Islamic Finance and Economics

  • 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.

  • OIC Private Bank Strategy Promotes Sharia Finance Growth in Asia

    October 11, 2016

    The Organisation of Islamic Cooperation is positioning its Islamic Corporation for the Development of the Private Sector to develop strategic collaborations with private sector banks in order to expand sharia financial services and banking products in OIC-member-state markets in Asia.

  • Malaysia, OIC Prepare World's First Islamic Venture Capital Fund

    September 19, 2016

    As part of the Organisation of Islamic Cooperation's efforts to expand the global footprint of sharia economics, the OIC's Islamic Development Bank and Malaysia, a leading player in the rapidly growing global Islamic financial market, are preparing the world's first Islamic venture capital fund, estimated at $100 million.

  • World Bank Promotes Islamic Finance Project in Turkey

    September 14, 2016

    The World Bank has published a story touting its contributions to Turkey's "Innovative Access to Finance Project," which uses a finance model that corresponds with Islamic law to provide funding to small and medium enterprises in the country.

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