At the Annual General Meeting (AGM) of the Dubai Islamic Bank (DIB), a dividend pay-out of 35% along with a proposal to increase the threshold for foreign ownership of DIB shares from 25% to 40%, gained approval. Over the last decade, DIB has demonstrated considerable growth, both in terms of size and scale.  According to a statement issued by the Bank, given its recent acquisition of Noor Bank, DIB is likely to become one of the world’s largest Islamic Bank’s, with total assets exceeding AED 275 billion...

At an Extraordinary General Assembly Meeting (EGM) of Saudi Arabian Real Estate Development Company, Arabian Centres Co, held on the 16th of March 2020, the company received approval to issue Shariah-compliant Sukuk of up-to USD 1 billion (SAR 3.75 billion) or an equivalent amount in any other relevant currency. In a statement to Tadawul, the company mentioned that the Sukuk will be issued either domestically and/or internationally, in a single issue or phased as multiple issuances to be in-line with the company&rsquo...

Saudi based building materials company, Tabuk Cement, has signed an agreement with Bank Albilad, to re-structure SAR 380.82 million (USD 101 million) worth credit facilities. The company stated that the total amount of SAR 476.03 million was paid in four equal installments of SAR 95.21 million.  The statement further mentioned that Six years was the previous bank credit repayment period, out of which one year was a grace period, that ended in March 2019. The payment of installments is scheduled to end in 2024, comprising of 20 installments based on Isl...

The rapid spread of the Coronavirus which has heightened fears of a global recession, has prompted investors globally to exit emerging markets and park their funds in safe haven assets.  In this backdrop, the Indonesian Rupiah depreciated 0.3 percent to IDR 15,222 per USD on Wednesday, 18th March 2020, marking a new low for the currency since the crisis in 1998. The Indonesian Rupiah has gone from being Asia’s best-performing currency to Asia’s worst-performing currency, within a span of around two months.&nbs...

Oil prices, globally, have declined around 40 percent during March this year, stemming from low demand due to the negative impact on economies caused by the Coronavirus pandemic. Contrary to the trend in demand, oil supply appears to be growing, given the Moscow’s refusal to adhere to output cuts.  Saudi Arabia and the UAE, major producers of the Organisation of the Petroleum Exporting Countries (OPEC), have stated that they will increase output while reducing prices, which will give an opportunity for larger consumers to top-up at disc...

Azmi Kidwai, the Chairperson of The National Zakat Foundation (NZF) in the UK and director of NZF Worldwide, stated that NZF will be working with the United Nations (U.N.UN) to develop a sovereign Zakat mechanism in Somalia and Somaliland.  He revealed that the UN, via the UNDP, has mandated NZF to develop the mechanism. Accordingly, NZF will work with various stakeholders, including local authorities, the Central Bank of Somalia and Islamic Scholars, among others, on the operational aspects of Zakat, such as collection and deployment. A l...

On Tuesday, 17th of March 2020, The State Bank of Pakistan (SBP) announced that funds over PKR 100 billion have been set-aside as concessionary loans to support the country’s manufacturing and health sectors in defeating challenges caused by the Coronavirus.  Details of a Shariah compliant version of the same was also released. The proposed scheme will see SBP re-financing banks, to provide financing for projects pertaining to the set-up of new industrial units, at a 7 percent maximum end-user r...

Kuwait’s Minister of Justice and Minister of Awqaf and Religious Affairs, and the board chair of Zakat House, Dr Fahad Al-Afasi, announced that the Awqaf Secretariat and Zakat House have pledged KWD 1 million (around USD 3.3 million)  to the Health Ministry of Kuwait, to help curb the ongoing Coronavirus spread.  Dr Fahad Al-Afasi stated that the move was driven by the realisation that governing authorities and civil society need to work collectively to manage the impact from the pa...

Bangladesh’s Islamic Banking Industry has witnessed strong growth historically, in line with the sector’s expansion globally.  Since the country’s first Islamic Bank commencing operations in 1983, the sector has grown immensely over the years, to now represents 25 percent of the country’s overall banking industry. The annual growth has been over 20 percent, mainly driven by strong public demand and Central Bank support. However, there exists potential for further expansion, given the country’s Muslim majority and co...

Property consulting company, Knight Frank Indonesia stated that Jakarta’s office property market is likely to decline further, on the back of economic uncertainty in Indonesia. Data published by Knight Frank Indonesia, revealed that the occupancy rate for office buildings in Jakarta, which currently stands at 76.2 percent is expected to decline further, with office spaces in central business districts (CBD) still the preferred choice for companies. According to Statistics Indonesia (BPS) data, Indonesia’s economy recorded its slowest quarterly growt...