Sheikh Bilal Khan

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.

Green #sukuk are coming

It’s only a matter of time before the first green sukuk comes to market. Speakers at a White & Case event last week explained that there’s nothing stopping issuers from drafting a shariah-compliant sukuk save for a lack of top-down support. In 2016, the climate-aligned bond market grew by 16% to $694 billion, $118 billion worth of which are labelled green. The global sukuk market, which has slowed in recent years, saw $40.3 billion worth of deals issued in the same timeframe. Climate-aligned finance is a fast-growing market that’s open to innovation. Sheikh Bilal Khan, co-chairman at Dome Advisory said green issues are not as spoken about in the Islamic finance industry as they should be. There’s nothing in the Qu’ran forbidding them, in fact it stresses our responsibility to the environment.

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