Integrating Waqf with Islamic Microfinance Institutions: Growth Expansion and Sustainable Development in India- Short CommunicationRiba, Waqf

RAM Ratings (RAM) has reaffirmed Tadau Energy’s (Tadau) MYR 250 million SRI Sukuk Program (2017/2033) AA3 rating with a Stable Outlook. According to the Islamic Markets Sukuk Monitor, the MYR 250 million Sukuk was issued on the 27th of July 2017 under 15 different tranches carrying profit rates between 4.80% and 6.20%,  maturing on the 27th of July 2033. Proceeds of the Sukuk will be used to finance Tadau’s 50 MWac solar photovoltaic (PV) plants in Sabah, Malaysia. RAM’s reaffirmation of the rating is based on the strong o...

Dubai’s Department of Economic Development (DED) in the United Arab Emirates (UAE) and Emirates NBD Bank (ENBD) have announced the launch of the UAE KYC (Know Your Customer) Blockchain platform, a program that enables secure digital customer on-boarding, instant bank account functionality and the exchange of validated KYC data between licensing authorities and financial institutions through advanced blockchain technology. According to the announcement, Emirates NBD will be the first bank to go live on the platform with Commercial Bank of Dubai, Abu Dhabi Commercial Bank, HSBC, and...

Malaysia’s Ministry of Finance has launched the MYR 750 million worth ePENJANA credit program under the Penjana economic recovery program, with the aim of enhancing customer spending in the country.  The program allows Malaysians of 18 years and above with an annual income below MYR 100,000 to apply with each eligible applicant expected to receive MYR 50 ePENJANA credits under this program, according to Malaysia’s Minister of Finance, Tengku Datuk Seri Zafrul Abdul Aziz. Eligible applicants will also receive additional matching incentives worth MYR 5...

Pakistan’s Ministry of Finance (MoF) has revealed that the country’s inflation rate for the new financial year 2020-21 (FY21) could increase to 9.3%, up from the target 8.2% as a result of the COVID-19 pandemic and ensuing economic uncertainty, according to local media reports. Inflation for the current fiscal year is expected to remain between 7.6% to 9.3%, with a 1% increase in interest rates by the State Bank of Pakistan leading to a rise in price by around 0.4%. According to the MoF’s Economic Outlook for July 2020, three major international financ...

The United Arab Emirates’ (UAE) Ministry of Finance (MoF) has outlined its economic strategy to face the COVID-19 pandemic in two major stages. According to Younis Haji al-Khoury, Undersecretary of the MoF, the UAE’s national economy is robust and resilient and can overcome the crises, in an interview published by the MoF.Khoury stated that the first stage of the economic strategy was short-term, and involved the gradual opening of the economy and business activities, while taking into account the imposed health restrictions. According to Khoury, the UAE government has provided e...

The Pakistan Stock Exchange (PSX) has notified the listing of the Pakistan Energy Sukuk-II (PES-II) of PKR 199.9668 billion by Power Holding Limited (PHL) with effect from the 28th of July 2020 according to local media reports. The National Clearing Company of Pakistan Limited has assigned the security symbol ‘PESC2’ to the Sukuk certificates. According to local media reports, trading of the privately placed Sukuk certificates began from the 29th of July 2020 through Bond Automated Trading System and will be cleared via the National Clearing Settlement Sy...

Axiata Group (Axiata) has confirmed the issuance of Sukuk of up to USD 1 billion (MYR 4.26 billion), according to local media reports.The Sukuk issuance is expected to be completed by August 2020, according to Datuk Izzadin Idris, Deputy Group Chief Executive Officer of Axiata, who was speaking at a press conference following Axiata’s annual general meeting held on the 29th of July 2020.The issuance, which has been slated to be Malaysia’s largest corporate offering of Sukuk since 2015, is expected to be for a long-term period of between 10 to 30 years maximum. Izzadin stated th...

The Bangladesh Bank (BB) has announced plans to reduce borrowing costs, by slashing various policy rates in a bid to boost Bangladesh’s COVID-19 economic recovery. According to the monetary policy statement for Fiscal 2020-21 (FY21) released by BB on the 29th of July 2020, the BB has reduced the repurchase rate by 50 basis points (bps) to 4.75% from 5.25% and the reverse repo rate by 75 bps to 4% from 4.75%. Furthermore, the BB has also reduced the bank rate, which had remained unchanged since 2003, by 100 bps to 4% from 5%. The rates change will be effectiv...