UAE banks’ Q2 investments in Islamic certificates, cash bills surge to $61.81bn
The banking sector in the country maintained strong capital adequacy, exceeding Basel 3 requirements, according to the Central Bank.
Saving behavior in the UAE jumps as National Bonds hit 15% growth in 2022
Dubai, UAE - National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment portfolio of AED 13.7bn ($3.7 billion) in 2022, higher by 15 percent compared to the previous year. Given that National Bonds success is also measured by the competitive earnings rewarded...
Iran puts two women behind bars for refusal to wear hijab
Iranian authorities ordered the arrest of two women, the judiciary said after a viral video appeared to show them being attacked by a man for not wearing the hijab. Video footage widely shared on social media in Iran appeared to show the two women customers, who were not wearing hijab...Islamic insurance gross subscriptions reach $1.18 billion in 2021: CBUAE
Abu Dhabi, UAE— The gross subscriptions written by all Takaful insurance companies in the UAE reached AED4.35 billion in 2021, marking a growth rate of 0.51 percent over AED4.32 billion in 2020, the Central Bank of the UAE said in a report. These subscriptions accounted for 9.82 percent of the...
ADIB, ADGM to support growth needs of Abu Dhabi financial community
Abu Dhabi, UAE -- Abu Dhabi Islamic bank (ADIB) and Abu Dhabi Global Market (ADGM) will collaborate to support the growth needs of the financial community of Abu Dhabi. They signed an agreement under which the ADIB will provide clients with ADGM licensed managers for Sharia compliant banking services and...
Islamic crypto gains currency in Muslim world
ISLAMICOIN, which adheres to strict Sharia audit, is one of the most popular digital currencies in the Islamic world, says Enas Yaqoub, a member of ISLAMICOIN team.
Qatar First Bank exits its first real estate investment in Baltimore
Qatar First Bank (QFB) has announced the successful exit of Jefferson Square, its first syndicated real estate investment located in the heart of Baltimore, Maryland, USA. QFB acquired Jefferson Square, a class A multifamily residential building, in June 2017 as part of its Sharia compliant real estate investment program, Qatari...Bahrain-based GFH Financial Group launches GCC $100m Sukuk Fund
GFH Financial Group (GFH), a Bahrain-based Islamic investment bank, has announced that is has launched and seeded a $100 million sukuk fund which holds a diversified portfolio of sukuk, following signing agreement with Credit Suisse to provide financing and fund administration services. The fund holds a portfolio of sovereign, quasi...
Sukuk momentum may continue over the medium term on investor appetite: Fitch
Sukuk momentum is expected to continue over the medium term supported by intact investor appetite, funding diversification and refinancing needs, Fitch Ratings has said in a report. “Sukuk supply-demand imbalance will continue to be a key growth factor but not without headwinds,” said Bashar Al-Natoor, Global Head of Islamic Finance,...
Jingle Pay first money service business with Shariah certification
The product has Shariyah Review Bureau certification Customers can opt for a fee-free Islamic account or a conventional one Jingle Pay, a UAE homegrown money service business, will offer its customers an option to open an Islamic account or opt for a conventional alternative In a statement, the...
