Here’s Some Recent Islamic Finance NewsApril 3, 2020 at 10:41 am
With the recent COVID-19 pandemic racing around the globe, you might think the Islamic financing news recently would be glum. In fact, that’s not the case at all. Because we want to be sure to bring you all the latest Islamic financing news and angles, we’ve researched some developments.
Here are some of the latest things we’ve found
On the bright side, a recent report says Saudi Arabia will continue to be the world’s largest Islamic banking market. This comes from a recent report from Moody’s. Islamic banks are a fundamental cornerstone of the Islamic finance model all around the world.
The recent report says in fact this type of sharia compliant financing will expand this year and beyond. Malaysia is one of the countries that is helping to foster this growth. At the same time, some experts are worried that the coronavirus outbreak could keep investors away from this market.
Of course, no financial model has escaped the grasp of the COVID 19 pandemic. We were glad to see some news about emergency funding for sharia compliant businesses. For example, the International Islamic Trade Finance Corp (ITFC) has just allocated $850 million to help cushion the blow from the virus.
The money is specifically designed to promote trade within the Organisation of Islamic Cooperation (OIC). A portion of the money is specifically set off side to help with the economies in the region immediately. Another chunk will be set aside to help with economic recovery after the epidemic is finished.
Our IjaraTM Home Financing Program is sharia compliant. It was established by a board of distinguished scholars back in 1996. It complies with all of the rules of sharia compliance so you don’t need to worry about riba.
The process is simple. If you’re looking to buy a property, you’ll need to make a payment on account to get this part started. This is often called a down payment. It ranges usually from 10 % to 20%. The difference between this in a regular mortgage is the title to the property is held by an independent trust.
There is more good news where the pandemic and Islamic finance is concerned. On Monday, the Islamic Development Bank announced that they would be donating $2 billion to a relief fund for member states.
The package works together with the G 20 global initiative. It includes several aspects like medium term actions including financing to keep trade going. The other aspect includes more long-term actions that are designed to build resilience.
We are proud of the Islamic finance residential loans we offer. These are available to both Canadian and American residents.
Finally, here’s the last bit of Islamic finance news as it relates to the COVID 19 pandemic. The Islamic Development Bank is especially worried about supply chain disruptions globally. That’s why they’ve set up a $730 million fund to look after some of the economic and health impacts.