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BSP clears digital, Islamic banks to engage in FX transactions
Digital banks as well as Islamic banks are now allowed to engage in foreign exchange (FX) transactions as the Bangko Sentral ng Pilipinas (BSP) followed through with moves to amend regulations on the Philippine foreign currency deposit system.
04 Jan 2022
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press release
Outcomes of the Third Roundtable Meeting between Centralised Shariah Advisory Authorities in Islamic Finance
Bank Negara Malaysia (BNM) hosted the Third Roundtable Meeting between Centralised Shariah Advisory Authorities in Islamic Finance (CSAAs)[1] on 21 December 2021. The meeting was held virtually and participated by more than 50 delegates from 16 countries[2] and three standard-setting bodies[3].
03 Jan 2022
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news
Insurance, takaful industry launches voucher programme to extend social protection to lower-income group
The government, together with the insurance and takaful industry, will offer all eligible Bantuan Keluarga Malaysia (BKM) recipients for next year in the household, single and senior citizen categories a RM75 Perlindungan Tenang Voucher (PTV) from Jan 1, 2022.
03 Jan 2022
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news
SBP Introduces Shariah Compliant Open Market Operations For Islamic Banking
In line with State Bank’s strategic plan to improve Liquidity Management Framework for Islamic Banking industry and enhance the effectiveness of monetary policy implementation, SBP has introduced Shariah Compliant Standing Ceiling Facility and Open Market Operations (injections) for Islamic Banking Institutions (IBIs).
31 Dec 2021
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news
Takaful Ikhlas expedites claims process for flood victims
Takaful Ikhlas General Bhd, a wholly-owned subsidiary of MNRB Holdings Bhd, has taken a proactive step to assist its house-holder and Home Protect Takaful certificate holders who have been affected by the recent flood.
27 Dec 2021
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news
Kenanga allocates US$7.1 mil for SMEs looking to raise Islamic Financing on CapBay’s P2P platform
In a boost for SMEs seeking shariah compliant financing, Bay Group Holdings Sdn Bhd, which operates as CapBay, a Malaysian multi-bank supply chain finance and peer-to-peer financing (P2P) platform has secured US$7.1 million (RM30 million) investment from Kenanga Capital Islamic Sdn Bhd (KCI), a subsidiary of Kenanga Investment Bank Bhd (KIBB). The fund injection is a step forward to growing CapBay’s Shariah-compliant Supply Chain Finance arm, CapBay Islamic, which is approved for Shariah-compliant P2P financing by the Securities Commission Malaysia (SC).
23 Dec 2021
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press release
The IFSB issues Exposure Draft of Revised Standard on Solvency Requirements for Takaful/ Retakaful Undertakings
The Islamic Financial Services Board (IFSB) has today issued an Exposure Draft of a Revised Standard on Solvency Requirements for Takaful/Retakaful Undertakings (ED - 28) for the Public Consultation period starting from 20 December 2021 until 6 February 2022 and invites comments from regulatory and supervisory authorities, international organisations, institutions offering Islamic financial services (including but not restricted to Takaful), academics and other interested parties.
22 Dec 2021
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news
Finance minister: Benefit payment for mySalam rises six-fold to RM76.9m in 2020
The benefit payment for mySalam scheme for hospitalisation and critical illnesses have increased six-fold to RM76.9 million in 2020, and subsequently rose to RM120.9 million for the first 11 months of 2021.
22 Dec 2021
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