Author Archives: IMFN
DFIs urged to improve performance
The national economy is at a crossroads due to the Covid19 pandemic. Financial institutions including banks need to improve their working so that their actions support the economy and the…
CMA says member institutions have restructured $1.38B of loans
The Cambodia Microfinance Association (CMA) has announced that as of January 3, 2021, CMA members have provided loan restructuring worth $ billion. The total number of restructuring requests stood at 303,593…
How Islamic Fintech Can Reduce Poverty and Unemployment in Nigeria – Abdul Majeed Muhammad
As Nigeria worries about the twin effects of poverty and unemployment, Islamic Fintech has seen it as an opportunity to provide solutions to these issues. Mr. AbdulMajeed Muhammad, Co-Founder Islamic…
Islamic Development Bank pledges $60m in aid to Pakistan for polio vaccine
The Islamic Development Bank will provide financing of US$60 million for polio vaccine. This includes US$ 21 million LLF Grant by the Bank. Economic Affairs Division, on behalf of the…
Saudi Arabia awards license for first consumer micro-loan provider
The Saudi Central Bank has granted a license for the Kingdom’s first consumer micro-financing platform, which will allow users to be granted loans within minutes. Kuwait’s Zain Group launched the…
World Bank: Investigate Cambodia’s Micro-Loans
The World Bank Group should investigate alleged coerced land sales and other rights abuses linked to predatory lending and over-indebtedness in the micro-loan sector, Human Rights Watch said today. These…
Islamic finance moved further into mainstream
This year, Islamic finance made much headway in Bangladesh, one of the Muslim-majority nations: three more banks Standard, NRB Global and Jamuna became Shariah-compliant while the Sukuk, a bond structured…
Egypt’s microfinance records EGP 42.7bn in September
Egypt's microfinance deals reached EGP in the third quarter (Q3) of 2020, according to Mona Zulfikar, Chairperson of the Egyptian Microfinance Federation. The quarterly figures represent a growth of 7%…
BOP opens Islamic banking branch in Peshawar
The Bank of Punjab Islamic Banking Group has extended its network by inaugurating its 100th Taqwa Islamic banking branch at Nasir Bagh, The branch will facilitate individuals, business community, and…
Islamic Finance After COVID-19
The Islamic finance industry slowed down significantly in 2020 after experiencing a very strong 13% growth rate in ;Islamic financial institutions spent most of the year coping with the dual…