Islamic Finance and Economics

  • Pakistan Expands Support for Sharia Finance

    December 30, 2016

    Pakistan's government continues to expand incentives for banks that provide a widening range of Islamic financial products and resources in an effort to grow the sharia-compliant sector of the economy and to improve Pakistan's position in the global sharia-finance economy.

  • Iran Steps into Key OIC Finance Position

    December 19, 2016

    Iran will chair the Organisation of Islamic Cooperation's (OIC) Islamic Financial Services Board in 2017, giving the Islamic Republic a key role in standard-setting for global sharia finance and the country's economic re-integration, after years of isolation due to the effects of US economic sanctions, within the 57-member-state global Islamic group.

  • Morocco Announces Entry into Islamic Finance Market

    December 08, 2016

    Despite longstanding government concerns about connections between Islamic finance and Islamist extremism, the Moroccan government announced that it will begin issuing sovereign Islamic bonds and will establish sharia banks and insurers in an effort to attract foreign direct investment from the Mideast, North Africa, and Asia.

  • Survey Signals British Muslim Indifference Toward Islamic Banking

    December 05, 2016

    A survey by a UK nongovernmental organization of British Muslims shows that a majority of respondents prefer not to use sharia-compliant banking services, raising questions about the rationale for British financial elites' aims to make London a hub for Islamic finance.

  • Sharia Banking Comes to Scotland

    December 05, 2016

    Scottish banking authorities have welcomed the first sharia-compliant bank, a retail bank with an extensive branch and office network throughout the UK, to expand Scotland's "ethical finance" profile by offering Islamic banking services.

  • Fitch Report Signals Caution for Saudi Islamic Banking

    December 02, 2016

    A new ratings report on Saudi Arabia just issued by Big Three Credit Rating Agency Fitch paints a cautious picture of the asset quality, profitability, and growth of Saudi Islamic banks, given the expectations that low oil prices will continue to exert downward pressure on the Kingdom's overall economic performance.

  • Islamic Economy Summit Calls for Sharia Compliance Auditing

    October 31, 2016

    The Global Islamic Economy Summit, an annual meeting of key players in the almost $2 trillion sharia-compatible finance industry, has called for financial institutions worldwide providing Islamic finance to submit to an independent external audit to ensure strict compliance with and the "integrity of sharia principles."

  • Kenya Seeks OIC Membership Through Islamic Finance

    October 18, 2016

    The government of Kenya has signaled the expansion of its country's Islamic finance industry through its launch of an Islamic Finance Project Management Office as part of a roadmap for the country's membership in the 57-member-state Organisation of Islamic Cooperation and toward making Nairobi an Islamic finance capital in Africa.

  • Sharia Finance Headlines at Global Islamic Economy Summit

    October 13, 2016

    Participants in the annual Global Islamic Economy Summit, which brings together Organisation of Islamic Cooperation member states with representatives of regional and international financial institutions, emphasized the importance of expanding Islamic finance to achieve Sustainable Development Goals in OIC member states and to globalize "an Islamic economy."

  • UN Promotes Use of Sharia Finance to Fulfill SDGs

    October 12, 2016

    Following up their establishment of a Global Islamic Finance and Impact Investing Platform for the fulfillment of the UN Sustainable Development Goals, the UN Development Programme and the Islamic Development Bank recently held a joint event at which they explored opportunities for using "Islamic finance instruments" to contribute resources for the fulfillment of the SDGs.

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