Latest news with #Shariah-compliant
Business Recorder
2 hours ago
- Business
- Business Recorder
BankIslami granted SBP approval to establish exchange company
BankIslami announced on Thursday that it was allowed to establish an exchange company in the name of BIPL Exchange Company (private) limited. The bank shared this in a notice to the Pakistan Stock Exchange (PSX) today. 'State Bank of Pakistan has conveyed its 'No Objection' to Banklslami Pakistan Limited for establishing an exchange company in the name of BIPL EXCHANGE COMPANY (PRIVATE) LIMITED,' it wrote to the bourse. As one of Pakistan's leading Islamic financial institutions, BankIslami currently operates over 540 branches and offers a comprehensive suite of Shariah-compliant products.
Hi Dubai
3 hours ago
- Business
- Hi Dubai
Emirates Islamic Reports Record AED 2.2 Billion Profit Before Tax in H1 2025 Amid Strong Growth in Income and Deposits
Emirates Islamic delivered a record AED 2.2 billion profit before tax for the first half of 2025, marking a 19% year-on-year increase and reinforcing its position as one of the UAE's leading Islamic financial institutions. The performance was driven by strong growth in income, customer financing, and deposit inflows. Total income rose to AED 2.9 billion, up 9% compared to the same period last year, supported by gains across both funded and non-funded income streams. Customer financing grew 13% to AED 80 billion, while customer deposits surged by 27% to AED 97.4 billion. Current and savings account balances now make up 65.5% of the deposit base, further strengthening the bank's low-cost funding profile. Net profit for the period stood at AED 1.863 billion, up 12% year-on-year, with a healthy net profit margin of 3.74%. Operating profit improved by 6%, even as expenses rose by 15% due to continued investments in growth and technology. Chairman Hesham Abdulla Al Qassim highlighted the bank's robust performance and ongoing digital transformation. We are focused on empowering customers through enhanced digital offerings and remain committed to sustainable growth. The successful issuance of a USD 750 million Senior Unsecured Sukuk and multiple global recognitions reflect growing investor and market confidence in Emirates Islamic. The bank expanded its Shariah-compliant wealth management offerings through a partnership with Leonteq Securities AG and collaborated with DURAR OCTA on financial services for a major real estate project in Ras Al Khaimah. It also introduced new banking solutions, including the ALPHA Youth Account to promote financial literacy among the younger generation, and the Business Banking Diamond Account designed for high-value SMEs. Emirates Islamic's total assets increased by 24% to AED 138 billion in the first half of the year. The bank maintained a non-performing financing ratio of 2.8% and a strong coverage ratio of 159.9%. Its capital adequacy ratio stands at 18.5%, with a Common Equity Tier 1 ratio of 17.4%. CEO Farid AlMulla emphasised the bank's dual focus on financial performance and community engagement. We are deepening customer trust through innovation and inclusivity. Initiatives like the 'Let's Create Bankers' program and the 'EI Ambassadors' platform further invest in Emirati talent and sustainability partnerships. As Emirates Islamic continues to lead in digital transformation and Islamic finance, its strategic growth across consumer, SME, and corporate segments positions it well to support the UAE's economic ambitions. News Source: Dubai Media Office
Barnama
5 hours ago
- Business
- Barnama
Bank Muamalat Unveils New iBiz Muamalat To Transform The Future SME And Corporate Cash Management
KUALA LUMPUR, July 24 (Bernama) -- Bank Muamalat Malaysia Berhad (Bank Muamalat) has unveiled its new corporate internet & mobile banking platform (iBiz Muamalat), a strategic move that aligns with Malaysia's national agenda for digitalization and digitization in the Islamic financial market. This outlines the platform's significance and its alignment with broader industry trends. The launch of iBiz Muamalat is in line with the Financial Sector Blueprint 2022–2026 and the MyDIGITAL initiatives, which emphasize digital transformation to enhance financial inclusion and innovation. Bank Muamalat's Shariah-compliant digital cash management solution supports this vision by integrating real-time high volume DuitNow transfers, biometric authentication, and mobile-based financial oversight.
Business Recorder
8 hours ago
- Business
- Business Recorder
FBL and Fauree launch Islamic digital supply chain platform
KARACHI: Faysal Bank Limited (FBL), one of Pakistan's leading Islamic banks, has taken a groundbreaking step toward digital transformation in Islamic finance. In collaboration with fintech innovator Fauree, FBL has signed a Memorandum of Understanding (MoU) to develop and deploy a comprehensive Islamic Digital Supply Chain Finance (SCF) and Agri-Digitization ecosystem. The MoU was signed by Altaf Hussain Saqib, Head of Commercial Banking Small Business Enterprise (CBSME), Fleet & Agri, Faysal Bank Ltd., and Azhar Tasadduq, Co-Founder and CEO, Fauree. Commenting on the development, Yousaf Hussain, President & CEO, Faysal Bank said, 'As pioneers in Agri-Digitization within Pakistan's Islamic banking sector, this partnership reinforces our commitment to expand and enhance predictive, paperless Islamic financing solutions across Pakistan. With best-in-class technology embedded into our CBSME & Agri verticals, we are poised to offer innovative, real-time financing for crops, livestock, and supply chains, in line with Shariah principles.' Speaking on the occasion, Azhar Tasadduq, Co-Founder and CEO of Fauree, commented, 'This collaboration is a remarkable step forward in Pakistan's agricultural economics. The integration of an advanced digital platform with Faysal Bank's Islamic finance expertise is poised to establish Pakistan's first Shariah-compliant digital SCF ecosystem. By integrating a multi-product approach, we aim to digitize entire Agri-value chains and SME supply networks, from farm-level financing to working capital support for exporters.' Copyright Business Recorder, 2025
Business Recorder
10 hours ago
- Business
- Business Recorder
SECP issues Investment Finance Services licence to Alif Finance
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued an Investment Finance Services licence to Alif Finance (Private) Limited, authorizing it to operate as a Non-Banking Finance Company (NBFC) under the applicable regulatory framework. The swift and timely processing of the licence reflects SECP's ongoing commitment to regulatory efficiency, responsiveness, and facilitation of credible market entrants. Alif Finance (Private) Limited is a wholly owned subsidiary of Alif Capital Holdings, a regional financial group with existing operations in Tajikistan and Uzbekistan through Alif Bank and Alif Tech. The company introduces to Pakistan a business model centered on providing Shariah-compliant digital and conventional lending, with a focus on SME financing and Buy Now Pay Later solutions. This entry signals renewed investor confidence and positive momentum in foreign direct investment (FDI) into Pakistan's regulated financial sector. The approval of Alif Finance is part of SECP's broader agenda to facilitate reputable foreign institutions investing in Pakistan and to strengthen and diversify the NBFC sector by admitting well-structured, innovation-oriented companies. The Commission remains committed to promoting financial inclusion, enabling digital transformation, and fostering a supportive regulatory environment through the expeditious processing of licences for NBFCs, capital market entities, insurance companies, and Section 42 companies — achieving notably swift turnaround times. This approach facilitates sustainable investment across Pakistan's regulated financial services landscape. Copyright Business Recorder, 2025
