Latest news with #Shari'ah
Business Recorder
02-07-2025
- Business
- Business Recorder
VIS upgrades entity ratings of Faysal Bank Ltd
KARACHI: VIS Credit Rating Company Limited (VIS) has upgraded entity ratings of Faysal Bank Limited ('FABL' or the 'Bank') to 'AA+/A1+' (Double APlus/A One Plus) from 'AA/A1+' (Double A/A One Plus). Medium to long-term rating of 'AA+' indicates high credit quality; protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short-term rating of 'A1+'indicates the strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors. The outlook on the assigned ratings is 'Stable.' Previous rating action was announced on June 28, 2024. The assigned ratings to FABL reflect a sound financial profile, underpinned by FABL's strong trajectory in Islamic banking after successful transformation into a full-fledged Islamic bank. Moreover, digital transformation, asset quality, and prudent financial management have supported the upgrade. The Bank, along with its subsidiaries, is recognized as a leader in Shari'ah compliance, holding a Shari'ah Compliance and Fiduciary Rating of 'SCFR(PK) 1' on the national scale from the Islamic International Rating Agency(IIRA)—indicating no material deviations from the national regulatory framework for Shari'ah-compliant finance. Copyright Business Recorder, 2025
SowetanLIVE
01-07-2025
- Business
- SowetanLIVE
Standard Bank's new Shari'ah-compliant overdraft is another first
'This is not just a product launch, it's a response to a critical gap in Africa's Islamic finance ecosystem,' said Ameen Hassen, head of Shari'ah Banking at Standard Bank. 'For too long, businesses that required Shari'ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance.' With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic finance assets, Standard Bank's innovation arrives as the region seeks scalable, Shari'ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses. Key benefits of the new product include: Competitive market-related pricing. Direct linkage to the Shari'ah Business Current Account for streamlined operations. Certified compliance: the facility is certified by Standard Bank's Shari'ah Advisory Committee. Not only for Muslims While Shari'ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank's offering transcended religious boundaries, with about 35% of Standard Bank's South African Shari'ah clients identifying as non-Muslim. 'This isn't just for Muslims, it's for anyone seeking transparent, non-interest, asset-based or backed financial solutions,' said Hassen. The launch builds on Standard Bank's legacy of Islamic finance innovation, including the world's first Shari'ah-compliant Diners Club product and SA's inaugural Shari'ah tax-efficient endowment. 'Africa's economic future hinges on inclusive, innovative finance,' said Hassen. 'With this product, we're not just serving clients, we're innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.' To leverage this Shari'ah-compliant liquidity facility, businesses and individuals can contact their Standard Bank Relationship Manager or email shariah@ This article was sponsored by Standard Bank.
TimesLIVE
01-07-2025
- Business
- TimesLIVE
Standard Bank's new Shari'ah-compliant overdraft is another first
Africa's biggest lender, Standard Bank, has launched the first ever Shari'ah-compliant overdraft facility in Southern Africa, marking a transformative milestone for Islamic finance on the continent. Designed to empower business owners with more Shari'ah-compliant solutions, the product adds to a long list of Standard Bank's innovative solutions to meet the unique needs of Africa's growing demand for Islamic finance. Structured under the Shari'ah principle of Wakaalah, the Shari'ah overdraft facility is a non-interest-based alternative that provides businesses with instant access to short-term funding. Linked to the Shari'ah Business Current Account, the new product will allow clients to drawdown up to a preapproved limit. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance Ameen Hassen, head of Shari'ah Banking at Standard Bank 'This is not just a product launch, it's a response to a critical gap in Africa's Islamic finance ecosystem,' said Ameen Hassen, head of Shari'ah Banking at Standard Bank. 'For too long, businesses that required Shari'ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance.' With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic finance assets, Standard Bank's innovation arrives as the region seeks scalable, Shari'ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses. Key benefits of the new product include: Competitive market-related pricing. Direct linkage to the Shari'ah Business Current Account for streamlined operations. Certified compliance: the facility is certified by Standard Bank's Shari'ah Advisory Committee. Not only for Muslims While Shari'ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank's offering transcended religious boundaries, with about 35% of Standard Bank's South African Shari'ah clients identifying as non-Muslim. 'This isn't just for Muslims, it's for anyone seeking transparent, non-interest, asset-based or backed financial solutions,' said Hassen. The launch builds on Standard Bank's legacy of Islamic finance innovation, including the world's first Shari'ah-compliant Diners Club product and SA's inaugural Shari'ah tax-efficient endowment. 'Africa's economic future hinges on inclusive, innovative finance,' said Hassen. 'With this product, we're not just serving clients, we're innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.'
