FCI ’s Post

Sharjah Islamic Bank (SIB) has entered into a groundbreaking agreement with the Türkiye Wealth Fund (TWF), marking a significant milestone in Islamic finance. The agreement involves the provision of a Shariah-compliant Murabaha facility worth $100 million USD over a three-year period. Facilitated by Dogan Investment Bank, this marks the first time the Turkish Sovereign Wealth Fund has secured financing from an international source in compliance with Islamic Shariah law. The agreement was formalised with Mohamed Abdalla, CEO of Sharjah Islamic Bank, and Arda Ermut, CEO and Board Member of TWF, signing the deal. Mohamed Abdalla expressed SIB’s commitment to expanding partnerships and diversifying business sectors according to its strategic plan for 2024 – 2028. He emphasized the importance of Turkiye in SIB’s strategy to diversify investments and financial services, highlighting confidence in Turkiye’s economic recovery. Read the full article >> https://lnkd.in/dsZSEc6F #LegalcommunityMENA #agreement

Pakistan outlined a phased rollout strategy for financial institutions in the country to adopt Accounting & Auditing Organization for Islamic Financial Institutions standards, and Malaysia released regulations for Islamic banking windows. A few landmark Sukuk issuances made headlines: Bahrain’s seven-year, US dollar Sukuk, and the return to market of electricity companies from Oman and Saudi Arabia. Find more highlights from the global Islamic finance space in this week’s IFN news round-up. https://lnkd.in/esAND-Yc... #REDmoney #IFN #IslamicFinance #Finance #IFNNewsRoundUp #NamaElectricity #SaudiElectricity #AAOIFI #ZainFintech #BankAlfalah #Madfu #IBDA #IsDB #UNDP #LunateCapital #ChineraInvestment #BlueOwlCapital #QIIB

Alfalah CLSA Securities (Pvt.) Limited : Remittances - September 2023 Worker remittances increased to USD2.21bn in the month of Sept’23, up 5.3% MoM. Higher flow was observed from GCC countries, particularly Saudi Arabia and UAE. Remittances from European countries declined during the outgoing month. Reported remittance figure is highest in the last 6 months. However, if compared to SPLY, remittances declined by 11.3%. Visit our Website : https://alfalahclsa.com Click to Open Account : https://bit.ly/3OJEVXk #StockMarket #kse100 #psx #financial #alfalahclsa #financialinvestment #stocks #alfalahclsasecurities #investment #foreignexchange #import #export #trade #Dollar #weekly #SBP #statebankofpakistan #insights #foreign #exchange #research #analysis #assets #ForeignAssets #inflation #foreignexchange 

Islamic Finance Post 6: 🌿 Reflecting on a Week of Islamic Finance Insights 🌿 In the past week, we delved into Islamic Finance topics, exploring the nuances of: ✨ Introduction to Islamic Finance, Shariah 🚫 Features of Islamic Finance (Prohibition of Interest, Gambling, Uncertainty, etc.) 📜 Introduction to "Contracts" 🤝 Types of Contracts 🔄 Barter Trading (Bay al-Muqayada) 🌐 General Sale (Bay’ al-Mutlaq) 💱 Exchange Sale (Bay’ al-Sarf) 🌟 "Murabaha" Contract in Islamic Finance Together, let's continue this journey of knowledge and exploration! 🚀💼 Attached the document with consolidated information reflecting the topics discussed last week. #IslamicFinance101 #islamicbanking #businessanalysis #productmanagement #banking

