Latest in Tag: Islamic banking Highlight

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Latest in Tag: Islamic banking

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Islamic banking valued at EGP 240bn at end-2017

The volume of Islamic banking in Egypt by the end of 2017 amounted to EGP 240bn, marking a growth of 16% from 2016, according to Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association (EIFA). He explained that Islamic banking accounts for about 6% of the banking business in Egypt. He also said that the …

Daily News Egypt

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Islamic banking in Egypt worth EGP 222bn

The volume of Islamic banking in the Egyptian market reached EGP 222bn, an equivalent of 6% of total transactions of banks working in Egypt, according to Mohamed El Beltagy, head of the Egyptian Association for Islamic Funding. El Beltagy explained that the size of Islamic deposits at banks are estimated at EGP 190bn, while the …

Daily News Egypt

6 2 Nidal Abou Zaki Photo

Islamic banking sound option for enterprises facing economic slump

There are mounting concerns currently being voiced by prominent organisations, such as the International Monetary Fund (IMF) and the Bank of International Settlements, over the long-term impact of the slow growth rate reported across all major economic regions from the latter part of 2015 to early this year. Significant losses in the global financial and …

Nidal Abou Zaki

Islamic finance body IIFM eyes first sukuk standard

Reuters – The Bahrain-based International Islamic Financial Market (IIFM) will develop its first standard contract template for sukuk (Islamic bonds), and aims to double the number of its standards as early as next year, its chief executive told Reuters. A standard for leasing-based sukuk will be developed first by the IIFM, a non-profit industry body …

Daily News Egypt

Huge mandate for planned new Islamic bank

By Bernardo Vizcaino / Reuters DUBAI: Gulf institutions plan to spur development of the Islamic finance industry by setting up a bank that would boost liquidity in Sharia-compliant markets. But the mandate of the bank is so wide that it may struggle to have an impact early on. The Islamic Development Bank (IDB), a Jeddah-based multilateral …


Islamic banking to boost loan growth in Oman, says NBK Capital

By Rachana Khanzode / Reuters MUSCAT: The introduction of Islamic banking in Oman will lead to loan growth of 15 percent this year, NBK Capital said and upgraded the sultanate’s largest lenders, Bank Muscat SAOG and National Bank of Oman. Oman reversed its secular approach to finance last year after seeing a steady trickle of investment …


Egypt gets $1.2 bln commodity loan from Islamic bank

By Patrick Werr / Reuters CAIRO: Egypt has received a $1.2 billion credit facility from the International Islamic Trade Finance Corporation (ITFC) to help it pay for commodity imports, Planning and International Cooperation Minister Faiza Aboul Naga said. The loan, signed on Thursday, carries a 3.75 percent interest rate and will be available immediately. It will …


INTERVIEW: Islamic banks need mergers to fill Western funding hole

By Anjuli Davies / Reuters LONDON: Small and medium-sized Islamic banks may need to merge if they want to become bigger regional players capable of filling the funding hole left by shrinking Western banks, the head of Islamic finance at Deutsche Bank, told Reuters. “There are mismatch challenges,” Salah Jaidah said on the sidelines of the …


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