Archives for Islamic Microfinance
SBP raises Rs75bn from Sukuk auction
The State Bank of Pakistan (SBP) has reported that the government raised billion through auction of the five-year Government of Pakistan Ijarah Sukuk on Thursday. The auction target for the…
Dubai Islamic Bank donates AED16 million to Zakat Fund projects
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 17th May, 2020 (WAM) -- The Dubai Islamic Bank donated AED16 million to the Zakat Fund, whose projects this year are being…
Islamic Finance and Prospects for Weathering COVID-19
COVID-19 continues to have profound implications for the global economy. All around the world, the lockdown has contributed to rising unemployment, reduced incomes, and increased food insecurity. Private sector workers…
“Over 1 million Zakat beneficiaries through the Refugee Zakat Fund”, UNHCR reveals, urging continued Islamic Philanthropy contributions amid COVID-19 emergency
The United Nations High Commissioner for Refugees (UNHCR) launched on Sunday the findings of its 2020 Islamic Philanthropy Report, highlighting the impact of the Refugee Zakat Fund on vulnerable refugees…
Indonesia central bank buys long-term sovereign sukuk at auction following rule change
Indonesia’s central bank made its first direct purchase of long-term government sukuk in primary auctions on Tuesday and Wednesday following a relaxation of regulations to help the sovereign finance additional…
Zakat Fund issues new instructions for aid seekers
Within the framework of the precautionary measures taken by the State to reduce the spread of COVID-19, the Zakat Fund of the Ministry of Endowments (Awqaf) and Islamic Affairs has…
New Islamic endowment trust seeks to be UK’s first waqf to combine commercial and social investments
A new charitable foundation is being set up in the UK that aims to become a £1 billion waqf fund combining commercial and social investments. There are waqf funds in the…
Al Wifaq International Islamic Bank selects ICSFS core banking package
Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems…
Senegal’s microfinance institution UM-ACEP seeks $10mln IFC loan
The Senegalese microfinance institution UM-ACEP (Union des Mutuelles Alliance de Crédit et d'Epargne pour la Production) is negotiating a five-year senior loan in local currency of up to $10 million from…
Sokoto Disburses N1bn Soft Loans to Traders, Artisans
By Onuminya Innocent The Sokoto State government has disbursed interest-free loans of N1 billion to traders and artisans in the state. The disbursement was done at the flag-off of the…