Islamic Finance news Alert - 7-8-2017

 

Monday, 7th August 2017   S&P 500 Shariah Dow Jones Islamic World FTSE Shariah All World Russell - IdealRatings Islamic Global 2,152.58 3,357.86 2,252.34 2,239.75 ▲ +3.94 (0.18%) ▲ +7.24 (0.22%) ▲ +4.34 (0.20%) ▼ -2.91 (-0.13%)   HIGHLIGHTS: Sharjah denies Sukuk reports – QIB issues certificates of deposit – ESR in talks to buy Sabana REIT     Abu Dhabi switches Islamic fintech gears Daily Cover UAE: Abu Dhabi is joining the regional push in scaling up Islamic fintech measures to boost financial inclusivity as key Shariah finance jurisdictions race to gain an edge in the international financial landscape. Together with the Responsible Finance & Investment Foundation (RFI Foundation), Abu Dhabi Global Market (ADGM) will work on attracting, nurturing and promoting fintech for Islamic and ethically-aligned financial institutions under its Reglab program. This new partnership comes on the heels of Dubai International Financial Center's vocal commitment to the Islamic fintech sector by aligning itself with the Dubai Islamic Economy Development Center for joint initiatives. "We are optimistic that this partnership with ADGM, building on the regulatory environment they have created in Abu Dhabi, can encourage and support emerging fintech companies to adopt ethical, responsible and Islamic approaches," said Blake Goud, CEO of RFI Foundation. In a statement to IFN, RFI Foundation explained that the partnership with ADGM establishes an open platform for both parties to share expertise and knowledge as well as to create new initiatives to bolster the fintech ecosystem for the MENA region. This includes bringing to live ideas by allowing new concepts and products to be tested within a conducive environment. Fintech investments and developments are mostly concentrated in the US and European markets; however, the GCC is playing catch-up. Markets such as Bahrain, Dubai and the UAE have respectively created their own programs to incubate and facilitate the development of fintech start-ups, putting in place the building blocks for a comprehensive fintech ecosystem through regulatory sandboxes, accelerator programs and the like. Islamic fintech is a unique proposition these players are advocating, with EY estimating that by tapping the Shariah-conscious segment using fintech, the region's banking customer base could more than double from 100 million to 250 million by 2021. Financial Institutions and Corporate Sukuk: A Correspondent Report Sentiment remains generally positive despite Dana Gas saga The biggest story in the Sukuk space recently was the announcement from UAE-based Dana Gas that it will not redeem its US$700 million outstanding Sukuk on maturity in October. The company's CEO, in a call with Sukukholders, reportedly reiterated the claim that the company's Sukuk facility was no longer Shariah compliant. It is understood that the London High Court will hear the case in September. Tunisia: A Correspondent Report How to make a successful conversion: Wifak Bank In the guidelines for conversion of a conventional bank into an Islamic bank issued recently by the State Bank of Pakistan (SBP), there are three main steps: Today's IFN Alerts UAE: Sharjah refutes media reports on the hiring of HSBC to arrange a US dollar Sukuk program MALAYSIA: Bank Negara Malaysia floats Islamic money market instruments worth RM4.4 billion (US$1.03 billion) collectively BANGLADESH: Short-term Bangladesh Government Islami Investment Bond receives five bids QATAR: Qatar Islamic Bank launches second series of certificates of deposit in Qatari riyal and US dollar SINGAPORE: e-Shang Redwood in talks to acquire Sabana REIT BAHRAIN: Al-Ahlia Insurance Company-Solidarity General Takaful merger to create largest Islamic insurer in Bahrain by gross written premiums UAE: Dubai Financial Services Authority launches regulatory framework for loan and investment-based crowdfunding platforms NIGERIA: Jaiz Takaful Insurance opens branches in four cities BAHRAIN: United Gulf Bank considers separating regulated banking activities from portfolio of core investments UAE: Emirates NBD REIT acquires maiden education asset SAUDI ARABIA: Saudi Re bags Saudi Arabian Monetary Authority's approval to cut capital by 75.62% to SAR196 million (US$52.23 million) EGYPT: Faisal Islamic Bank spends EGP70 million (US$3.93 million) to upgrade information technology infrastructure and systems UAE: RAKBANK collaborates with Diebold Nixdorf to launch Samsung Pay in ATMs KUWAIT: Warba Bank's Shariah Supervisory Board publishes second edition of Fatwas SAUDI ARABIA: AlAhli Takaful's net profit before Zakat expands by 20.42% to SAR20.43 million (US$5.44 million) UAE: Dubai International Finance Center records 6.2% increase in active licensed companies for the first half of 2017 SAUDI ARABIA: Wataniya Insurance Company's net profit before Zakat increases by 121.4% to SAR23.39 million (US$6.23 million) EGYPT: Mohamed Farid Saleh appointed as chairman of Egyptian Exchange SAUDI ARABIA: AXA Cooperative Insurance Company's net profit before Zakat expands by 36.59% to SAR31.1 million (US$8.29 million) OMAN: National Bank of Oman approves nomination of Rashid Saif Mohammed Al Mardhoof Al Saadi as new board member SAUDI ARABIA: PwC appoints Omar Al Sagga as new Saudi Arabia assurance leader IFN Kenya Forum World Bank's chief ethics officer to speak at IFN Kenya Forum in November IFN Kenya Forum Tamweel Africa extends support to IFN Kenya Forum a West African banking partner IFN Europe Forum SEDCO supports IFN Europe Forum IFN Europe Forum CEO of the International Stock Exchange confirms participation at the IFN Europe Forum 2017 IFN Europe Forum Vice-chairman of Turkey's Capital Markets Board confirms keynote participation at IFN Europe Forum   NIGERIA: IFN welcomes Hajara Adeola as the new correspondent for Nigeria PHILIPPINES: IFN confirms Rafael A Morales, managing partner of Morales Justiniano Pena & Lumagui, as exclusive correspondent for the Philippines UAE: Emirates Islamic is the new exclusive financial partner for IFN Corporate UAE edition JAPAN: Dr Etsuaki Yoshida to cover Japanese Islamic financial market as IFN's exclusive correspondent for Japan UK: Suhail Ahmad, Financial Network founder and partner at Exolta Capital Partners, joins IFN as exclusive correspondent for the UK   IFN Europe Forum 11th September 2017 (London) IFN UK Dialogue 12th September 2017 (London) IFN Turkey Forum 14th September 2017 (Istanbul) IFN Sovereign Sukuk Dialogue 16th October 2017 (Washington DC) IFN US Forum 19th October 2017 (New York) IFN Pakistan Forum 4th October 2017 (Karachi) IFN Kuwait Forum 19th November 2017 (Kuwait City) IFN Jordan Forum 21st November 2017 (Amman) IFN Saudi Arabia Forum 22nd November 2017 (Riyadh) IFN Kenya Forum 27th November 2017 (Nairobi)   Islamic Structured Trade Finance 23rd August 2017 (Kuala Lumpur) Shariah Requirements, Documentation & Legal Issues for Tawarruq 13th September 2017 (Kuala Lumpur) Waqf & Waqf-Based Financial Products 27th September 2017 (Kuala Lumpur)