GCC

Gassner's picture

Islamic finance chatbot

Dear visitor,

Please feel free to ask the chatbot any question, which will reply based on my publications. On the left side you find recent news, on the right side the blog entries with opinion pieces. My interest is in www.islamicwealthmanagement.com, fostering Islamic financial education, advising from time to time on matters of Islamic social and humanitarian finance aside from working in Islamic private banking.

-> the entry field is on the bottom of the post!

All the best, Michael

Academic and Practioners invited to share documents

Dear Writers,

Whether you are an academic or practionner: If you wish to see your paper published on IslamicFinance.de please send us the relevant document along with a confirmation that you hold the copyrights of it and we can upload the work with your abstract provided.

As simple as that!

Best regards,

Michael Saleh Gassner

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Talk on Islamic finance, money, and banking crisis in Zurich and online

As salamu Alaikum,
Next saturday, May 13, 2023, at 15.00 I present as guest of Muslim Student Association in Zurich (@msazurich) on the 1st chapter of my book and then go into the banking crisis and money creation. The talk is in English.

Physical
???? Samstag, 13. Mai 2023
? 15:00 - 17:00
???? Building KAB, floor G, room 01
????? Kantonsschulstrasse 3, 8001 Zürich

Physical attendance - registration linked at @msazurich and in my link tree in Insta profile. (just confirm lengthy privacy in German).
Talk online accessible without registration: Click on Linktr.ee/islamgeldwohlstand - presentation on bigbluebutton/senfcall similar to zoom - no installation required or instagram @islamgeldwohlstand

My German book "Islam, Geld und Wohlstand - Ein Handbuch über Finanzen und Vorsorge" can be obtained:
Instagram:
DE: @islambooks24
CH: @IslamShop.ch
or any other bookstore or online dealer in German speaking countries - if you are publisher interested for your country, please contact me.

Gassner's picture

Islamic Stock Screener - open source

Dear All,

as salamu alaikum,

as part of my book project I developed a simple tool for Islamic stock screening. What does it do?

- data pull from Google Finance and MarketWatch
- Calculating cash and debt compliance criteria versus 220days average market cap
- Zakat calculation per share for the zakatable asset approach, if held for investment

***Telegram Group for discussion on Islamic stock screening:
https://t.me/islamicstockscreening

***Live Google Sheet:
https://docs.google.com/spreadsheets/d/1VJYojBUrftJkAZRTcdbmN4TAsvaC1eas...

***Resources:
https://github.com/IslamicWealthManagement/Googlesheet

The tool is under a GLP-3.0 License and be used and amended privately with no charge. Users are encouraged to verify and improve the tool for mutual sharing. No warranties given. Feedback directly or via Telegram group highly welcomed. Is your market avalaible, or do you desire a screening for your market?

Other Screening tools are:

Idealratings: https://www.idealratings.com/
Halal Investors: https://halalinvestors.com/
Islamicly: https://www.islamicly.com/
Zoya Finance: https://zoya.finance/

Gassner's picture

Arabic: Sustainable Development Key Performance Indicators (SD-KPIs)

Sustainable Development Key Performance Indicators (SD-KPIs) are three particularly material environmental, social and governance (ESG) indicators for the expected business development of 68 different sectors.

The copyrighted SD-KPI Standard 2016-2021 was published by SD-M® on behalf of the the Federal Ministry for the Environment (BMU) and with support of the Sustainability Accounting Standards Board (SASB). A Japanese, Chinese and Arabic translation is also available:

https://www.sd-kpi.com/files/SD-KPI_Standard_2016-2021_Arabic.pdf

According to the BaFin Guidance Notice on Dealing with Sustainability Risks, ESG risks should be strategically considered, e.g. by means of SD-KPI Standard 2016-2021. The Guidelines (German) to the Sustainability Code of the German Council for Sustainable Development recommend the SD-KPI Standards for materiality analysis.

The Big Six® are the six most important challenges for sustainable development in 21st century:

climate change
freshwater scarcity and pollution
deforestation and desertification
absolute poverty
loss of biodiversity
population growth and migration

Abu Dhabi Islamic Bank launches #UAE's first virtual banking sales platform

Abu Dhabi Islamic Bank (ADIB) has launched a remote sales platform allowing customers to converse with the bank and apply for personal finance, covered cards, takaful, and other banking products without having to leave their homes. A first of its kind in the UAE, the platform is equipped with virtual banking tools, including online application and electronic signature services. The platform also integrates virtual communications tools, including video conferencing and real-time screen sharing, to boost collaboration between customers and sales representatives. ADIB has seen a significant surge in customer demand for its digital banking services in 2020. Around 94% of ADIB’s banking transactions are conducted digitally and 65% of customer updates are made through the bank’s digital channels. In addition, 50% of new ADIB customers have opened their accounts digitally.

