Waqf for empowerment, management model of social waqf and productive waqf in IndonesiaIslam, Takaful, Waqf, Participation

Bank of Bahrain and Kuwait (BBK), a Bahrain-based commercial bank, has recently announced that it has initiated talks with Ithmaar Holding, the parent of Ithmaar Bank, on the potential acquisition of Ithmaar Bank's Islamic retail banking operations in Bahrain.  According to a statement released by Ithmaar Holding, the acquisition involves specific assets of IB Capital, which is one of Ithmaar Holding’s wholly-owned subsidiaries. If executed, the acquisition is expected to help expand BBK's operations in Bahrain by adding turn-key Islamic banking solutions,...

RAM Ratings (RAM) has assigned an AA2(s)/Stable rating to Bank Kerjasama Rakyat Malaysia’s (Bank Rakyat or the Bank) proposed MYR 10 billion Sukuk Wakalah Programme (2020/2050), that has been issued through Imtiaz Sukuk II, the Bank’s funding conduit.  At the same time, RAM has reaffirmed Bank Rakyat’s financial institution ratings (FIRs) at AA2/Stable/P1, as well as the ratings of the Bank’s Sukuk issued through its funding conduits.  Imtiaz Sukuk II’s MYR 9 billion Islamic medium-term notes and Islamic&nbs...

Assessing Shariah Disclosure in Pakistan: The Case of Islamic BanksIslamic banking, Maqasid, Shariah, Shariah compliant, Zakat

Iranian President Hassan Rouhani recently stated that the Government of Iran is looking to implement a roadmap that will help boost the economy. According to local media sources, the roadmap was formulated by the President’s administration earlier this month.  Highlighting the administration’s efforts to handle twin shocks of US sanctions imposed on Iran and the COVID-19 pandemic, while ensuring economic growth and stability, Rouhani added that the roadmap would include major policies to help manage the economy in his final tenure year.  The new ro...

Fitch Ratings (Fitch) has downgraded the credit ratings of several Omani banks and companies, after downgrading Oman’s sovereign ratings earlier in August 2020, according to a statement released recently. Oman is burdened by high debt levels, and is one of the weakest economies in the Gulf region, making it more susceptible to fluctuating oil prices than its neighbours.  HSBC Bank Oman, Ahli Bank and Bank Muscat were downgraded by one notch and assigned a Negative Outlook by Fitch, due to the higher risk of the Government of Oman becoming involved in...

Pakistan's economy is likely to experience economic growth of 1.0% year-on-year (YoY) in the first quarter (July-September) of the current 2020-2021 fiscal year (FY2021), the Finance Ministry announced, adding that economic growth was expected to at least touch the 0.97% YoY growth levels of the previous fiscal cycle, 1Q FY2020. With the Monthly Economic Indicator picking up pace marginally to 1.4% in July 2020 from 1.3% in June 2020, current economic, monetary, fiscal, and foreign exchange rate policies, together with&nbs...

Indonesia’s Ministry of Finance, via the Directorate General of Financing and Risk Management, has begun offering Government Retail Sukuk Series SR-013 (SR-013) from the 28th of August 2020 up to the 23rd of September 2020.  SR-013, the launch of which has been themed ‘Love the Country with Investment’, will be offered at 6.05% per year with a 15% tax, according to local media reports. The coupon rate will be fixed until the date on maturity on the 10th of September 2020, while the determination of the proceeds will take place on the 28th&...

The Halal Development Corporation (HDC), Malaysia’s Government-backed Halal industry agency, has set an export target of USD 100 billion for Malaysia’s Halal exports to be met by 2030. The HDC also targets the contribution from Halal products to rise to around 15% of Malaysia’s gross domestic product by 2030, up from 7.4% in 2019, according to local media reports.  Chief Executive Officer of HDC, Hairol Ariffein Sahari stated that Malaysia has the potential to tap into the global Halal market that is worth USD 3 trillion, by expanding its...

Indonesia’s Minister of Finance, Sri Mulyani Indrawati, stated that the issuance of Green Sukuk has been one of many financing efforts to meet the country’s emission reduction targets. Green Sukuk are Shariah-compliant Government Securities (SUN) issued in order to fund climate change projects in line with climate change commitments. In particular, the financial requirement for the Nationally Determined Contribution's (NDC) 29% emission reduction target by 2030 has been identified as IDR 3,461 trillion for a five year period or an average of IDR 266.2 trillion per...