Islamic Development Bank Institute (IsDBI)’s Post

In a bid to welcome greater engagement from multilateral development banks such as the Islamic Development Bank Group - isdb.org in the area of sustainable and green financing, Bank Negara Malaysia (BNM)’s Deputy Governor Adnan Zaylani Mohamad Zahid announced that the central bank has now opened local currency-denominated Sukuk issuances in the country to multilateral banks. NESSREEN TAMANO reports. “BNM is now providing regulatory flexibility for multilateral development banks to issue ringgit-denominated Sukuk and to provide ringgit financing to resident entities in Malaysia with the need for prior approval from BNM,” Adnan said. The foreign policy flexibility is expected to reduce the concern of foreign exchange mismatch for both the lender and the borrower, he added. https://lnkd.in/dS-vsiaa #REDmoney #IFN #IslamicFinance #Finance #Sukuk #GreenFinance #Sustainability #MalaysiaFinance #MultilateralBanks #RinggitSukuk #IslamicBanking #HalalMarket #CrossBorderTrade #CapacityBuilding #FinancialInnovation #GlobalFinance #BNM #IsDB

A planned Islamic megabank in Turkiye, the development of a digital bank in the UK, the establishment of a new Islamic fund in Kenya, a new Islamic banking unit and Sukuk plans in Kazakhstan, and the introduction of a digital currency in Iran are among the most significant events in the global Islamic financial industry this past month. IFN rounds up the top news from June 2024. https://lnkd.in/dtp9h2uJ #REDmoney #IFN #IslamicFinance #Finance #Sukuk #Takaful #DigitalBanking #Murabahah #IslamicInvestment #ShariahCompliant #Fintech #AssetManagement #GlobalFinance #IslamicBanking #RegulatoryUpdates #KazakhstanFinance #TurkiyeFinance #UKBanking #IranDigitalCurrency #SaudiArabiaFinance #TanzaniaSukuk #MaldivesSukuk #SustainableFinance #UAEFinance #KuwaitFinance #EurasianDevelopmentBank #ParticipationFinance #IslamicMegabank #InvestmentFunds #ESGInvestment #IslamicETF #ShariahCompliantFunds

A planned Islamic megabank in Turkiye, the development of a digital bank in the UK, the establishment of a new Islamic fund in Kenya, a new Islamic banking unit and Sukuk plans in Kazakhstan, and the introduction of a digital currency in Iran are among the most significant events in the global Islamic financial industry this past month. IFN rounds up the top news from June 2024. https://lnkd.in/gqrsxv7B #REDmoney #IFN #IslamicFinance #Finance #Sukuk #Takaful #DigitalBanking #Murabahah #IslamicInvestment #ShariahCompliant #Fintech #AssetManagement #GlobalFinance #IslamicBanking #RegulatoryUpdates #KazakhstanFinance #TurkiyeFinance #UKBanking #IranDigitalCurrency #SaudiArabiaFinance #TanzaniaSukuk #MaldivesSukuk #SustainableFinance #UAEFinance #KuwaitFinance #EurasianDevelopmentBank #ParticipationFinance #IslamicMegabank #InvestmentFunds #ESGInvestment #IslamicETF #ShariahCompliantFunds

Mr. Nazeem Noordali, Chief Operating Officer at ITFC, engaged in discussions with Mr. Umid Khakimov, Deputy Chairman of the Management Board at IPOTEKA-BANK OTP Uzbekistan, during day 2 of the 2024 Islamic Development Bank (IsDB) Group Annual Meetings. Their meeting focused on exploring potential avenues for collaboration and fostering partnerships to advance #economicdevelopment and support the private sector as well as #trade initiatives in #Uzbekistan. #ITFCImpact #IsDBAM2024 #AdvancingTrade

