The UAE Central Bank has announced a six-month suspension of a bank’s Islamic window from onboarding new customers. This decision also includes a fine exceeding Dh3.5 million ($953 632) due to the bank’s non-compliance with Sharia governance rules. An Islamic window refers to a unit within a conventional bank that allows customers to engage in...
Abu Dhabi Islamic Bank (ADIB), a prominent Islamic financial institution, will serve as a Diamond Sponsor at the upcoming Dubai Fintech Summit 2025. This participation underscores ADIB’s commitment to transforming ethical finance through advancements in digital innovation, artificial intelligence (AI), and Sharia-compliant financial technology. At the Summit, ADIB will engage in two key panel discussions...
The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has approved the “UAE Strategy for Islamic Finance and Halal Industry.” This strategic initiative aims to bolster the country’s position as a global leader in Islamic finance and expand the halal...
DMCC, the leading international business district in Dubai, has reached a significant milestone by securing Shariah certification for its DMCC Tradeflow platform. This achievement is expected to enhance Dubai’s position as a global hub for Islamic finance. Credit: ZAWYA The certification was granted by the Shariah Board of the Dubai Islamic Economy Development Centre. This...
The Bank of Bahrain and Kuwait (BBK) has announced a significant financing agreement worth BD58 million with Solidarity Group Holding. This Islamic Murabaha financing will aid Solidarity in its acquisition of Bahrain National Insurance (BNI), a subsidiary of Bahrain National Holding. Through this agreement, BBK emphasizes its commitment to supporting Bahrain’s economic development and enhancing...
FAB Sukuk Company, a unit of First Abu Dhabi Bank (FAB), has finalized pricing for its $600 million five-year sukuk, set to be issued on the London Stock Exchange next week. The sukuk, part of a $5 billion trust certificate program, has seen strong interest, with an order book reaching $1.2 billion. The profit rate...