Emirates Islamic announced the successful conclusion of its debut USD 500 million syndicated Financing Facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial institution. Structured as a Commodity Murabaha term financing facility in compliance with Shariah principles set out by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the proceeds will be used for Shariah-compliant general corporate funding purposes. The new financing facility further strengthens the bank’s balance sheet by increasi ..read more

UAE’s Abu Dhabi Islamic Bank (ADIB) said it is not in talks to acquire a $1.1 billion stake in Bank Syariah Indonesia after a media report said the Shariah-compliant lender is considering tapping into Southeast Asia’s fast-growing Islamic finance market. The Islamic bank said in a bourse filing that it strongly denies that it is in talks to acquire a minority stake in the Indonesian lender while calling the report “media speculation.” Earlier on Wednesday, Reuters reported that ADIB is considering buying a 15% stake in Bank Syariah Indonesia from Bank Rakyat Indonesia. Sources familiar with th ..read more

Following the success of the first edition of its bespoke National Digital Talent Incubator (NDTI) program, has announced the second cohort of the program, supported by its strategic partner DIFC Innovation Hub, and a network of world-class industry partners including Visa, Microsoft and Dell Technologies. The program was launched with the objective of nurturing the future generation of UAE global founders and creating opportunities for them to prosper in the UAE, and beyond. Facilitated by DIFC Innovation Hub, the second cohort of the program will run for six weeks and will be hosted at DIFC ..read more

How has Islamic Asset Management traditionally fared in the region when up against conventional products? Traditionally, the Islamic Asset Management (IAM) area has always grown better than traditional assets (13% versus 11% over 5 years ending 2021). But the issue is that IAM’s are very small compared to the traditional assets. The funds are very small, the range is small and extremely few providers are offering a range of products. Marketing of IAM products is also very basic, do not appeal to the complex segmentation of the regional market and are challenging to subscribe to. Whether we are ..read more

How are CBDCs continuing to develop globally, including in the MEA region? Interest in CBDCs continues to gain momentum worldwide. Currently more than 130 countries are now exploring a digital currency, according to the latest Atlantic Council tracker. Several have fully launched a CBDC, while more are in advanced phases of development, including pilot stage. A recent survey from the Official Monetary and Financial Institutions Forum found that nearly 70% of central bank respondents expect to issue a CBDC within the next decade. China’s digital yuan has passed USD 250 billion in transactions w ..read more

Al Ansari Exchange, a subsidiary of Al Ansari Financial Services PJSC announced its partnership with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), to elevate customer satisfaction through the utilisation of Aani, an instant payment platform aimed to revolutionise the digital payments landscape in the UAE. This strategic partnership will allow all Al Ansari Exchange customers to enjoy simple, secure, and instant digital payments, such as money transfer, bill settlement and peer-to-peer payments via the recipient’s mobile number, email or a QR code, instead of th ..read more

Emirates NBD introduced the ‘Priority Banking Visa Infinite Credit Card’, an offering tailored to meet the exclusive lifestyle needs of its affluent Priority Banking clientele. The proposition, launched in collaboration with Visa, a world leader in digital payments, offers a superior banking experience and enhanced value that matches the specific lifestyle needs of high-net-worth customers maintaining an average balance of AED 500,000 and above across deposits and investments. The new proposition offers cardholders exclusive perks, unmatched by any other card in the market. These include compl ..read more

Eastern Fortune Investments LLC proudly announces the ascension of Prabhpreet Singh Gill, better known as Harry Gill, to the role of chairman of Pay10, marking a new chapter in the organization’s legacy of innovation and leadership in the fintech landscape. Eastern Fortune Investments (EFI) is the next-generation hybrid family office and holding company of Harry Gill. EFI fuels the future of a diverse portfolio and the growth of fintech in MENA and South Asia. Headquartered in Dubai at the Opus by Omniyat in Business Bay, the (EFI) Family Office offers strategic guidance, and is comm ..read more

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Real Estate Investment Trusts, or REITs, have come a long way since they were first launched in 1960 as a way of giving investors the opportunity to invest in large, diversified portfolios of income-producing real estate. The model caught on and spread rapidly around the world. As of December 2022, there were 893 listed REITs with a combined equity market capitalization of some $1.9 trillion, according to data from Reit.com. The UAE gained its first REIT in 2010 when Emirates REIT – now the UAE’s largest listed Sharia compliant REIT – was incorporated in DIFC and subsequently listed on Nasdaq ..read more