Islamic Finance and Economics

Africa Projected for Continuing Growth of Islamic Banking

September 23, 2022

A recent report by Moody’s Investors Service projects strong potential for expansion of sharia-compatible/compliant banking and finance across Africa in the next decade, given the Continent’s sizable Muslim population that is notably unbanked, although the international financial research and bond credit rating agency notes that the growth of Islamic banking and finance in Africa will depend on improvements in sharia regulatory and tax and in Islamic banks’ ability to compete with conventional banks for deposits.
Qatar Convenes 4th IFSB Forum in Signal of Continuing Global Expansion of Sharia Finance & Economics Into ESG, Climate, and Fintech

September 20, 2022

Qatar's Islamic regime convened the 4th Islamic Financial Services Board (IFSB) Innovation Forum, an annual event bringing together major stakeholders committed to advancing sharia-compliant/compatible banking, finance, and economics worldwide, with this year's Doha forum focused on the integration of Islamic financial services with global models and practices on ESG (environmental and social governance), climate change, and Fintech (financial technology).
Malaysia to Host Global Islamic Finance Forum

September 09, 2022

Malaysia is reinforcing its role as a global leader in international sharia banking and finance as indicated in the East Asian country's first-place ranking in the Global Islamic Economy Report, by hosting the 2022 Global Islamic Finance Forum, which will convene international experts to discuss measures to advance sharia-based/compliant opportunities in digitalization, crypto currencies, and consumer patterns.
UN Faces Vulnerabilities to Islamist Charities Instrumentalizing UN Refugee Work

September 07, 2022

Complex networks of Islamist charities with terrorist ties have been successful in instrumentalizing the humanitarian and relief work of the UN High Commission for Refugees (UNHCR) for purposes of influence building, with the UNHCR coming under criticism for accepting millions of dollars in donations from a Saudi Arabia-based organization.
OIC & UN Partner to Promote Sharia Finance for Sustainable Development in Africa

August 02, 2022

The United Nations Development Programme (UNDP) and the Organization of Islamic Cooperation’s Islamic Development Bank (IsDB) are partnering in a pilot Massive Online Open Course (MOOC) designed to promote Sharia finance as a tool for achieving sustainable development goals in the African Continent.
Saudi Central Bank Chief Touts Kingdom’s Global Leadership in Banking & Finance

July 20, 2022

The head of Saudi Arabia’s Central Bank (SAMA) is touting the Islamic theocratic kingdom’s leading role in the fast-growing, international, sharia-compliant/compatible finance and banking sector, with Saudi Arabia accounting for an estimated 28 percent of Islamic finance worldwide, in a market strategy that will position the Sunni Islamic state as a key player in global banking and finance.
Saudi Investment in UK's Aston Martin Marks Islamic Kingdom's Push Towards Global Influence Building

July 20, 2022

Saudi Arabia's Public Investment Fund is about to become the second-largest shareholder in UK luxury car company Aston Martin, in a move that reflects the Islamic monarchy's strategy of diversifying the economy away from complete reliance on oil, while also using the sovereign wealth fund to build international influence via decision making clout in iconic Western brands with soft power returns.
Russia Turns to Sharia Finance & Banking as Alternative to Minimize Western Sanctions

July 20, 2022

Russia's parliament is currently reviewing draft legislation to create regulatory structures that will allow for the creation of an Islamic finance and banking sector, as Moscow views the high-growth, multi-trillion-dollar global sharia-compliant/compatible industry as a key source of foreign investment from Mideast and South Asian Islamic banking leaders and of domestic market growth for the country's sizable Muslim population.
Global Standards for Dispute Resolution Constrains Expansion of Islamic Finance

July 13, 2022

The rapid global expansion of sharia-compliant/compatible finance and banking services is generating an intensifying demand for international standards of legal and financial dispute resolution that frequently position Islamic laws against civil jurisprudence.
Al-Shabab’s Parallel Financial Practices in Somalia Allow Islamist Expansion

July 11, 2022

Somalia’s al-Qaeda-affiliated jihadist group al-Shabab has built a sophisticated network of taxation mapped onto key transportation hubs, in tandem with opportunistic use of the country’s poorly regulated banking system, to finance its almost two-decades-long war against the East African state and to find other jihadist operations that are delegitimizing states across the geopolitically crucial Horn of Africa region.