“Abu Dhabi Islamic” launches a platform for banking – economic –...

Abu Dhabi Islamic Bank launched a sales platform that allows customers to communicate remotely with the bank and apply for personal finance products, covered cards, takaful products and other banking solutions without having to leave their homes. This platform is the first of its kind in the UAE, and it is equipped with a set of virtual banking tools, including an electronic application and electronic signature services. Since its launch, more than half of the bank’s card sales are executed via the platform remotely.

#UAE's Dana Gas raises loan, avoids another restructuring

United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring. The company has obtained a one-year $90 million loan from Mashreq Bank. The new loan will be repaid when Dana completes a planned sale of its Egyptian assets. The firm shook the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, arguing they were no longer valid under UAE law because of changes in Islamic financial practice. After a protracted legal battle, it reached an agreement with creditors in 2018. That restructuring followed an earlier one in 2012.

Saeed M. Al-Ghamdi, CEO and MD of the newly formed bank following the merger of NCB and Samba

Saeed M. Al-Ghamdi is managing director and CEO of the new bank that resulted from the merger between the National Commercial Bank (NCB) and the Samba Financial Group. Before that, he was chairman of the NCB, building up more than 31 years of experience in the Saudi financial and banking sector. He has also been chairman of NCB Capital and the Saudi Credit Bureau. He serves on the board of the Real Estate General Authority and Misk Foundation and is a member of the consultative board of the College of Industrial Management at King Fahd University of Petroleum and Minerals.

#Qatar- HBKU webinar discusses Zakat financing for achieving SDGs

Hamad Bin Khalifa University (HBKU) co-organised a three-part webinar series with the United Nations Development Programme (UNDP), in partnership with Qatar Financial Centre (QFC) Authority. The first instalment of the HBKU-UNDP Webinar Series: Islamic Social Finance and SDGs on October 6 showcased National Zakat Board Indonesia's (BASNAZ) innovative application of Zakat funds for local SDG projects. Consideration was also given to how the BAZNAS Zakat Model for development can be replicated and utilised within and beyond the Islamic world.

Shuaa Capital launches new shariah funds

Dubai-based asset manager Shuaa Capital has launched three new sharia-compliant funds on the Abu Dhabi Global Market (ADGM). The open-ended funds – Shuaa High Yield Sukuk Fund, Nujoom Aggressive Fund and Nujoom Balanced Fund – are backed by US$75 million in capital. Shuaa Capital is targeting long-term institutional investors including pension funds and insurers and will offer the funds via the Allfunds Bank platform. According to Shuaa Capital chief executive, Jassim Alseddiqi, the supply of sharia funds still lags the demand among investors.

HE Essa Kazim: Sukuk Sector Underlines Resilient Economic Performance Of UAE And Dubai - Emirates Islamic Chairman Rings Market-Opening Bell To Celebrate Listing Of USD 500 Million Sukuk On Nasdaq Dubai

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic rang the market-opening bell to celebrate the listing by Emirates Islamic of a 500 million US dollar Sukuk on Nasdaq Dubai. The Bank achieved a profit rate of 1.827%, the lowest for a Sukuk issued by a UAE bank for 10 years, with subscription of 2.4 times. The issuance was rated A+ by Fitch Ratings. The nominal value of Sukuk currently listed in Dubai has reached 73.99 billion US dollars, one of the largest totals of any listing centre in the world. Following Emirates Islamic’s latest listing, 46% of Sukuk listings in Dubai by value are from UAE issuers and 54% from overseas issuers.

Tezos Blockchain granted Shariah certificate

Tezos Gulf received a Sharia Certificate from Shariyah Review Bureau (SRB). Tezos’ platform is backed by a global community of validators, researchers, and builders and is considered one of the first pure proof-of-stake blockchains. The Tezos blockchain has been utilised by numerous issuers of digital securities but mostly on the conventional side of the financial market. Tezos Gulf is a subsidiary of the Swiss-based Tezos Foundation. It was established to foster ecosystem development in the GCC region for the Tezos network, an open-source public blockchain for assets and applications.

#Kuwait central bank gives nod to Shariah committee for Islamic finance

The central bank of Kuwait’s board of directors has approved the establishment of the Higher Committee of Shariah Supervision for Islamic finance. The Committee’s key roles are to: give its opinions and advice to the central bank on Shariah compliance of financial transactions; propose general guidelines for products and services; propose controls to regulate the business of Shariah supervision bodies; conduct internal and external Shariah audits; give final decisions where deliberations of Shariah supervision authorities are inconclusive. Several countries have Shariah committees for Islamic finance at their central banks including Malaysia, Pakistan, Oman and the UAE. However, their powers differ from country to country.

