Islamic Finance and Economics

  • 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.

  • Indonesia Plans Sharia Fund for Islamic Pilgrimage

    August 07, 2017

    The Government of Indonesia is expanding its global footprint in sharia-compliant finance and its profile as the country with the world's biggest mostly Muslim population with the establishment of a Haj Fund Management Agency (BPKH) aiming to manage the world's largest fund to support Islamic pilgrimages to the Saudi city of Mecca.

  • Indonesia Forms Sharia Finance Committee

    August 07, 2017

    Indonesia's President has announced the formation of a National Committee for Sharia Finance as a key policy step toward making the country, which has the largest Muslim population in the world, a global hub for sharia-compliant/compatible finance, banking and retail products, and tourism.

  • 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.

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