Salam and Greetings! 

We hope you had a wonderful weekend with your family and friends. To start a new week, we bring you a round-up of interesting news and developments in Islamic finance from all over the world. We hope you will enjoy reading this issue. Let us know if you have any feedback and ideas.

The MIFC Team

Latest Dissemination of Islamic Banking Data from 21 Countries is Now Available
The Islamic Financial Services Board (IFSB) has recently announced the dissemination of country-level data on financial soundness and growth of the Islamic banking systems from 21 IFSB member countries, including four newly joined countries. This dissemination completes the availability of quarterly data from Q4 of 2013 to Q1 of 2018, separately for Islamic banks and Islamic windows.With the inclusion of new countries' data, the total assets of the Islamic banking industry grew by 8.0% from USD1,573 billion in 2017Q1 to USD1,99 billion in 2018Q1. Islamic banks' financing is also increase by 6.7% in the same period. Read more

Two Global Standard Setting Bodies Join Hands to Develop Core Principle for Islamic Deposit Insurance System
The global standard-setting body Islamic Financial Services Board (IFSB) and the International Association of Deposit Insurers (IADI) recently signed an Memorandum of Understanding (MoU), which aims to develop and promote Core Principle for Islamic Finance Regulation: Effective Islamic Deposit Insurance System (CPIFR - IDIS). The CPIFR - IDIS will serve as an international recognised framework in assessing and facilitating the development of Shariah-compliant deposit insurance system. Read more


Islamic Banking and Finance Bill Passed in Philippines

Pilipino House of Representative recently approved a substitute bill which seeks to provide regulation and organisation of Islamic banks. Under the legislation, conventional bank may be authorised to offer Islamic banking services through a separate dedicated Islamic banking unit, subject to an approval from Bangko Sentral ng Pilipinas (BSP), Philippines’s central bank. Foreign Islamic bank may also be authorised to establish Islamic banking operation in Philippines. The Islamic banking operation and business in Philippines is regulated and supervised by the BSP. Read more


New Guide on Green, Social and Sustainable Bonds in Morocco
The Moroccan Securities Commission (AMMC), in partnership with the World Bank recently published a guide on green, social and sustainable bonds that seeks to encourage sustainability financing in Morocco. The new guide widens the scope of AMMC's existing guide on green bond issued in 2016, which is in-line with the International Capital Markets Association (ICMA). Read more


Retail Investors in Sukuk Market
The Nasdaq Dubai exchange plans to allow individuals to invest in sukuk (Islamic bonds) by 2019. The bourse is in consultation with the Dubai International Finance Center (DIFC) to launch a new Shariah-compliant product and had collaborated with The Dubai Islamic Economy Development Centre (DIEDC) to introduce retail sukuk instruments. Read more 

Malaysian Bank Becomes the first bank in ASEAN to commit to UN’s Responsible Banking Principles
CIMB Group Holding Berhad has officially became a founding member of the United Nations’ (UN) Environment Programme Finance Initiative Principles for Responsible Banking (UNEP-FI) and marks as the only banking group in ASEAN to be the member of this sustainable initiative, together with 26 other leading banks. The UNEP-FI is a collective initiative aims to redefine banking’s roles and responsibilities in shaping more sustainable practices in future by directing efforts to align with the UN’s Sustainable Development Goals; setting global benchmark for sustainable banking; and ensuring accountability and transparency of bank’s impact. Read more 

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