FW: Islamic Finance News Alert

 

 

   

Islamic Finance news Alert

Monday, 21st May 2018   S&P 500 Shariah Dow Jones Islamic World FTSE Shariah All World Russell - IdealRatings Islamic Global 2,398.02 3,711.31 2,443.65 2,509.19 ▼ −5.33 (0.22%) ▼ −6.62 (0.18%) ▼ −4.65 (0.19%) ▲ +13.23 (0.53%)   HIGHLIGHTS: Malta forms Islamic finance association – Telecommunications Company of Iran issues equity-backed Sukuk Ijarah – Union Properties shareholders approve Sukuk     Uzbekistan to set up Islamic Development Bank as part of plans to accommodate Islamic finance Daily Cover UZBEKISTAN: Uzbekistan is planning to set up a 12-member commission next year to work on developing a holistic Islamic finance ecosystem to create alternative financing opportunities, mobilize resources from the domestic and foreign markets and meet the growing demand for Shariah compliant banking, finance and insurance products and services from the population which is approximately 90% Muslim. "The analysis of the market for banking and financial services demonstrates the presence of increased interest and the need to meet the needs of citizens and entrepreneurs in the use of banking and financial services not burdened by bank interest," according to the draft resolution currently open for comments until the 31st May 2018, as seen by IFN. The proposed commission comprising the deputy minister of finance, the deputy chairman of the central bank and the deputy chairman of the state tax committee, among others, will develop a draft legal framework for the provision of Shariah compliant products and services, and a draft road map for its implementation. The commission is also expected to work on the establishment of the Islamic Development Bank of Uzbekistan, which will offer export-import, housing, commercial real estate and leasing financing; structured complex financial products such as investments in venture capital; services in the securities market; insurance services; and refinancing solutions for commercial banks running an Islamic window. Publicizing the benefits and opportunities of using Islamic banking and financial services, as well as explaining their main differences from the conventional system to the population and business entities, is another task attributed to the commission. In Central Asia, Uzbekistan is yet another CIS country on the brink of accommodating the industry while Tajikistan has started working on the development of a dedicated regulatory framework with two projects of Islamic banks, namely Sohibkorbank and Alif Capital, that are currently in the pipeline, whereas in Kazakhstan, Al Hilal Bank and Islamic Bank Zaman-Bank, two fully-fledged Islamic banks, have already started operations.         Malta: A Correspondent Report The formation of the Malta Islamic Finance Association The Malta Islamic Finance Association (MIFA) has been formed. The MIFA's goal is to serve as a body that will liaise with officials and authorities in Malta together with their international counterparts and the private sectors in order to establish Malta as an Islamic financial center for international trade and investment. The aim is to promote genuine Islamic finance practices as espoused by the MIFA's underlying ethical value proposition with the concurrent promulgation of best practices, good governance, full transparency and compliance with international industry standards that are prevalent in the global Islamic finance markets.         The Philippines: A Correspondent Report Strengthening Al-Amanah Islamic Investment Bank The proposed Philippine Islamic Financing Act (Senate Bill No 668) contains several provisions aimed at strengthening Al-Amanah Islamic Investment Bank (AIIB), the country's only existing Islamic bank, in order "to service a broader market".       Today's IFN Alerts IRAN: Telecommunications Company of Iran issues equity-based Sukuk Ijarah on Tehran Stock Exchange MALAYSIA: Sabah Credit Corporation floats RM60 million (US$15.08 million) Islamic commercial paper UAE: Union Properties's shareholders approve 10-year Sukuk plan MALAYSIA: Bank Negara Malaysia prints three Money Market Tender Qard papers INDONESIA: Indonesian Stock Exchange launches new Islamic index MALAYSIA: Sunway Treasury's 315th Islamic commercial paper oversubscribed more than thrice IRAQ: Central Bank of Iraq denounces relationship with Al Bilad Islamic Bank for Investment and Finance following US Treasury sanctions INDONESIA: Indonesian Islamic banks to enhance Hajj services BAHRAIN: GFH receives US$22.5 million in cash as part of legal claim settlement MALAYSIA: Malaysian government's intention to abolish highway tolls will impact Sukuk and bond market SAUDI ARABIA: Saudi Takaful firms announce reduction in capital BRUNEI: RAM reaffirms Brunei's global and ASEAN-scale ratings UAE: Mashreq Capital's investment manager quality assessment falls one notch to MQ2 MALAYSIA: Adissadikin Ali now president of Association of Islamic Banking and Financial Institutions Malaysia OMAN: Bank Sohar names former National Bank of Oman boss Ahmed Al Musallami as CEO SAUDI ARABIA: United Cooperative Assurance Company to seek approval for the appointment of Ahmed Tarek Abdul Rahman Murad as independent board member     GLOBAL: Dr Kamola Bayram is the new IFN correspondent for education sector GLOBAL: IFN welcomes M Wail Aminou as new correspondent for the SRI, ethical and green sector KAZAKHSTAN: Shaimerden Chikanayev joins IFN as correspondent for Kazakhstan GLOBAL: Sohail Zubairi to author IFN's new 'Back to Basics' section ALGERIA: IFN welcomes Dr Ahmed Tahiri Jouti as new correspondent for Algeria   UK Islamic Finance Week 2018 5th September 2018 (London) IFN Turkey Forum 2018 10th September 2018 (Istanbul) IFN Indonesia Forum 2018 1st October 2018 (Jakarta) IFN Africa Forum 2018 October 2018 (Africa) IFN Americas Forum 2018 11th October 2018 (New York) IFN South Africa Forum 2018 23rd October 2018 (Cape Town) IFN Kuwait Forum 2018 5th November 2018 (Kuwait City) IFN Saudi Arabia Forum 2018 7th November 2018 (Riyadh) IFN Investors Forum 2018 26th November 2018 (Kuala Lumpur)   TREASURY MANAGEMENT FOR ISLAMIC BANKS: Documentation, Assurance, Risk & Strategic Management 18th July 2018 (Kuala Lumpur) COMPREHENSIVE BALANCE SHEET STRESS TESTING: Hands-on Masterclass with MS-Excel & R 24th & 26th September 2018 (Kuala Lumpur) IFRS9 & ITS IMPACT ON CREDIT RISK MODELLING: from compliance to competitive advantage 27th September 2018 (Kuala Lumpur)

*all index data correct as at 11:00 GMT+8 © Copyright policy: No part of IslamicFinancenews.com may be reproduced in any form by any means, electronic or mechanical (including photocopying, recording or information storage and retrieval) without permission in writing from the publisher. Contact Us : Call: +603 2162 7800  | Email: subs@REDmoneygroup.com  | Website: www.IslamicFinancenews.com | Malaysia Office: Suite 22-06, 22nd Floor, Menara Tan & Tan, 207, Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Dubai Office: 3rd Floor, X2 Tower, Jumeirah Lake Towers (JLT), Jumeirah Bay, PO Box 126732, UAE Unsubscribe  || View in browser