The merged company will benefit from “significant cost and revenue synergies, reduced operating expenses, and better IT platforms to expand its product offerings”
Shariah business
Latest in Shariah business
financial solutions
Silicon Valley’s Tribal Credit offers Shari’a compliant financing to businesses in the Middle East
Tribal Credit has now become one of the first standalone credit and expense management solutions to offer Shari’a compliant products in the MENA region
Abu Dhabi
Abu Dhabi’s FinaMaze offers Islamic investors access to Shariah-compliant personalised “smartfolios”
Investors can put as little as $2,000 in the new “smartfolio”, which consists of a basket of stocks
Abu Dhabi
Abu Dhabi’s ADIB provides $136mn Sharia’a-compliant financing for Jubail Island construction
With coastal views, mangrove forests, and a central location, the Jubail Island community development will be home to 10,000 UAE citizens and residents within the next four years
Financial resilience
UAE’s National Bonds firm reports investments worth $3.23bn in 2021 as residents return to “low-risk savings”
UAE citizens and residents who have been long-term National Bonds savers with the company since 2006 have earned 64.11 percent in cumulative returns on their savings
Central Bank of the UAE
Sharjah Islamic Bank increases foreign ownership to 40 percent following regulatory approvals
Sharjah Islamic Bank has witnessed a noticeable and active improvement in the performance of its share price, with the increase of foreign ownership to 40 percent providing an additional incentive to promote the trading of the bank’s shares in local markets
Financial Services
GII to buy health company as part of $1bn Saudi expansion
Gulf Islamic Investments LLC is looking to grow in Saudi Arabia and India ahead of a potential listing in the next three years
Islamic bond
Saudi Arabia seen driving $130bn sukuk issuance in 2019 – Moody’s
Ratings agency says sukuk issuance is set to rise 6% to around $130bn this year, a fourth consecutive annual increase
Fitch Ratings
UAE Islamic banks see slower financial growth
Fitch Ratings predicts asset-quality metrics for Islamic banks in the UAE will remain under pressure for 2019
![“A specific goal would be to [increase Islamic economy’s contribution to GDP] through efficient use of modern technology,” said DIEDC director general Essa Kazim.](https://www.arabianbusiness.com/cloud/2021/09/14/3YSdJUIP-Essa-Kazim.jpg)
DIEDC
Dubai aims to grow Islamic economy to make up 10% of GDP by 2021
Key focus sectors including Islamic finance, halal products and lifestyle areas such as fashion and tourism
Emerging Markets
Franklin Templeton funds awarded QFI status in Saudi Arabia
Franklin Templeton is evaluating opportunities to expand its Shariah business, which grew 32 percent in 2017.