Islamic finance will become a norm rather than an alternative in the near future, driving the growth of small and medium enterprises (SMEs) and Islamic trade, according to international banking professionals.
SMEs play a large rol
The Islamic unit of Bank Muscat , Oman's largest lender, plans to tap the Islamic bond market in the first quarter of next year, in what would be the first sukuk sale by a bank in the country, a bank official said on Wednesday.
The GCC Islamic Finance industry is expected to maintain its rapid growth over the coming years despite mixed results across sectors in 2014, according to Standard & Poor’s Ratings Services (S&P).
The GCC Islamic Fin
Oman's central bank has set up a sharia supervisory board to help oversee the sultanate's Islamic banking industry, a centralised model that is increasingly being adopted across the global industry but remains a rarity in the Gulf.
Bahra Advanced Cable Manufacturing Company, a leading cable manufacturing company in Saudi Arabia, has received an Islamic financing of $265 million from Standard Chartered bank.
The company will utilise $200 million as a short-term Isl
Turkish Islamic lender Turkiye Finans Katilim Bankasi plans to establish a presence in Bahrain, in what would be its first overseas foray and a welcome addition to the Kingdom's Islamic banking sector.
Turkiye Finans, in which
GCC's gross takaful contribution is estimated to reach around $8.9 billion in 2014 from an estimated $7.9 billion last year, according to a new report.
Global Takaful Insights 2014, the latest report from EY, a multinational p
Society for Worldwide Interbank Financial Telecommunication (Swift), in collaboration with The Association of Islamic Banking Institutions Malaysia (Aibim) and the Malaysian Islamic financial community, has launched a new rulebook for the usage
A return to an era of higher interest rates could derail attempts by Islamic finance to create alternatives to a short-term funding instrument that has dominated the industry, but which some scholars and regulators want to see replaced.
Dubai Chamber of Commerce and Industry underlined the growing popularity of Islamic finance over the conventional sector in a preparatory report for the 10th World Islamic Economic Forum (WIEF) to be held in Dubai from October 28-30.