Category: Banking & Fianace

Promoting Alternative Dispute Resolution…CIBAFI-OIC Arbitration Centre Signs MOU

In a strategic step reflecting the shared commitment to strengthening stability and legal governance in the Islamic finance sector, the General Council for Islamic Banks and Financial Institutions (CIBAFI) signed a Memorandum of Understanding with the Organisation of Islamic Cooperation Arbitration Centre (OIC-AC) an official statement disclosed on Sunday. The Memorandum of Understanding,the statement said, was signed on 4 June 2026 during the opening ceremony of the recently held 3rd Global Islamic Economy Summit in Istanbul, under the esteemed patronage of H.E. President Recep Tayyip Erdoğan, President of the Republic…

Is Bitcoin Halal or Haram: A Shariah Analysis?

First Published,April,2018. Is Bitcoin halal or haram? Blossom Finance publishes working paper on the permissibility of Bitcoin, cryptocurrency, and Islamic finance and concludes that bitcoin qualifies as Islamic money, except where banned by local government, but cautions investors against speculation, ICOs, and investment schemes As fluctuations and volatility continue to rock the cryptocurrency world, Blossom Finance has commissioned and released a working paper exploring the Islamic permissibility of bitcoin, cryptocurrency, and blockchain. The paper concludes that Bitcoin fully meets the definition of Islamic money under certain conditions and is generally…

Global Islamic Fintech Transactions to hit USD341Bn by 2029…Says 2025/26 Report

The Global Islamic Fintech Report 2025/26 has been  produced by Dinar Standard and Elipses with Salaam Gateway as Marketing Partner,QFC as an Ecosystem Partner,the Islamic Development Bank Institute(IsDBI) as a Strategic Partner and DDCAP Group as a Fintech Partner. In their  Executive Summary,the producers note that,the reports builds on their  annual review of the Islamic Fintech sector and marks the fifth consecutive edition of the flagship publication. “The report is a collaborative effort between DinarStandard, a global strategy research and advisory firm and Elipses,a specialist advisory and investment firm focused…

Australia’s First-ever Islamic Bank Launch on Course

Story: Mohammed A. Abu Islamic Money Australia Pty Ltd’s Chief Executive Officer, Dean Gillespie,promoters of the country’s first-ever fully fledged Islamic bank has assured potential customers in the country and potential investors worldwide that everything is still on course. In a February  official progress update,Mr.Gellespie assured, his company was  continuing to work on launching Australia’s first-ever Islamic bank and we are hoping to launch home finance soon in 2026.  We’re aiming to launch the full bank in 2027. Meeting the Minimum Capital Requirement  “We always knew when starting this business…

Russia To Expand Islamic Banking Services

First Published,May 19, 2026 Russia is to expand a pilot Islamic banking program as demand for Sharia-compliant financial products continues to grow, according to the country’s largest lender, Sber. Islamic banking follows Sharia principles that prohibit interest-based lending and speculative transactions. Instead, it relies on mechanisms such as leasing, installment sales, profit-sharing arrangements, and asset-backed financing. It also restricts financing for sectors such as gambling, alcohol, tobacco, and weapons production. Russia launched the pilot initiative in 2023 in four predominantly Muslim regions, including the Republic of Tatarstan, and later extended…

President Herminie and AfDB Executive Director Explore New Pathways for Seychelles’ Development and Economic Resilience

Seychelles President Dr. Patrick Herminie met with Mr. Ronald Cafrine, Executive Director of the African Development Bank (AfDB),at the State House yesterday, Thursday,  to discuss strengthening strategic partnerships aimed at advancing Seychelles’ development and economic resilience. The meeting provided an opportunity to exchange views on the African Development Bank’s continued engagement with Seychelles. Discussions focused on cooperation in support of the country’s development priorities, economic resilience, and sustainable growth. Mr. Cafrine highlighted the Bank’s achievements over the past few years, noting that global development aid has come under increasing pressure.…

CORRECTION:Investiture of Afreximbank 4th President: The Special AFRICA24 English Spotlight

On October 24th and 25th, 2025, the AFRICA24 Group (https://Africa24TV.com) will provide an exceptional coverage of the investiture and swearing-in ceremony of Dr. George Elombi, elected 4th President of the African Export-Import Bank (Afreximbank) says an official statement issued in Cairo,Monday. This ceremony,the statement said, is a major strategic platform to honor the legacy of Professor Benedict Oramah and lay the foundations for a new era of pan-African leadership with Dr. George Elombi. The event,it adds, marks a historic transition for the institution, with a review of the previous decade and an ambitious vision to accelerate…

Financing in the WAEMU Region to Scale up…..As BOD Strengthens Financing Capacity

The West African Development Bank (BOAD) (www.BOAD.org) has taken a major step in strengthening its financing capacity by increasing the size of its sovereign, portfolio credit-insurance policy signed in June 2023 says an official statement issued in Lome,Monday. The policy,subscribed with a pool of leading private insurers,the statement disclosed,now amounts to XOF297.6 billion (approximately EUR 454 million). This transaction is part of strategic plan Djoliba, which aims to optimize risk management and expand financing for WAEMU member countries. This expansion,it noted, underscores the credit insurance market’s renewed confidence in the…

Kingdom of Bahrain to Host 20th AAOIFI-IsDB Conference

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), together with the Islamic Development Bank Group (IsDB), represented by the IsDB Institute (IsDBI), is set to host the 20th edition of its annual Islamic banking and finance conference with the support of the Central Bank of Bahrain according to an official statement issued Manama,Bahrain,Sunday. The two‑day conference, scheduled to convene on 2-3 November 2025, will be held at Crowne Plaza, Manama, Kingdom of Bahrain. This year’s conference is themed “Islamic Finance in the Era of Artificial Intelligence: Present Potentials and Future…