GCC Islamic asset managers stay resilient

According to Moody's Investors Service, net inflows into some large Islamic funds in the GCC countries have remained positive despite weaker markets and lower oil prices. The ratings agency said it expects growth in Islamic assets under management to slow between 2% and 4% this year. According to the Global Islamic Finance Markets Report, Shariah-compliant assets represent a significant portion of total banking assets of the GCC. While in the Middle East and North African region, Islamic banking assets represent 14% of total banking assets, in the GCC this market share crossed the 25% threshold. Globally, Islamic finance assets are expected to grow at a compound annual growth rate of 5.5% to hit $3.4 trillion during the next five years. Malaysia and Saudi Arabia are the largest Islamic financial service in the world, accounting for almost two-thirds of Islamic assets under management between them.

Arab #Philanthropic Support To Digitalization: Is COVID-19 A Turning Point?

COVID-19 has disrupted the status quo in a number of ways. Firstly, Arab philanthropy has stepped up support to digital solutions in online learning, healthcare and mental well-being and income generation. Educate–Me, a social enterprise and investee of Alfanar Foundation runs a community school and organizes curricula training for teachers in Cairo. The crisis triggered Educate-Me to conduct a mapping exercise of existing digital capabilities of communities and based on the findings it has created a simple and workable system. Alfanar Foundation has also acted on the crisis through the “Survive and Thrive Campaign” by stepping up marketing and fundraising efforts aimed to support its social enterprise investees in Lebanon. Embracing the idea that technology can potentially play a more enabling role in microfinance is another immediate effect of the COVID-19 crisis. It is important to give philanthropic support to innovation in new technologies and digital solutions for social problem-solving, which has been largely untapped in Arab countries.

Saudi Arabia fortifies position as largest Islamic finance market

Moody's expects Islamic financing in Saudi Arabia to reach around 80% of system-wide loans in the next 12-18 months, up from 78% of loans in 2019 and 70% in 2013. Moody’s noted that corporates and households are increasingly using Islamic products amid the economic challenges posed by low oil prices and the coronavirus crisis. Saudi Arabia had a total of $339 billion in Islamic finance assets as of March 2020, leaving Malaysia in a distant second place with $145 billion. Increasing government Sukuk issuance supported by more lenient entry rules and deepening capital markets could boost foreign investment. Mergers and acquisitions across the region are also accelerating the shift to Islamic finance.

$ 73.5 billion in Sukuk on “Nasdaq Dubai”

The value of new sukuk listings on Nasdaq Dubai since the beginning of 2020 until mid-September reached $ 11.4 billion, an increase of 55% over the value of sukuk listed in the same period last year. The total value of the sukuk listed in Dubai (between Nasdaq Dubai and the Dubai Financial Market) currently stands at $ 73.49 billion, making the emirate one of the largest sukuk listing centers in the world. The sukuk issuers on Nasdaq Dubai this year varied between Emirati and foreign countries, including Sharjah Islamic Bank, Dubai Islamic Bank, Dubai World Ports, GFH (from Bahrain), Dar Al Arkan (from Saudi Arabia), the Indonesian government, and the Islamic Development Bank.

Dubai Islamic Economy Development Centre hosts #webinar on Sukuk market

The Dubai Islamic Economy Development Centre (DIEDC), in collaboration with the Dubai Chamber of Commerce and Industry and Refinitiv hosted the fourth session of the GIES Virtual Series webinar that examined the opportunities and challenges in the sukuk market. Moderator Tahir Mahmood, Head of Business Development at Nasdaq Dubai, discussed the emerging trends in the sukuk market and examined various outlooks for the sector. During the session, panellists agreed that the sukuk market has done well over the past year. The fifth session of the GIES Virtual Series, titled ‘The New Age of Digital Retail in light of the Pandemic', is scheduled for Tuesday, 13 October at 11am (UAE time).

QIIB becomes first Islamic bank in #Qatar to launch card for domestic work

QIIB has launched a card for domestic workers, which provides flexible and easy solutions for both workers and employers, and complies with the standards required and set by various government agencies. The employer can transfer the salary of the domestic worker directly to the card via QIIB mobile banking application or Internet banking. The card is also a secure and certified record of all monthly salary payments for domestic workers, and can be used in all ATMs and points of sale. The cardholder can also use it to pay for utility bills, make online purchases and transfer money to their home country.

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