Newswrap: Islamic Finance
IMF to Separate Islamic Finance in SNA/BPM; Alberta invites halal finance to its sandbox; Islamic Coin, a Sharia-compliant cryptocurrency, is set to launch in May; Saudi Arabia's CMA cancels its share in sukuk and bonds trading commission to reduce costs and enhance liquidity; IsDB approves financing projects worth $403 million for sustainable development; Nexxo Ventures sells its investment in Fintech QPAY to Qatar Islamic Bank.
Regulatory - Global
IMF to Separate Islamic Finance in SNA/BPM; No Headline Impact Expected (April 4th, 2023)
Fitch Ratings reports that the International Monetary Fund (IMF) is planning to include separate categories for Islamic finance in its System of National Accounts and Balance of Payments Manual. This move will enhance data quality, comparability, and transparency by giving more precise measurement of economic activities and flows related to Islamic finance and allowing cross-country comparisons. (Fitch Ratings)
Regulatory - Canada
Alberta invites halal finance to its sandbox (April 12th, 2023)
Alberta is considering using its regulatory sandbox to test financial products that adhere to Islamic law, with the goal of enabling halal mortgages. The government will then consider developing legislative amendments to allow provincially regulated financial institutions to offer forms of halal financing. (Investment Executive)
Company News - Qatar
Dukhan Bank named ‘World’s Best Islamic Private Bank’ by Global Finance for second year (May 1st, 2023)
Dukhan Bank wins the 'World's Best Islamic Private Bank' award for the second year at the Global Finance World’s Best Islamic Financial Institutions Awards 2023. The bank's private banking offering for high-net-worth individuals leads the Islamic banking sector. (Zawya)
Company News - UAE
Islamic Coin: A new Sharia compliant cryptocurrency to launch in May, co-founder reveals (April 18th, 2023)
A new Sharia-compliant cryptocurrency, called Islamic Coin, is set to launch in May. It will be based on blockchain technology and designed to be compliant with Islamic law, which prohibits gambling, usury, and speculation. The cryptocurrency is being developed by a team of experts in Islamic finance, blockchain, and cryptocurrency. (Arabian Business)
Investment - Saudi Arabia
Saudi's CMA cancels its share in sukuk and bonds trading commission (May 1st, 2023)
Saudi Arabia's Capital Market Authority (CMA) will cancel its share in Sukuk and bonds trading commission from May 2023 to reduce costs and enhance liquidity. The move supports Vision 2030's aim to create an advanced capital market to boost the economy and diversify the financial sector. (Zawya)
Investment - Saudi Arabia
IsDB Board Approves Financing of Projects Worth US$ 403 Million for Sustainable Development and Economic Transformation (April 1st, 2023)
IsDB approves projects worth US$ 403 million to support socio-economic development in member countries. The approved projects will improve transportation, education, and energy, promote regional economic integration, and address emergency situations. (IsDB)
Investment - Malaysia
Press Release: The IILM successfully reissues USD 820 million short-term Ṣukūk (May 2nd, 2023)
The International Islamic Liquidity Management Corporation (IILM) has successfully reissued USD 820 million short-term Shari’ah-compliant financial instruments in three different tenors of one, three, and six months. The issuance marks the IILM's fifth auction this year and garnered a strong demand from both Primary Dealers and investors. (Salaam Gateway – Press Release)
Investment - Saudi Arabia
IsDB, ICIEC, and UNCTAD Join Forces to Spur Sustainable Investment (April 30th, 2023)
IsDB, ICIEC, and UNCTAD have jointly released Non-Binding Guiding Principles for Investment Policymaking to promote inclusive economic growth and sustainable development in the IsDB Group member countries. (IsDB)
Investment - Qatar
Nexxo Ventures completes the successful sale of its investment in Fintech QPAY to Qatar Islamic Bank (May 4th, 2023)
Nexxo Ventures has sold QPAY's acquiring business to Qatar Islamic Bank for an undisclosed amount. CIGP advised on the transaction, with its representative expressing pleasure in advising on a deal that demonstrates the firm's commitment to both the Middle East and the fintech space. (Street Insider)
