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Potential of Islamic socioeconomics and finance | Daily Sabah - Daily Sabah
KAF Investment Bank appoints CEO for its upcoming digital bank - FinTech Futures
Indonesia raises $3.25 bln in its biggest global sukuk sale - The Jakarta Post - The Jakarta Post
Salama Cooperative Insurance submits capital reduction request to Saudi's CMA - ZAWYA
Faisal Islamic Bank Egypt's consolidated profit soars 122.9% YoY in Q1 - ZAWYA
UAE’s Arada Developments hires banks for debut dollar sukuk: Report - Al Arabiya English
‘Step up now’: UN’s food agency presses billionaires for aid - Al Jazeera English
IEP Forum on FSC Verdict on Riba – Experts View – Prof. Tariqullah Khan
Islamic Corporation for the Development of the Private Sector (ICD) and Union of Banks of Kyrgyz Republic held a webinar on viable alternative financing tools - African Business
How one bank is digitalizing financial inclusion in Indonesia - World Economic Forum
Jaiz Takaful shares surplus worth N84.5 million, unveils mobile App - solacebase.com
Crypto Is ‘Worth Nothing,’ Lagarde Declares, and Should Be Regulated
European Central Bank President Christine Lagarde came down on the side of regulating digital currencies, saying crypto is “based on nothing,” Bloomberg reported Friday (May 20).
She said regulators should pass new rules to make sure people are less likely to speculate on cryptocurrencies with their life savings. Lagarde said she’s been concerned about people losing their money when they have “no understanding of the risks.”
Crypto has been facing some tough times, as amid the collapse of the UST stablecoin, most cryptocurrencies are down sharply from peaks from the end of 2021, including big names like bitcoin and ether.
And the asset class is also, at the same time, seeing more opposition from regulators globally, who are worried about the impact on the financial system.
Lagarde has said she’s “skeptical” of the value of crypto. “It is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said. She contrasted it with the possible debut of the European Central Bank (ECB)’s digital euro, which might come in the next few years.
“The day when we have the central bank digital currency out, any digital euro, I will guarantee — so the central bank will be behind it and I think it’s vastly different than many of those things,” Lagarde said.
See also: EU Eyes Tougher Measures to Block Crypto Use to Circumvent Sanctions
PYMNTS wrote recently that the EU would be looking into ways to make sure digital assets won’t be used to dodge sanctions against Russia.
The bloc wants to put financial penalties on Russia for its invasion of Ukraine. Bruno Le Maire, French finance minister, said things were being talked about in videoconferences to make the sanctions more effective.
At the time, Lagarde was quoted saying legislation would be a plus, so that firms issuing crypto assets wouldn’t deal with Russian clients.
The world's financial system is entering dangerous waters again, warns guru of the Lehman crisis - The Telegraph
Funding Not Enough to Meet Rising Humanitarian Needs in Syria, Top Official Tells Security Council, as Members Diverge Over Delivery Methods - Syrian Arab Republic - ReliefWeb
Zakat [Obligatory Charity] for Coronavirus (COVID-19) Patients - A Glance at the Sayings of Jurists. - IslamOnline - ????? ??? ????
Saudi Islamic finance firm Nayifat's CEO resigns - Arab News
Why Islamic financing is best for Nigeria's diversification goal - stakeholders - Businessday
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will Assemble Two High-Level Parallel Events Discuss Climate Action and Digital Transformation at ISDB Group Private Sector Forum in Egypt - African Business
AAOIFI successfully concludes the 20th AAOIFI Annual Shari'ah Boards conference in Bahrain - ZAWYA
Three professors win 2022 IsDB prize for impactful achievement in Islamic economics - ZAWYA
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