Islamic Finance and Economics

Companies Focus on Muslim Millennials for Growth in Islamic Finance

April 09, 2018

Global financial and infotech firms like Thomson Reuters and Visa are targeting Muslim millennials as a likely inflection point for massive expansion in global Islamic finance, with plans to develop sharia-compliant/compatible financial products and fintech options specifically geared to the wealth management and consumption demands of this demographic.
Muslim Cleric Preaches for Islamic Banking in East Africa

March 28, 2018

One of Uganda's best-known Muslim clerics is using public preaching to promote the introduction of Islamic banking in Uganda, presenting sharia-compliant banking practices as an economic development opportunity for the country and as consistent with Muslims' religious obligations in East Africa's third-largest economy.
Islamic Finance Pushes into Sri Lanka

March 28, 2018

Sri Lanka is entering the competitive global marketplace for Islamic finance and banking, as national banking leaders move to develop sharia-compliant/compatible products that will appeal to the country’s wealth-generating minority Muslim population and position Sri Lanka as a competitor to capture sharia assets in South Asia.
Countries Compete for Global Islamic Fintech Leadership

March 26, 2018

Intense competition to become the global leadership hub of Islamic fintech is pitting the UK against countries in Asia and the Middle East, as concerns about the comparative underdevelopent of the infrastructure for sharia-compliant/compatible products are outweighed by predictions of massive growth and yields in the global Islamic marketplace.
Islamic Cryptocurrency Makes Debut

March 20, 2018

The proliferation of cryptocurrencies in global finance has expanded with the roll-out of NOORCOIN as the first sharia-compliant cryptocurrency aimed at the rapidly growing Islamic finance sector, by offering a digital utility token that combines a blockchain technology platform with sharia regulations.
Moody's Predicts Global Growth of Islamic Banking

March 20, 2018

Moody's Investor Service is predicting that 2018 will see comparative strong growth in sharia-compliant/compatible banking compared to conventional banking services, as part of the robust global expansion of the Islamic finance industry, especially in new markets in North Africa and Southeast Asia.
Institution Plans Rollout of Global Sharia Finance Standards

March 19, 2018

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, the world’s leading organization for developing standards for the global Islamic finance industry, plans to roll out homogenized compliance and fiduciary ratings aimed at regulating the rapidly expanding sharia-compliant/compatible finance industry.
UK Central Bank Plans Expansion of Islamic Finance

March 07, 2018

The Bank of England announced plans to launch a new sharia-compliant facility available to a broader range of UK financial institutions to boost demand for Islamic-finance products, aimed to support the goal of making London the global hub of sharia finance in the West.
Saudi Arabia Expands Sharia Finance in Loan Facility

March 05, 2018

The Saudi Arabian finance ministry has announced the expansion of an initial $10 billion international loan facility to $16 billion, including a significant Islamic tranche, signifying the Islamic theocratic regime’s growing influence as an international debt issuer and as a leading center for sharia-compliant/compatible finance.
Indonesia Floats Sharia Green Bonds

March 01, 2018

Indonesia is the first country in Asia to sell government green bonds and to make the US$1.25 billion deal sharia-compliant, opening the way for Islamic financing arrangements to be applied to government efforts to raise state funds for environmentally friendly projects.