Islamic Finance and Economics

  • World Bank, OIC Seek Expansion in Islamic Finance

    February 23, 2017

    The World Bank Group and the Organisation of Islamic Cooperation's (OIC) Islamic Development Bank have published a Global Report on Islamic Finance calling for the expansion of sharia finance to contribute to the global "fair and equitable distribution of income and wealth" and the achievement of the UN's Sustainable Development Goals.

  • IMF Takes Closer Look at Risks of Islamic Finance

    February 22, 2017

    The International Monetary Fund (IMF) is incorporating Islamic finance into its surveillance framework for monitoring and assessing its member-countries' economies, with particular emphasis on providing technical assistance and advice on the high-risk hybrid products that are a growing part of the $2 trillion-worth of sharia-compliant/compatible assets worldwide.

  • Sharia Banking Grows in UK Financial Markets

    February 08, 2017

    UK banking officials report that sharia-compliant/compatible banking has grown aggressively as part of the country's total financial sector, by over 400% since 2012, driven by British officials' bid to make London a global Islamic finance capital and by strong migration flows to the UK from Muslim-majority countries.

  • Dubai's Sharia Finance Pivots on "Islamic Ecosystem"

    February 08, 2017

    Dubai's ongoing initiative to ensure the country's position as the global epicenter of sharia-compatible/compliant finance pivots on the concept of an "Islamic ecosystem," comprised of interlocking economic sectors of Islamic finance, halal (sharia-compliant) food products, and Islamic lifestyles products and devices.

  • Indonesia Eyes Islamic Finance Benefits from US Travel Ban

    January 31, 2017

    Indonesia's Vice President has suggested that the temporary US travel ban on migration from seven Muslim-majority countries may prove a boon for Indonesia's efforts to position itself as a major global center for sharia finance, since Mideast investors may redirect their capital away from the US and toward Islamic finance markets.

  • Malaysia Considers Sharia Securities Fund

    January 16, 2017

    Malaysia's Securities Commission is considering the launch of a government-seeded sharia securities fund aimed to offer multi-currency sharia investment products that would help to grow the country's already-leading role in the $2 trillion global Islamic wealth and finance market.

  • OIC Positions Kenya as Sharia Finance Hub

    January 02, 2017

    The Islamic Financial Services Board, an institution of the 57-member-state Organisation of Islamic Cooperation (OIC), has admitted Kenya as a member in a decision aimed to position the country as the East African hub of the $2 trillion Islamic finance market.

  • Experts Expect Increasing 2017 Islamic Finance Influence in Africa

    December 30, 2016

    Development and infrastructure needs in Africa will provide greater opportunities for sharia-compatible financing and other Islamic banking in 2017, especially as Middle Eastern and South Asian Islamic finance players look to expand their influence in non-Muslim-majority sub-Saharan and West African countries.

  • Pakistan Expands Support for Sharia Finance

    December 30, 2016

    Pakistan's government continues to expand incentives for banks that provide a widening range of Islamic financial products and resources in an effort to grow the sharia-compliant sector of the economy and to improve Pakistan's position in the global sharia-finance economy.

  • Iran Steps into Key OIC Finance Position

    December 19, 2016

    Iran will chair the Organisation of Islamic Cooperation's (OIC) Islamic Financial Services Board in 2017, giving the Islamic Republic a key role in standard-setting for global sharia finance and the country's economic re-integration, after years of isolation due to the effects of US economic sanctions, within the 57-member-state global Islamic group.

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