llıllı 𝕂𝕦𝕨𝕒𝕚𝕥𝕚 𝕀𝕤𝕝𝕒𝕞𝕚𝕔 𝔹𝕒𝕟𝕜𝕚𝕟𝕘 𝕄𝕒𝕣𝕜𝕖𝕥 𝕊𝕙𝕒𝕣𝕖 𝕊𝕚𝕫𝕖𝕒𝕓𝕝𝕖; 𝔸𝕤𝕤𝕖𝕥 ℚ𝕦𝕒𝕝𝕚𝕥𝕪 𝕊𝕠𝕦𝕟𝕕 ıllıllı Kuwaiti Islamic banks’ financial metrics were resilient in 1H23, benefitting from the stable operating environment, says Fitch Ratings in a new report. The sector’s assets grew 25% yoy, driven by the merger of Kuwait Finance House (K.S.C.P.) and Ahli United Bank K.S.C.P., which created one of the largest Islamic banks globally when finalised last year. This increased the Islamic banking share to 𝟓𝟎% 𝐨𝐟 𝐭𝐨𝐭𝐚𝐥 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐚𝐬𝐬𝐞𝐭𝐬 𝐚𝐭 𝐞𝐧𝐝-𝟏𝐇𝟐𝟑. The stable Kuwaiti operating environment will support Islamic banks’ standalone credit profiles for FY23, despite expected lower real GDP growth (2022: 9.1%; 2023F: -0.3%; 2024F: 3.6%) and lower real non-oil GDP growth. Development in digital banking will remain a high priority. Fitch expects Kuwaiti Islamic banks to maintain their sizeable market share, supported by strong public demand for Islamic products and supportive Islamic finance regulations. The report, ‘Kuwaiti Islamic Banks Dashboard: 2023’, is available at ➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖🔗⬇️ 𝕱𝖔𝖗 𝖒𝖔𝖗𝖊 𝖔𝖓 𝕴𝖘𝖑𝖆𝖒𝖎𝖈 𝕱𝖎𝖓𝖆𝖓𝖈𝖊: https://lnkd.in/fucmrFT ➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖#️⬇️ #islamicfinance #sukuk #islamicbanking

Don't miss the first session at IFN KSA Dialogues. We will discuss the growth of Islamic finance and its impact on Saudi Arabia's economy. https://lnkd.in/d2QuY2TS #IFNKSADialogues #REDmoney #IFN #IslamicFinance #Finance #Riyadh

Gulf Islamic Investments (GII), which manages over US$4.5 billion in assets, has extended what it says is the largest Shariah compliant credit line to a UK-based entity, in a move expected to bolster the GBP7 billion (US$8.84 billion) Halal bridging finance sector in the UK. The GBP100 million (US$126.36 million) financing will be used by Offa to bring to market new finance products for heavy refurbishments and development. https://lnkd.in/dcbtF-uq #REDmoney #IFN #IslamicFinance #Finance #ShariahCompliant #UKFinance #HalalFinance #IslamicBridging #GulfIslamicInvestments #EthicalBusiness #GII #Offa

Delighted to share insights from the Islamic Financial Services Board symposium in Riyadh. SAMA Gov. Ayman Al-Sayari revealed that Saudi Arabia, with total assets surpassing SR3.1 trillion ($830 billion), holds the distinction of being the largest Islamic finance market globally! Al-Sayari, also the IFSB Council Chairman, highlighted the sector's remarkable growth, showcasing a collective value of SR11.2 trillion. This impressive figure demonstrates an average growth of 9.6 percent over the past three years, as reported by the Saudi Press Agency (SPA). Saudi Arabia's historic ties with Islamic finance were emphasized by Al-Sayari, who noted that the Kingdom's Islamic banking sector alone accounts for 33 percent of global Islamic bank assets. Saudi Arabia is also the world's leading sovereign Sukuk issuer, underscoring its influential position in the industry. The Kingdom's robust cooperative insurance sector is equally noteworthy, boasting a remarkable growth rate of 27 percent in 2022. Al-Sayari's commitment to supporting the Islamic finance market's resilience aligns with the IFSB's objectives, as he affirmed the central bank's unwavering assistance in achieving these goals. S&P Global Ratings projected a 10 percent growth in the Islamic finance industry this year, fueled by economic expansion in the Gulf Cooperation Council region. Moody's Investors Service also anticipates steady Sukuk issuance, suggesting a stabilization of around $170-175 billion in 2023. #sukuk #saudiarabia #islamicfinance

1. CBUAE has launched a Roadmap for Islamic Sustainable Finance yesterday at a roundtable conference attended by key Islamic finance infrastructure organizations including the Islamic Financial Services Board (IFSB) the General Council for Islamic Banks and Financial Institutions (CIBAFI), and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). 2. The roadmap outlines comprehensive steps to advance sustainability in Islamic finance, including prudential standards, disclosure guidelines, market development initiatives, and capacity-building programmes. 3. This milestone initiative by CBUAE demonstrates UAE's strong commitment to promoting sustainability and in keeping with the UAE's vision of becoming an Islamic finance hub Read more: https://lnkd.in/gY7sHFMk #finance #financenews #fintech #fintechtrends #SAMCorporate