The United Arab Emirates' cabinet has approved the creation of a centralised sharia authority that will monitor and set standards for Islamic finance in the country, aiming to boost growth of the industry.
The authority, to be
The World Islamic Banking Conference which recently concluded in Bahrain was a resounding success, having attracted 1,300 high-level industry attendees from over 50 countries.
Held under the theme New Rea
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will host the AAOIFI – World Bank Annual Conference on Islamic Banking and Finance on December 6 and 7 in Manama, Bahrain.
The conference is or
Shariyah Review Bureau (SRB), an independent Sharia audit entity, will supervise the board functions and product management of Al Islami, the new Islamic banking window launched by Commercial Bank International (CBI).
Ali Amri, he
UAE-based Commercial Bank International (CBI) has launched Al Islami, its new Islamic Banking window that offers a wide range of Shari’ah compliant financial solutions and banking services aimed at the corporate financial world.
The Omani central bank has established an independent department to handle Islamic banking, it said on Wednesday, in a step expected to help further growth of the country's fledgling sharia-compliant finance industry.
Dubai-based Commercial Bank International (CBI), a leading financial institution in the UAE, has appointed Mamoon Abdel Kader as its new head of Islamic Banking.
Mark Robinson, chief executive officer of CBI said: “We are pl
The UAE is en route to achieve $263 billion of Sharia-compliant assets by 2019, according to audit company EY’s World Islamic Banking Competitiveness (WIBC) report.
The industry was estimated to be worth $127 billion in 2014
While $110 billion worth of sukuk was issued around the world this year, the global sukuk issuance is expected to reach $250 billion by 2020, a report said.
The total global outstanding sukuk, which stands at $241 billion, is also
Bahrain's central bank is setting up a central sharia board to help oversee Islamic finance products in the kingdom and will introduce new rules to strengthen governance in the sector, central bank governor Rasheed Al-Maraj said.