𝐄𝐠𝐲𝐩𝐭 𝐉𝐨𝐢𝐧𝐬 𝐏𝐚𝐧-𝐀𝐟𝐫𝐢𝐜𝐚𝐧 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐒𝐲𝐬𝐭𝐞𝐦 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐓𝐫𝐚𝐝𝐞 The Central Bank of Egypt (CBE) has taken a step toward regional financial integration by approving its membership in the Pan-African Payment & Settlement System - PAPSS (PAPSS) in November 2024, joining 14 other central banks and over 50 commercial banks across Africa. This move, developed by the African Export-Import Bank (Afreximbank), aims to improve cross-border payments and trade transactions by reducing costs and processing times, while potentially easing pressure on foreign currency demand through a net settlement mechanism. According to CBE Deputy Governor Rami Aboul Naga, this initiative reflects Egypt's commitment to strengthening economic ties with African nations and is expected to encourage more Egyptian and African banks to participate in the system. The PAPSS network includes countries such as Nigeria, Ghana, Kenya, and Tunisia.  #Egypt #AfricaIntegration #PAPSS #CrossBorderTrade #FinancialInclusion #Afreximbank #CBE

In a bid to welcome greater engagement from multilateral development banks such as the Islamic Development Bank (IsDB) in the area of sustainable and green financing, Bank Negara Malaysia (BNM)’s Deputy Governor Adnan Zaylani Zahid announced that the central bank has now opened local currency-denominated Sukuk issuances in the country to multilateral banks. Nessreen Tamano reports. “BNM is now providing regulatory flexibility for multilateral development banks to issue ringgit-denominated Sukuk and to provide ringgit financing to resident entities in Malaysia with the need for prior approval from BNM,” Adnan said. The foreign policy flexibility is expected to reduce the concern of foreign exchange mismatch for both the lender and the borrower, he added. https://lnkd.in/gvBE-Sep #REDmoney #IFN #IslamicFinance #Finance #Sukuk #GreenFinance #Sustainability #MalaysiaFinance #MultilateralBanks #RinggitSukuk #IslamicBanking #HalalMarket #CrossBorderTrade #CapacityBuilding #FinancialInnovation #GlobalFinance #BNM #IsDB

Saturday May 11th marked a pivotal moment as CEOs of African Banks, alongside key stakeholders, convened to reaffirm their commitment to the Pan-African Payment Settlement System (PAPSS). Spearheaded by Afreximbank, African Union Commission, and African Continental Free Trade Area (AfCFTA) Secretariat, this Forum showcased the unwavering support for PAPSS as the backbone of African financial infrastructure. Participants engaged in robust discussions, emphasising collective ownership and leveraging PAPSS to boost the share of African currencies in trade transactions. They unanimously agreed to embed PAPSS into their digital channels, ensuring seamless integration and accessibility for all. "We urge all banks to join us in our collective effort to promote intra-African trade and development through PAPSS," Mr. Mike Ogbalu III FCIB, CEO of PAPSS, emphasised. The overwhelming support from African financial institutions underscores the transformative potential of PAPSS in shaping our continent's financial landscape. Read more here: https://lnkd.in/eSp8nBHn #PAPSS #IntraAfricanTrade #Afreximbank Pan-African Payment & Settlement System - PAPSS

🌍 January will mark three years since the Pan-African Payment and Settlement System launched to revolutionise cross-border payments across Africa. By reducing reliance on third-party currencies and cutting $5bn in annual conversion costs, PAPSS is driving financial integration and boosting intra-African trade. 🔗 With agreements in place with 15 central banks and 150+ commercial banks onboarded, PAPSS enables seamless transactions between markets like Ghana, Nigeria, Zambia and Zimbabwe. 🚀 Afreximbank’s complementary currency exchange pilot is another milestone, helping corporates like Dangote Cement and Ethiopian Airlines repatriate funds efficiently without intermediary currencies. These initiatives are paving the way for enhanced economic co-operation across Africa. Read more here: https://lnkd.in/eZY56upt John Everington reports

In this week's episode of #IslamicFinanceWeekly with Rahma Say Muhammed, watch some interesting key developments and stories that happened in the world of Islamic Finance. Watch the episode here: YouTube: https://lnkd.in/dfFzdWFN cc: LOTUS Bank Lotus Capital Limited The Alternative Bank Islamic Development Bank (IsDB) #IslamicFinance #AltBank #LotusCapital #LotusBank #IsDB #Sukuk

Tune in to #CBSA today as we discuss Mozambique's recent MPC decision and its potential impact on the forex market. Joining us at 17h00 CAT on #DSTv410 is Celio Hamide, Head of Sales at #GlobalMarkets Mozambique, Standard Bank Group will also provide a comprehensive update on the Southern and Central African markets. #MarketUpdate