#Islamic finance

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Global outstanding sukuk market hits $823bn in Q3 2023

The growth in outstanding sukuk is attributed to several factors that are driving the issuance of Islamic bonds including issuers that seek to plug budget deficits

Fitch says sukuk pricing remains similar to bonds in H1 2023

Sukuk pricing remains similar to bonds in H1 2023

Sukuk and bonds had a high pricing correlation of 0.95 (out of 1) on average and low average spreads between 2018 and H1 2023

Global outstanding sukuk volume break the $800bn barrier

Global outstanding sukuk volume breaks $800bn barrier

Sukuk issuance is expected to plunge in Q3 2023 before picking up pace in the last quarter of the year

Malaysia

MDEC: $2.8tn ripe for digitalisation in global Islamic economy

Muslims worldwide estimated to spend $2.8tn by 2025 on Islamic faith-inspired consumption needs – and Malaysia looks to capture digitalisation opportunities in the sector through MDEC

Abdul Aziz Al Ghurair - UBF chairman

UAE’s Commercial Transactions Law will boost Islamic financial services: UBF

The law has 25 articles that define the concepts and financing formulas, deposits, investment accounts, Takaful insurance, investments and other transactions

Islamic Finance 2022-2023: Same constraints, new opportunities

S&P Global Ratings expects stronger economic growth in core Islamic finance countries and will boost industry assets about 10 per cent during 2022–2023

Islamic Development Bank, Bloomberg LP launch financial education programme across 9 countries

Participating universities will be announced over the coming months

Global Islamic finance assets expected to reach $3.69 trillion in 2024

The Islamic banking sector grew 14 per cent in 2019, equating to $1.99 trillion in global assets

Dubai’s Emirates Islamic closes $500m sukuk issuance

Bank ABC, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, and HSBC, among others acted as joint lead managers and bookrunners for the transaction

State of the global Islamic economy: Eyeing new frontiers

With Muslim consumers across the world seeking out faith-based products and services, the Islamic economy is seeing robust growth among all its different verticals

Saudi’s Islamic Development Bank lists $1.5bn sustainability sukuk on Nasdaq Dubai

The AAA-rated sustainability sukuk is the first Covid-19 related sukuk in the global capital markets

Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

The sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 per cent per annum

Aramco backs New York fintech firm offering Islamic investments

Wahed Invest got the financing from Saudi Aramco Entrepreneurship Ventures unit as part of a $25m funding round

IMF Launches Consultations On Islamic Finance

The nine-member external advisory group includes industry bodies such as the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.

Islamic Banks Rebrand In An Attempt To Go Mainstream

Aiming for growth in new territories and demographic groups, Islamic banks look to drop the “Islamic” from their moniker.

Islamic Finance Body Plans Scholar Accreditation

A Malaysia-based association of Islamic scholars is planning to develop a global code of ethics to improve standards in the industry.