Islamic Finance and Economics

  • UK Court Rules on Dana Gas Sharia Bonds

    November 20, 2017

    In a widely watched case in the global Islamic finance industry, the UK High Court determined that UAE energy giant Dana Gas must repay $700 million of Islamic bonds to creditors, setting a legal precedent in rejecting the Dana Gas claims that new interpretations of sharia law trumped repayment obligations on the outstanding debt.

  • Maltese Finance Authorities Continue Islamic Finance Push

    November 15, 2017

    The Malta Financial Ser­vices Authority is preparing an Islamic sovereign bond offering as part of the government’s plan to bolster the Mediterranean state’s position as an EU hub for the $2.7 billion sharia finance industry.

  • Report Highlights Standards Challenges in Global Islamic Finance

    November 08, 2017

    A new report by Big Three credit rating giant Fitch Group emphasizes that global Islamic financial communities continue to present risks due to the ongoing lack of standardization in sharia codification and in regulatory supervision.

  • Islamic Banking Footprint Expands in Algeria

    November 08, 2017

    The number of state banks in Algeria offering Islamic banking and financial services continues to expand as the oil-revenue-dependent North African government looks to attract sharia-compliant/compatible investment to boost the country’s economic development.

  • Islamic Banking Spreads in Central Asia

    October 19, 2017

    Government officials in Kazakhstan are moving aggressively to implement a "road map for the development of Islamic finance until 2020," aiming to make the geopolitically crucial state in Central Asia a hub of sharia-compliant finance through full integration with all major finance and investment institutions of the Organization of Islamic Cooperation (OIC).

  • Bahraini Banking Leaders Push Islamic Finance in Africa

    October 09, 2017

    Executives in the Bahraini Islamic wholesale financial institution Al Baraka Banking Group are pushing public and private sector members at the World Economic Forum to support sharia-compliant/compatible finance as the preferred mechanism to promote the G20 Africa Partnership to expand infrastructure, employment, and foreign investment in Africa.

  • OIC, UN Explore Development Through Islamic Finance

    October 06, 2017

    The Organisation of Islamic Cooperation's (OIC) Islamic Development Bank and the UN Development Programme recently co-hosted an event in New York to explore "how Islamic finance can be tapped as a strong and scalable funding source" for the achievement of the wide-ranging UN Sustainable Development Goals.

  • Brexit May Generate Increase in Islamic Finance in UK

    October 06, 2017

    UK financial experts anticipate a strong expansion in the sharia-compliant banking and finance industry as the country exits the EU, including deeper ties with Gulf and Southeast Asian centers of Islamic finance, in order to offset any Brexit-induced weakening of London's dominance of global financial markets.

  • Islamic Center Loses Property Tax Exemption Challenge

    September 27, 2017

    The Islamic Center of Nashville (ICN) lost its appeal for property tax exemption under a religious freedom claim against the US state of Tennessee, as the appeals court ruled that the ICN's use of Islamic finance methods did not interrupt the title, possession, and consequent tax responsibilities of the Nashville mosque-and-school complex.

  • Nigerian Proposal for Islamic Finance Sparks Controversy

    September 25, 2017

    A proposal to introduce Islamic finance by state banks in Nigeria is generating inter-religious tensions, as the Nigerian Supreme Council for Islamic Affairs has accused the Christian Association of Nigeria (CAN) of "Islamophobia" for questioning the implications of the sharia finance products in the country's banking system.

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