Islamic Finance and Economics

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.
Nigeria Expands Central Bank Liquidity for Sharia Banks

August 28, 2017

Nigeria's Central Bank announced two new financial instruments designed to prioritize and generate liquidity for the country's sharia-compliant banks, buttressing Nigeria's policy toward becoming the African epicenter of Islamic finance.
WIEF Aims to Expand Islamic Finance in Southeast Asia

August 09, 2017

The World Islamic Economic Forum (WIEF), a foundational institution of the Organisation of Islamic Cooperation (OIC), is moving to expand the footprint for sharia-compliant/compatible financial activities and services in Southeast Asia, building out from the Malaysian core to ambitious banking, trade, and investment programs in Indonesia, Cambodia, and Brunei.