Islamic Development Bank (IsDB) listed a five-year Sukuk on Nasdaq Dubai priced at a profit-rate of 1.809%, payable semi-annually. This is the largest Sukuk issue by value on the exchange, to date. Including past issues, IsDB’s total Sukuk issues on Nasdaq Dubai now totals USD 15.64 billion. IsDB’s listings on the Nasdaq Dubai commenced in 2015, with a USD 1 billion Sukuk. Others include three USD 1.5 billion Sukuk, a USD 1.3 billion Sukuk, four Sukuk worth USD 1.25 billion each, and two EUR-denominated Sukuk worth EUR 650 million and EUR 1.1 billion, respectively.Dubai has becom...

Azerbaijan’s Agency for Development of Small and Medium-sized Enterprises announced that the platform is ready to introduce Islamic banking in the country. The Chairman of the agency, Orkhan Mammadov, highlighted that the Azerbaijani government has identified certain tasks needed for the development of the sector, which the new parliament in effect is focusing on. He mentioned all work in this area is expected to be completed by the end of 2020. The Islamic banking industry is anticipated to contribute positively to the Azerbaijan’s economy, generating alternative income sourc...

In a panel discussion on ‘challenges facing the Takaful industry’ at the Dubai World Insurance Congress 2020, it was highlighted that demand for Takaful products still remains low in many markets.The discussion revealed that low consumer awareness is a key issue impacting demand, where the perception of the majority is that Takaful is a standard insurance product. Other challenges identified by industry experts include; the structure of Takaful companies where little or no surpluses are shared with policy holders, poor marketing and sales, among others.The panel agreed tha...

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