Islamic Banking and Takaful
news
Bank Islam eyes 500,000 new customers via TheNoor app
BANK Islam Malaysia Bhd is targeting to attract 500,000 new customers in the next 12 months through its partnership with the newly-launched TheNoor digital application.
16 Feb 2021
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Malaysia’s JAKIM opens public consultation on recognition of foreign halal certification bodies
The Department of Islamic Development Malaysia (JAKIM) is seeking public comments on its draft Standard Operating Procedures for the recognition of foreign halal certification bodies.
15 Feb 2021
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Tyson expands international presence with poultry partnership in Malaysia
Officials with Tyson Foods Inc. said it will expand its presence in Malaysia by purchasing 49% ownership in Malayan Flour Mills Berhad’s (MFM) vertically integrated poultry business in a deal the companies said will increase the availability of halal-certified poultry to domestic customers and export partners. Terms of the purchase were not disclosed and finalizing the deal requires the approval of MFM stakeholders.
11 Feb 2021
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Halal exports RM20b off the mark
MALAYSIA’S export return for halal products is expected to be short of RM20 billion from the initial target, recording RM31 billion in 2020 due to Covid-19, said Halal Development Corp Bhd (HDC).
11 Feb 2021
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Awareness and Confidence Key Challenges for Islamic Finance Growth
The global Islamic finance industry's growth potential remains but limited public awareness and lack of confidence in the sharia-compliance of Islamic financial products are part of the key challenges the industry faces, particularly in markets where the industry has a niche presence, Fitch Ratings says. Our ratings do not reflect whether an issuer or sukuk is sharia-compliant. We assess non-compliance with sharia principles only if it has credit implications.
09 Feb 2021
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Turkey: Participation finance department established under the presidency
The Turkish presidency is setting up an office to deal with the growing sector of participation finance, according to an official notice published Monday.
09 Feb 2021
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Covid-19 Musa’adah Fund channels RM4 million to those in need
The Department of Islamic Development Malaysia (Jakim)-Yayasan Wakaf Malaysia (YWM) Covid-19 Musa’adah Fund has channelled RM4 million to help those in need as a result of the pandemic.
09 Feb 2021
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AAOIFI issues exposure draft on “Presentation and Disclosures in the Financial Statements of Takaful Institutions” and invites opinion from Islamic Finance Industry
The Accounting Board (AAB) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) approved the issuance of the exposure draft on Financial Accounting Standard (FAS) on “Presentation and Disclosures in the Financial Statements of Takaful Institutions”.
09 Feb 2021
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Innovation is needed in Islamic banking
The days when Islamic banking and finance (IBF) as a sector grew exponentially at rates exceeding 20% seem to be long gone.
08 Feb 2021
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