Bangko Sentral ng Pilipinas gave its approval to the Development Bank of the Philippines (DBP) for selling the latter’s stake in the Al-Amanah Islamic Investment Bank of the Philippines (Al-Amanah). The approval was issued on 20th of September. The nex…
Palestinian insurance company Al-Takaful registered net profit before taxes as high as $586,503 for the first nine months of the year. This is a 237% increase compared to the same period last year, when the net profit before taxes reached only $174,024…
About a year ago, Nakheel issued about AED4bn ($1.09bn) of sukuk to its trade creditors. Some holders were quick to offloaded them on the secondary market being impatient to finally settle their outstanding bills from the company. This led to a crash i…
The government of Oman chose KPMG to work on recommendations for the amendment to the tax legislation. The amendment aims to accommodate Islamic banking products and services. Thus, Shari’ah-compliant services will not be less favourable compared with …
Bank of Khartoum’s plans include selling Islamic corporate bonds since after an oil deal with South Sudan the economic outlook for Sudan becomes better. This year’s profit of the bank is expected to reach record amounts due to strong lending and a subs…
The plans of the Oman government for the near future include an amendment to the current tax legislation. The goal of the amendment is accommodation of Islamic banking products and services as well as the creation of a level playing field with its conv…
The second Global Policy Forum of Alliance for Financial Inclusion (AFI) took place in Bali last week. Beth Rhyne, the managing director of the Center for Financial Inclusion was a guest speaker at the forum and shared and explained what regulators wer…
Dubai Bank sent a letter to Skycourts unit owners financed by the bank, informing them about their intention of partial fee refund consistent with the principles of Shariah. According to a detailed review of the service fees paid against the financed u…
The 16th Annual Edition of “2012 State of the Future”, an overview of the global situation in terms of problems, solutions, and future prospects, is out. Jerome C. Glenn, CEO of The Millennium Project and co-author of the book, points out the cont…
Together with The MasterCard Foundation, MIX has launched the “Africa Map of Financial Inclusion for the Poor” aiming to contribute to better understanding by practitioners and policymakers of the access to finance in Africa. Since until recently …
