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IMF to add Islamic finance to market surveillance in 2019
The IMF has traditionally focused on conventional banking, but it has been increasingly engaging with regulators in countries where Islamic finance is now deemed to be systemically important.
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Afghanistan enlists faith-based banks to aid financial inclusion
World Bank data shows that only 15 percent of adults in Afghanistan have a bank account, while 16 percent cite religious reasons for not having one.
- Region
- North Africa & Near East
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After downturn, Islamic finance eyes profits, fintech: survey
Islamic banks and insurers are focusing on profitability and new financial products as the industry shifts away from years of containing the adverse impact of low oil prices, an industry body said on Wednesday.
- Categories
- Inclusive Fintech
- Region
- North Africa & Near East
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Islamic Development Bank looks to expand its support of innovation and entrepreneurship
The Islamic Development Bank annual meetings are underway this week in Tunisia, and one of the themes being discussed is social innovation.
- Categories
- Entrepreneurship
- Region
- North Africa & Near East
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The race to become the world’s leading leading Islamic fintech hub
Malaysia, the UK and Indonesia are leading the race, ranking first, second and third respectively by number of Islamic fintech startups, says Bloomberg Intelligence. However, fierce competition from Middle Eastern countries threatens their supremacy.
- Categories
- Inclusive Fintech
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Reserve Bank of India Says ‘No’ to Islamic Banking
Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The issue of introduction of the interest-free banking in India was examined by RBI and the government of India, the central bank added.
- Categories
- Uncategorized
- Region
- South Asia
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Islamic finance is making a case for ‘impact investment’
The Islamic Development Bank (IDB) and the Istanbul International Center for Private Sector in Development of the UN Development Program launched the “Global Islamic Finance and Impact Investing Platform,” an institution which seeks to build collaborations between a multitude of stakeholders, including Islamic banks and Islamic finance institutions, that engage in developmental investments in accordance with the United Nation’s 2030 Agenda for Sustainable Development.
- Categories
- Investing
- Region
- North Africa & Near East
- Tags
- IDB, impact investing, Islamic finance, MENA, SDGs, UNDP
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IDB-UNDP report identifies steps to leverage Islamic finance for impact investing
Given that impact investment is growing rapidly and has become an important source of funding the SDGs, a blending with Islamic finance provides a formable partnership that could play a significant role in achieving the SDGs.
- Categories
- Impact Assessment, Investing
- Region
- North Africa & Near East
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