Islamic Finance and Economics

  • Egypt’s Parliament Approves Move into Sharia Finance Market

    June 25, 2021

    Egypt’s parliament approved the MENA (Middle East and North Arica) country’s move to enter the $2.7 trillion international Islamic finance market with an issue of government-guaranteed Islamic bonds to finance national development and infrastructure.

  • Cryptocurrencies Politicized by Islamic Scholars

    June 23, 2021

    According to bitcoinmarketjournal.com, financial prediction about the growth of digital assets among the world’s 1.8 billion Muslims remains uncertain for the near term future due to the fact that the position of Bitcoin and other digital assets in Islamic finance remains largely dependent on Islamic cleric’s rulings on sharia copatability.

  • Saudi Aramco Raises $6 Billion in First-Ever Islamic Bond Sale

    June 23, 2021

    Saudi Arabian energy giant Aramco announced $6 billion raised in the company’s first-ever, dollar-denominated islamic bond offering, as the oil giant used sharia-compliant/compatible debt to fund an annual $75 billion dividend commitment by appealing to investors committed to Islamic economic principles. 

  • Germany’s Caizcoin Takes Sharia Finance Global

    June 15, 2021

    According to Yahoo Finance, Caizcoin, a Germany-founded sharia-compliant cryptocurrency, aimed at marketing to both Muslims and non-Muslims, has been approved for listing on the Uniswap platform that is part of the nearly $4 billion blockchain technology market, expanding Islamic finance into the global cryptocurrency marketplace.

  • Growth for Islamic Banking in GCC Member Bahrain

    June 14, 2021

    Big Three credit ratings agency Fitch forecasts robust growth in Islamic banking in Gulf Cooperation Council (GCC) member Bahrain, an Islamic monarchy regime that is headquarters for the Organization of Islamic Cooperation’s accounting and auditing Central Sharia Board to establish the country as a global financial hub.

  • Islamic Finance Grows in Canada with Launch of First Sharia-Compliant ETF

    May 26, 2021

    Islamic financial services are expanding in Canada to meet the demands of the North American country's rapidly growing Muslim population, with the launch of a sharia-compliant/compatible exchange traded fund (ETF) on Canada's New Stock Exchange (NEO).

  • US Commerce Restrictions Highlight Ongoing Islamist Collaborations

    May 19, 2021

    The US Commerce Department's Bureau of Industry and Security announced the denial of export privileges to Mehmet Hakan Attila, former Deputy General of Turkey's second-largest public lending institution, Halkbank, which laundered at least $1 billion through the US financial system as part of Islamist regimes' collaboration in a Turkey-Iran sanctions-busting scheme.

  • Germany Bans Islamic Group for Terrorist Financing

    May 19, 2021

    Germany's Ministry of the Interior has banned an Islamic non-governmental organization (NGO) due to evidence indicating that funds collected for charity and welfare projects were diverted to finance a range of Islamist extremist and terrorist groups operating from the Middle East to Africa, including support to Al-Qaeda affiliates in Syria, Hamas in Gaza, and al-Shabab in Somalia.

  • Robust Growth Projected for Islamic Finance Industry

    May 12, 2021

    Standard & Poor (S & P) global credit ratings giant projects that the Islamic finance industry will show robust 10-12% annual growth rates over the next two years, reaching $3.8 trillion in total assets worldwide by 2023, expanding sharia-compliant/compatible products and services in Muslim-majority and Western countries.

  • Malaysia Becoming Global Islamic Finance Hub

    March 23, 2021

    The 2020-2021 Global Islamic Economy Report shows Malaysia consolidating its trending role as a global hub for sharia-compatible/compliant finance, especially within the framework of the Organisation of Islamic Cooperation (OIC), placing the country also as a fintech (financial technology) and Islamic economy leader within ASEAN (Association of Southeast Asian Nations).

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