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Islamic finance

New digital exchange seeks to host Islamic finance startups

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…

IMF to add Islamic finance to market surveillance in 2019

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…

External sharia audits gain traction in Islamic finance: study

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…