In a bid to support Bank Negara Malaysia’s (BNM) Value Based Intermediation (VBI) initiative that aligns sustainability with Islamic values, Public Islamic Bank Berhad (PIBB) has launched a campaign to boost financing plans for energy efficient vehicles (EEV) and solar panels, according to local media reports. BNM’s VBI initiative aims to re-align Islamic finance business models towards the realisation of the objectives of Shariah in order to create sustainable and positive impact to the economy, ...

RAM Ratings (RAM) has assigned final ratings of Zamarad Asset’s (Zamarad) Tranche 4 MYR 95 million Class A Sukuk as AAA/Stable, and MYR 25 million Class B Sukuk as AA2/Stable. The Tranche 4 Sukuk is the fourth issuance under Zamarad’s MYR 2 billion Sukuk Murabahah Programme (the Programme).  Zamarad is a special-purpose vehicle incorporated to undertake securitisation of personal financing facilities from the business partners of RCE Marketing (RCEM), which is a Malaysian financing services company. The Pr...

Oman is proposing to implement value added tax (VAT) in early 2022, in a bid to stabilise revenues, amidst plummeting oil prices.  According to media reports, a joint committee of the State Council and Shura Council sent a draft regulation on the 3rd of September 2020 for approval to the Sultan of Oman, Haitham bin Tariq Al Said, with the suggested date for VAT implementation set after January 2022.  With this proposal, Oman would be the fourth out of the six Gulf Cooperation Council (GCC) countries to introduce VAT...

Saudi Arabia’s economy is showing signs of regaining momentum, following the Kingdom’s efforts to combat the effects of the COVID-19 pandemic, local news media reported.  According to Saudi Arabia's Minister of Investment, Khalid Al-Falih, 506 new business licences had been issued in the first six months of 2020, with a surge in June 2020 making up for the shortfalls of peak lockdown months April and May 2020.  Meanwhile, other sectors were also showing signs of recovery, according to Minister of Finance and Economic Planning, Mohammed Al-Jadaan, who stated...

Pakistan's National Assembly (NA) convened a panel on the 4th of September 2020 to move the country to a complete Islamic financial system post-haste, according to local media reports. The panel comprised bankers, parliamentarians, religious scholars, as well as representatives from relevant ministries and the State Bank of Pakistan (SBP). The NA’s standing Committee on Finance and Revenue expressed dissatisfaction in the slow progress of eliminating riba (charging interest on loans) and asked that the Government of Pakistan shift all deposits to...

Indonesian President Joko Widodo has pledged that the country's central bank, Bank Indonesia, and its monetary policy would remain "credible and independent", although its burden-sharing with the Government of Indonesia would continue until 2021, according to media reports. The pledge follows on the heels of a recent proposal by Parliament regarding changes to the 1999 Central Bank Act, which was met with criticism by economic experts that it may weaken Bank Indonesia’s authority. The announcement also made a negative impression on both the Indonesian rupiah&nb...

Role of Islamic Finance in Fulfilling SDGs and Serving Communities: Strategy and Innovation - IslamicMarkets LIVE Briefing Note

The potential outcomes of cooperation between Brunei Darussalam (Brunei) and the Philippines in Halal trade and investment were highlighted in a recent webinar, according to media reports. The discussion was made within the broader context of the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) economic development. The webinar was organized by the Philippines Department of Trade and Industry and the Philippines Embassy in Brunei, backed by Brunei's Ministry of Finance and Economy (MoFE) and involved key presentations by the Zamboanga City Spe...

Insaniah (Humanistic) Economics of Waqf: From IR 4.0 to a Human-centred Tawhidic Society 5.0Islam, Shariah, Shariah compliant, Ummah, Waqf, Usufruct, Participation

The implementation of the concept of Baitul Mal practically in BMT institution in IndonesiaAmanah, Infaq, Islam, Mal, Sadaqah, Waqf, Provision