukuk was issued by a Malaysian company in July last year. The Indonesian Tropical Landscapes Finance Facility (TLFF) issued a $95 million sustainability bond to finance rubber plantations in Sumatra and Indonesian Borneo. However, Indonesia did not provide investors with a specific list of projects it was seeking to fund through the green sukuk. The opacity in implementing sustainable criteria is not uncommon in the global green bond market.

Islamic Development Bank seeks tie-ups for infrastructure investments

Islamic Development Bank president Bandar Hajjar said the bank was exploring joint opportunities with other multilateral development banks to invest in India’s infrastructure sector. India plans to invest as much as ?5.97 trillion in creating and upgrading infrastructure in the current financial year. The National Democratic Alliance (NDA) government is setting in play a new integrated infrastructure programme that involves building of roads, railways, waterways and airports. For this, India has sought project financing totalling $2.4 billion from the Asian Infrastructure Investment Bank (AIIB). Also, the Asian bank will invest $200 million in India’s National Investment and Infrastructure Fund (NIIF).

#Morocco's Islamic 'Participatory' Banks: 71 Agencies and MAD 1.1 Billion in Loans

Since the launch of Islamic 'participatory' banks in July 2017, more than 71 agencies have joined the non-interest banking program throughout Morocco. Abdellatif Jouahri, the governor of Bank Al Maghrib (Morocco’s central bank), said the participatory banks have granted a total of MAD 1.1 billion in loans. Jouahri highlighted the special interest that murabaha is especially attractive for both real estate and automobile customers. The governor stressed that Morocco is preparing to issue its first sukuk in July 2018, which will complement the services offered by participatory banks. While the order approving the takaful circular has already been finalized, the legislative texts are still being finalized.

ADIB becomes first bank to join UAEIIC

Abu Dhabi Islamic Bank (ADIB) has joined the UAE International Investors Council (UAEIIC), making it the first bank in the UAE to become a member in the council. ADIB's acting CEO Khamis Buharoon said his bank was committed to the development of Emirati investments, which are critical to economic diversification and the UAE’s global economic competitiveness. The council provides a link between investors, governmental and semi-governmental entities to streamline the investment process. It also serves as a pillar for ensuring the protection of UAE capital abroad through advice, guidance, and logistic support.

Fitch upgrades Qatar Islamic Bank (QIB) rating to stable and affirmed 'A' rating

Fitch Ratings has upgraded Qatar Islamic Bank’s (QIB) outlook to 'stable'. The move reflects Fitch's view that Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-domestic funding. The government has demonstrated a strong commitment to its banks and key public sector companies. Earlier this year, Fitch also affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A'. These ratings of QIB reflect its well-established franchise in Qatar, with a market share of about 11% of total banking system assets at end-2017.

Lotus Halal Fixed Income #Fund Listed On NSE

Lotus Capital, a full-service, Halal investment management company listed its Lotus Halal Fixed Income Fund on the Nigerian Stock Exchange. The listing event was commemorated with a Closing Gong ceremony.

MSM releases new Shari’ah-compliant banks and #Takaful firms

Muscat Securities Market (MSM) has announced a list of Shari’ah-compliant companies for the first quarter of 2018. Acording to ONA, these firms business and financial behaviour conformed to the requirements of Islamic Shari’ah according to the rules approved by the Accounting and Auditing organisation for Islamic Financial Institutions.

Franklin Templeton #funds awarded QFI status in Saudi Arabia

Franklin Templeton is evaluating opportunities to expand its Shariah business, which grew 32 percent in 2017. Franklin Templeton funds have become Qualified Foreign Investors (QFI) in Saudi Arabia, allowing the funds to invest directly in the kingdom’s stock market, it was announced on Monday. Sandeep Singh, Franklin Templeton’s regional head of Central and Eastern Europe, Middle East and Africa and head of Islamic Business said, that they operated in the Middle East and North Africa for almost 20 years and that they will remain dedicated to growing their business alongside the region’s growth.

#Takaful pays debts to free 400 female inmates

The Kuwaiti Takaful Society for Prisoners Care assisted in releasing 400 female prisoners after paying their debts. Chairman Dr Musaed Mandani said the Society wanted to help more women, but unfortunately their debt runs in thousands of dinars which is beyond the capacity of the society.

Dubai Islamic donates $5.4m to RAK charity

The Dubai Islamic Bank (DIB) has donated Dh20 million ($5.4 million) in Zakat money to the Ras al-Khaimah Charity Association. The association will distribute the funds to those eligible for Zakat though legitimate channels during the month of Ramadan. Abdul Razzaq Al Abdullah, head of the Community Services Department of the DIB, handed the donation cheque to Abdulaziz Al Zaabi, chairman of the charity association. Al Zaabi thanked the DIB’s management for its generous support and considerable donation.

Growing Islamic finance firms lobby British government for #tax relief

Islamic finance firms are lobbying the British government for tax reforms, arguing that the treatment of some shariah-compliant structures is hindering their growth. Islamic financial transactions often require multiple title transfers of underlying assets, which can trigger double or even triple tax charges. More than 20 firms offer Islamic financial products in Britain. According to Samir Alamad, head of product development at Al Rayan Bank, capital gains taxes are affecting Islamic banks and their customers. He added that taxes on investment property and commercial finance also need clarification. Islamic banks are expanding, but there are concerns that future changes could also have an impact on the sector. The government’s 2017 budget has proposed changes starting from 2019 to the tax status of nonresident investors and the way they are taxed on real estate disposals.

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