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Our Scans · (FS.1.04) Islamic Banking & Finance · Weekly Summary


  • To encourage greater ECA activity, the European Union is readying a €300 mn risk-sharing instrument for the export credit sector aimed at boosting SME exports to Ukraine. Global Trade Review (GTR)
  • The European Union is advancing plans to launch its inaugural risk-sharing instrument for the export credit sector, with a pilot initiative aimed at boosting SME exports to war-torn Ukraine. Global Trade Review (GTR)
  • In 2023, Russia passed a law on Islamic banking - in the next two years, an experiment on its use in one of the largest countries in the world will take place. The Business Standard
  • Higher financing needs in some core Islamic finance markets will drive demand, according to S&P, with global liquidity conditions potentially easing. Arabian Gulf Business Insight
  • The Uzbekistan 2030 strategy is a positive step for Islamic banking, as it calls for the introduction of Islamic finance criteria and procedures in at least three commercial banks. Financial IT
  • The Philippine central bank released a new policy in support of Islamic banking, and the UK said this week that it plans to work on Islamic student loans in 2023. Islamic Finance News
  • As Islamic finance remains concentrated in oil exporting countries that aim to reduce their carbon footprints, S&P Global Rating expects the increase in sustainable sukuk issuance will continue. Times of Oman
  • The Dubai Islamic Bank is just one institution that has issued a Sustainable Finance Framework explaining how it will finance projects on principles similar to the Green Loan Principles. Allen Overy
  • The main challenge for Islamic Bank Australia will be to gain accreditation from the Australian Prudential Regulatory Authority (APRA), which regulates Australia's commercial banking industry. The Conversation
  • The introduction of Islamic banking in Uzbekistan could trigger a multifaceted surge in economic activity. The Diplomat
  • Islamic banking has the potential to make a significant contribution to the development of Uganda's financial sector. Uganda Business News
  • The adoption of Islamic finance, which does not allow the charging of interest, could unlock significant growth in East Africa's third-biggest economy by attracting customers who have avoided traditional lenders on religious grounds. Yahoo Finance
  • The introduction of Islamic banking in Russia holds the potential to not only attract investments from the Arab-Muslim world but also draw in business leaders keen on contributing to local infrastructural ventures across Russian territory. SpecialEurasia
  • Stronger domestic capital markets in Ethiopia can help allocate investment more efficiently and allow for better risk-sharing, while providing an alternative funding source to complement bank financing. IFC
  • Brunei's transition from an oil and gas-led economy to new sources of growth could open opportunities for Australia to supply inputs and investment for agrifood processing for export to global halal markets. Australian Policy Online
  • One of the positive changes for Islamic banking is the Uzbekistan 2030 strategy, which provides for the introduction of Islamic finance criteria and procedures in at least three commercial banks. The Diplomat
  • Mauritania is looking at a regulatory framework for Islamic banking and finance with the help of the IsDB Institute, and Egypt could see its first Islamic index in the next few months. Islamic Finance News
  • The Securities Commission Malaysia is planning to launch guidance on principles-based Maqasid Shariah before the end of 2023, which could be the first in the world. Islamic Finance News
  • Islamic Coin will be the primary token of value within the ecosystem, providing the global Muslim population with a financial platform that offers a 100% halal cryptocurrency. Kitco News
  • S&P Global Ratings expects stronger economic growth in core Islamic finance countries and will boost industry assets about 10% during 2022-2023. Gulf Business
  • Dubai Islamic Bank, Al Rajhi Bank, Bank AlJazira, and Saudi National Bank will serve as mandated lead arrangers for the Shariah-compliant tranche. ArabNews

Last updated: 28 March 2024



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