Daily Maverick
27-06-2025
- Business
- Daily Maverick
Standard Bank Launches Southern Africa's First Shari'ah-Compliant Overdraft
Structured under the Shari'ah principle of Wakaalah, the Shari'ah Overdraft facility is a non-interest based alternative that provides businesses with instant access to short-term funding. Linked to the Shari'ah Business Current Account, the new product will allow clients to drawdown up to a pre-approved limit. 'This is not just a product launch, it's a response to a critical gap in Africa's Islamic Finance ecosystem,' said Ameen Hassen, Head of Shari'ah Banking at Standard Bank. 'For too long, businesses that required Shari'ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance.' With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic Finance assets, Standard Bank's innovation arrives as the region seeks scalable, Shari'ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses. Key benefits of the new product include: Competitive market related pricing. Direct linkage to the Shari'ah Business Current Account for streamlined operations. Certified compliance: The facility is certified by Standard Bank's Shari'ah Advisory Committee. Not only for Muslims While Shari'ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank's offering transcends religious boundaries, with approximately 35% of Standard Bank's South African Shari'ah clients identifying as non-Muslim. 'This isn't just for Muslims, it's for anyone seeking transparent, non-interest, asset-based or backed financial solutions,' said Hassen. The launch builds on Standard Bank's legacy of Islamic Finance innovation, including the world's first Shari'ah-compliant Diners Club product and South Africa's inaugural Shari'ah tax-efficient endowment. 'Africa's economic future hinges on inclusive, innovative finance,' said Hassen. 'With this product, we're not just serving clients, we're innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.' To leverage this Shari'ah-compliant liquidity facility, businesses and individuals can contact their Standard Bank Relationship Manager or email [email protected]. DM
Al Etihad
30-05-2025
- Business
- Al Etihad
Strategic partnership between TRENDS, National Counselling Centre to promote moderation
30 May 2025 12:21 ABU DHABI (ALETIHAD)TRENDS Research & Advisory signed a cooperation agreement with the National Counselling Centre aimed at supporting and consolidating the values of moderation in society, based on a shared vision to promote and reinforce constructive ideas and agreement was signed by Dr. Mohammed Al-Ali, CEO of TRENDS Research & Advisory, and Abdulla Aqeedah Al-Muhairi, CEO of the National Counselling agreement provides a legal and official framework for cooperation in the fields of research and knowledge. It also enhances joint efforts in producing original scientific research based on evidence and facts. Moreover, it contributes to supporting the efforts of both parties through training, as well as the exchange of experiences and Mohammed Al-Ali stressed that this partnership is a key element of TRENDS Research & Advisory's strategy, which prioritises spreading the values of tolerance and highlighted the Centre's ongoing efforts to promote these values in society in cooperation with specialised authorities, explaining that the agreement supports the initiatives and objectives of the National Counselling Centre, particularly in advancing the discourse of moderation and rejecting extremism. For his part, Abdullah Aqeedah Al-Muhairi commended the distinguished efforts made by TRENDS Research & Advisory in establishing the values of tolerance, coexistence, and moderation, which are derived from Islamic law (Shari'ah) and from the composite moral foundation that underpins human development and the advancement of societies. Year of Community Continue full coverage
