Shaping up Islamic leasing and Fintech

CIAF Leasing, an aircraft Islamic leasing company based in Egypt is set to issue Sukuk worth US$50 million, becoming the first company in Egypt to
take this step. This deal is expected to finalize in the next few weeks.

The International Islamic Trade Finance Corporation (ITFC) recently held The Partners Forum 2019: Investing for Impact on the 5th December 2019 in Saudi Arabia. The event provided a framework for delegates to further understand how international Islamic leasing is helping people to live bett er lives while adding to the UN Sustainable Development Goals.

Amir Firdaus, CFO of Al Rayan Bank, said that Shariah compliant financing products including Islamic leasing should be looking toward the opportunities that exist in a post-Brexit world, according to The Telegraph. Amir feels the UK in general and products gaining popularity like Islamic leasing can also leverage inward investments and new trade opportunities.

The UAE sponsored the International Conference on Islamic Leasing held in
October 2019 in Dubai. Its long-term business visa application process has
been changed to Golden Visa Regime, designed to make it easier for entrepreneurs and professionals to enter the country from around the world which will then accelerate the international Islamic leasing environment. Dubai-based Islamic car leasing company Invygo is leading the way with their mobile app via a US$1 million financing received from a San Francisco venture capital firm, Class 5Global, recently.

Shoeb M Sharieff is the president and CEO of Ijara Community Development Corp. He can be contacted at shoeb@ijaracdc.com.