Islamic Finance and Economics

  • Islamic Finance Sustains Robust Global Growth

    July 17, 2017

    The systematic internationalization of sharia finance products and services by Islamic finance industry leaders, with particular focus on growing a non-Islamic customer base, accounts for the projected robust growth in the nearly $1.9 trillion sharia-compliant/compatible marketplace.

  • Dana Gas Case Highlights Sharia Finance Risks

    July 10, 2017

    The ongoing dispute over the refusal by the United Arab Emirates' Dana Gas to make $700 million in payments because of a controversy over the interpretation of sharia compliance is generating major international uncertainty over how to establish religious interpretive standards to mitigate the risks associated with Islamic financial instruments.

  • Islamic Finance Industry Pushes Digital Innovation

    July 10, 2017

    Financial experts in the $2 trillion Islamic finance industry report a paradigm shift toward digital innovation in sharia-compliant cryptocurrency, robo-advisory services, and other "financial literacy and inclusion technologies," that improve global competitiveness and growth in sharia finance and economies.

  • UAE Gas Case Shows Risks of Sharia Finance

    June 23, 2017

    The decision by the United Arab Emirates (UAE) energy giant Dana Gas to suspend payment on $700 million of debt on claims that the instruments no longer comply with sharia law raises alarm bells as investors face the prospect that "Islamic interpretation and religious standards" may now become a common justification to companies refusing to pay their debts.

  • Islamic Finance Summit Places Focus on Resilience, Global Growth

    June 20, 2017

    The October 2017 summit of the Islamic Finance Services Board, a standard-setting agency of the Organisation of Islamic Cooperation (OIC), in Abu Dhabi will focus on reinvigorating sharia finance growth within the current climate of global geopolitical uncertainty and on maximizing new financial technologies for the resilience of sharia-complaint capital markets and products.

  • Islamic Banking Centers Pursue FinTech Innovation

    June 06, 2017

    Global finance experts are  projecting intense competition among Mideast and Asian Islamic finance centers, from Dubai to Malaysia, to promote innovations in financial technology (fintech) as accelerators for the growth of sharia banking services.

  • Islamic Finance Shows Slowed Annual Growth

    May 18, 2017

    The annual report released by the Islamic Financial Services Board indicated that 2017 was a year of slowed growth in the sharia-compliant financial services industry, suggesting the industry's lack of resilience in the face of external shocks such as declining global oil prices and weak economic growth worldwide.

  • OIC Pushes Sharia Finance with World Bank

    May 11, 2017

    The Organisation of Islamic Cooperation (OIC) continues its efforts to promote the globalization of Islamic finance, working through its Islamic Development Bank to support the World Bank's recent conference in Malaysia to explore tapping into the $1.9 trillion market of sharia-compliant assets to finance global infrastructure development.

  • Bahraini Group Plans to Upgrade Islamic Finance Regulations

    April 26, 2017

    The Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) plans to upgrade accounting standards and regulatory guidelines designed to maximize the investment potential of the estimated $1 trillion in worldwide assets in specialized sharia endowments (awqaf), which are primarily focused on mosque projects and global Islamization programs.

  • Saudi Arabia Issues Country‚Äôs First Global Islamic Bond

    April 19, 2017

    Pressured by collapsing oil revenues and falling currency reserves due to the country’s move to diversify its oil-dependent economy, the Saudi Arabian government has turned to international capital markets for debt relief, raising $9 billion with the Wahhabi Kingdom's first-ever Islamic bond issue.

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