NEW YORK: A new digital exchange aims to attract listings from sharia compliant financial technology startups, as part of a growing number of firms looking to modernize Islamic finance. The exchange, known as Huulk, has applied for a digital exchange license in Malta and hopes to partner with several European exchanges in the coming weeks, Huulk chief executive Ibrahim Mohammed said in a telephone interview from Dubai. This would allow the exchange, part of the OneGram Group of companies, to host trades of digital…
The International Monetary Fund (IMF) will incorporate Islamic finance into its financial sector assessments of select countries starting next year, aiming to improve regulation in the growing sector. The IMF has traditionally focused on conventional banking, but it has been increasingly engaging with regulators in countries where Islamic finance is now deemed to be systemically important. Under a proposal by the IMF’s executive board, guidance issued by the Malaysia-based Islamic Financial Services Board (IFSB) would…
KARACHI: External sharia audits are gaining support in Islamic finance as consumers and regulators seek more transparency and accountability, a study has found. Islamic banks have traditionally used in-house boards of scholars to determine whether religious principles are being obeyed, but this self-policing has often been criticised for leaving banks open to conflicts of interest. Pressure for more external oversight has been building in several countries that have major Islamic finance industries, and this year Bahrain's…
KARACHI: Pakistan’s securities commission has approved a four-member sharia advisory board to oversee Islamic financial products in the country, as the regulator looks to address credibility concerns which still haunt the industry.
ABU DHABI: The United Arab Emirates' bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry.
SARAJEVO: The Islamic Development Bank (IDB) is in discussions with Chinese officials to study the use of Islamic financing in the planned Asian Infrastructure Investment Bank (AIIB), the head of the Jeddah-based multilateral lender told Reuters.
JAKARTA/ISLAMABAD: The make-up of Islamic banks' loan books is changing in Pakistan and Indonesia with the growing use of profit-sharing contracts that could help Islamic finance win more customers in the two largest Muslim-majority countries.
KARACHI: Bank Islami Pakistan, the country's second-largest full-fledged Islamic bank, said it would submit plans on Wednesday to buy troubled lender KASB Bank Ltd for a nominal fee.
KUALA LUMPUR: The Islamic Financial Services Board (IFSB) has launched a databank of industry indicators covering 15 member countries, helping shed new light on the size and shape of the sharia-compliant banking sector.