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In this issue, we bring you a round-up of exciting news in the world of Islamic finance, with focus on performance of global sukuk market in 2018. Hope you will enjoy reading this newsletter. Thank you and have a good year!

The MIFC Team
Global Sukuk Issuances in 2018 Surpassing USD100 billion Mark
Global sukuk issuance volume in 2018 stood at USD112.4 billion, surpassing the USD100 billion mark. Meanwhile, global sukuk outstanding as at end 2018 stood at USD434.5 billion, with Malaysia as the leading sukuk domicile commanding a market share of 50.4%.
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MIFC Estimates

Malaysia and Saudi Arabia remained as the key domiciles for Islamic fund management

As at end 2018, global assets under management (AuM) of Islamic funds reached USD73.4 billion. Malaysia and Saudi Arabia remained as the key domiciles for Islamic fund management, each accounting for 37.2%  and 29.2% of the world’s Shariah compliant AuM. Islamic funds globally are largely concentrated in money market and equity type of funds, with a combined share of around 70%. 
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Islamic Finance is Anchored on Sustainable Values Beyond Profit

Islamic finance is not only for Muslim as the unique propositions of Islamic finance are drawn from its underlying Shariah principles that have universal applications, which fundamentally advocate the prevention of harm or attainment of benefits. All Islamic finance transactions must reflect Islamic values which are ethical and fair. Any financial conduct or transaction that are contrary to Islamic principles are prohibited, thus promoting fairness, equality and justice
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Global Master Participation Agreements to Support Development of Islamic Trade Finance Business

IIFM (International Islamic Financial Market) and BAFT (Bankers Association for Finance & Trade), recently announced the release of their joint initiative IIFM-BAFT Master Participation Agreements (IIFM-BAFT MPA’s) to support the development of Islamic trade finance business.  It consists of two separate standardized framework documentation to cater for Shari’ah-compliant Unfunded and Funded participation arrangements for trade finance transactions. 
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Performance of Local Currency and Global Sukuk Markets Exceeds Expectations

Malaysia's sukuk market remained robust as at the end of 2018, surpassing RAM Ratings's full-year projection of RM100-120 billion (USD24.19-29.02 billion) of issuance for the local currency market.
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Fitch Ratings: Sukuk Issuance Volumes Normalise From 2017 Record High

Sukuk issuance in ten largest markets fell last year as compared to issuance in 2017. It is not reflecting the long-term trends but it shows how issuance volumes can be influenced by the activity of individual borrowers, notably oil-exporting sovereigns. 
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Islamic Finance Development Report 2018 Building Momentum

The Islamic Finance Development Report 2018 shows that the global Islamic finance industry grew year-on-year by of 11% to USD2.4 trillion in assets in 2017 or by CAGR growth of 6% from 2012. Malaysia, Bahrain and the UAE led the 131 countries assessed in terms of the Islamic Finance Development Indicator score
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The IFSB Issues Working Paper On Consumer Protection In Takaful

The Islamic Financial Services Board (IFSB) issued its research in the Working Paper series on regulatory and market practices issues relating to consumer protection in the takaful sector. The research identifies challenges relating to consumer protection  and challenges arising from distribution and promotion practices of takaful.
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The IFSB Publishes French Version of its Standards
The Islamic Financial Services Board (IFSB) publishes French versions of the Standards, Guidance and Technical Notes that aim to cater the increasing interest and recognition of Islamic finance among the French-speaking jurisdictions around the world. The two newly translated Standards and one Guidance Note is another milestone on the path towards increasing awareness about the IFSB Standards, Guidance and Technical Notes among the key stakeholders from these jurisdictions, which hopefully will result in improving the implementation rates of the IFSB Standards in member countries. 
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Calender of Events

February 2019

Shariah: Risk, Review & Audit For Islamic Finance

Kuala Lumpur, Malaysia
For more information please click here

2nd Islamic Fintech Dialogue 2019
Sasana Kijang, Kuala Lumpur
For more information please click here

Islamic Trade Finance
Kuala Lumpur, Malaysia

For more information please click here

Treasury In Islamic Finance
Kuala Lumpur, Malaysia

For more information please click here


Others News

1.   The Meteoric Growth of Shariah-Compliant Software Market in Banking Industry
2.   Get halal stamp and go global    
3.   Islamic Banking Software A Rapidly Growing Market
4.   Islamic Financing Market Outlook And Opportunities In Grooming Regions: Edition 2019-2025
5.    Islamic Finance For Social Good
6.    AAOIFI's Proposed Standards For Sukuk Governance May Open Door To Risks
7.    Islamic Trade Finance Still ‘Under-Addressed Opportunity’: Report

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